From windfall to wealth: making fortune last

Most people assume that receiving a sudden windfall is a problem they would love to have. The data suggests otherwise. Lottery winners, inheritance recipients and anyone who comes into life-changing money unexpectedly face a surprisingly well-documented risk of losing it faster than they found it. The reasons are rarely about bad investments. They are almost always about behaviour.

In this episode of Money Hacks, a podcast by The Business Times, Howie Lim speaks with Gautam Chadda, executive director at RBC Wealth Management Asia, for a conversation that is equal parts practical and genuinely thought-provoking. Chadda has sat with enough newly wealthy clients to know that the first instinct is almost never the right one.

Why listen

• Why the smartest thing to do in the first 30 days is absolutely nothing  Not indecision, but a proactive pause. Chadda explains why the emotional processing of sudden wealth has to happen before any financial decisions do, and what goes wrong when people skip that step.

• Why lifestyle inflation is more dangerous than a gold-plated bathtub  The real wealth drain is not the flashy one-off purchase. It is the boat that needs a crew, the holiday property with ongoing maintenance costs and the staff required to manage it all. Chadda is specific about where the quiet haemorrhaging begins.

• Why your net worth should never become your self-worth  One of the more uncomfortable observations in this episode and one of the most useful.

• Why the least exciting paperwork is the most important thing to sort first  Wills, beneficiaries, powers of attorney. Chadda explains why clients thank him for this conversation a decade later.

Money gives you options. This episode helps you figure out what to do with them. Watch now.

Discover more episodes at bt.sg/podcasts. Got feedback? Email us at btpodcasts@sph.com.sg.

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Written and hosted by: Howie Lim (howielim@sph.com.sg)

With Gautam Chadda, executive director, RBC Wealth Management Asia

Edited by: Howie Lim & Claressa Monteiro

Produced by: Howie Lim, Chai Pei Chieh and Nicole Teo

Video production and editing: Studio +65

A podcast by BT Podcasts, The Business Times, SPH Media

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Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice. 

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