15 Things To Do If You Get Rich All Of A Sudden

So you won the lottery. Now what?

The #1 App Rich People Use To Optimize Their Lives!

00:00 - Intro
00:56 - Do not let anyone know
01:25 - Pay all of your debt.
01:58 - Do not quit your job yet.
02:42 - Secure the money and let it sit for a while.
03:31 - Make investment in yourself a priority.
05:45 - Do not switch financial advisors.
06:27 - Get comfortable, but not rich-comfortable.
07:09 - Do not invest in your friend's business or lend them money.
08:06 - Do not start a business immediately.
08:46 - Prepare for change.
09:16 - Focus on getting healthier.
09:51 - the 5% rule.
10:32 - Protect your kids from the money.
10:58 - Do not cheat on your partner.
11;37 - Play it safe.

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[artofbelieving]

1. Don’t let anyone know.
2. Pay all of your debts (don’t create any new debt)
3. Don’t quit your job yet.
4. Secure the money and let it sit fora little a while (process it fully)
5. Make investment in yourself a priority
6. Do not hire any new financial advisor (if you or your relatives already have one).
7. Get comfortable but not rich -comfortable (pay off house but don’t move to rich people neighbourhood and don’t buy too many cars etc)
8. Don’t invest on your friend’s business or lend them money.
9. Do not start a business immediately (start small)
10. Prepare for change
11. Focus on getting healthier
12. The 5 % rule (means you should only spend 5% of the money you receive on things you want right now, like fun or treats or anything else. The rest should be saved and invested for important things in the future)
13. Protect your kids from this money
14. Do not cheat on your partner
15. Play it safe (don’t put your money in shady businesses
16. The law of averages at play [BALANCE]

[starbean]

I know this video is on my recommended for a reason.

[UnidadFamiliarCristiana]

My sister in law inherited two large homes in NM, a dozen plots of land, 2 cars and a truck and a few thousand ounces of silver and some of gold. In total it was more than half a mill. The gentleman who passed wasn't exactly rich, but he did have nice things, the result of a lifetime of saving and working. He lived alone, no family. My in law got enough to where she could slip into a very comfortable middle class life. But she decided to sell everything. Needless to say, she sold at a bargain and got a little over 250k, which she and her husband used to live without working for about 18 months. Then she want back to work and live paycheck to paycheck again, but now with many problems in her marriage, and since they both had been out of the workforce for a while they landed jobs that paid even less than before. All in all, she ended up a little worse off than before

[MollyShorters]

“Alright, so this video hit my broke-but-saved-a-little nerve. I’ve got $158k parked in an emergency fund (yay me), but now what? Stocks? Real estate? Buy a yacht and call it passive income? Someone hand me the first chapter of ‘Rich People Moves for Dummies.’ I’m ready to stop watching and start doing—but I need a head start, fast. Let’s go!”

[stevenscott]

My father worked with a guy who won a minor lottery -- a few million.
He quit his job and bought a new outboard for his fishing boat. His wife divorced him and took half the money.
She was back two years later, having spent all her money, gone into debt, and was suing him for more. Since this was 1990 and the judge was an old country boy, he told her to get bent.
The lottery winner was still fishing last time Dad heard from him.

[gerryk]

1st thing
Stay quiet
Then act like your not rich
Don't get flashy
Stay low key

[davidinark]

Not quitting your job is the wrong advice I wish people would phrase this better. If your job is not bringing you satisfaction, then quit the job. Don’t quit working, but quit that job. Go find another job. The issue is not whether you keep your current job, it is whether or not you continue to work after you come into a large sum of money. The answer is yes continue to work, but find something that brings satisfaction.

[PASCALDAB]

getting into Investing to create a passive income early should be priority of every financially literate person...I made my first million from having a secured diversified portfolio that spread across stocks, grade bonds, coins and etfs..

[yuji]

The first piece of advice is essential. You have to be wise with your money, yes, but also socially wise. DO NOT LET ANYONE TAKE ADVANTAGE OF YOU. SILENCE IS POWER. You don't know people's intentions until it is too late. Just because you think people are genuine or good-intentioned doesn't mean they truly are. Once someone sees you have success, they want to be a part of it too. Humans are naturally selfish and you should be too. HAVE BOUNDARIES. Money is not the root of all evil, WE ARE. If a family or friend tries to guilt trip you in any form, that should be your first sign to distance yourself. Invest in the money before you spend it. Manipulation is not 1 dimensional so use discerment. Reflect on the people who were there for you. BE KIND NOT NICE. Because you will be taken advantage of. Invest first then see who you can help but first rule, is if no one knows it, no one can interfere

[MyupdownCastle]

If you're debt free, you're richer than most if you know the difference between 'want' and 'need', you're up another rung on the ladder. you aren't a slave to 'convenience', keep on climbing! Your hands and willingness to learn practical skills are worth more than being hellbent on impressing the neighbours, you don't like, with the latest useless material sh/t.
If you love and crave money, you're never going to be happy with what you've got.
Learn new practical stuff everyday. It's took just 2 generations to turn society into being dependant on big corps for practically all our basic should be a big red flag!
Don't be bedazzled by shiny you can't eat them when the shtf.
Any degree of self sufficiency skills are worth more than a designer label.

[morgansofia]

I’ve been diligently working, saving and contributing towards financial freedom and early retirement, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.

[alanaldpal]

Favorite saying of lottery winners that went broke…… “I spent all my money on hookers and cocaine….. what was left over I wasted”

[breaux]

For me:
1: Pay off my debt.
2: Put the rest in in a high interest savings account.
2. If it's between 1 million and 2 million I'm still working.
3. If it's over 2 million I'm quitting my job as soon as I get my first interest payment.
4. Any amount over 8 million goes to secretly paying off my families mortgages/debts through a third party so they don't know who did it. Any remaining amount above 8 million to helping the local community.
4. Any amount I make on interest over $365k a year goes straight to helping people. Any amount of that $365k each year left over that I don't spend also goes to charity.
I'm not going to change much about my life except buying a condo in the middle of the city and decent sized shop I can play around in.
If I can't make it off $1000 a day then I don't deserve to make it.

[TemptressTeelia]

Pay off debts, purchase house/home. Invest in real estate - keep houses in the family for generations. Invest in yourself - health, knowledge and travel. Get a financial advisor. Put it all in a trust. Live off the interest/return.

[ANDYPADOVA]

I've learnt two things from billionaires: to diversify your investments and to constantly put your money to work. This year, I hope to make money investing roughly $88k of my savings in equities.

[kraftaculousgreekgodofcraf]

I agree with not quitting your job right away… wait for the right moment when your boss is pulling a power trip like “you need to step up your game if you want to continue working here..” and then quit gloriously 😂

[phillipschwoerke]

#1 thing you do is talk to a financial advisor. If you bank at a big bank, they will have financial advisors on hand- free of charge. #2 Pay off all your debt. #3 Get the the things you need!- a) fix your teeth, b) new car or fix your old one c) new house or fix your old one. Be humble and not brag too much about your money. It is nice always have a steady income coming in- whether job or retirement. My uncle won money in the 70s after a surgery went wrong. He lived a great life, went to Heavy Weight fights in Vegas, learned how to fly and owned a plane. Had three wives and even brought home a Vegas cocktail waitress. He ended up penniless. Be smart with your money.

[daleupthegrove]

BALANCE. Absolutely keep your mouth shut. You don't want to open the door one day and find Aunt Gertrude's fourth cousin five times removed whom you've never heard of standing there with a sob story and his hand out.

[freepro]

I love when two or three people who are working together, come to the comment sections acting like they strangers who are engaging in conversation, in order to promote some one who helped them financially. But are really scammers….So obvious

[jameswood]

Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.