She does not have an axe to grind nor pushes any particular method of settlement--as each situation determines the method.
I like her approach of (1) don't do anything initially- Decision Free Zone(2) understand the emotions--a huge item(3) get some professional advice (3) lay out a plan (4)move deliberately. Consequently, I recommend or give a copy of her book to those getting or have just gotten an inheritance or a large sudden influx of money.
Great book from a nice person.
I would have liked to see more information regarding tax implications, and clearer instructions as to finding a CFP specializing in this area. All in all, however, the advice was invaluable, if only to reinforce what I already suspected and to explain why I felt as I did during the process. My two bits: do not underestimate the value of the DFZ (decision-free zone) as a first step!
From firsthand experience, I'd recommend that the chapters on winning the lottery be excerpted and made required reading for all winners before they're allowed to cash that check!
I am President of a company who assist injury victims with their finances and have 19 years of study on the Sudden Money topic. I was hoping Sudden Money would be something to give to staff and clients but it is not even close.
There are two easy to read books that everyone from the secretary to the President of our organizations must read before they join us, A Piece of the Action by Joseph Nocera and the Millionaire Next Door by Tom Stanley. Nocera gives a history of personal finance and Stanley gives perspective as to why some people are wealthy and others are not. Read those and don't waste your money on Sudden Money.
The Sudden Money book does a good job of promoting what Bradley is selling, her seminars. There is not nearly enough detail of the emotional side of dealing with a settlement which is a LOT more important than picking the right products or advisor.
When it comes to picking the right products, Bradley shows she does not even know about even some basic techniques. In the whopping eight pages she devotes to insurance settlements ($200 billion a year is paid out in these settlements so it affects more people than discussing lottery winners) she does not even mention structured settlements, the most popular financial tool used on cases of $1,000,000 or more!
It is a tax free spreadthrift concept that only injured people can receive. $5 billion a year goes into structured settlements and after 19 years experience and writing numerous academic articles on insurance settlements, I can say with certainity is the best way for injured people to avoid a lot of problems. Bradley apparently has never heard of the idea. Maybe someone should go to one of her seminars and tell her about what is REALLY going on in the financial planning world.
Bradley is media savvy and a great self promoter. I hope her book is not too successful as the last thiing a person with Sudden Money needs is poor advice.
Don McNay...