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And it does happen to some!
Financial guru George Kamel recently shared some straightforward advice for anyone who comes into a large sum of money.
Here are the best things to do with your moneyif you become rich.
Keep It Quiet
Kamels first piece of advice is surprisingly simple: Dont tell anyone.
Its also a safe temporary home for your cash thatprevents impulsive spending.
Set Aside Money for Taxes
One of the biggest mistakes new millionaires make is forgetting about taxes.
Kamel wants the newly-rich person to talk to a tax professional immediately.
Setting aside money specifically for taxes can make tax season a lot more pleasant.
Pay Off All Debt
Kamel thinks your next step is totake care of your debt.
Get rid of every loan, credit card balance and personal debt in your life, he recommended.
With significant wealth, this should be relatively easy to accomplish and creates a clean financial slate moving forward.
He also suggests avoiding debt entirely once youve paid everything off.
Now that you have money, why do you should probably borrow anyone elses?
The kind of investing that builds lasting wealth is boring, and it should be.
Set Up Estate Planning
If you become rich,you better plan for the future.
Kamel suggests making a solid plan for what happens to your money and possessions after you die.
For those with major money, he suggests looking into trusts.
A trust will help you protect your assets and ensure theyre used wisely by your heirs, he explained.
With millions to give back, you could be a real agent for positive change.
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