Sudden wealth sounds great, but it can also be very stressful and even detrimental to your health and wealth. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean and wealth planner Andy Smith cover the financial aspects of “sudden wealth syndrome,” a type of distress that afflicts individuals who suddenly come into large sums of money, and what considerations need to be made in the event of a windfall. Then, Jean and Andy flip the conversation to discuss the aspects of creating sudden wealth for someone else by leaving an inheritance and the importance of having an estate plan to navigate the wealth transfer. Later, Dr. Stephen Goldbart, the clinical psychologist who coined the term sudden wealth syndrome, joins the conversation to dig deeper into the psychological impact that a financial jackpot can bring and how to deal with the issues and challenges that come with wealth, sudden or otherwise.

 

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