Wealth can be garnered in numerous ways—from diligent savings, prudent investing, entrepreneurial ventures, equity compensation structures, inheritance, or divorce.
Whatever the circumstances, with newly created or realized wealth comes great responsibility, significant complexity, and potentially unsettling emotions. Handling this responsibility effectively can help ease your financial stress, simplify the associated burdens, and enable a more gratifying life experience.
At what point is someone considered to be wealthy? As with the notion of ‘success’, the definition of ‘wealth’ can differ across a spectrum of varying beliefs. Regardless, one universal truth remains: Without thorough consideration and careful planning, a significant change in the financial status of an individual or family can create confusion and complications.
If you find yourself faced with a multitude of financial issues dues to unexpected wealth, consider these questions: