I’m receiving millions and I want it to last for multiple generations and Dave Ramsey gave me a crazy suggestion

One of the most challenging things anyone has to contend with is a sudden windfall of money you were not expecting. If you are getting an inheritance, there is a good chance you have at least planned for it and can make some plans with a financial advisor, lawyer, and accountant. 

However, if you are someone like the individual in this Dave Ramsey video, you might feel like a deer in headlights when you find out you are getting $20 million out of nowhere. This is exactly what’s happening here, and for someone who doesn’t make a lot of money, this situation is undeniably life-changing. 

The Situation 

While the caller didn’t go into much detail, we know they are receiving “just under $20 million” due to a sale of the company they are currently employed by. We know this is taking place in Ohio, but we don’t learn more beyond that. This person works for the company, and as a result of this sale, the company’s owners are handing out gifts to some of the most valuable employees. 

For someone who makes a combined $90,000 with his wife, the jump from this income level to a $20 million windfall must seem incredible. Thankfully, this individual called Dave with the hopes of understanding what their next steps are to use this money to help create generational wealth so that the grandchildren of his grandchildren might be able to see something. 

Dave’s Advice

Dave’s advice, while often controversial, is as good as it gets in this particular situation. First and foremost, Dave wants this individual to remember and be mindful of this being an “emotional and spiritual whiplash” as it’s like winning the lottery. 

Dave also wants to remind this individual that if he is not careful with all of this sudden wealth, it might be gone before he knows it. He readily admits that he is trying to scare this person into remembering that people who suddenly receive windfalls are often the most likely to see it disappear. 

Given this, Dave has three suggestions for this individual to help them figure out their next step, including supporting their local Church as a person of deep faith. 

First Thing To Do

The very first thing Dave wants this individual to do is hire the right people and put together a team that can advise them on how to invest and what the implications of this money are. According to Dave, this includes four people with an estate planner, an insurance broker, an investment broker, and a tax attorney or an excellent CPA. 

Dave wants this person to be mindful that when interviewing people, they not only talk to you like a person but also talk to you in a way you understand. In other words, he doesn’t want to hire just the best person but the people who speak to him in a way that he can understand. 

As this individual doesn’t have any investing knowledge, he needs good teachers and people willing to be patient with him as he learns about their suggestions. 

Second Thing To Do

The second thing to do was something Dave emphasized and summarized in two simple words: “Go slow.” The last thing Dave wants is for this person to try and move quickly, thinking this is how you start building up generational wealth. The reality is that moving too fast might be the very thing that causes the wealth to disappear even quicker. 

Third Thing To Do

Dave’s third and final recommendation is to not put this money into anything this individual doesn’t understand front to back. One of the worst money mistakes people make is relying solely on recommendations from others and investing in things they don’t truly understand based on someone’s word. 

This is yet another example of how people lose wealth quickly because they don’t know how something works and why it might not be the right approach for them. Instead, be simple, and Dave again emphasizes not letting anyone talk to this person as if he is too slow to understand or keep up. 

For now, Dave’s best suggestion is to put the money in CDs, which are safe and will earn a little interest until this individual knows all about the bigger investment moves that can be made. 

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