Most people want to start spending their money right away, and their list of desires is long. Delaying major life-altering decisions, such as moving or quitting a job, can put the brakes on impulsive behaviors.
“Use the decision-free zone to sort and organize,” Bradley said.
Robert Pagliarini, a certified financial planner whose firm, Pacifica Wealth Advisors, specializes in serving clients experiencing a windfall, also cautions against too many big decisions.
The author of “The Sudden Wealth Solution: 12 Principles to Transform Sudden Wealth Into Lasting Wealth,” Pagliarini also has a master’s degree in clinical psychology and explained that sudden money often leads to depression.
“We take ourselves from what feels comfortable … and put ourselves in a brand-new environment,” he said. By moving, people leave their communities and join ones where they are not yet rooted. Taking up expensive hobbies like travel means less-well-off friends can’t participate.
“It’s really hard to keep those relationships,” Pagliarini said.
Family and friends may also come out of the woodwork asking for a share of the windfall. A decision-free zone provides an inoffensive way to tell them you’re not making any financial commitments just yet.
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