When a financial windfall happens – from the sale of a business, the sale of a house or farm, an inheritance, or even lottery winnings – you would think you’d be on easy streets.
But, sudden wealth can play havoc with your emotions, your relationships, and your life, and even leave you worse off financially than you were before. A famous study* found that lottery winners in Florida were twice as likely to file for bankruptcy than regular citizens. That’s because people who acquire large sums of money all at once, rather than building it up gradually over time, often lack the skills to manage it wisely.
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