October 4, 2024 • 5 mins
People often fanaticise about sudden wealth – a windfall of money large enough to solve any problem.
But a large sum of money falling into your lap can be complicated and confusing to handle.
Lisa Dudson joined Jack Tame for a chat about the best way to handle sudden wealth so you don’t wind up losing it all.
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Speaker 1 (00:07):
You're listening to the Saturday Morning with Jack Teams podcast
from News Talks, they'd be.
Speaker 2 (00:12):
It's's time to talk personal finance. Lisa Dudson's here killed
morning Jack. Well, we're calling this a problem, but really,
is it such a problem if you have a sudden
win fall, if you come into sudden money. It's put
it this way, It's the kind of problem I would
like to have, Lisa, Yes, but you're.
Speaker 3 (00:29):
Reason receptible with money, Jack. So it's really interesting because
when you look at the stats around the people that
win Loto, for instance, and how many have still got
their money years later, it's actually quite standing. A lot
of people lose it because they don't they can't really
understand what to do with it in the relationship between
how much money they've got and what the speed then
actually means. So, you know, I think that is your
(00:51):
best advice is to subversally take a brief celebrate, don't
carried away, and then you know the next step is
going to get some professional invice.
Speaker 2 (00:59):
Yeah, okay, And what would you advise someone who had
come into a significant whinfoll come into sudden money? What
would you advise them to do? Unts said, had a
little bit of a moment, how should they assess what
decisions to make going forward?
Speaker 3 (01:11):
Yeah, so I think you know, absolutely, go and to
a suitably qualify financial advisors can give you some guidance
and some of you can respect and connect with. Otherwise
you might kind of not listen to them and dismiss
the guide if forgive you. And then it's about thinking
about your current financial position and your current life and
then go what would you actually like to achieve and
what do you think would be the best useful you
(01:33):
win for And then you can go to you know,
to a professional and go, Okay, this is what I think.
What are the best options that are available to me?
Because we don't know what we don't know, right, And
there's often lots of options, and some of them have fishials,
and some of them relate better to your person's circumstances
and bottles than what they would to someone else's.
Speaker 2 (01:51):
Yeah, because I can imagine, I can imagine there is
a bit of a risk in going two ways. Right,
So you hear about those horror stories you hear about
someone who won millions of dollars or the classic ones
a professional athlete, right who gets heaving and heads of
money and then years later is somehow you know, borrow
spe or something is in some dire financial situation. But
then I suppose there's also a risk that people who
(02:13):
aren't used to having money are so conservative that actually
they miss out on some of the opportunities that having
that windfall might provide them.
Speaker 3 (02:22):
Yes, absolutely, I mean that's a huge risk, and you
know you do see there's a clasic example about professional
skills and also to a lot of professional supports of
it as an example, are quite young, so they they
don't really have a lot of life experience. But this
comes back to having a financial advisor that you can
actually that you like and respect because they can actually
be your guide through this journey and how you manage
(02:44):
your money effectively and hopefully stop you from doing dumb things,
which is what a lot of people do when they
get some wins. And I think the other challenge too
is a lot of people who come knocking on the
door your friends and family suddenly become your best friends
and either want payouts or try to give you advice
on their very limited knowledge as they actually have, and
(03:04):
they continue down the garden.
Speaker 2 (03:05):
So what would you tell to do then if someone.
If someone secretly came into or it wasn't publicized, came
into a large sum of money, would you tell them
not to tell anyone?
Speaker 3 (03:16):
I think I would tell them to be careful about
who they told and about how they displayed their wealth. Yes, right,
because auditioning it out and having been parties and all
the rest of it comes might go on which they're
pretty free with it and come knocking. So I think
it comes back to being sensible. It's such an amazing
opportunity when you do get the sun windful that you
(03:37):
want to be smart with how you use it, and
like if you invest it, why wisely you might pay
off a mortgage, you might have a great overseas holiday.
And then if you invest at Wisley, then you've got
money for the rest of your life and the potentially
can grow and help more people rather than just giving
it away straight away.
Speaker 2 (03:53):
Yeah, this is exact. Yeah, sorry you go.
Speaker 3 (03:56):
I was just going to say, you know, often the
challenges is that when you haven't earned it and done
the hard yards, often people can be quite free with.
Speaker 2 (04:04):
Money, right Okay, Yeah, And there'd be much more loosey
goosey than they would have been if that'd been paying
tax on their earnings for forty years to get to
that position.
Speaker 3 (04:14):
Yeah, and grasping it out because then they know the
value of that, whereas when you could get this Logel
sum of money. But again when you're young and you
go great, you know, yeah, first class travel around the world.
And it also is around the context of how much
you were the wines All right, it's five hundred thousand,
that's one because that might be enough to play off
you more, which if you live in all pluts, right,
(04:36):
where if it's five millions, that's different. There's different context
around it. So it all comes down to the amount
where you are now what you want to do, and
you've just been taking a breath and getting some good
advice and not doing dumb stuff.
Speaker 2 (04:49):
That's really really good advice, Lee. So I think what
we will do is just because I know listeners will
be really interested in this, if there's anyone out there
right now who would like to invest in me, so
that we can get a real life kind of example
of how this might work. I think Lisa and I
are both willing to say that we're open to that.
You know, we we can follow of us through the
different stages, I can share my progress. Perhaps there could
be a little option for anyone listening right now.
Speaker 3 (05:11):
Yeah, it's a great idea because you know, it's tough
for people sometimes, you know, they don't know where to go. Yeah,
you to talk to right, very good, it's super important.
Speaker 2 (05:21):
Thanks Lisa. That is Lisa does. And yeah, if you
have five million dollars that you want to give me,
ninety two ninety two is the best place to start.
Send us a text. I can assure you that my
wonderful producer, Levy will immediately get in touch.
Speaker 1 (05:34):
For more From Saturday Morning with Jack Tame, Listen live
to news talks that'd be from nine am Saturday, or
follow the podcast on iHeartRadio.
You're listening to the Saturday Morning with Jack Teams podcast
from News Talks, they'd be.
Speaker 2 (00:12):
It's's time to talk personal finance. Lisa Dudson's here killed
morning Jack. Well, we're calling this a problem, but really,
is it such a problem if you have a sudden
win fall, if you come into sudden money. It's put
it this way, It's the kind of problem I would
like to have, Lisa, Yes, but you're.
Speaker 3 (00:29):
Reason receptible with money, Jack. So it's really interesting because
when you look at the stats around the people that
win Loto, for instance, and how many have still got
their money years later, it's actually quite standing. A lot
of people lose it because they don't they can't really
understand what to do with it in the relationship between
how much money they've got and what the speed then
actually means. So, you know, I think that is your
(00:51):
best advice is to subversally take a brief celebrate, don't
carried away, and then you know the next step is
going to get some professional invice.
Speaker 2 (00:59):
Yeah, okay, And what would you advise someone who had
come into a significant whinfoll come into sudden money? What
would you advise them to do? Unts said, had a
little bit of a moment, how should they assess what
decisions to make going forward?
Speaker 3 (01:11):
Yeah, so I think you know, absolutely, go and to
a suitably qualify financial advisors can give you some guidance
and some of you can respect and connect with. Otherwise
you might kind of not listen to them and dismiss
the guide if forgive you. And then it's about thinking
about your current financial position and your current life and
then go what would you actually like to achieve and
what do you think would be the best useful you
(01:33):
win for And then you can go to you know,
to a professional and go, Okay, this is what I think.
What are the best options that are available to me?
Because we don't know what we don't know, right, And
there's often lots of options, and some of them have fishials,
and some of them relate better to your person's circumstances
and bottles than what they would to someone else's.
Speaker 2 (01:51):
Yeah, because I can imagine, I can imagine there is
a bit of a risk in going two ways. Right,
So you hear about those horror stories you hear about
someone who won millions of dollars or the classic ones
a professional athlete, right who gets heaving and heads of
money and then years later is somehow you know, borrow
spe or something is in some dire financial situation. But
then I suppose there's also a risk that people who
(02:13):
aren't used to having money are so conservative that actually
they miss out on some of the opportunities that having
that windfall might provide them.
Speaker 3 (02:22):
Yes, absolutely, I mean that's a huge risk, and you
know you do see there's a clasic example about professional
skills and also to a lot of professional supports of
it as an example, are quite young, so they they
don't really have a lot of life experience. But this
comes back to having a financial advisor that you can
actually that you like and respect because they can actually
be your guide through this journey and how you manage
(02:44):
your money effectively and hopefully stop you from doing dumb things,
which is what a lot of people do when they
get some wins. And I think the other challenge too
is a lot of people who come knocking on the
door your friends and family suddenly become your best friends
and either want payouts or try to give you advice
on their very limited knowledge as they actually have, and
(03:04):
they continue down the garden.
Speaker 2 (03:05):
So what would you tell to do then if someone.
If someone secretly came into or it wasn't publicized, came
into a large sum of money, would you tell them
not to tell anyone?
Speaker 3 (03:16):
I think I would tell them to be careful about
who they told and about how they displayed their wealth. Yes, right,
because auditioning it out and having been parties and all
the rest of it comes might go on which they're
pretty free with it and come knocking. So I think
it comes back to being sensible. It's such an amazing
opportunity when you do get the sun windful that you
(03:37):
want to be smart with how you use it, and
like if you invest it, why wisely you might pay
off a mortgage, you might have a great overseas holiday.
And then if you invest at Wisley, then you've got
money for the rest of your life and the potentially
can grow and help more people rather than just giving
it away straight away.
Speaker 2 (03:53):
Yeah, this is exact. Yeah, sorry you go.
Speaker 3 (03:56):
I was just going to say, you know, often the
challenges is that when you haven't earned it and done
the hard yards, often people can be quite free with.
Speaker 2 (04:04):
Money, right Okay, Yeah, And there'd be much more loosey
goosey than they would have been if that'd been paying
tax on their earnings for forty years to get to
that position.
Speaker 3 (04:14):
Yeah, and grasping it out because then they know the
value of that, whereas when you could get this Logel
sum of money. But again when you're young and you
go great, you know, yeah, first class travel around the world.
And it also is around the context of how much
you were the wines All right, it's five hundred thousand,
that's one because that might be enough to play off
you more, which if you live in all pluts, right,
(04:36):
where if it's five millions, that's different. There's different context
around it. So it all comes down to the amount
where you are now what you want to do, and
you've just been taking a breath and getting some good
advice and not doing dumb stuff.
Speaker 2 (04:49):
That's really really good advice, Lee. So I think what
we will do is just because I know listeners will
be really interested in this, if there's anyone out there
right now who would like to invest in me, so
that we can get a real life kind of example
of how this might work. I think Lisa and I
are both willing to say that we're open to that.
You know, we we can follow of us through the
different stages, I can share my progress. Perhaps there could
be a little option for anyone listening right now.
Speaker 3 (05:11):
Yeah, it's a great idea because you know, it's tough
for people sometimes, you know, they don't know where to go. Yeah,
you to talk to right, very good, it's super important.
Speaker 2 (05:21):
Thanks Lisa. That is Lisa does. And yeah, if you
have five million dollars that you want to give me,
ninety two ninety two is the best place to start.
Send us a text. I can assure you that my
wonderful producer, Levy will immediately get in touch.
Speaker 1 (05:34):
For more From Saturday Morning with Jack Tame, Listen live
to news talks that'd be from nine am Saturday, or
follow the podcast on iHeartRadio.
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