What would you do if you suddenly became rich? Now I know it's unlikely, but it could happen. You could win the lottery, inherit money from your weird uncle, hit it big at the craps table, maybe sell a meme coin at its prime, get a check from a settlement, sell a business, or, my favorite, win first place on America's Funniest Home Videos with the clip of your dad slipping on ice for a full six seconds.

But here's the deal, without a game plan, that money can disappear faster than your willpower at a Golden Corral. You can't keep me away from them sweet home Carolina cakes. - Get in my belly! - So in today's video, I'm giving you the step-by-step guide on what to do and what not to do if you suddenly find yourself rolling in the Benjamins, or the Hamiltons, depending on whether or not you won the Showcase Showdown. But before we dive in, slap that like button and subscribe for more money tips. And if you're already rich,

Get out of here, go wax your yacht. Or whatever rich people do these days, I have no idea. Wouldn't you like to know, weather boy? Okay, the first thing you should do if you suddenly come into a lot of money, don't tell anyone. Just like Fight Club. Unlike Bite Club, which was the name of my Twilight watch party, the first rule of Bite Club?

Always talk about Twilight. NBT, nothing but Twilight, baby. More of a Harry Potter girl myself. Now, if you acquired your new riches by winning Wheel of Fortune, it's going to be hard to keep it a secret for long, especially from Nana, who's a proud member of the Wheel Watchers Club and only buys Eglin's best based on principle.

But if your windfall is not already public knowledge, try as best you can to keep it secret, keep it safe. If people know you suddenly have millions of dollars, they will come out of the woodwork to ask for money. You haven't texted me in three years, Brenda. I'm not going to pay for your hamster's LASIK surgery. It's elective and you know it. It's important to me. For real, though, this can be overwhelming and even scary. So keep it on the DL while you make a plan.

The second thing you should do if you suddenly become rich, don't quit your day job. Yet. Even if you're a professional dog food taster, keep munching that kibble and maintain your normal routine until you figure out what you're going to do. You don't want to find yourself without an income if you end up getting way less money than you initially expected.

If you won the lottery or some kind of contest, the payout could be structured in a way that spreads out your winnings over time, so you might not get all of the money at once. And if your newfound fortune is taxed, which it almost certainly will be, that's going to take a huge chunk out of it. So until the dust settles, hang on to that 9 to 5. The next thing to do is park the money in a high-yield savings account. This is a great place to keep a large sum of money because it earns way more interest than a regular savings account, and you still have easy access to the money.

Now, I wouldn't recommend leaving all of the money in here forever, but it's a good, safe place to initially park it while you give yourself time to figure out your game plans.

And I love the high yield savings account offered by Laurel Road. More on that later. The next thing you should do, set aside money for taxes. Like I said earlier, Uncle Sam's likely going to get a big cut of this. So don't blow it all on Ferraris and Fendi bags. If taxes aren't taken out before you get the money, get with a tax pro to estimate how much you'll owe the IRS come tax time. Then set that amount aside in a different account where you won't accidentally spend it on a private jet. Whoops-a-daisy.

There's more than one way to skin a catfish.

Okay, the next thing you should do if you suddenly get rich is learn how to manage money. Just because you have money now doesn't mean you'll still have money in a few years or even a few months. In fact, I recently spoke with a caller on The Ramsey Show who won a million dollars playing scratch-offs, but he wasn't calling to celebrate. After a series of bad decisions, he had gambled his earnings away in just eight years. And you hear stories like this all the time because a windfall of money won't fix bad money habits.

So I highly recommend learning how to manage your money through a course like Financial Peace University. It's the number one personal finance class in America, and it's helped millions of people get out of debt, invest wisely, and build wealth, including me. And by the way, this is something I recommend for everyone, no matter how much money you have. So check it out. I'll drop a link to FPU in the description below. Next thing you should do, pay off all of your debt.

Get rid of every loan, credit card balance, and personal debt in your life. No exceptions. And since you suddenly have a lot of money, this should be pretty easy to do. Not a lot of sacrifice here. But here's the thing. Once you pay everything off, make sure you don't ever go into debt again. Because debt is a thief. It robs from your future by demanding that you pay for the past. So ditch debt for good.

and choose to opt out of the system that's designed to make credit card companies and banks filthy rich. Besides, now that you have money, why do you need to borrow anyone else's? Okay, the next thing to do if you suddenly get rich, invest wisely. Make sure you stay far away from things like single stocks and crypto and anything that sounds like a get-rich-quick scheme. If you fall for the trends, you will fall for the traps. And here's a good rule of thumb, don't invest in something you don't understand.

If it sounds too good to be true, it is. If it looks like get rich quick, you're going to go broke even quicker. Remember, the kind of investing that builds lasting wealth is boring, and it should be. If you want some excitement, look for it elsewhere, like the subreddit for hamsters on Reddit. That's a good one. Spend a million dollars there. Now, let me give you a time-tested investing strategy. Start maxing out your retirement accounts like a company 401k or a Roth IRA. Now, once you're doing that, you can move on to other investments like paid-for real estate or index funds in a non-retirement account.

but only after you pay it off your house. Which brings us to the next thing on the list, pay off your home or buy one in cash. If you have a mortgage and you've just inherited a ton of money, now's your chance to get rid of it. There's no point in continuing to drag out payments and pay interest to the bank when you can knock it all out at once.

And if you're not a homeowner, but you want to be, now you can finally stop doom scrolling Zillow and purchase a reasonable home outright without ever paying a dime in interest. The next thing on the list is really important because it helps you protect your wealth. But before we get to that, let's talk about this high yield savings account from Laurel Road, one of the sponsors of today's video. Even if you haven't won the lottery or received a huge inheritance from a mysterious relative, it is worth checking out.

If you're saving up for a new car or a down payment on a house or even storing your emergency fund, don't settle for dismal interest in a regular old savings account. With Laurel Road, your account balance will earn top-tier APY. Plus, there's no minimum balance required to open an account, your deposits are FDIC-insured, and there's no monthly fees. You can learn more by going to laurelroad.com slash george or click the link in the description below.

Okay, before we talk about how to protect your riches from shady people who might try to come after it, let me tell you how to keep your personal info away from shady spammers and scammers. And that's by using Delete.me, a sponsor of today's video. Delete.me finds and removes your info from hundreds of data broker sites that sell it for a profit.

They'll even send you a report showing you where they found and removed your data and how much time they've saved you. So far, they've saved me 77 hours, which is more time I can spend sending videos of my French bulldog chasing shadows to America's Funniest Home Videos. So help protect yourself from the risks of online scams and data breaches with

with DeleteMe. Right now you can get 20% off by going to joindeleteme.com/george or click the link in the description below. Okay, the next thing on the list, protect your wealth with umbrella insurance. Contrary to popular belief, umbrella insurance is not a policy you take out to cover the cost of replacing your umbrella if a hard gust of wind turns it from an any

to an outie. Umbrella insurance is a form of personal liability coverage that protects you and your family from large claims or lawsuits that go above your other insurance policies. So think of it like an umbrella covering your home and auto policies. An umbrella insurance isn't just for millionaires. It's a must-have if your net worth is over half a million dollars. So if that's you, get some umbrella insurance in place now. And while you're at it, go ahead and get a nice umbrella too. Life's too short to be walking around with a wet outie.

It's what I always say. - That's a weird thing to say. - Okay, next thing to do, set up an estate plan. Estate planning is just a fancy term for what you want to happen to your money and your stuff if you die or become disabled. So you'll need to decide which people you want to handle your estate, get all your stuff, and take care of your kids and your pet hamster, Gus Gus. Not to mention, you need powers of attorney to make medical and financial decisions

in case you lose the ability to do so. Having an estate plan will give you peace of mind. Knowing your wealth will end up exactly where you want it to. And a big part of your estate plan will likely be the next thing on the list. And that is to create a trust. Now, most people don't need to worry about trust. A simple will will be fine. But if you've just become mega rich, it's something you're going to want to look into. A trust will help you protect your assets and ensure they're used wisely by your heirs.

So find a good attorney who can help you set one up and create some generational wealth. Next thing to do if you suddenly find yourself with a lot of money, give generously. The truth is giving is the most fun you can have with money. And what's the point of having money if you're not going to use it for good? A good baseline here is to give 10% of your income no matter where you are on your financial journey.

But if you've got millions of dollars now, you've got a lot more financial margin and a lot more dollars you can put to work making the world a better place. So whether it's helping your family, your community, supporting a cause you care about, or covering a stranger's flat tire, use your wealth for good. Next on the list, do not loan money to friends and family. Now, I'm not saying don't help them ever. I'm not even saying don't give money to them. I'm saying don't lend it to them. Don't make them pay you back.

If you want to help someone out of the goodness of your heart, give it with no strings attached because loans ruin relationships no matter the dollar amount.

which is why Fannie Mae and I are no longer on speaking terms. Screen in your calls, Fannie, and anyone else named Fannie. I don't have any friends named Fannie, mostly because I'm not 90. I'm just a 12-year-old kid. And last but not least, enjoy your wealth within reason. Take a vacation, buy a nice car, take a quick trip to space in a big cowboy hat, but only if you can afford it without jeopardizing your future. Keep living below your means and avoid lifestyle creep.

If your outgo exceeds your income, your upkeep will be your downfall. So those are things I would do if I suddenly came in to a huge sum of money. And if you ever win a game show or end up with a large inheritance, remember this video.

And try to do these things in order to ensure you protect your money and create long-term generational wealth. But remember, you can build your own wealth without an inheritance or winning the lottery. If you're watching this and you're waiting for your large payout, it's time to get a new game plan. You need to take an active role in your finances and start taking control of your money today. And if you need help figuring out your next financial move, be sure to check out the Get Started assessment. You answer a few questions about your life and your money goals, and we'll set you up with a plan that's customized for you and where you are right now.

Again, it's totally free and I'll drop a link in the description below if you want to check it out. And for those of you who aren't swimming in money just yet, check out this next video to see how to stop living paycheck to paycheck without getting a second job. I'll also drop a link in the description below. Don't forget to like and subscribe and share this video with your friend whose only retirement plan is big money, no whammies. That's scary. Thanks for watching. We'll see you next time.