Financial Mistakes Made On Instant Money, CNNfn.

Original Source: YOUR MONEY

ALI VELSHI, CNNfn ANCHOR, YOUR MONEY: Well, even the most carefully thought-out plan may have to be readjusted if you suddenly come into money. Doesn`t sound like a bad thing, but a court settlement, a divorce, an inheritance, or even lottery winnings can drastically alter your plans and your lifestyle.

Other than resisting the urge to run out and spend it, what steps do you need to take with your estate plan to protect your assets?

Sandy Lincoln is a managing director with the brokerage firm Wayne Hummer Asset Management. And he joins us from Chicago.

Good to see you, Sandy. Thank you for being with us.

SANDY LINCOLN, WAYNE HUMMER ASSET MANAGEMENT: Thank you, Ali. How are you?

VELSHI: Good. Interesting that we pointed out, this is not just about winning the lottery. This is divorce, this is inheritance, this is court settlements, all sorts of things can cause people to come into more money than they planned to have on an on ongoing basis. What are the big -- the key mistakes people make when they come into money?

LINCOLN: Well, the first one -- and I think your description of how it can happen very suddenly in sort of a wind-shear kind of event -- really requires a step that`s more psychological than anything else. It`s not really a matter of what they should do, it`s more a matter of what they shouldn`t do.…