It has been often said that if you divided up all the wealth in the world equally amongst everyone, it would all end up in the hands of the people that were wealthy to begin with.  Not because they are smarter or more educated, it is because they have a wealthy mindset and they know how to manage their wealth.

In today’s episode we are going to be discussing Wealth Decision #6, Be Frugal with Windfalls.  This wealth decision applies to any type of windfall you may get in life.

For more information on my 3-Step Process for Inheritance Planning go to:

⁠https://www.momentouswealthadvisors.com/inheritance-advice

To schedule a Discovery Call go to: 

⁠https://www.momentouswealthadvisors.com/contact⁠

To use my financial freedom calculator go to: ⁠⁠https://www.momentouswealthadvisors.com/tools⁠

Brian D Muller(AAMS©), Founder, Wealth Advisor

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Takeaways:

• The importance of possessing a wealthy mindset cannot be overstated; it fundamentally influences financial decisions.
• When receiving a financial windfall, it is prudent to invest rather than spend impulsively.
• Utilizing the Rule of 72 can significantly enhance understanding of the potential growth of investments over time.
• Engaging with a financial advisor is essential for establishing clear financial goals and navigating inheritance decisions.
• Avoiding lifestyle inflation upon receiving an inheritance is crucial to maintaining long-term financial stability.
• Consider legacy planning as a vital aspect of wealth management, ensuring a positive impact on future generations.