Jan 31, 2020 | IAN TOWNSHEND

The million pound drop

It’s a classic conversation starter – ‘What would you do if you won millions on the lottery?’. Buy a holiday home, pay off the mortgage or give up work and spend your time helping charities? The possibilities would be endless. But becoming wealthy overnight isn’t necessarily all perks and parties. What would it actually be like to become suddenly cash rich?

It happens more than you might think, often to the people we’re meeting with! Selling a business, winning the lottery or inheriting some money can all catapult you into a new tax bracket and with this often comes lots of emotions and new situations to navigate.

Most of us surround ourselves with people who are similar to us in one way or another – perhaps they earn a similar wage, spend their free time doing things you like, or you went to the same uni! It’s likely that your new-found wealth will be known to your friends and family and fielding questions about money or requests for financial support is part of the journey.

But what would we recommend you do when the cheque cashes, and the money is waiting to be spent?

  1. Start by thinking about what money means to you
  2. Get working on a ‘life list’ by putting all your dreams on paper
  3. Take some time off – enjoy a bit of the new-found financial freedom
  4. Don’t make any rash decisions about the money – take some time to think about it, research what’s best for you and DON’T jump at the first chance you get to invest when the bank comes calling (and trust us, they will!)
  5. Let your emotions settle – coming into money can be overwhelming and extremely exciting so come to terms with it yourself before telling those around you

When the time is right for you, surround yourself with an awesome team of advisers that have your best interests at heart. You’ll probably need a financial adviser, an accountant and a solicitor to make sure all the bases are covered.

Aligning your financial decisions with your values will make the process of becoming wealthy a lot more enjoyable.

We work with clients every day to make sure their money helps them to #MAKELIFECOUNT – if you think you could bring your investments decisions closer to your dreams get in touch.

WANT TO FIND OUT MORE?

Send an email to us at iant@cooperparry.com