We all dream of winning the lottery or inheriting a life-changing sum of money. But unless sudden wealth is handled carefully, it can disappear quickly, frittered away on poor investment decisions or impulsive spending.
Emma Raducanu, the British tennis star who took home $2.5m at age 18 for winning last month’s US Open, is likely to make millions more in promotional deals. She had joked that her first goal at the tournament had been to win enough to buy a new pair of £159 Apple AirPod earphones.
Now, she joins a long list of young people who have made a lot of money very quickly in recent years. Footballers, such as Raheem Sterling, are a prime example; he is 26 and worth an estimated £38m. Pop star and Brit Award winner Harry Styles, still only 27, has an estimated net worth of £75m. Tom Holland, best known for playing Spider-Man in the Marvel films, is 25 and has an estimated fortune of £6.4m.
It is not only sports stars,…