What To Do When You Get Rich
So, it happened. The lottery ticket hit, the crypto mooned, or a rich uncle you never knew existed kicked the bucket. Suddenly, you’re rich. Congratulations. Now the real test begins. You probably think this is a blessing, but for most people, it’s a curse. A staggering 70% of lottery winners are broke again within five years. They weren’t ready. They didn’t have a plan. This article is your plan. These are the 15 critical things you must do if you want to know what to do when you get rich all of a sudden. Your financial life depends on it.
Rule #1: Shut Your Mouth
This is your absolute number one priority. The second you find out, you tell no one. Not your friends, not your family, not your social media followers. The instinct to scream it from the rooftops is the instinct of a poor person. You are not poor anymore. Privacy is now your greatest asset. The world changes the moment it knows you have money. People change. You will become a target for friends, family, scammers, and lawsuits. Keep it quiet until you have a rock-solid plan.
Rule #2: Eliminate All Debt
This is the first and only major financial move you make in the beginning. Before you buy a car, a house, or even a nice dinner, you wipe out every single penny of debt you have. Credit card debt, student loans, car payments—all of it. Gone. This is non-negotiable. Debt is a cancer that will eat away at your newfound fortune. Eradicate it completely and make a vow to never get into consumer debt again.
Rule #3: Do Not Quit Your Job (Yet)
I know, the fantasy is to walk into your boss’s office and deliver a cinematic ‘I quit.’ Don’t do it. Quitting your job immediately creates a vacuum in your life. We are not wired to be unproductive. Without the structure of work, you’ll be out there spending, making bad decisions, and chipping away at your fortune. The power dynamic has shifted; you now have the power to walk away at any time, which changes your entire perspective on work. Keep your routine, keep your stability, for now.
Rule #4: Let the Money ‘Sit’ for 6 Months
You need time to process this. Your life has been fundamentally altered, but you are still the same person with the same poor habits. Do not touch the principal for at least six months. This will feel like an eternity, but it’s the most important waiting period of your life. During these six months, your plans will change dramatically. The initial impulsive desires will fade, and a clearer, more strategic vision will emerge. Let the emotional storm pass before you make any life-altering decisions.
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Rule #5: Your New Full-Time Job is Financial Education
You didn’t build this wealth, so you don’t know how to manage it. Your most important investment now is in yourself. You need to become financially literate, fast. A fool and his money are soon parted, and you don’t want to be the fool in this story. Start with the basics. Understand assets vs. liabilities, taxes, and investing principles. A CNBC guide for lottery winners echoes this sentiment. This knowledge is the only thing that will protect your money from yourself and from others. We created the The Ultimate 100 Trading Strategies for exactly this reason – to give you the foundational knowledge to not just keep your wealth, but to grow it.
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Conclusion: Your Test
This money is a test of your character, your discipline, and your intelligence. Most people fail this test. They end up broke, miserable, and with a life full of regrets. Don’t be one of them. Follow these rules, build a plan, and turn this stroke of luck into a multi-generational legacy. The game starts now.
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