Avoid The Monopoly Money Syndrome: How To Value Sudden Wealth

Your suddenly wealthy.  Found money, how do you proceed?  Wait, follow this advice first.  Do this  exercise that will blow your mind. Calculate how many hours you would have to work to earn the sudden wealth. For some, it would take hundreds of years. Or the next time you are about to make a purchase, calculate how many hours you would have to work to buy it. Then ask yourself if you’d really spend the money if you had to earn it. To get perspective, consider living vicariously through others by giving money to those with nothing to see how much they value it. Want to view sudden wealth on par with earned money? Sometimes it’s as easy as simply becoming conscious of our tendency to put more weight on money we’ve “earned” and less weight on money we’ve “found.” After having this conversation with clients, I often see a shift in how clients will talk about their sudden wealth and their plans for it. The degree of their mental shift is often a function of how undervalued they viewed their sudden wealth. They may lament earlier decisions of how they spent their money in light of their newfound perspective. Some have even laughed at how illogically they viewed their money. Grow into your wealth. Make only those decisions you have to make and hit the pause button on major purchases and life decisions.

Key Points:

  • 1Avoid thinking about sudden wealth differently from other money.
  • 2Take a small amount of your sudden windfall and mark it as “mad money”. Go ahead have fun with this portion.
  • 3Slow down. Don’t impulse by. Take your time to think things through.

Regardless of the source of the money, logically, we know the value is the same, but somehow, a dollar we earn is “worth” more than the dollar we find.

Read the full article at:  https://www.msn.com/en-ph/money/personalfinance/avoid-the-monopoly-money-syndrome-how-to-value-sudden-wealth/ar-AAlABM2


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