The Sudden Wealth Podcast

The Key Elements Of A Successful Wealth Transfer Sep 09, 2021

Today we’re talking to Lori Coonen. Lori is a Family Legacy Coach and Heritage Design Professional. She has worked with families for over 20 years. And serves individuals and families who desire to keep their family strong and in harmony. Lori helps to connect generations, enhance communication and leadership skills, provide opportunities to identify common values and purpose within the family, and creates systematic intentional traditions for successful family wealth transitions.
She is the co-author of the book called unPrepared: Heirs at Risk.
www.livingmylegacyusa.com
Lori@LivingMyLegacyUSA.com
920-493-2589
Go to Twitter @SuddenWealthLaw, and send us a message with topics you would like us to discuss.

I Inherited Money At Age 20 And Gave It All Away Sep 03, 2021

Today we’re talking to an academically trained philosopher who inherited money and gave it all away. Jeremy Sherman describes himself as a science researcher and writer on the origins of life, human nature, and total jerks.
He is the author of Neither Ghost Nor Machine: The Emergence of Nature and Selves.
Go to Twitter @SuddenWealthLaw to answer the question of the week:
What Is Your Purpose In Life?

Keep Your Wealth in the Family with Legacy Planning Aug 25, 2021

Today we’re talking to Cindy Arledge, who is the author of four best-selling books:

· Curse of Inheritance

· Cracking the Inheritance Code

· The Legacy Family Way, and

· My Camino, My Life
www.cindyarledge.com

Cindy teaches that Legacy Planning is the secret to keeping your wealth in the family. She believes the best way to help people is by working with them where they are to discover and implement a plan to quickly impact their lives now and secure their family’s long-term future.
Go to Twitter @SuddenWealthLaw to answer the question of the week:

What crucial conversation with your parents or adult children have you been putting off? And what has stopped you from starting the conversation?

Overcoming Imposter Syndrome Jul 29, 2021

Today we’re going to talk about Imposter Syndrome. I recently ran across Tara Halliday, a holistic therapist and coach for over 21 years. She is a specialist in imposter syndrome and author of Amazon #1 bestseller 'Unmasking: The Coach's Guide to Imposter Syndrome' as well as the creator of the Inner Success 8-week program for execs to eliminate imposter syndrome and get back to being great.
Curious to learn more about imposter syndrome and how it might affect you? Take this free imposter syndrome quiz and get your personalized report at www.completesuccess.co.uk.

Healing Your Relationship With Money Jul 29, 2021

In this podcast, we talk to Morgana Rae, who is regarded to be the world’s #1 authority on relationships with money. Her groundbreaking approach to love-centered wealth building has featured her on The Wall Street Journal, Yahoo Finance, all the major television networks, Coast to Coast Radio and hundreds more. Morgana’s fans call her the “Money Goddess” because of the many documented stories of clients manifesting unexpected income of hundreds, thousands, tens of thousands, hundreds of thousands, even over a million dollars within hours of changing their relationship with money. A pioneer in personal development for over 27 years, Morgana writes, speaks, and coaches from a desire to empower idealistic entrepreneurs, artists, healers, and humanitarians to have a big impact in the world… and to heal the rift between heart, spirit, and money.
To see what your relationship is with money, head to www.doesmoneyloveyou.com for a self-assessment. For access to more of Morgana's content, please visit her website at www.morganarae.com.

Ending Generational Poverty Through Entrepreneurship Jul 19, 2021

In this podcast, Mike Zolno and I talk to economist and entrepreneur John Meese about generational poverty and how entrepreneurship is the best way to generate wealth from scratch.

Integrity and Honesty: Teaching Your Children Their Inheritance Story Jun 07, 2021

In this podcast, we continue our conversation with Stacy Derby about the importance of sharing family stories to help families with legacy wealth transfer. Mike Zolno, my legal assistant Alexandra, Stacy and I talk about MY personal story with Sudden Wealth and why it is important to teach our children with integrity and honesty when bringing them into the inheritance discussion.

Estate Planning: Equity vs. Equality May 13, 2021

In this podcast, family business advisor Mike Zolno, my legal assistant Alexandra and I discuss the differences between equity and equality in estate planning. Or at least that’s how I started the conversation.

Donor Advised Funds and Selling a Business May 12, 2021

In this podcast, we talked to Tiffany House, who calls herself a concierge for helping wealthy business owners going through transitions such as the sale of a business.

Legacies Through Storytelling May 12, 2021

In this podcast, we talked to Stacy Derby of Bind These Words who helps families write their stories. She works to preserve family legacies by creating unique coffee table books that help facilitate wealth transfer between generations.

The REAL Purpose of a Financial Planner Apr 06, 2021

In today’s podcast, we talked to a Virginia Asher, who is a Senior Financial Planner at a trust company called TrustBank. She also has a master’s degree in Advanced Financial Planning. She helps people with financial literacy.

Leadership-Getting Things Done Through People Apr 06, 2021

In this episode, leadership coach Bob Mason talks about the importance of developing leadership skills for supervisors and managers in your workplace and how that relates in a family.

Teach Your Children Well Mar 17, 2021

In today’s podcast, we discuss Ann Perry’s book The Wise Inheritor: A Guide to Managing, Investing and Enjoying Your Inheritance. We cover the importance of teaching your children well for multigenerational wealth transfer and discuss the effects of consumerism on our children. I also talk about how being the “perfect” consumer and trying to fill the inner emptiness with products is not a viable lifestyle for teaching your children by example and about how gratitude and routine are beneficial to changing our mindset so we can ultimately make better decisions and help with how we model our values for our children.

Legacy Wealth Transfer Mar 17, 2021

In this episode, you'll learn three key insights about family legacy wealth transfer. First we talk about how to meet with families to discuss their legacy and wealth transfer and why an holistic approach is important, as well as family dynamics and traditions and incorporating new family members. Second, we go into the importance of mindset surrounding your business if you want to pass it down to the next generation and how your attitude as an owner will affect your plans for the future and how to keep from “poisoning the well.” And third, we discuss how understanding family legacy plans requires more than just paperwork and how this type of wealth transfer is more nuanced than just basic measurable results which is what lawyers usually focus on (was probate avoided, taxes).

Preparing to Inherit Feb 18, 2021

This episode is quite a bit longer than the previous ones. This episode includes business coach Barbara Murphy-Shannon. She asks me some questions that led to insights about what often goes wrong when kids receive significant inheritances, and what can be done about it. First, I mention that people with lots of money often are suffering. Suffering from lack of purpose, isolation, and being taken advantage of. They want connection. But meanwhile, many advisors who claim to help people with financial windfalls are using that as a marketing ploy. There is a disconnect. Second, Shannon asks me what would have made me prepared for my inheritance. I listed four key things:

If my father and I had had an understanding about aspirations for the family. If we had a family mission statement, for example. Something that gave me a sense of purpose.
If there were agreement or common values.
If there were legally enforceable documents that would have protected the money while I was adjusting to the new reality.
A system for implementing all of this. Including a mentor or advocate to help me after he died.

Stop Settling and Create a New Life Jan 21, 2021

In this episode, you'll learn three insights. First, we discuss Step One from my upcoming book. The step is to stop settling for old behavioral patterns that are no longer useful for you. Second, we discussed the Codependency Triangle of Persecutor, Victim and Rescuer. Third, we all adapt to our circumstances. But adaptations are not always healthy. A child in a dysfunctional home can adapt by taking drugs and stealing. But those behavioral patterns are not healthy or useful in the long run.

Inheriting From Parents with PTSD Jan 21, 2021

In this episode, Michael Zolno shares what it was like to grow up with parents who were Holocaust survivors. They and their friends all had Post Traumatic Stress Disorder as a result That impacted Michael's ability to manage the money he inherited from them. The theme of the discussion is that we all come to the situation of sudden wealth with our own circumstances. These circumstances can drive us to make financial decisions that we later regret.

Emotions Related to a Windfall Jan 21, 2021

In this episode, you will learn two insights. First, it is common to have intense emotions after a financial windfall. Second, Sudden Wealth affects a person'sidentity. And we tend to resist anything that requires us to change our identity. So, that results in poor financial decisions.

How to Find an Advisor You Can Trust Jan 21, 2021

Here are the insights you'll learn in this episode.

First, a person who experiences a financial windfall will be in an emotional transition for up to five years.

Second, if you’ve had a financial windfall, you need the help of a professional (such as a CFP or attorney) who is ALSO a coach and can help you through the process.

Third, Michael Zolno mentioned the importance of community. For people experiencing Sudden Wealth Syndrome, it would be helpful to be connected to a community of others going through the same thing. And for advisors, it would be helpful to be around others who can help you become a better coach and advisor to people with Sudden Wealth Syndrome.

Identity Crisis Jan 21, 2021

In this episode, you'll learn three insights. First, you'll learn about the existential crisis or identity crisis that many people experience when they no longer need to work to survive. You start to ask questions like "Who am I?" You'll also learn the importance of struggling in order to be happy. Related to this is the need to be part of the world and part of other people's lives. But you may have a hard time with this because other people's attitudes towards you often changes after you are considered "rich." Third, you will learn about the innate genius that we are all born with, but that gets stifled as we grow up.

What is "Sudden Wealth Syndrome?" Jan 21, 2021

In this episode, you’ll learn three key insights that I believe are critical to protecting your wealth and setting your family up for long-term success. First, you’ll discover what is meant by “Sudden Wealth Syndrome.” It is not an official diagnosis, and it’s difficult to find someone to help you if you are suffering from it. Second, you’ll hear how money is like a magnifying glass.Third, Michael Zolno (business advisor) will tell you about chaos theory, and how that is a way of not getting as emotional over money.

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