CANFIELD, Ohio – In this excerpt from The Business Journal Roundtable Series featuring wealth building, financial professionals outline key strategies for individuals receiving a windfall through inheritance, legal settlement or lottery winnings.
Linda Carey, senior investment adviser at Farmers Investments, advises taking an immediate pause before making decisions, placing the funds in a high-yield savings vehicle and assembling a trusted team of advisers.
Stephen Daprile, president of Gem Young Wealth Advisors, echoes the importance of building a “dream team” to coordinate estate, tax and financial planning.
Stephen VanSuch, managing director at Stifel Financial, stresses addressing high-interest debt early while cautioning against falling into repeat spending patterns.
Jonathan Lapine, CEO of Tolmiros Financial, emphasizes the psychological differences between earned and unexpected wealth, urging recipients to allocate funds intentionally to support long-term goals.
Watch the full discussion HERE.
Read the full transcript HERE.