22 Things ‘New Rich’ Must Do With Newfound Wealth

Trista August 18, 2020

Getting a lawyer will help keep you on track on the legal side of your new-found wealth. Shutterstock.

3. Get An Attorney

Those are some scary words for anyone to hear – that they need to get a lawyer. Usually, you hear these words because you are in some form of legal trouble, but this is not the case. Obtaining a lawyer as soon as you become rich simply protects you from the damage some people will try. For example, if someone comes to you with a business proposition, you always want to talk to your financial and legal advisors and probably aim toward saying “no.” It’s a lot easier to say this one word when you have people with authority backing you up.

Another reason is that your lawyer can start to prepare you against anyone that is trying to scam or sue you for any reason. They can advise you on your rights and the best course of legal action to take, if necessary. Furthermore, they will help you when it comes to your taxes by explaining the laws and direct you to the best tax representation.

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Don’t allow yourself to fall victim to someone who is trying to snatch your wallet because you could change your life more than you ever imagined. Shutterstock.

2. Think About Your Marriage

It’s a famous story for many people. They become rich suddenly, whether through celebrity status, gambling, or inheritance, and find themselves in the arms of another person. This new person is someone different that offers you a different view. Now that you are rich, people are throwing themselves at you. They will find you when you are weak, and the temptation is expensive.

In fact, the temptation often ends in a divorce and a bitter custody battle. Plus, because you received that money while married, your spouse is entitled to half of it. Of course, this might not be the case if it is inheritance, but that depends on state law. The fact is, you can ruin more than you ever imagined by letting someone open their arms up to you. All this person wants is your money while your spouse doesn’t see you as a dollar sign.

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Playing it safe by making smart decisions, investing, and sticking to your responsibilities will help keep your bank account happy. Shutterstock.

1. No Matter What, Play It Safe

Above all, no matter how much money you receive and what you do with it, the best way to make sure you don’t find yourself struggling financially again is to play it safe. This includes finding a financial advisor, and you can trust and talk to them about how to set up investment accounts, savings accounts, and how to pay off your debt.

Don’t jump into anything because you have money and can spend it without overthinking about where your money is going for a little while. This can quickly turn into a big mistake that causes you more trouble than the money was worth. Furthermore, you want to remain the humble and caring person that you are. Always think about your actions and how they are affecting other people without giving all your money away.

Sources:

“13 Things to Do If You Suddenly Become Filthy Rich.” Jon C. Ogg, 24/7 Wall St. January 2020.

“15 Things to Do If You Get Rich All Of A Sudden.” Emil Anton, Alux. January 2019.

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