We have all heard of people about whom it is said, “He or she just can’t seem to hold onto their money.” We also know of very wealthy people who fall in this category and who have lost fortunes. Many of them are those who become suddenly wealthy – professional athletes, actors, trust fund babies and others who inherit large sums. Some of their stories are legendary and incredulous to many who can’t imagine starting with millions, losing millions and in the worst cases, ending with close to nothing. All had one thing in common, the failure to have a well-designed and managed investment/financial plan to help them preserve their wealth. Understanding the problem and how pervasive it is, and what it takes to avoid this outcome is essential for all individuals, but especially for the suddenly wealthy.