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A big year-end bonus. An inheritance. Proceeds from selling your business. A major company stock payout.
Any of these financial windfalls can open up exciting new possibilities. But before you start spending or investing, there are some important decisions to make.
So, what's the smartest first move you can make? Pause.
On this episode of Between Sips, Monument Wealth Management Partners and CERTIFIED FINANCIAL PLANNER™ professionals Jessica Gibbs and Emily Harper discuss how to approach a financial windfall thoughtfully, from protecting your newfound wealth to responsible splurges.
Emily and Jessica break down how to assemble the right team to tackle taxes, navigate stock concentration risk, and evaluate whether a phased-in investment approach makes sense for your windfall. Plus, they explore the relational side of wealth growth, including the lifestyle creep and making intentional decisions that align with your values.
If your net worth has just crossed a new threshold and you want to turn sudden wealth into lasting options, this episode offers a blueprint for what to do next.
☕ Today's sip: Laurent Perrier la Cuvée, a crisp, elegant champagne chosen to celebrate Jessica's birthday!
0:00 — What We're Sippin' on: It's Jessica's Birthday!
1:01 - Pause And Park The Money
2:00 - What Counts As A Windfall
4:22 - Emotions That Cloud Money Decisions
6:59 - Define Core Values Before Spending
11:44 - Goals Buckets And Responsible Splurges
13:26 - Taxes And Building The Right Team
15:49 - Time Horizon And Risk Tolerance Reset
17:12 - Charitable Tools And Stock Concentration
20:24 - Insurance And Estate Plan Checkup
21:42 - Friends Family And The Success Tax
24:16 - The One Question To Ask Yourself
Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures
Connect with us:
Get our Free Private Wealth Advice Newsletter: https://www.monumentwealthmanagement.com/subscribe
LinkedIn: https://www.linkedin.com/company/monument-wealth-management/
Connect with Emily on LinkedIn: https://www.linkedin.com/in/emilyharpercfp/
Connect with Jessica on LinkedIn: https://www.linkedin.com/in/jessicagibbscfp/
Instagram: https://www.instagram.com/monumentwealth/#
Listen to Off The Wall, our podcast with market analysis: https://monumentwealthmanagement.com/off-the-wall-podcast/
