Sudden Wealth Syndrome (SWS) In Gambling

[maydna]

~snip~

For people who lack of education and they would not trust others to manage their money. Even though this will be really helpful for the winner of lottery but i rarely saw that happened. Mostly winners are thinking if they can use money used to pay the financial advisor rather than try to pay for others to work for them. I just say this based on the fact. It's caused by people can't really trust others, even financial advisor itself. That's why education is very important.
Money management is very important to prevent the sudden wealth syndrome. I read so many news said that the winners of lottery become poor acaused by they were unable using their money properly and lack of plan.
It's hard to imagine the winner will able to trust the financial advisor.

But the lottery winners will use their money for their life needs first and save some money for the future and may also continue to buy lottery tickets because they still want to get another win from the lottery. That is normal because humans are never satisfied. Even after getting a big win, they still want to get another big win. But it may be true that they don't trust anyone else to look after their finances, so they do it themselves and hope to put their money to good use.

But it's a shame if they can't use their winning money properly and only use it to fulfill their desires to buy unnecessary items and follow existing trends. They will not be able to change their life for the better because of mistakes in allocating their money so that there is no significant change in their life. And even they still want to buy another lottery ticket so they can win again one day. It has happened to many lottery winners.

~snip~

It is true that buying luxury goods will actually drain more of the finances we have because we have to pay taxes that are so high and maintenance costs are so expensive.

And I agree, by saving the profits earned from gambling wins in the form of bonds, gold, bitcoin or other long-term investments. This can prevent us from spending the money back on gambling. And the money we save will be stored neatly.

But for me personally, instead of having to hire a financial advisor, I prefer to talk to my wife because she knows what is most important that must come first to meet needs and improve the family's economy.

By allocating winning money to places that give us the opportunity to be able to get profits in the future, we can also increase the amount of money we can sell at the highest price to invest in bitcoin. That would be better for lottery winners to do because they don't use their winnings to buy luxury items that require expensive maintenance.

Talking with family is highly recommended because we need to arrange finances for the family and what we have to prepare for the short, medium, and long term so we know how much money is required. It may be difficult, but at least we have prepared some money for every plan we make, and we can also have savings for our future in addition to having investments for the short, medium, and long term. And it will make changes in our family's life for the better, especially if we can use the winning money well.

[Japinat]

Getting a financial advisor isn't cheap because their job is not that easy either and that is why when making a move like this, we should make sure that it's only a temporary situation so that in the long run, we will see our gains instead of only thinking about the funds we're paying for them instead of seeing it as a profit. It will be waste if we're hiring them as long as we're living in this world because we're not on of those billionaire tycoons that are gaining millions even while they are sleeping and isn't that bothered about the fees they are paying for their advisors.

Getting a financial advisor is really wasting money because they only talk about money management, investment (low, middle, high risk), and how to invest. They might not completely understand about each investment they offer, Bitcoin can be an example. They know the definition, how to use it and how to use an exchange, but they don't know with non custodial wallet, verify signature etc.

It's mean you're either need to learn by yourself or hiring a consultant that completely understand with Bitcoin.

Bitcoin isn't the only investment that is profitable because there are others as well out there who can also gives us the profit we wanted, it's the same, we just have to have that kind of capital to start it up. And it's not a total waste of money specially if you don't know how to handle your money as there is a huge chance that you will just go back from your original situation if you aren't smart enough to invest on such person and businesses.

These financial advisors or by your words consultant have a knowledge that will really help the client's situation because they don't want to lose any client either as that's one of their main source of income. If bitcoin is your only concern about the investments, I'm afraid for you.

[mirakal]

Getting a financial advisor isn't cheap because their job is not that easy either and that is why when making a move like this, we should make sure that it's only a temporary situation so that in the long run, we will see our gains instead of only thinking about the funds we're paying for them instead of seeing it as a profit. It will be waste if we're hiring them as long as we're living in this world because we're not on of those billionaire tycoons that are gaining millions even while they are sleeping and isn't that bothered about the fees they are paying for their advisors.

Getting a financial advisor is really wasting money because they only talk about money management, investment (low, middle, high risk), and how to invest. They might not completely understand about each investment they offer, Bitcoin can be an example. They know the definition, how to use it and how to use an exchange, but they don't know with non custodial wallet, verify signature etc.

It's mean you're either need to learn by yourself or hiring a consultant that completely understand with Bitcoin.

Why would it be a waste of money if you are also benefitting from the situation? The main reason why you are going to hire them in the first place is to get your financials straight as an arrow and help you to maintain what you have without losing it in just a few years, they will offer you some of the investments that they think can be benefit you because that what they do but it will all fall under your confirmation if you find that suggestion suitable for you.

It's mean you're either need to learn by yourself or hiring a consultant that completely understand with Bitcoin.

Well, if you already understand how bitcoin works and how to take advantage of it then surely there is no need for you to hire an advisor. But since we're talking about the majority here, it's safe to assume that they don't know how it works or how to start a business.

[bitgolden]

But the lottery winners will use their money for their life needs first and save some money for the future and may also continue to buy lottery tickets because they still want to get another win from the lottery. That is normal because humans are never satisfied. Even after getting a big win, they still want to get another big win. But it may be true that they don't trust anyone else to look after their finances, so they do it themselves and hope to put their money to good use.

But it's a shame if they can't use their winning money properly and only use it to fulfill their desires to buy unnecessary items and follow existing trends. They will not be able to change their life for the better because of mistakes in allocating their money so that there is no significant change in their life. And even they still want to buy another lottery ticket so they can win again one day. It has happened to many lottery winners.

When you get rich, finding ways to "not spend" your money would be the worst idea ever. Remember, when you have 40k dollar debt to a bank, that's your problem, when you have 40 million dollar debt to a bank, that's the banks problem. No rich person would just put their money in interest, they constantly use it and be in negative. That is the true approach to it, always be in debt when you are rich.

Because if you have lets say 50 million dollars, that means you could invest as much as 150-200 million dollars into a business, and the return will be accordingly. Let me give you an example, a wind turbine costs less than a million dollars, but between shipping and all, lets call it 1 million dollars each. With 50 million, you could get 50 of them, but with 150 million, you get 150 of them, difference is, it makes about 80 to 200k depending on where you are per turbine. Would you go into debt to make about 8 to 20 million per year?

[stomachgrowls]

But the lottery winners will use their money for their life needs first and save some money for the future and may also continue to buy lottery tickets because they still want to get another win from the lottery. That is normal because humans are never satisfied. Even after getting a big win, they still want to get another big win. But it may be true that they don't trust anyone else to look after their finances, so they do it themselves and hope to put their money to good use.

But it's a shame if they can't use their winning money properly and only use it to fulfill their desires to buy unnecessary items and follow existing trends. They will not be able to change their life for the better because of mistakes in allocating their money so that there is no significant change in their life. And even they still want to buy another lottery ticket so they can win again one day. It has happened to many lottery winners.

When you get rich, finding ways to "not spend" your money would be the worst idea ever. Remember, when you have 40k dollar debt to a bank, that's your problem, when you have 40 million dollar debt to a bank, that's the banks problem. No rich person would just put their money in interest, they constantly use it and be in negative. That is the true approach to it, always be in debt when you are rich.

Because if you have lets say 50 million dollars, that means you could invest as much as 150-200 million dollars into a business, and the return will be accordingly. Let me give you an example, a wind turbine costs less than a million dollars, but between shipping and all, lets call it 1 million dollars each. With 50 million, you could get 50 of them, but with 150 million, you get 150 of them, difference is, it makes about 80 to 200k depending on where you are per turbine. Would you go into debt to make about 8 to 20 million per year?

Depends on a certain rich person since not all would really be doing the same thing in terms on getting some loan or debt. Some might really be having that kind of spending on something but most of them would definitely

be having debt but being used on business matters or something that would generate them some income. The funds or money that being used on gambling would be particularly into those money that they had generated out of those businesses or investments which i could say that this is really that a very common concept or scenario.In speaking about those sudden wealth or to those people who had experienced that huge amount of money
on an instant then i wont really be that surprised that some of them or definitely most of them would really be spending up most of those funds on which this is something not that new.
Financial management is something that would really be a main issue for most people specially to those who are on mid-level to low-level status kind of life in terms of financial.
They would really be lacking something like this.

[maydna]

~snip~

When you get rich, finding ways to "not spend" your money would be the worst idea ever. Remember, when you have 40k dollar debt to a bank, that's your problem, when you have 40 million dollar debt to a bank, that's the banks problem. No rich person would just put their money in interest, they constantly use it and be in negative. That is the true approach to it, always be in debt when you are rich.

Because if you have lets say 50 million dollars, that means you could invest as much as 150-200 million dollars into a business, and the return will be accordingly. Let me give you an example, a wind turbine costs less than a million dollars, but between shipping and all, lets call it 1 million dollars each. With 50 million, you could get 50 of them, but with 150 million, you get 150 of them, difference is, it makes about 80 to 200k depending on where you are per turbine. Would you go into debt to make about 8 to 20 million per year?

When you become rich but still have debt, it's not rich because you still have to pay off that debt. You are rich if you don't have any debt, even though your wealth is not more valuable than your friends because you can still save to save your money. While your friends still have to pay their debts, so they can't save.

Rich people can allocate their money for many things, especially in terms of investment, so that their wealth can increase and they don't have any debt. So their wealth will continue to grow even if they spend a lot of money on shopping; their wealth will continue to grow from other sources of income.

So the sudden rich syndrome can hit everyone, especially people who can win lottery prizes. But most of the newly rich couldn't allocate their winnings because they weren't sure what to do with so much.

[Huppercase]

Do the symptoms of the syndrome also include spending recklessly? Because I've seen a lot of people wasting a very large chunk of money on things that are materialistic and that they don't even need or use, they spend money on them only because they want to impress other people with the wealth that they've recently got. This is one of the most evident things that can be found in people that go from 0 to 100 in a matter of seconds either through gambling, a lottery, or some magical investment.

I personally don't think that I will do any of that because I already have everything planned for when I might get a lot of wealth all of a sudden, so I'm pretty sure that I will be happy, of course, but I wouldn't have any of those symptoms that you've mentioned about Sudden Wealth Syndrome.

It all started from influencing and musicians are the number 1 most influencial people that afflict this behaviour into the youth, where you see them in club spending hundreds and thousands for drinks and money, when the fans have a big lottery from casino, nothing other than expensive lifes style is the first thing that comes into their mind, drive expensive cars and go to club, they don't think for one minute, its all about impressing the next person that they are above them which is bad.

It's very easy for you to say you will not do that when you have the opportunity but let me tell you, money has the power to change people, it bring out the real person you are and if you are not well brought up, I mean well descipline, it wil take a second to go down in that channel to start living an expensive lifestyle of VIP treatment without feeling any remorse of living and extravagant life.

[Westinhome]

When you become rich but still have debt, it's not rich because you still have to pay off that debt. You are rich if you don't have any debt, even though your wealth is not more valuable than your friends because you can still save to save your money. While your friends still have to pay their debts, so they can't save.

Rich people can allocate their money for many things, especially in terms of investment, so that their wealth can increase and they don't have any debt. So their wealth will continue to grow even if they spend a lot of money on shopping; their wealth will continue to grow from other sources of income.

So the sudden rich syndrome can hit everyone, especially people who can win lottery prizes. But most of the newly rich couldn't allocate their winnings because they weren't sure what to do with so much.

The gambler get the winning and became a rich by the winning money,but the money he had bet and deposit in the gambling by getting debt should be settle by the gamblers after get the lucky win.When the money is get as debt by the agent or with your friends,they will come to know your winning as soon as you win.You should settle the money and use the balance money on shopping which you long waited for the elite life.But some people will use the money to start the business to make sure the regular income from the business.Which is most essential one for the person to run the peaceful life.