How quickly does the speaker say large sums of money are typically squandered?

Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Money and Human Behavior 💵😏

5 Oct 2023 · 1 min

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Richard Canfield discusses how recipients of large, sudden sums of money (lottery winners, inheritances) often squander those funds—frequently within five years—leading to loss of prior assets, deteriorated relationships, bankruptcy, and other social harms. He notes an added emotional/relational dynamic when money arrives via the death of a loved one.

Questions this video answers

Typically in under five years.

Chapters

Do you know anyone who's ever won money on, let's say, a lottery or whatever, a large sum of money for. For something to that effect? Well, what happens when it, when they get it, it gets squandered away, typically in a short period of time, under five years, and everything that they had is gone. And in fact, the things that they had before the money showed up is even gone. Relationships get deteriorated, people go into bankruptcy, all kinds of associated things take place. Because we're not really well trained how to deal with large sums of money, and especially when large sums of money are received or in relation to the passing of a loved one, that there's a whole additional dynamic that's added into that equation.