Sudden Money: Managing a Financial Windfall [Hardcover]

Susan Bradley (Author), Mary Martin (Author)

Book Description

ISBN-10: 0471380865 | ISBN-13: 978-0471380863 | Publication Date: April 7, 2000 | Edition: 1

From inheritances and divorce and insurance settlements to retirement payouts and the most recent phenomenon of stock options, the largest transfer of wealth in the history of America is now taking place. For some, this welcome event is relatively stress-free. But for those who are inexperienced in dealing with large sums of money, a windfall can be an overwhelming, even losing, situation. What is the difference between those who build on their financial gains and those who end up worse off than before? In this much-needed, one-of-a-kind book, top financial planner Susan Bradley gets to the heart of the matter by examining the emotional complexity of the windfall experience and how to manage it-and your newfound money-successfully.

Whatever the sum involved, the impact of one's emotional state on the way money is handled--or mishandled--cannot be underestimated. In addition to the legal intricacies of receiving sudden money, the element of surprise that catches people unprepared also often leaves them there. Here, at last, is a type of "owner's manual" to sudden money that demystifies the process for recipients and their financial planners. Based on her work with countless clients, many of whose stories appear in this book, Bradley has developed a step-by-step program for moving safely through the three phases of building a solid financial foundation:

• Preparation and Planning
• Investing
• Monitoring, Giving, and Sharing

Giving individual attention to each possible windfall event, Bradley addresses their distinct tax consequences, insurance and estate planning considerations, as well as the crucial emotional component. She also shares advice on how to put together the proper team of advisors, including an attorney and a therapist. When correctly handled, an unexpected windfall can provide expected benefits that will continue far beyond the lifetime of the initial recipient---and turn sudden money into lasting wealth.

Turn Sudden Money into Lasting Wealth

Maximize your wealth and minimize your stress and confusion with this unique, indispensable guide to handling a sudden financial windfall. Written by nationally recognized financial planner Susan Bradley, Sudden Money provides a complete program for successfully managing newfound wealth. Discover ways to:

• Stay calm and not make decisions based on your emotions
• Seek experienced, professional advice
• Avoid pressure from others
• Create and execute the best financial plan for you

Most important, Sudden Money provides you with easy-to-implement, proven ways to ensure that your financial gains are more than fleeting good fortune.

"A 'must read' for financial advisors and for clients who have received financial windfalls. Susan Bradley has detailed--in an easy-to-apply way--a new financial planning discipline that is sure to become a vital part of discussions about the burgeoning wealth in this country."
—Ronni Burns, Wall Street consultant

"This book is essential for anyone who receives a financial windfall. It's an easy read and packed with useful advice."
—Don Phillips, CEO, Morningstar

"Reading this book is like having a trusted friend explain what to expect, what to do, and what not to do at a happy time that can also be overwhelming and stressful. This book has been extraordinarily helpful to me."
—Marci Shimoff, coauthor, Chicken Soup for the Soul

"Women in particular are often ill prepared to manage a financial windfall. Without careful planning, it could turn into a pitfall. Susan Bradley's book is a sensible guide on how to handle instant wealth."
—Jennifer Openshaw, CEO, WFN.com, Financial Network for Women

Editorial Reviews

Amazon.com Review

Susan Bradley, a certified financial planner for nearly two decades, designs and presents programs for those who reap a financial windfall. Since any such gain is relative, she says, this literally happens millions of times each year as people abruptly find themselves facing the pecuniary impacts of everything from a death or divorce to an insurance settlement or winning lottery ticket. In Sudden Money, she addresses critical considerations in a straightforward, step-by-step manner that should prove useful to anyone on the receiving end of such a fiscal boon. Her core advice: develop realistic long-term plans with help from a knowledgeable advisor who can steer you through technical obstacles and point out particulars that you might otherwise miss. To assist, she discusses relevant details and outlines specific actions in sections focusing on three interconnected aspects of the process: carefully charting overall goals, which should begin with a reflective period after first learning about the bonanza; judiciously selecting investments that will produce desired results; and firmly establishing systems that keep everything on track. There also are individual chapters dealing with the eight most common sources of "sudden money," including inheritance, retirement, and the exercise of stock options. --Howard Rothman

From the Back Cover

From inheritances and divorce and insurance settlements to retirement payouts and the most recent phenomenon of stock options, the largest transfer of wealth in the history of America is now taking place. For some, this welcome event is relatively stress-free. But for those who are inexperienced in dealing with large sums of money, a windfall can be an overwhelming, even losing, situation. What is the difference between those who build on their financial gains and those who end up worse off than before? In this much-needed, one-of-a-kind book, top financial planner Susan Bradley gets to the heart of the matter by examining the emotional complexity of the windfall experience and how to manage it–and your newfound money–successfully.

Whatever the sum involved, the impact of one’s emotional state on the way money is handled—or mishandled—cannot be underestimated. In addition to the legal intricacies of receiving sudden money, the element of surprise that catches people unprepared also often leaves them there. Here, at last, is a type of "owner’s manual" to sudden money that demystifies the process for recipients and their financial planners. Based on her work with countless clients, many of whose stories appear in this book, Bradley has developed a step-by-step program for moving safely through the three phases of building a solid financial foundation:

• Preparation and Planning
• Investing
• Monitoring, Giving, and Sharing

Giving individual attention to each possible windfall event, Bradley addresses their distinct tax consequences, insurance and estate planning considerations, as well as the crucial emotional component. She also shares advice on how to put together the proper team of advisors, including an attorney and a therapist. When correctly handled, an unexpected windfall can provide expected benefits that will continue far beyond the lifetime of the initial recipient—–and turn sudden money into lasting wealth.

Turn Sudden Money into Lasting Wealth

Maximize your wealth and minimize your stress and confusion with this unique, indispensable guide to handling a sudden financial windfall. Written by nationally recognized financial planner Susan Bradley, Sudden Money provides a complete program for successfully managing newfound wealth. Discover ways to:

• Stay calm and not make decisions based on your emotions
• Seek experienced, professional advice
• Avoid pressure from others
• Create and execute the best financial plan for you

Most important, Sudden Money provides you with easy-to-implement, proven ways to ensure that your financial gains are more than fleeting good fortune.

"A ‘must read’ for financial advisors and for clients who have received financial windfalls. Susan Bradley has detailed—in an easy-to-apply way—a new financial planning discipline that is sure to become a vital part of discussions about the burgeoning wealth in this country."—Ronni Burns, Wall Street consultant

"This book is essential for anyone who receives a financial windfall. It’s an easy read and packed with useful advice."—Don Phillips, CEO, Morningstar

"Reading this book is like having a trusted friend explain what to expect, what to do, and what not to do at a happy time that can also be overwhelming and stressful. This book has been extraordinarily helpful to me."—Marci Shimoff, coauthor, Chicken Soup for the Soul

"Women in particular are often ill prepared to manage a financial windfall. Without careful planning, it could turn into a pitfall. Susan Bradley’s book is a sensible guide on how to handle instant wealth."—Jennifer Openshaw, CEO, WFN.com, Financial Network for Women

See all Editorial Reviews

Product Details

• Hardcover: 336 pages
• Publisher: Wiley; 1 edition (April 7, 2000)
• Language: English
• ISBN-10: 0471380865
• ISBN-13: 978-0471380863
• Product Dimensions: 9.3 x 6.3 x 1.2 inches
• Shipping Weight: 1.4 pounds (View shipping rates and policies)
• Average Customer Review: 3.7 out of 5 stars  See all reviews (15 customer reviews)
• Amazon Best Sellers Rank: #94,651 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

95 of 106 people found the following review helpful:

2.0 out of 5 stars This is a grade school level book for a PHD topic, June 4, 2000

By 

Don McNay "www.donmcnay.com" (Richmond, Ky USA) - See all my reviews
(REAL NAME)   

Amazon Verified Purchase

This review is from: Sudden Money: Managing a Financial Windfall (Hardcover)

The topic of Sudden Money is not one that has been studied the way that it should be. The best book ever written on the subject was Amy Domini's "The Challanges of Wealth" which was written in 1989. It did what what Sudden Money should. It really talks about what is important in any sudden money situation, the ability to control your emotions, know who to listen to avoid well meaning advice from family and "friends".

I am President of a company who assist injury victims with their finances and have 19 years of study on the Sudden Money topic. I was hoping Sudden Money would be something to give to staff and clients but it is not even close.

There are two easy to read books that everyone from the secretary to the President of our organizations must read before they join us, A Piece of the Action by Joseph Nocera and the Millionaire Next Door by Tom Stanley. Nocera gives a history of personal finance and Stanley gives perspective as to why some people are wealthy and others are not. Read those and don't waste your money on Sudden Money.

The Sudden Money book does a good job of promoting what Bradley is selling, her seminars. There is not nearly enough detail of the emotional side of dealing with a settlement which is a LOT more important than picking the right products or advisor.

When it comes to picking the right products, Bradley shows she does not even know about even some basic techniques. In the whopping eight pages she devotes to insurance settlements ($200 billion a year is paid out in these settlements so it affects more people than discussing lottery winners) she does not even mention structured settlements, the most popular financial tool used on cases of $1,000,000 or more!

It is a tax free spreadthrift concept that only injured people can receive. $5 billion a year goes into structured settlements and after 19 years experience and writing numerous academic articles on insurance settlements, I can say with certainity is the best way for injured people to avoid a lot of problems. Bradley apparently has never heard of the idea. Maybe someone should go to one of her seminars and tell her about what is REALLY going on in the financial planning world.

Bradley is media savvy and a great self promoter. I hope her book is not too successful as the last thiing a person with Sudden Money needs is poor advice.

Don McNay...

22 of 24 people found the following review helpful:

4.0 out of 5 stars An excellent first step to the experience, January 8, 2001

By A Customer

This review is from: Sudden Money: Managing a Financial Windfall (Hardcover)

As a recent sudden money recipient, I found the book to be a very good initial exposure to the flood of feelings and responsibilities associated with my windfall. While I won't deny that extensive research remains to be done on the subject, the book is written clearly and simply enough to help even the most unfamiliar reader as to the path that lies ahead. Readers are likely to find that a great deal of the book does not apply directly to them, but they should be examined anyway....along with the specific sections pertaining to their unique situation.

I would have liked to see more information regarding tax implications, and clearer instructions as to finding a CFP specializing in this area. All in all, however, the advice was invaluable, if only to reinforce what I already suspected and to explain why I felt as I did during the process. My two bits: do not underestimate the value of the DFZ (decision-free zone) as a first step!

From firsthand experience, I'd recommend that the chapters on winning the lottery be excerpted and made required reading for all winners before they're allowed to cash that check!

22 of 28 people found the following review helpful:

1.0 out of 5 stars Save your money and time, April 7, 2005

By 

Skydiver pal (Altoona, PA) - See all my reviews

This review is from: Sudden Money: Managing a Financial Windfall (Hardcover)

This book is nothing more than a piece of self-promotional fluff --a marketing tool for the author's seminars and speaking gigs.

It offers little of substance either in the way of managing your finances or handling the emotional reactions to a windfall. It has all the depth of a sound bite. My sense is that Bradley is the type of person who believes her own PR.

If the author does as poor a job managing her clients' money as she did in writing this book, I suspect they'll experience 'sudden poverty'.