Customer Reviews

Sudden Money: Managing a Financial Windfall

5 star:		(6)
4 star:		(5)
3 star:		(0)
2 star:		(2)
1 star:		(2)

 

 

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...

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!

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'.

A friend gave me this book when she had read it after someone had given it to her. Where it originally came from, no one knew. But, you can see why it had been passed around. One of the reviewers here noted that the book proved only elementary level information on a PhD level topic. I agree with that view 100%. And, it did seem like a slick, basically, advertisement inside a book for her financial seminars. I think the thing I left feeling after reading the book was short changed, and glad I didn't actually buy the book. It is written in that kind of copy style you expect from someone promoting something. Such as leaving out important info, facts and topics that people might want more details about. And, then pointing readers towards the seminars she offers. I took liberty and went to her website and found more info. About her seminars, not finance. One financial lesson, her seminars weren't cheap. And they seemed, from the provided agenda, also lacking in detail. I guess people like this feel they are providing a service. I really don't know what that service is. Self promotion maybe. I strongly advise anyone out there to pass on this slick advertisement book and look for books which talk in detail about handling windfalls, etc. Or, you can just find an advisor and see them. Probably cost less and be a better investment.

It's easy to joke about suddenly having an abundance of money but this book is helpful for anyone who has to manage an unexpected influx of money--it's not just lottery winnings but a substantial salary increase or a divorce settlement. The author explains why you have take some time to adjust to having this wealth and walks through the various strategies that make the most sense for your circumstances. This book should be read by accountants, attorneys as well as individuals doing their own financial planning.

I suspect there are quite a few people who will read Sudden Money only after they have received a windfall, whereas the practical guidance it offers is highly useful for anyone who might someday need it. Although I began the book because I was academically interested in the psychological transformations sudden money brings, I found that simply reading it began to create transformations in the way I personally think about my own long term goals and how sudden money could influence how I can achieve them. The chapter on Giving and Sharing is useful even for people who never receive a windfall, because it teaches the value for anyone to have a plan for giving and to begin giving from wherever one is rather than postponing it for some future abundance.

This book will help many people break through the unspoken injunction not to speak of family money matters. The writing style, direct and simple, matches the subject well, and may inspire you to be more direct and simple in raising money issues with the people nearest you.

I am a fee-only Certified Financial Planner that has heard Susan Bradley and read her book. Susan's book provides a good introductory overview of the issue that seems to be quite useful for those receiving smaller inheritances (<$3-4 million). So many people receive inheritances of $500K to $1 million and think they are rich. Susan's book helps them put things in perspective. Unfortunately many come to me after they have the money and have already started making the mistakes she discusses.

She does not have an axe to grind nor pushes any particular method of settlement--as each situation determines the method.

I like her approach of (1) don't do anything initially- Decision Free Zone(2) understand the emotions--a huge item(3) get some professional advice (3) lay out a plan (4)move deliberately. Consequently, I recommend or give a copy of her book to those getting or have just gotten an inheritance or a large sudden influx of money.

Great book from a nice person.

This book is a good overview on how financial windfall can affect a person. In the first part of the book, Susan Bradley laid out 3 phases in dealing with the windfall: (1) time of preparation and planning for the investment and lifestyle; (2) time for action, putting money to work by investing; (3) monitoring annual progress toward goals set in phase 1, and share wealth with others.

In the second part of the book, she analyzed eight different scenarios on how money comes in a chunk: (1)inheritance, (2)stock options, (3)divorce, (4)when two become one, (5)insurance settlements, (6)winning the lottery, (7)athletes and entertainers, and (8)retirement benefits package. In each of this scenario, she identified the emotions that come to it, the possible reaction from others, the tax implications, and many other specific nuts and bolts that come with the windfall.

Overall, I think this is a good introductory book for those who get a windfall or want to understand the financial and psychological implications of a windfall. I, for example, learned a lot the danger of winning the lottery, and now I can understand why many lottery winners became bankrupt later in their lives. Another important lesson is her concept of DFZ - Decision Free Zone. With this type of changes, people need time to sort things through and better not to rush. Susan Bradley's advice of working with a therapist and financial planner and estate planner I think is also very sound.

The drawback of this book is that it tries to cover a lot of areas. As a result, it does not have the chance to delve deeper in one case. Suppose you just have a windfall through inheritance, then there are many questions, emotions, and decisions that have to be made that are not addressed in this book. The investing portion of this book is very basic as well.

This book definitely has its place on the cornucopia of financial books. My recommendation to you is to read this book as an introduction. Then, get another book that is more specific to the situation you are in.

My uncle injured himself while working as a construction worker. Now he is waiting his settlement money. What is amazing to me is that he already spent all the money in his mind without even having it yet. After reading this book, I realized that it's normal.

The author writes that people can experience sudden wealth from sources such as the lottery, a retirement payout, insurance settlements, divorce settlements, and inheritance. Few of these money recipients know how to handle the new wealth. This book teaches these people smarter choices to make with their newly acquired wealth. However, this book is only an introduction, but an introduction is better than nothing because most don't even bother to think what else the money can be spent on besides new cars, big homes, and large HDTVs. I highly recommend this book to anyone who is experiencing sudden money.

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market

This book is written in laymens terms and easily understandable. If your pupose is to have a few ideas about how to handle sudden wealth I reccommend this book, but the buck should not stop here, do your research and gather further information rather than use friends and family. You have to know you and how you handle money. Investing for Dummies might be another great resource if your looking to quickly grasp ideas which you can apply to real world life and finances. One of the key features is learing how to manage your emotions, which I think is perhaps the most important tool. For further reccomendations one should probably see a psychologist or psychiatrist with expertise. The ideas here are not groundbreaking but insightful.