The Psychology of Sudden Wealth with Melissa Hoyer

Doug talks about the complex world of inherited wealth with financial planner and life coach Melissa Hoyer. Melissa brings 20 years of expertise working with significant inheritances at The Wealth Conservancy. They explore the psychological challenges of sudden wealth, the importance of balance and setting meaningful intentions versus rigid goals. Melissa shares what she has learnt about the emotional integration of inherited wealth, why money magnifies existing patterns as well as how self-compassion plays a crucial role during life changes.

KEY TAKEAWAYS

• Inherited wealth arrives "like a meteor crashing into your world," requiring emotional, psychological, and spiritual integration alongside practical wealth management skills. This is a completely different experience than accumulating wealth yourself.
• Money acts as a magnifier of existing patterns, those who tend toward luxury purchases will amplify this behaviour, while those uncomfortable with wealth might struggle even with small indulgences like buying the expensive coffee.
• Inheritors face unique challenges including feeling they've missed out on career accomplishments, experiencing loneliness from keeping wealth private, managing complex financial situations and feeling dependent on systems they don't fully understand.
• True work-life balance begins with a conscious decision to prioritise balance. Melissa likens it to creating a beautiful bouquet by being intentional about which flowers to include rather than trying to include everything.
• Setting intentions allows for more spaciousness than rigid goals, creating room for flexibility while still maintaining direction toward desired outcomes.
• During life changes, we experience chaos between our old normal and eventual new normal - practicing self-compassion during this phase helps us move forward.
• For meaningful goal setting, create a space away from daily life where goals can emerge from excitement and heart's desires rather than fear or external pressure.
• Many wealthy clients focus on philanthropy rather than extravagant lifestyles, channelling resources toward causes they're passionate about to create meaningful change in the world.

BEST MOMENTS

"When you accumulate it, you have a relationship with it, and when you inherit it, it's like this meteor crashing into your world and it's completely foreign."

"Money is a magnifier oftentimes. I've worked with clients on the flip side who grew up with wealth, but they didn't embrace the wealth so they lived very well below their means."

"My golden nugget about goal setting would be to, when you're setting goals, be in, I think of it as like an extraordinary space, go take a weekend away or give yourself some space and do it from a place of excitement, hopes, dreams, and allow that to fuel the goals."

"It's a decision and I think of it like a, a field of beautiful flowers and you wanna make a, a beautiful bouquet of flowers and you really, you can't pick one of each because that would, that wouldn't be a bouquet."

 

ABOUT THE GUEST

 wayintowealth.com

https://www.linkedin.com/in/melissahoyer/

VALUABLE RESOURCES

Website: http://dougbennett.co.uk/

Email: [e-mail]

LinkedIn: https://www.linkedin.com/in/financialdoug/

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