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Spouse’s death leaves woman with $7 million, Suze Orman says: ‘Don’t do anything with that money for at least 6 months’
Spouse’s death leaves woman with $7 million, Suze Orman says: ‘Don’t do anything with that money for at least 6 months’
Losing a spouse is an unimaginable emotional and financial upheaval. Suze Orman recently shared a heartbreaking story on her podcast about a woman who, after her husband’s sudden death, was left with $7 million in life insurance. This woman, inexperienced in managing such a large sum, faced a series of challenges and potential pitfalls, highlighting Orman’s critical advice: do nothing with the money for at least six months to a year.
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Orman emphasized the importance of this waiting period to avoid emotionally driven financial decisions that could lead to significant losses. “You may feel like you’re making the right decisions and that you know what you’re doing when it comes to money you’ve never managed before. But I’m here to tell you, you’re not in your body, you’ll possibly be taken advantage of, but you won’t What should they do with that money?”
The 57-year-old mother of four initially followed Orman’s guidance. She kept the money in a safe, low-risk money market account, allowing her time to grieve and get back on track. Orman’s advice was clear: “You should do nothing other than keep that money safe and sound, except, obviously, paying off debts and things like that, but nothing beyond that, for at least six months, a year or two years, suffering the loss of a loved one.”
However, this period of security was interrupted by a financial advisor who aggressively pressured the widow to make significant investments, including $2.4 million in investments. annuities. According to Orman, this action was nothing short of financial abuse.
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“Nothing upsets me more than that,” says Orman. “Don’t allow some financial advisor to do things with people’s money when they’re not ready to do it, just because that person can make more money or their company can make more money.”
Orman emphasizes the need to understand one’s personal financial situation and to be wary of advisors who don’t take the time to fully understand their clients’ needs. “I think of it as financial abuse, believe it or not. When you’re a financial advisor and you manage the advice that you’re giving someone, and the only way to do that is to understand who the person is, what they’ve been through.”
The story continues
The widow’s experience highlights a critical lesson for anyone receiving a large sum of money: Finding the right financial guidance is crucial. Orman advocates seeking a comprehensive wealth management team that includes experts across multiple financial areas. “When you inherit large sums of money, and $7 million is a large sum of money. You want to make sure you’re dealing with a wealth management firm, a firm that has lawyers just to talk to you and not charge you.”
For those in similar situations, Orman’s story serves as a cautionary tale. It is essential to carry out thorough research and ensure that financial advisors have your best interests in mind. By taking these steps, individuals can protect their newfound wealth and honor the legacy of their loved ones by making informed and deliberate financial decisions.
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This article Spouse’s death leaves woman with $7 million, Suze Orman says: ‘Don’t do anything with that money for at least 6 months’ originally appeared in Benzinga. with
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