Gary Clement for The National
Gary Clement for The National

Dealing with Sudden Wealth Syndrome



A Facebook request last week took me by surprise: someone I knew as a very young child has taken to cycling through various countries to raise awareness around issues she's passionate about.
While it's to be applauded, it's not remarkable. Especially when you learn that she never needs to work a day in her life. In fact, she probably hasn't - not with the need to earn, at least.
But what she has done is significant because she got off her cushy lifestyle and is doing something she believes in, looking outside herself and taking on a purpose.
Her family always had wealth, and while she lived her formative years in a much-coveted location next to one of the biggest parks in central London, she didn't know or care how much her home and life cost.
I hope she was made aware of her and her family's good fortune while she was growing up, because it would most likely relieve her from dealing with SWS - Sudden Wealth Syndrome.
Yes. There is such a thing. Two Californian psychologists came up with it. They - Stephen Goldbart and Joan Di Furia - set up the Money, Meaning and Choices Institute in 1997 to explore the "psychological opportunities and emotional challenges of having and inheriting money".
And when you read that the world is due to experience the greatest wealth transfer in history, you can see they're on to a winner. It is said that US$16 trillion of the ultra-wealthy's riches are to be passed on to the next generation over the next three decades.
It might sound like the best thing ever - to discover you've inherited a big chunk of cash. But according to research, people who are taken by surprise can suffer all sorts of stress and anxiety. If you think about it, you can see how coming into a fortune can shift all sorts of relationships in life - relationships with your friends, colleagues and even with members of your own family.
And with yourself. Just think about it - never having to earn again. What would you do with the rest of your life? Some people start off euphoric, but become irritable, burdened and stressed. They do not know what to do with the money or whether friends are turning into gold-diggers, and they develop a deep fear of losing what they have.
One solution is to give it away. This is what Chuck Collins did. He is a senior scholar at the Institute for Policy Studies and the co-founder of Wealth for the Common Good. He is also the great-grandson of the packaged meat behemoth Oscar Mayer. Within five years of gaining an inherited fortune at age 21, he donated it all to charity. It amounted to about half a million dollars, which doesn't sound like a lot today - but this was in 1896, when it was the equivalent of about $14 million in today's dollars. The reason, he said, was that he didn't earn it and didn't feel a claim to it.
At least he had the freedom to choose what to do with it. I read that some heirs do not.
I know this won't be the case for one 12-year-old when he inherits - he's the only nephew of a friend who has no children. In fact, he's the only child in the family - and there will be no more. The entire family line on both sides comes down to him. This boy is set be a millionaire many times over when his family dies - my friend, the uncle, is amassing property in lieu of a pension fund and is leaving it all to the boy. The boy's grandmother is leaving him everything she has, as is a "God gran" - the grandmother's best friend who has no blood relations.
These are regular folk who worked for their money. He's seen them do this and understands how it came to be. But not coming from a monied background, I hope he's being prepared to deal with his future fortune.
There are others who don't know that they'll come into a lot of cash. I was quite shocked to discover that there are people in the UAE who take out life insurance policies that do just that - they pay out millions upon death. Not because that's what the family is accustomed to, rather because the main earner has decided that it's his way of securing his family's future without him, taking out insane premiums to guarantee a whopping payout.
However, sometimes children who inherit riches do not have the life skills to handle them.
These parents might be turning in their graves to know that many of them will blow it. A study by Ohio State University found that one-third of people who received an inheritance had negative savings within two years of receiving it.
A sudden inheritance might seem like the ultimate gift. But many see it and use it as fun money. It's a great opportunity only if handled with care. If not, it can be a greater burden.
Judging by the Facebook posts of my friend's child, she's got her head screwed on right. She's using her financial freedom to live a life of adventure and giving.
I wonder how much money she went through to get there.
Nima Abu Wardeh is the founder of the personal finance website cashy.me. You can reach her at nima@cashy.me and find her on Twitter at @nimaabuwardeh.
Follow us on Twitter @TheNationalPF

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Mia Man’s tips for fermentation

- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.

- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.

 

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

Important questions to consider

1. Where on the plane does my pet travel?

There are different types of travel available for pets:

  • Manifest cargo
  • Excess luggage in the hold
  • Excess luggage in the cabin

Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.

 

2. What is the difference between my pet traveling as manifest cargo or as excess luggage?

If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.

If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.

 

3. What happens when my pet arrives in the country they are traveling to?

As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.

If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty. 

If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport. 

 

4. How long does the travel paperwork and other travel preparations take?

This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.

In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.

 

5. What vaccinations does my pet need to travel?

Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.

Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.

Source: Pawsome Pets UAE

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3ELong-range%20dual%20motor%20with%20400V%20battery%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E360kW%20%2F%20483bhp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E840Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%3Cbr%3E%3Cstrong%3EMax%20touring%20range%3A%3C%2Fstrong%3E%20628km%3Cbr%3E%3Cstrong%3E0-100km%2Fh%3A%3C%2Fstrong%3E%204.7sec%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20210kph%20%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh360%2C000%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ESeptember%3Cbr%3E%3C%2Fp%3E%0A
The 10 Questions
  • Is there a God?
  • How did it all begin?
  • What is inside a black hole?
  • Can we predict the future?
  • Is time travel possible?
  • Will we survive on Earth?
  • Is there other intelligent life in the universe?
  • Should we colonise space?
  • Will artificial intelligence outsmart us?
  • How do we shape the future?
The Orwell Prize for Political Writing

Twelve books were longlisted for The Orwell Prize for Political Writing. The non-fiction works cover various themes from education, gender bias, and the environment to surveillance and political power. Some of the books that made it to the non-fiction longlist include: 

  • Appeasing Hitler: Chamberlain, Churchill and the Road to War by Tim Bouverie
  • Some Kids I Taught and What They Taught Me by Kate Clanchy
  • Invisible Women: Exposing Data Bias in a World Designed for Men by Caroline Criado Perez
  • Follow Me, Akhi: The Online World of British Muslims by Hussein Kesvani
  • Guest House for Young Widows: Among the Women of ISIS by Azadeh Moaveni
MATCH INFO

Uefa Champions League quarter-final, second leg (first-leg score):

Manchester City (0) v Tottenham Hotspur (1), Wednesday, 11pm UAE

Match is on BeIN Sports

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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Takreem Awards winners 2021

Corporate Leadership: Carl Bistany (Lebanon)

Cultural Excellence: Hoor Al Qasimi (UAE)

Environmental Development and Sustainability: Bkerzay (Lebanon)

Environmental Development and Sustainability: Raya Ani (Iraq)

Humanitarian and Civic Services: Women’s Programs Association (Lebanon)

Humanitarian and Civic Services: Osamah Al Thini (Libya)

Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)

Outstanding Arab Woman: Balghis Badri (Sudan)

Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)

Young Entrepreneur: Omar Itani (Lebanon)

Lifetime Achievement: Suad Al Amiry (Palestine)

Company profile

Company name: Suraasa

Started: 2018

Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

Based: India, UAE and the UK

Industry: EdTech

Initial investment: More than $200,000 in seed funding