Chuck Collins, great-grandson of packaged-meat magnate Oscar Mayer, still recalls the day more than 30 years ago when his father informed him that he would inherit a substantial sum at age 21. “I remember feeling a little bit of dread,” the 53-year-old said. “Even though I knew my parents were affluent, I was mentally geared to work for a living.”
A winning lottery ticket or unexpected inheritance is widely considered a life-altering stroke of luck. But psychologically, these lucky people are experiencing their windfall as if it were a traumatic event, according to Susan Bradley, founder of the Sudden Money Institute. Here, she chats with Managing Editor Lorie Konish on how advisors can best work with clients who hit the jackpot.
Someone is $590.5 million wealthier today after winning the largest single jackpot in Powerball history. Whoever has the winning ticket, purchased at a Publix Super Market in the tiny Tampa suburb of Zephyrhills, will face many challenges.