How to Manage Finances When You Get a Lot of Money?

[Suba]

Everyone's fortune cannot be predicted when it will come, many people get a lot of money either from inheritance, winning the lottery, profits from selling other people's property, etc. However, according to several sources that I have read, most of those who have a lot of money suddenly often run out without a trace, maybe they are not prepared to have a lot of money, do not have a clear plan, what do you think?

 

[Augusta]

Getting a lot of money should not stop one from still managing Money. you need to still buy mostly what you needs and reduce impulsive buying

 

[Springtime]

If I have a lot of money, I'll hire a financial advisor to help me manage my money and provide me with advice on how to make use of the money such as investment.

 

[Augusta]

it is to keep saving money even when you have so much. it's can't be easy staying away from spending but you need to apply self control

 

[Starmix]

When I luckily get wealthy I may not be able to manage right away. I have to enjoy spending first with my family and some close relatives. After feeling exhausted with a lavished spending, that's the time to manage my money smartly by investing and managing businesses. I have to save the most in banks he he... if only .

 

[aninditasen]

Everyone's fortune cannot be predicted when it will come, many people get a lot of money either from inheritance, winning the lottery, profits from selling other people's property, etc. However, according to several sources that I have read, most of those who have a lot of money suddenly often run out without a trace, maybe they are not prepared to have a lot of money, do not have a clear plan, what do you think?

I would keep some as FD and invest some on shares.

 

[eLdavis]

One of the best ways to manage your money even when you have a lot of money would be to know your needs and your wants.

 

[Min George]

Don't ever allow the much money that you have to enter your head and cloud your reasoning. That's where you would miss everything.

 

[magnus2022]

If you made money through personal struggles and discipline, to manage your finances will not be a major problem. When it becomes a problem is when you don't know the micro dynamics of money, you can easily mismanage it.

 

[Augusta]

financial constraints can be challenging, but it's essential for long-term financial stability. know how much you want to save in your emergency fund and save some money

 

[Starmix]

The more easy to manage my finances if I have a lot of money. What's hard is it there's no money or only a little money, It's hard to prioritize wants over needs. It's the basic necessities that must be prioritize.

 

[Suba]

According to financial experts managing a lot of money will be more difficult and more complex and must be more careful, often involving financial literacy, planning and diversification, so that if the wrong plan will slip and the money is lost without a trace, in contrast to managing a little money only needs to save money, patience and saving, avoiding debt and risks is also smaller

 

[Augusta]

Tracking Spending: Knowing your spending habits helps you identify areas where you can save or adjust your spending to align with your goals.

 

[Starmix]

According to financial experts managing a lot of money will be more difficult and more complex and must be more careful, often involving financial literacy, planning and diversification, so that if the wrong plan will slip and the money is lost without a trace, in contrast to managing a little money only needs to save money, patience and saving, avoiding debt and risks is also smaller

How hard it money gone a trace. Financial management is indeed crucial if you are a millionaire but for an ordinary being like me, it's just easy by not spending lol.

 

[Suba]

When we hold a lot of money, there will also be many temptations such as friends and relatives coming to borrow money, people offering investments with attractive promises but it turns out to be a fraudulent investment, many members of the opposite sex pretend to fall in love, but they only love money, not us, many criminals are after our money and our lives are at stake.

 

[Augusta]

Set Financial Goalsefine your financial objectives, whether it's buying a house etc . Having clear goals will guide your financial planning and decision

 

[Suba]

If I get a lot of money, then personally I will donate 3% to close relatives, friends or other people in need, 17% I will use for myself for pleasure, either vacation, buying things I like etc. while 80% will be allocated to investment instruments such as property, stocks and crypto.

 

[Fire&Rain]

theres that saying " With money comes a lot of responsibility". If you have no clear plan of how you plan on using money you end up misusing the money.

 

[Kross]

Managing a lot of money requires that you have an accountant to help with tracking all the funds. And you need to sit down and think of ways to diversify your financial resources.