Most people agree that having money can significantly improve your life. It provides you with security and choices around how you spend your time, maximising your quality of life.
However, having money also brings great responsibility, especially when acquired suddenly and unexpectedly. This could be following the loss of a loved one, an inheritance, or a divorce for example. It is not specific to an amount but enough to take you out of your financial comfort zone.
Receiving a large amount of money suddenly can lead to feelings of isolation, fear, shock or guilt. This is known as ‘sudden wealth syndrome’, a term given to a psychological condition where the overwhelming pressure of unexpected and/or abrupt fortune can result in emotional and behavioural afflictions.
Equilibrium’s purpose (and passion) as a business is to ‘make people’s lives better’. This commitment has led to the creation of our masterclasses, covering essential topics including powers of attorney, long-term care planning and cyber security.
During our 28 years in business, Equilibrium has encountered various cases of sudden wealth syndrome, leading to the creation of our Rapid responsibility masterclass, launching later this month.
I will be hosting the masterclass and I have designed it with the objective of empowering attendees to take positive action and giving them confidence to make some of the financial decisions, by equipping them with the right knowledge and tools.
What can you expect from the masterclass?
The session will be held in an informal, relaxed environment, with no more than 20 guests, to encourage audience participation where experiences and thoughts can be shared. This is particularly useful when discussing the responsibility that money brings. I would also urge anyone to attend who may not have previously taken the lead when it comes to finances as one day you may need to at, what may be, a very stressful time.
People often have no idea where to invest their money and more importantly, how investments work. We understand this can be overwhelming, and I aim to alleviate this by showing you how you can navigate your way through the world of financial planning and investing.
I will guide you through the key investment principles in an easy-to-understand and engaging format, exploring the four main areas you can invest in. You will also gain insights into the power of compound returns, the dangerous erosion of capital that inflation can cause, illustrating the need for long-term investments, and the effects taxation can have on your returns. You will discover the importance of having a sound investment framework and consider the purpose behind your investments to ensure the risk you take is aligned with your goals.
We’ll conclude the session by delving into how Equilibrium creates long-term financial plans that instil confidence and clarity around your money. We will also discuss common pitfalls to avoid when managing money for the first time and discuss real-life scenarios where we have assisted clients in taking on the financial role following the loss of a loved one.
