Dealing with Sudden Money

Managing large sums of money doesn’t come naturally to most people and yet there are situations where people can find themselves unexpectedly in possession of a very large amount of money either through good fortune as in a lottery win or an inheritance or through hard earned compensation from a personal injuries claim

Whatever the Situation, Financial Planning Is Always Needed

Personal Injury Claims

In the advent of receiving a Personal Injuries Claim settlement there will be a number of decisions to make regarding how to properly and prudently allocate those funds. In many instances decisions will need to be made in respect of ongoing care costs and the future loss of income. Having a Financial Planner assess and advise on these nuanced considerations can prove invaluable at a time when your thoughts may be rightly on other matters.  

Lottery Winners

A Lottery win that leads to receiving a life-altering sum of money is often a once in a lifetime event. There will likely be many opinions within your circle of family and friends about what you should and shouldn't do. Many Lottery winners in times past have confessed to feeling understandably 'overwhelmed' by this sudden shift in good fortune. 

You will likely spend a little and save a little, but our core advice is this. Don’t be taken in by those individuals who promise high returns or tempt you into investing into something you don’t understand. Take the time to figure out what your long-term hopes are. But before that, use a cash management strategy that protects your funds while you contemplate your future. This is the uppermost importance. After that, a steady approach to your thinking and advice from an experienced and professional is what is needed.

Managing Inheritances

It is very common for inheritances, often themselves the result of a Trust invested in a variety of funds, to be reinvested again by the beneficiary. 

From experience we have found that when third parties become aware that individuals have large sum sums to invest, it is not uncommon for propositions to apply funds to private equity, personal loan notes or geared property investments to be promoted.

Unfortunately, these type of assets have poor or no investor protection and are generally unsuited for all but the very high risk investor. Our familiarity with similar situations is that most people who have Sudden Wealth are not high risk investors, will never be and should never be.

The key in all instances is to have a financial plan. This is achieved by focusing on what is really important to you and your family at a personal and emotional level.

Questions you may have..

Using Our Services

How We Work

As one of Ireland’s leading financial planning firms based in south Dublin, there’s very little we haven’t encountered to help our clients prepare for. Our experience, technical knowledge and willingness to see things from your perspective means that whatever you have in mind for you and your family’s future we can help you plan the best way to get there.

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What The Aspire Life Plan™ Provides

We look for more than the financial facts and need to understand what shapes your goals and aspirations and how you want to live your future life.
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How We Are Paid

We are a fee based financial planning firm. This means that we can focus on delivering the best advice for our clients needs and aren’t compromised by ties to financial product providers such as investment companies and pension providers.
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