Powerball Winner Faces a Radically Changed Life

By Andrew Abramson
Palm Beach Post Staff Writer

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.

“It’s totally overwhelming,” said Susan Bradley, a certified financial planner and the founder of the Palm Beach Gardens-based Sudden Money Institute, which coaches people who suddenly come into large sums on handling their finances.

“It’s like you get instantly pushed into this new world and it never goes back. This person will never be the same.”

Across the nation Sunday, however, people said they’d be eager to give it a try. Many were trying to fathom the thought of winning such a large amount of money. The lump-sum payout alone is $370 million.

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We think of major life transitions as occurring in three stages. The first stage is marked by an event that signals the end of “what was”: the end of how you lived or thought about your life and your future. During the second stage, you’re on your way to “what will be.” This time in between is what we call “Passage” and it can take years. Your ultimate destination is the third stage, your new normal.

During Passage, when major life change puts you on a track of transitioning from one life stage to another, big decisions are often involved. Some of those decisions will shape your life for a very long time. And when you feel thrust into a position where you believe you need to make life-altering decision after life-altering decision, and you’re still reeling from the idea that your life has profoundly and permanently changed, your ability to make good decisions and even function optimally could very well suffer. This is the hallmark of Transition Fatigue.

Our study of people in transition has created a window into the world of Transition Fatigue and allowed us to develop a process for recognizing it and managing it. There are at least six areas of your life that are affected by transitions: cognition, emotions, behavior, physical functioning, relationships and work performance. Within each, we’ve identified several warning signs that the particular area is degrading in quality. If you or someone you love is going through a life transition you can take the Transitions Fatigue™ Self Assessment to see how you are doing mentally and physically and get tips from the experts on how to make the transition more comfortable and productive.

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Tools: We have developed four tools for advisors to use that will guide clients through transitions. Each has protocols refined by years of practical experience. First, there is Communication Preference, which demonstrates the dedication to using methods and means of communicating that are preferred by the client, not established in advance by the advisor. Second is the Decision Free Zone, which allows the client the time and space to process the human side of transition without the burden of having to make unnecessary decisions. Third is the Purpose Method Outcome protocol, which helps the client clearly explain the difference the achievement of an objective will make in their lives. And the fourth tool is the SMI One Page Overview, which follows a specific formula to clearly illustrate complex concepts resulting in understanding and confident decision making.

Guidance: Much is said about professional predators who can spot someone weakened by money transitions a mile away. There are checklists you can use to make sure you have avoided the worst ones. But the less-talked about, yet equally difficult problem is working with someone with honorable intentions and excellent credentials, but who isn’t trained in Financial Transitions Planning. Anyone experiencing a major life transition will be best served by someone trained in their profession as well as in transition guidance.

Our fast-paced culture has created people who value expediting everything. We don’t want to experience change; we want to get to our new normal as quickly as possible. But after studying financial transitions for over a decade, we have learned that rushing is often a recipe for disaster. Or at least regret. Professionals educated in the architecture of change know how vulnerable you can be when your world is transitioning, and they have the clarity and the skill to guide you up to the highest peak of your new normal.

Click here to take the Transition Fatigue self assessment.

The post Process, Tools and Guidance For Managing Life Transitions appeared first on Sudden Money.

Awareness of change as a process is the first step to creating success with Sudden Money. Transitions require the adjustment and management of expectations, and that must be respected. For example, we know that your energy level changes during times of major life change, and that there are transition skills you can develop to minimize the impact of your internal changes. Rest, which sounds easy enough to do and sounds like the obvious solution to fatigue, might not be so easy to achieve and might actually have to be worked on. If you don’t, your exhaustion can negatively affect everything from your health to your sex life to your decision-making, and the results can be irreparable and life altering. But we haven’t been conditioned to focus on what it takes to move through transitions. As a result, we concentrate on the concrete, countable side of money.

When you study behavioral finance, you discover that getting it right or wrong with Sudden Money is about managing change. It seems most of us get lost when we are trying to manage our own life changing events. Our culture has not embraced the need for personal change management tools to deal with the shifts in relationships, self-perception, and self-worth. Change is an integral part of the human experience, yet we aren’t taught a process that might increase our probability of success when it comes to change and money. And then when failure occurs, usually due to personal issues such as withdrawal, fragmented thinking, or fear, the money is blamed, because it’s the money that we’re comfortable counting, naming . . . recognizing. Even financial professionals back away, unable to help, and likely frustrated, as no one has taught them what questions to ask and what to look out for. No one has taught them how to guide their clients through transitions. No one has given them a process.

The good news is that after over a decade of studying and thousands of hours working with people in transition, we’ve identified a process and tools to guide people through their Sudden Money experience. And we’ve found that most people are well suited for managing major life changes and succeeding at their transitions from what was to what will be. All they need is: process, tools, and guidance.

The post Sudden Money Process for Managing Change Before Managing The Money appeared first on Sudden Money.

The essential tools needed for transition are embedded in the work of a professional trained as a Financial Transitionist. They know how to guide you during expected events, and they know how to prepare you for the unexpected.

2. Your Financial Transitionist™ is your point person. The Transitionist understands you in a different way, and more completely, than other professionals. They know your communication style, the way you like to make decisions, the “why” behind your key decisions, and the “how” of moving you from overwhelm to calm. They make certain you can see and understand your financial plan by illustrating its parts in the way you’re most receptive to.

Your changes don’t happen to you alone; they affect your family and others close to you as well as other professionals, such as your tax person. There’s an underlying dynamic, and the Financial Transitionist helps you with that dynamic by coordinating with the other people in your life. Because they understand you, they can help others understand you, including your other advisors. This increases your comfort level with your transition process, as well as its efficiency.

3. Financial Transitions™ take longer than you plan for and probably longer than you want. They usually take years rather than months, with several cycles of stress and recovery. We call it Transition Fatigue™ when the stress of change depletes your physical and mental energy, making you susceptible to regrettable choices. Your Financial Transitionist sees that and will know how to help you recognize it too. It’s not a matter of time; it’s a matter of what’s going on with your unique process. Different capabilities as well as limitations emerge during your transition. A trained guide who knows when it is time to take a break and rest is the key to avoiding a string of bad choices throughout your years of transition. A key to avoiding a string of bad choices through your years of transition is a trained guide who knows when it’s time to rest.

4. Financial Transitionists™ help you emerge into a new normal. Resilience, skills, and a guide help you manage change. Financial Transitionists increase your confidence and resilience because they prepare you for change and then guide you through it when it happens. And they help you develop your inner transition skills, which help you get your feet back on the ground and fully experience your sense of renewal. Financial Transitionists lead you to your new normal, refreshed rather than exhausted, and ready for the next time life changes.

For more information about Financial Transitionists™, visit the Sudden Money Institute at www.suddenmoney.com.

The post Four Reasons You Need to Hire a Financial Transitionist™ appeared first on Sudden Money.

I was working with high net worth individuals and families as their Certified Financial Planner (CFP®) for several decades when I realized there were patterns and behaviors that lead to success and regrets for inheritors, retirees, lottery winners, professional athletes and other people who experienced what I call Sudden Money® events. I shared these patterns and the process I developed to increase success in Sudden Money: Managing a Financial Windfall (Wiley 2000), and started the Sudden Money Institute (SMI) to train fellow financial advisors on that process.

And when the recession of 2008 came around, we all had what we now call Money Shock™. The world got a very clear view of the underlying difficulties of the Sudden Money experience. Sudden loss and sudden gain lead to the same human response to change and uncertainty: our stress level goes up and stays up, and our brain short circuits. This means attention span is short, memory is weak, and decision-making suffers. No one should be making important financial and life decisions—unguided—in such circumstances.

The financial crisis of 2008 was a turning point at the SMI, as our advisors put their training and tools to test over and over again for the months the world was in high anxiety. Based on their success with all kinds of situations, we confirmed our process worked regardless of the client situation and the advisor. We had a universally applicable process that could only get better, so we intensified our training and development.

Fast-forward to 2013, and the Sudden Money Institute, including a top-notch faculty in neuroscience, psychology, and financial planning, is able to offer a new credential called the Financial Transitionist™. For the first time, there is a shared body of knowledge open to professionals working directly with clients who are managing change. Financial advisors, lawyers, therapists and life coaches all share the need for a transition management process and tools. A cross-professional training environment helps build a deeper understanding between the professions, and ultimately better service to individuals and families struggling with the human experience of change.

There has always been a need for the Financial Transitionist, but change has been coming at us faster than ever before. With proper guidance, our lives aren’t consumed by the impact of change. And when that happens, we can concentrate on living and sharing our lives to the fullest.

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You are invited you to learn more about Sudden Money Institute from Susan Bradley, founder of Sudden Money Institute during a 30-minute live webinar.

Monday, June 17th at 1:00 pm EST
Call Conference line:  267-507-0240 Conference code: 926934
Screen Share Link:  http://suddenmoney.glance.net?key=1234

During this informative webinar, Susan Bradley will discuss Sudden Money Institute, and their upcoming in-depth Training:  Financial Transitionist™ Training Phase I taking place in Denver, CO  on July 31st and August 1st May 3-4, 2013.

The SMI Financial Transitionist Training Phase One is based on the SMI process and tools developed during 13 years of study and thousands of hours of experience with clients in a wide variety of transitions.  It is a solid introduction to the four primary tools used with by SMI Advisors, the national experts to Financial Transition Planning, to successfully guide their clients through life’s major financial events. This program marks the first time the SMI tools and client materials are available to professionals outside of the comprehensive SMI Advisor Training.

CLICK HERE for more information on this training

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“Financial transitions planning is a specialized area of practice, we train the experts in Financial Transitions Management”.  Susan Bradley, Founder SMI

 Sudden Money Institute Announces Financial Transitionist Training in Denver, CO on July 31 – August 1, 2013.  The SMI Financial Transitionists Training Phase One is based on the SMI process and tools developed during 13 years of study and thousands of hours of experience with clients in a wide variety of transitions.  It is a solid introduction to the four primary tools used with by SMI Advisors, the national experts in Financial Transition Planning, to successfully guide their clients through life’s major financial events. This program marks the first time the SMI tools and client materials are available to professionals outside of the comprehensive SMI Advisor Training.

CLICK HERE for more information and to register now!

Transition Expertise Matters

Transition expertise matters. Transitions drive business, they are the primary reason advisors are hired and fired. When money changes, life changes; and change is stressful. While mild stress may actually increase our executive functioning, moderate to severe stress can cause a significant decline in many of the capabilities required for good decision making and memory. It is the stress response that complicates the financial, legal, and relationship commitments.  SMI training includes unique stress management tools designed for financial and legal professionals to either lower their clients stress levels or keep clients safe while stress is high.

SMI Difference
The SMI difference is a reliable, repeatable and a practical process that begins on the personal side of money. Experience has taught us, and neuropsychology confirms, there are two sides to money: the technical or the objective quantifiable side, and the personal or the subjective qualitative side. In our work, both are equally complex and equally important.

Unique Tools for the Personal Side
The personal side drives decisions, especially when clients are experiencing the prolonged stress of managing change. The SMI approach to working with clients facing major life transition events works well because it begins on the personal side and then connects to the technical.  The secret to our success is not a recognition that the personal side exists – it is providing a meaningful process that gives advisors the tools and skills they need to help their clients connect the two sides.

First Step Towards SMI Advisor Training

The Financial Transitionist Training Phase One is the first step towards SMI Advisor Training.  This program  has stand-alone value.   What you learn in this workshop will be immediately applicable to your clients and your business.  The tools are practical and effective across net worth and business models.  Your clients will notice the difference and thank you.

You may also choose to continue on to become a full SMI Advisor.  This includes full SMI Advisor recognition, client and marketing support and private coaching.   Upon completion, you may choose to apply the hours you have completed and part of the fee you paid  to the full SMI Advisor Training Program.

CLICK HERE for more information and to register NOW

To learn more about this unique training opportunity, join Susan Bradley, founder of Sudden Money Institute during a 30-minute live webinar.

We are hosting two information sessions:

Thursday, May 30th at 10:00 am EST 

-or-

Monday, June 17th at 1:00 pm EST

Call Conference line:  267-507-0240 Conference code: 926934
Screen Share Link:  http://suddenmoney.glance.net?key=1234

During this informative webinar, Susan Bradley will discuss Sudden Money Institute, and their upcoming in-depth Training:  Financial Transitionist™ Training Phase I taking place in Denver, CO  on July 31st and August 1st May 3-4, 2013.

The post Financial Transitionist Training Phase I Denver – July 31st & August 1st appeared first on Sudden Money.

March 24, 2013:  Susan Bradley appears on Good Morning America to discuss how the winner of a $338 Million jackpot will need to learn how to manage change much more than managing the money.

The post Susan Bradley Appears on Good Morning America appeared first on Sudden Money.

Sunday night was a big promotional night for Donald Trump and family, but a washout for the lottery winners with whom he was supposed to be giving advice. NBC Dateline promoted a show on lottery winners that aired just prior to Trump’s new season of Celebrity Apprentice.

The story lines were the same:  winners buying a mansion, starting a business and giving to charities.  These are all normal ideas that come with having more money than ever before.

Winning the lottery is one of those random events that happen every day.  As a society, we need to move past the two extreme myths about money: that it makes life all good, or it makes life all bad.  Sudden Money recipients need to accept the neutrality of money, they need help recognizing the hard work that is required to adapt to the changes it brings, and the time it takes to integrate new money into a life well lived.

The show missed the need for a process to follow, the new tools needed to build the next phase of life, and the validation that sometimes it is hard to move forward when the past seemed simple. It is essential for a Sudden Money recipient to have an expert guide stay with them as they navigate from the life that was to the life they choose as their future. If this progression is done with the proper guidance, tools and processes, both money and wellbeing can last for generations.

Who was it that actually benefited from this Dateline show airing the hour before the beginning of Trump’s new series? Was it Donald Trump?  Was it his daughter’s plug for her own line of shoes? Maybe it was the real estate firm in Palm Beach?  Was it the three lottery winners?

In my opinion Trump did not give advice, he exploited the lottery winners for his own gain. Unfortunately, the lottery winners were sent home with superficial advice and no processes to follow. Additionally, by not giving any real advice he set them up for a more intense sense of failure. If they have any financial challenges in the future, after gaining the advice of a famous self-made millionaire, how will they feel about themselves? They were sent home with millions of Dateline viewers knowing their names and intentions, they were sent home thinking they were lucky to have been guided by a ‘National Expert’. The expertise of Donald Trump is not in the field of Transition Planning, it is in real estate, entertainment and self-promotion.

It is time to get over the commonly held view that lottery winners are inherently incapable of managing their relationships and their windfall.  The real challenge is not the money or the characteristics of the winners; it is the lack of a cultural acceptance that change management is just as important and complex as money management.  Lottery winners offer a magnified view of the difficulties that can happen when lives suddenly take a sharp turn away from what was known and comfortable. We all face these major life events and we all need process,tools and a guide to help us.

 Click Here to watch the Dateline interview – “It Could Happen to You

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