Come and listen to my story about a man named Jed
A poor mountaineer, barely kept his family fed,
And then one day he was shootin’ at some food,
And up through the ground come a bubblin’ crude.

The Ballad of Jed Clampett – The Beverly Hillbillies

Shows like the Beverly Hillbillies are fantastic – not only because they are funny, but because they stir the imagination to endless limits.

When I think about this classic show, what really gets my noodle going is wondering what on earth I would do if I became a billionaire overnight?

So many wild possibilities come to mind! Would I travel the world? Move to a mansion? Spoil my family? Be smart and invest it?

I want to think that the answer would be on the conservative side – have some fun, but invest it for the future.

If you are ever lucky enough to come into a large amount of money, there are a few things you must do:

  1. Don’t tell anyone – at least not right away. Keep it to your spouse and financial advisor, at least until you have a plan in place. There are so many horror stories of greedy acquaintances and even family members taking advantage of the newly wealthy.
  2. Reach out to a financial advisor that acts as a fiduciary. Even if you and I never work together, an advisor you trust will not only help you create that plan, but recommend some excellent resources for helping you wrap your head around such a windfall.
  3. Practice self-control. Create a plan and stick to it. Resist the urge to live large and buy all the things you’ve dreamed of. It might be possible to buy what you want, but make a plan first so that your money lasts a lifetime and beyond.

Obviously, this is massively oversimplified. But it’s essential that you follow these steps to secure your future. If you ever do come into a large amount of money, don’t hesitate to reach out to us by calling 513-563-PLAN (7526) – or using our online tool here – to book a quick 15 minute chat to talk about what you need to do next to keep as much of your money as possible.

Nikki Earley, CFP®