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Wealth can come to a person in various ways. But, sometimes, all of a sudden, a person can end up with so much money through inheritance of ancestral property, by winning a lottery, or through divorce settlements. Possession of a large sum of money can be overwhelming. You might not know what to do with it. Sudden wealth syndrome hits you. But if people fail to manage their wealth wisely, they might lose it to frivolous means. So, how to use it wisely? Most people get stuck at this point. And that’s why we have financial services, who can help us manage it. If not them, who else can give us a better idea?
So, we tapped into the knowledge of Daniel Bussiere, Principal of Benewealth Strategies Inc., a 2022 ThreeBestRated® award-winning financial service providing company in Kelowna, British Columbia, to get some insights. They are as follows:
Tips for managing suddenly accumulated wealth:
- Assess your newfound wealth: It might first look like you have all the money in the world. But if you don’t take stock of it, you will not know its actual worth. First, plan how much money you will need to live your life annually. It includes unpaid taxes and outstanding debt. Having paid it, try to invest a part of the remaining sum. It will help you generate consistent revenue.
- Maintain Secrecy: Although accumulating a large sum of money can be exciting and happy news to your family, it is important to keep it a secret within your circle. When the word spreads out, you might end up lending money to friends and spending it on charity. So, keep it private and continue to do what you enjoy with that.
- Beware of your charitable activities: When you possess a large sum, your charitable instincts can kick in and make you offer some generous contributions. Generosity is good quality, yet helping too much can make you lose all the money. So make small sensible donations.
- Seek the help of financial professionals: Financial professionals can guide you in investing your funds in lucrative ways and utilize them meaningfully whenever necessary. So reach out to a finance professional.
About Benewealth Strategies Inc.
Benewealth Strategies Inc. has been in business since 2006. Daniel Bussiere had a knack for investing and making money since his younger age. That led him to pursue a career in finance. He honed his skills and knowledge while he worked with a large financial service firm in Canada. Later, he started Benewealth Strategies Inc., as he wanted to have his own practice to do things better and differently.
Be it Wealth management, financial planning, tax planning, employee benefits, or life insurance, they bring plausible solutions to manage it.
At Benewealth Startegies Inc., they have a team of experienced financial specialists who takes a holistic approach to solving your financial hurdles. They sit with their clients to understand their unique needs and figure out a way to come up with beneficial solutions. They are well-versed in taking the stress of clients’ finances off their shoulders and making recommendations based on what’s best for them.
To get in touch with them, kindly visit – https://benewealth.com/.
About ThreeBestRated
Three Best Rated® was created in 2014 with the simple goal of finding the top 3 local businesses, professionals, restaurants, health care providers, and everything in-between, in any city. Every business is meticulously handpicked by our employees. We check business’s reputation, history, complaints, ratings, proximity, satisfaction, trust, cost, general excellence, reviews, and more, using our 50-Point Inspection. We only display businesses that are verified by our employees. Other places will call this “hard work” and “unnecessary”. We call it “due diligence” and “the right thing to do”. Our website is updated on a regular basis for quality and the latest business information.
Three Best Rated has the honor of helping 4.5 million customers every month find the best businesses in any city – without any effort!
