How can you manage a large amount of money when you have never had to.
For instance someone who has won the lottery or has received a substantial amount in a law suite or someone who has just gained access to a trust fund.
Find a good financial advisor who will assist you in the process...discovering what your priorities are and setting them in motion.
Well if the person wanted to manage their money themselves, which I think they should, they would need to education themselves and increase their financial I.Q. Finding a mentor to help them would greatly speed up the learning process. Otherwise, I would recommend finding a good financial advisor with a proven track record, and let them handle the money. If this is the route they choose to take, they should still educate themselves to make sure that their money is being used wisely.
Spend only 10% at max in any old unplanned way. Save the rest and don't invest it until you have taken the time to learn about investing in a variety of opportunities. Never invest or hand your money over to any broker, advisor, or salesperson until YOU have personally checked out all their credentials, spoken with several references, know enough about the investment to explain it to a 12 year old, and you have done the all important gut instinct check. Live well!
by suncat 9 years ago
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