Mattea Roach, a resident of Toronto, still relies on the subway as their primary mode of transportation. Despite their substantial earnings of $560,983 as the youngest “Jeopardy” super-champion, Roach chooses to continue sharing an apartment with their brother instead of purchasing a house. At the age of 24, Roach recognizes that their winnings have not drastically changed their daily life. They have refrained from indulging in luxuries and have only spent money on new clothes and additional visits to the record store.
Contrary to popular belief that a sudden influx of wealth will revolutionize a young person’s life, this is not always the case. While some individuals may use their newfound riches to buy property or embark on world adventures at a young age, receiving a large sum of money can be overwhelming for those coping with the loss of a loved one or dealing with substantial funds for the first time.
Originally planning to attend law school, Roach is currently engaged in public speaking and podcasting activities, recognizing that educational opportunities will always be available while their current pursuits may not. Uncertainty and unease surround Roach’s post-win life, as they confess to having a clearer vision beforehand. However, Roach acknowledges that their “Jeopardy” winnings grant them the freedom to make unconventional choices and live a more interesting life.
Despite the financial security, Roach’s guilt surrounding spending money persists. Nevertheless, having a six-figure bank balance provides a safety net in case of illness, an inability to work, or the need to support their mother. Regrettably, Roach’s father passed away unexpectedly while they were competing on the show, further adding to their uncertainty about their future lifestyle.
For Alexandra Merullo Steffgen, a 25-year-old writer in Fort Collins, Colorado, a $10,000 fellowship brought significant change to her life. As a scholarship student at the elite Phillips Exeter Academy, Steffgen couldn’t keep pace with her financially privileged peers. Instead of stressing over college admissions like her classmates, Steffgen chose to pursue two fellowships that would grant her the freedom to explore the world during a gap year. Winning a $10,000 fellowship from Phillips Exeter Academy was a monumental moment for Steffgen, enabling her to volunteer, hike, and experience various countries.
Receiving a financial windfall in your 20s or 30s can be both liberating and disorienting, particularly if your peers are still early in their careers, burdened by student debt, and unable to relate to managing a significant sum of money. Nicholas Freda, a tech worker in Seattle, inherited $100,000 from his grandmother at the age of 26. This inheritance triggered feelings of grief due to his father’s passing, as the money bypassed Freda’s late father. Initially uncomfortable with the sudden wealth, Freda opted to invest it in purchasing a house rather than indulging in unnecessary expenditures. However, the discrepancy in buying power between him and his higher-earning colleagues made the subject of wealth challenging to discuss.
Gina Knox, a 30-year-old financial coach, has received two windfalls at an early age: $15,000 at 22 and a $100,000 inheritance at 28. Initially shocked by the money in her college account after graduation, Knox embarked on a month-long trip through South America with a portion of the funds. However, she felt overwhelmed and unsure about what to do with the remaining sum. By the time Knox received the $100,000 inheritance, she had gained confidence in managing money through her father’s teachings. Now advising others on financial matters, Knox emphasizes the importance of seeking guidance when faced with significant sums of money and taking time to envision one’s desired lifestyle.
Receiving a windfall can be particularly challenging for individuals from lower-income families who need to learn how to manage large amounts of money. Steven M. Hughes, a financial therapist based in Atlanta, understands the complex emotions that manifest when sudden wealth enters one’s life. Fear, shame, and guilt commonly accompany a windfall. Additionally, the newfound wealth can lead to an influx of requests for financial assistance from family and friends.
Hughes advises seeking advice from individuals who are adept at managing money, such as trusted family members or financial advisors. Establishing a team of experts to provide guidance is crucial. It is also essential for individuals to establish financial stability before considering supporting others. For lower-income recipients and people of color, the responsibility of financially assisting both younger and older relatives can be overwhelming. Hughes emphasizes the importance of prioritizing personal financial security before extending assistance to others.
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