July | 2022 | The Tech Money Podcast

Receiving a financial windfall, such as winning the lottery, may seem glamorous to those of us who never have. Still, even if half of the news articles or TV shows covering lottery winners are accurate, it may not be all that it’s cracked up to be.

While winning the lottery is a bit of a rarity, a windfall could include events such as selling a business or receiving a large inheritance. And for the listeners of this podcast, that probably includes your company making it to IPO. And if you’ve been there long enough, maybe you just went from a negative net worth with school loans to a multi-millionaire overnight. But the key point remains the same. If you don’t take time to plan before and after receiving the cash, you run the risk of ending up another statistic, along with those who had it and lost it.

In this episode, Malcolm Ethridge sits down with Susan Bradley, Founder and CEO of the Sudden Money Institute, a think tank designed to help recipients of financial windfalls understand how to make smart decisions around their new-found wealth. Malcolm and Susan tackle topics such as what goes into planning for a sudden financial windfall, as well as the psychology behind the choices people make when they unexpectedly receive a large amount of money.

Susan discusses:

How we can prepare ourselves for the inevitable change that come along with life
What criteria are considered a financial windfall, and why it’s subjective
How her organization trains financial professionals to work with people who have suddenly come into a large amount of money
How to find and hire the right team of financial professionals to help guide your financial decisions once you’ve experienced a financial windfall
And more

Resources:

Sudden Money by Susan Bradley

Connect With Susan Bradley:

Connect With Malcolm Ethridge:

About Our Guest:

Susan is the founder of the Sudden Money® Institute, which began 18 years ago as a community of practice seeking to better serve their financial planning clients by developing processes and tools for the personal side of money and for clients going through transitions. This think tank created the Certified Financial Transitionist® (CeFT®) designation, and a division for training and certification called the Financial Transitionist® Institute. Susan has served on the FPA’s National Board of Directors, she currently sits on the National Football League’s Players Association’s Financial Education Advisory Board, and she serves as the Dean of Transitions for the Council of Deans of the Purposeful Planning Institute. She is seen and heard frequently in the national media, including NBC’s Nightly News, CNN, NPR, The Wall Street Journal, and The New York Times. She is the author of Sudden Money: Managing a Financial Windfall (Wiley 2000), and she is also the recipient of the Insiders Forum Iconoclast Award 2017.

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The Great Resignation may have tipped the scales, but the underlying sentiment of dissatisfaction among workers of all ages and demographics, representing companies and industries across the board, had been brewing underneath the surface for some time. Whether it’s the multiple attempts to unionize, rallies and protests outside of corporate headquarters, or the class action lawsuits filed on behalf of those seeking better working conditions, employees had been making their voices heard time and time again, mostly to no avail.

But once the Covid-19 pandemic came along and made it obvious just how many disparities existed among gig workers, hourly employees, salaried employees, and corporate executives, many of those same workers who had been vying for better working conditions finally decided enough was enough. They either left their company for another who was promising better flexibility and a higher salary, or they left the employee population altogether and instead decided to go and become their own boss.

In this episode, Malcolm Ethridge sits down with Matthieu Silberstein, Vice President of Creative Marketing for Lili, a startup dedicated to helping freelancers manage their work life and financial life all in one place. . Matthieu and Malcolm dig into the impact of the Great Resignation and discuss some of the key financial concepts that freelancers all need to know in order to run their companies effectively.

Matthieu discusses:

The financial products and solutions Matthieu wishes existed back when he began his own journey as a freelancer
The importance of keeping business and personal expenses separate as a freelancer and small business owner
Why using Venmo or Paypal is not the best way for a freelancer to structure payments processing once they formalize their business
The value and importance of finding a good accountant to work with early on in your journey as a freelancer or other small business owner
And more

Resources:

Connect With Matthieu Silberstein:

Connect With Malcolm Ethridge:

About Our Guest:

Originally from France and moved to the United States twelve years ago, Matthieu Silberstein is the vice president of creative marketing for Lili, a startup dedicated to helping freelancers manage their work-life and financial-life all in one place. His work includes public relations, media partnerships, social content, creative writing, and storytelling. Matthieu has been a freelancer in the creative space for half of his career. Prior to joining Lili, he was a video content director for a media tech startup that was acquired by Discovery and a video director and marketing producer for Pop Sugar.

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The Tech Money Podcast

Monthly Archives: July 2022

46. How to Plan for a Financial Windfall with Susan Bradley

45. The Positives Of The Great Resignation with Matthieu Silberstein