The Clampett Connection (Ep. 35)

By The-WIN-Podcast | August 22, 2023

Sudden wealth can have a profound impact on our financial decisions and overall well-being, regardless of whether it comes as an inheritance or other unexpected windfall.

What should we do to properly manage unexpected wealth?

In this episode, Corey Heimensen delves on sudden wealth, specifically inheritance, using the Beverly Hillbillies show as an example and how it can influence financial decisions. He touches on the concept of lifestyle inflation and the importance of seeking professional advice when dealing with sudden wealth.

Corey discusses:

The recurring issue of the debt ceiling and how it can cause panic among individuals
Inheritance as an example of sudden wealth and how it can affect individuals and their financial decisions
Statistics on the average amount of inheritance received and how people spend it
How some people are afraid to spend or invest their inheritance and how to approach the situation
The concept of lifestyle inflation and how it can affect people’s spending habits
How people may spend lavishly on things without considering the consequences
The importance of having a professional team of advisors
The importance of setting restrictions/safety nets on investments or inheritance to keep people on the right path, and how professionals can help with this
Why having financial literacy in banking, credit cards, and bill payments is essential for long-term success
And more!