{"id":3062,"date":"2021-11-24T10:47:49","date_gmt":"2021-11-24T10:47:49","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=3062"},"modified":"2021-11-24T10:47:49","modified_gmt":"2021-11-24T10:47:49","slug":"sudden-wealth-syndrome-coping-with-a-windfall","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2021\/11\/24\/sudden-wealth-syndrome-coping-with-a-windfall\/","title":{"rendered":"Sudden Wealth Syndrome: coping with a windfall"},"content":{"rendered":"
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You\u2019d be likely to feel happy and excited if you received a large\nwindfall suddenly or unexpectedly. Whether you\u2019re receiving an inheritance,\nhave become a successful entrepreneur, or perhaps you’re selling your business,\nthe reality is that for many, sudden wealth can feel overwhelming.<\/strong><\/p>\n<\/div>\n\n

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It can even result in a recognised psychological condition called \u2018Sudden\nWealth Syndrome\u2019<\/em>. Symptoms vary from person to person, but can include\nfeelings of isolation, uncertainty about the future, or fear of losing their\nnew-found financial stability.<\/p>\n<\/div>\n\n

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Adapting to a new financial status can lead to poor mental health\nand even result in self-destructive behaviour, such as excessive spending or\nrisky investments. Unfortunately, news stories about people who won millions in\nthe lottery before losing it all, or getting into debt, are all too common. Our\nmental state has a significant impact on how we handle our money, in fact 46%\nof people who struggle with debt were found to have a mental health issue1<\/sup>.<\/p>\n<\/div>\n\n

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How to avoid the negative impacts of sudden wealth<\/strong><\/p>\n<\/div>\n\n

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Although we can\u2019t avoid all the negative feelings associated with\nsudden wealth, there are things we can do to safeguard our finances:<\/p>\n<\/div>\n\n

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  • Don\u2019t act in haste<\/strong> \u2013 take\nyour time before making any decisions. In the meantime, put your windfall into\nan easy-access savings account(s), within Financial Services Compensation\nScheme limits, where it can accrue interest<\/li><\/ul>\n<\/div>\n\n
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    \u2022     Stay under the radar<\/strong>\n\u2013 Sudden Wealth Syndrome can lead to anxiety and paranoia that people only like\nyou because you have money, so by keeping things discreet, it will help\nalleviate these feelings and assist clear decision-making<\/p>\n<\/div>\n\n

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    \u2022     Take professional\nadvice<\/strong> \u2013 investing or spending large sums without advice can be\ncatastrophic for your finances. It\u2019s vital to take professional investment and\ntax planning advice.<\/p>\n<\/div>\n\n

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    To ensure your new-found wealth works hard for you and your\nfamily, we\u2019re on hand to help you make wise decisions.<\/p>\n<\/div>\n\n

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    1<\/sup>Money and Mental Health Policy Institution, 2019<\/p>\n<\/div>\n\n

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    The value\nof investments and income from them may go down. You may not get back the\noriginal amount invested.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

    You\u2019d be likely to feel happy and excited if you received a large windfall suddenly or unexpectedly. Whether you\u2019re receiving an inheritance, have become a successful entrepreneur, or perhaps you’re selling your business, the reality is that for many, sudden wealth can feel overwhelming. It can even result in a recognised psychological condition called \u2018Sudden […]<\/p>\n","protected":false},"author":15,"featured_media":3063,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,89,88,90],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/3062"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=3062"}],"version-history":[{"count":3,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/3062\/revisions"}],"predecessor-version":[{"id":3076,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/3062\/revisions\/3076"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/3063"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=3062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=3062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=3062"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=3062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}