In part 1 of our 2 part series on Sudden Wealth, Bob and Shawn discuss the complex issues around sudden wealth, common sources, and frequent pitfalls. Exploring this from a Biblical perspective, they emphasize stewardship and wise decision-making. Some common sudden wealth sources, including inheritances, property value increase, oil and gas discovery, and divorce settlements are discussed.
They outline common mistakes such as failure to pre-plan for taxes, misunderstanding how quickly money can be spent, and impulsively buying depreciable assets. They strongly advocate for careful planning, caution, and seeking advice to successfully navigate this tricky financial terrain.