Re: Would $100,000 change your life?
a couple of issues that i have noticed in additon to what redvelvet posted
many needy friends and relatives show up
con artists get in and rob ppl blind
if someone is not used to having a certain amount of cash lying around they are really not used to making decisions.
a gentleman I know saved a lot of his money bought properties in pakistan and they were sitting there for years. I had advised him for years to sell the stuff and move it in more productive or safer assets. When he finally sold, my advise was, do not start giving handouts to ppl, move the money into a separate bank acct, and sit on it, and make no moves for a bit. noise will die down and then think with a clear mind.
he goes and right away buys highly leveraged properties in UAE ..rather tank buying one on cash...assuming some flipper gain will pay off the other, and now unable to make the payment on a property, he either lost one or both, close to $200K in a matter of 10 months maybe. He was going by the sincere advise of one of his relatives who happened to be the realtor who got the commission for sale in the first place.
So, if u ever get into any sum of money...dont announce it, dont make any moves, get some objective analysis, get a financial planner to help..whatever.