Sudden wealth — how not to blow it

If you’re lucky, you may find yourself getting a sudden cash windfall at some point in your life. But how do you deal with the unexpected spoils of a lottery win, a surprise inheritance, a divorce settlement, or an unforeseen bonus? Though it may be tempting to go on a spending binge and blow it all at once, it’s imperative to create a strong financial plan designed to nurture and grow this influx of sudden wealth.

Susan Latremoille, Director, Wealth Management with the Latremoille Group at Richardson GMP, talked to the Globe and Mail about how the importance of upgrading to a wealth advisor who specializes in higher-income individuals and can devise a plan to protect and grow your new capital.