Nov 24, 2016
Pattie Lovett-Reid: Dealing with a financial windfall
A financial windfall, whether it comes from an inheritance, a divorce settlement, or a lottery win, can cause a sudden life transition for individuals.
Sadly, the reality is most people are ill-equipped to deal with the emotional stress and life changes that come along with a sudden influx of money. Money changes are life changes and life changes are money changes, and most certified financial planners are not often prepared to deal with the emotional and psychological needs of clients that experience a windfall.
Susan Bradley, creator of the Sudden Money Institute, says the need for Certified Financial Transitionists has become a role that is more pressing than ever. In Canada, wealth built by the 'greatest generation' is moving to boomers and Generation X at a rate never seen before. The role of a financial transitionist reflects a growing trend to better address the issues associated with adapting to life and money changes.
She says it is all about the process, be honest with yourself and giving yourself the time you need to adapt the to the changes in your financial situation. It is a unique process and there are specific tools that can help manage the human dynamics of financial change.
Money is emotional and it is imperative you get your emotional house in order to adequately deal with your new financial house.
