Sudden Wealth Syndrome (SWS) In Gambling

[robelneo]

Some people who suffered from this syndrome are lottery winners and those who won a huge amount of money from casinos or even investors who made huge profits from trading

What is Sudden Wealth Syndrome (SWS)?

Sudden wealth syndrome (SWS) is a type of distress that afflicts individuals who suddenly come into large sums of money. Becoming suddenly wealthy can cause people to make decisions they might not have otherwise made. Sudden wealth syndrome symptoms include feeling isolated from former friends, feeling guilty about their good fortune, and extreme fear of losing their money.

Many people afflicted with Sudden Wealth Syndrome deal with an identity crisis because they transition from surviving on a meager weekly, fortnightly, or monthly salary to becoming a wealthy and privileged individual.

https://www.investopedia.com/terms/s/suddenwealthsyndrome.asp

I experience this in the glory days of Bounty where in those days you can earn huge money from bounties it's not really a very huge amount of money but enough to change my financial status at that time, the feeling is not good there are a lot of highs and lows and you will start to ask yourself if you deserve it or suddenly everything you wanted are all here and you become isolated, good that I have overcome this feeling when I have it the first thing I did is to talk to my family and list everything that should be done and try not to change my thought even if I have a huge amount of money in front of me.

Have you experienced this feeling and what are the steps that you've taken to fight this Sudden Wealth Syndrome (SWS)

Do you think people who have a chance to make a lot of money should be aware of this and do you know what you're going to do if you won a big amount of money?

[uneng]

I'm not aware of such syndrome. Personally, I would never feel like that, because if I'm playing a lottery game or working on something which pays very decent income, I keep in mind I'm doing that because the potential rewards to be received. If I think I don't deserve to win a lottery prize or a high wage, why am I gambling on the lottery and working, then? For me that is the kind of syndrome which doesn't make much sense.

The main symptom I see from big winners is the fact they get too compulsive over the prize won, so they start spending it without planning carefully their financial plans for the long term. So they tend to waste all the money in a very short period of time with travels, expensive gifts, luxurious superfluous items and accessories they don't need.

[Wexnident]

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Have you experienced this feeling and what are the steps that you've taken to fight this Sudden Wealth Syndrome (SWS)

Do you think people who have a chance to make a lot of money should be aware of this and do you know what you're going to do if you won a big amount of money?

I think this was when axie was booming? I was an early investor so I profited quite a lot from the boom, not to mention I went to the path of expanding instead of saving up. It was rather big for me at the time since in the first place, when I started investing, the prices were cheap yes, but it still took around 2-3 months of saving up before I could buy one (I am so glad it was before it started growing so I had time to grow).

It was hard I guess, I myself recognized I turned a tad bit too arrogant (If you can count that was what changed). What I did was distract myself. I used the money I earned to buy some stuff that can help me, specifically in my hobby of drawing. I bought a drawing tablet and a bunch of online school courses and used that as an idea that I'm just at the bottom of the barrel, at least in something.

They definitely should. They should watch those ruined lottery winners. A LOT of them turned out really bad despite winning a lot of money. I was amazed at how much they could splurge really. I didn't have that impulse to spend money like water luckily, just arrogance.

[Wiwo]

This is a reality that many or all who got money their never planned for will face,  because if you win a lottery,  it sudden and if you don't have a lay down plan before your winning it could indeed trigger up something that could be devastating for both you and your entire household,  take for example winning or profiting a large amount of money and if you missed to invest it into something that can enhance your privacy,  you could exposed your self and family into security issues,  such as living above your previous status which can attract onlookers.

But just like you said,  I have also been a victim of this crisis before but in my own situation,  the rewards didn't come at once like in a lottery,  but bit by bit,  and that helped me to manage the resources as their comes and also made me to be able to always planned ahead.

But that experience came after I have faced a lot of identity crisis on how to align myself with the news status,  gambling/affiliate marketing have indeed been the cardinal poll that have unlocked a lot of wealth for many who are lucky and passive in them.

[Oshosondy]

Do you think people who have a chance to make a lot of money should be aware of this and do you know what you're going to do if you won a big amount of money?

If I win huge amount of money, I will quit gambling and establish a business. But if possible that I can use 5 of the money won for vacation, it would be good. Also 5% to buy some expesive thngs to leave a comfortable life. 5% for my family and other people that will disturb me. The remaining 85% on business and assets. Which means I would have prepared and and keep in mind to discipline myself always. To spend wisely. I can start to gamble again from the profit I make from business, but just little amount from it like 2% of my profit.

[GxSTxV]

Have you experienced this feeling and what are the steps that you've taken to fight this Sudden Wealth Syndrome (SWS)

Do you think people who have a chance to make a lot of money should be aware of this and do you know what you're going to do if you won a big amount of money?

Well I really wish to get a chance and win a huge sum of money one day while gambling or in lottery, honestly I never heard of this SWS syndrome before and it’s a good thing that you brought it here and maybe a lot of us also don’t know about it. However I feel like if i won a huge amount of money in very short time without big effort certainly your brain will think that there’s something unusual is happening and mix of happiness and fair of that money can disappear easily at the same time.
Chances of that to happen are rare the proof is whenever someone win big they all publish his story and name on internet because it something that happens once a while either on lottery or casino. And for what someone who is old and educated enough gets that chance he surely will think about saving half of the amount, invest some of it and spend the rest on things you wish to have before and change your life with it.
Lol I wish i can get the chance and I’m so ready for the consequences or syndromes that comes after it.

[dothebeats]

I experienced this when I held bitcoin for a few years and sold it at a greater price than what my entry price is. It was a sudden jump in the money that I was handling, plus I got promoted to a senior position in my job that greatly increased my pay. It was, at first, tough to handle the inflow of money since I wasn’t so used to it. I splurged and spent like there’s no tomorrow, until such time that I realized that it’s something that might be gone in a moment’s notice and that I should be careful in my spending. Thankfully, when I started to gamble, I already know how to handle my wins. I managed to use what I gained on my previous wins for my next sessions, until it became a habit that I will not deposit unless I have run my funds dry in my gambling account.

[harizen]

Who knows what will happen until the game-changer came into our life?

Personally to me, I already experienced receiving a huge amount of money lots of time times way back several years ago. The feeling is, I am able to spend freely without worrying about my personal financial status. Although my regular spending becomes noticeably increased, I didn't turn into a sh*t person that always does unnecessary buying of anything. I was able to build our own house even during the pandemic, able to purchase a family car, motorcycle, bike, etc. That's why even though I'm currently not that holding decent money much the way I used before, I am able to use my earned money for good.

It's really up to the people how they will handle things once they are now in that situation. Doesn't really need for them to have an awareness of the said syndrome as these people will only understand being in that situation once they personally experience it on actual.

[coin-investor]

The key here is planning ahead and keeping it discreet, when you're planning ahead it's not that you are expecting money to come its for you not to get a loss in making a decision when you suddenly win or accumulate a huge amount of money and another one is discretion not letting everybody knows what you've had until the time you know where to spend or what is the right thing to do with the money.

Sudden Wealth Syndrome (SWS) can also be overcome by not touching the money, for a period of time until you resolve the syndrome and awareness of the existing symptoms of Sudden Wealth Syndrome (SWS) will help you make the right decision.

[STT]

I can understand it existing but never really seen it in crypto personally.  I have way too many bills to ever suffer from this in my life ever and if I didnt have enough bills, I have a giant extended family.  I only need divide the millionaire fortune across my entire family and it'd be a hundred dollars each    Not sure I'd ever be that generous but certainly I'm used to considering money, balancing bills and income to stay liquid.
   A ton of people never think of money, they earn then spend their pay almost immediately its mere minutes per week for them; so yes this is a real 'syndrome' not made up and some people end up in trouble from worry etc.

[Yogee]

I didn't know there is even such a thing. I guess it doesn't apply to everyone. I've had my share of winnings but not on the lottery levels yet. My priorities in life changed since I gained more and I made the decision of moving up the ladder instead of spending time hanging out so that kinda disconnected me from certain people I used to be with.

[Darker45]

Yes, it would help if people who suddenly become rich are aware of this. At least they know what it is they're going through, and they could also learn how to best navigate themselves away from it.

Sometimes, I and my neighbor friends talk of the possibility of winning the national lottery. While it's normal to hear the comment that he/she would share with us his/her winnings, it is ironic that it's also perhaps equally normal to hear the comment that he/she would quietly leave the place and settle somewhere far where nobody knows him/her.

I guess the latter is some kind of proof that becoming rich all of a sudden might indeed isolate somebody. The tendency is probably natural. Hence the feeling to relocate to another place.

[Dr.Bitcoin_Strange]

Yea, this is true for someone who has not really been seeing a huge amount of money, but all of a sudden, by luck in a bet, that kind of person makes such a huge win, and that's when they will experience the SWS, because ever In their life they have not really been seeing or even spending any amount that is close to that. For example, someone who is just earning like $100 every month maybe gets to win $1 million in a stretch while having not even made up to $200 at once in their life. I think the best way to handle it is just to be yourself and think positively about how you can improve yourself towards becoming a better person that is living on top of wealth that will be unending, because if the funds are misused, the person will still go back to not having anything meaningful while they had the opportunity to be rich. Perhaps if it's some one that was bragging and isolating himself or herself for their friends, he or she would still have to come back to them again after exhausting all the money.

[Strongkored]

Have you experienced this feeling and what are the steps that you've taken to fight this Sudden Wealth Syndrome (SWS)

Do you think people who have a chance to make a lot of money should be aware of this and do you know what you're going to do if you won a big amount of money?

I don't know if this is included in SWS but some time ago when my income increased quite sharply from crypto trading, and money was so easy to get I had a hard time controlling myself from continuing to use it even for trivial things and slowly started to feel fear to lose the money.

To be honest, it will not be easy when we have been in an ordinary economic status for quite a long time and in a short time experienced a large increase in income, whether because of gambling, trading or also because of a business that can get profits quickly, and that happens because of our mentality not strong enough to manage emotions as a result of seeing the money we have increase very sharply, many people experience this, that's why we often see news of lottery or jackpot winners with life-changing amounts that only last a few moments to become rich and then bankrupt because unable to manage other than just continuing to fulfill desires.

But people who increase their income slowly will be very easy to maintain because they understand the difficulty of getting money so they will be more stable.

[DaNNy001]

Do you think people who have a chance to make a lot of money should be aware of this and do you know what you're going to do if you won a big amount of money?

Of course they should, I never actually knew the name of this particular feeling not until after reading this thread and I believe I have seen someone who actually experienced it but for myself haven't experienced it at a large scale but all that happens to me is the sudden rush of adrenaline whenever I win what I might classify as a huge win in sports betting, I mean the feeling just makes you feel as if you are going crazy and at that moment confusion on how to use the funds just keep driving all in your head.

[davis196]

Have you experienced this feeling and what are the steps that you've taken to fight this Sudden Wealth Syndrome (SWS)

Do you think people who have a chance to make a lot of money should be aware of this and do you know what you're going to do if you won a big amount of money?

No. I have never experienced such syndrome and I never will(probably). I know that I'm not lucky and I will never win the jackpot.
There's a saying "easy come, easy go" and I think that it applies to getting easy money out of nowhere.
When you win lots of money in an easy way, you just don't value them that much and you try to spend them for useless BS.
I don't understand how anyone would feel guilty about their luck and fortune. If they feel guilty why don't they just donate a decent amount of their winnings for charity and keep the rest of the money. This will take away the quilt for sure.

[swogerino]

Some people who suffered from this syndrome are lottery winners and those who won a huge amount of money from casinos or even investors who made huge profits from trading

What is Sudden Wealth Syndrome (SWS)?

Sudden wealth syndrome (SWS) is a type of distress that afflicts individuals who suddenly come into large sums of money. Becoming suddenly wealthy can cause people to make decisions they might not have otherwise made. Sudden wealth syndrome symptoms include feeling isolated from former friends, feeling guilty about their good fortune, and extreme fear of losing their money.

Many people afflicted with Sudden Wealth Syndrome deal with an identity crisis because they transition from surviving on a meager weekly, fortnightly, or monthly salary to becoming a wealthy and privileged individual.

https://www.investopedia.com/terms/s/suddenwealthsyndrome.asp

I experience this in the glory days of Bounty where in those days you can earn huge money from bounties it's not really a very huge amount of money but enough to change my financial status at that time, the feeling is not good there are a lot of highs and lows and you will start to ask yourself if you deserve it or suddenly everything you wanted are all here and you become isolated, good that I have overcome this feeling when I have it the first thing I did is to talk to my family and list everything that should be done and try not to change my thought even if I have a huge amount of money in front of me.

Have you experienced this feeling and what are the steps that you've taken to fight this Sudden Wealth Syndrome (SWS)

Do you think people who have a chance to make a lot of money should be aware of this and do you know what you're going to do if you won a big amount of money?

I wish and I would love to have all the desired things once in my life,if that moments come to me I will make sure I don't use it in vain by buying worthless things,something I usually do with excess money.Yet I have played for so long in slot machines,more than 5 years and never a single time to hit a max win,I guess I should be one of the most unlucky people when it come to gambling as I have seen that most other people who has played the same time as me have won at least once in some slot machine the max win,5 years playing slots consistently and never winning the max win is sure one hell of a huge bad luck.

I am well prepared though to know what to do if I get that huge amount,I will invest in several ventures to try to make me passive income.

[ethereumhunter]

I've never experienced Sudden Wealth Syndrome, as you describe and I'm lucky I didn't feel that way so I don't think there have been any significant changes since I got to know crypto. And when I managed to get my first money from crypto, it didn't immediately make me feel superior to other people, especially to my friends who were still working in offices. I didn't underestimate them either. Everything still goes normally.

This requires serious attention from people who can get big wins or large amounts of money because they will easily underestimate other people who don't have what they have. And I've often seen what people who suddenly managed to have a lot of money do. They usually act excessively and often annoy those around them with their attitude. But this depends on each person's awareness so that if they can earn a lot of money, they will not change their habits or other things and still act the same as before.

[Crypt0Gore]

I expect this to affect those who are not from very harsh countries where your only chance of survival is money, I will never feel like this if I made a big amount of money from investment, I am expecting six figure in the next bull market, after waiting for years and accumulating different set of assets, I should now make 1 million dollars, which I wasn't expecting you now expect me to face SWS? That will never happen to someone like me, I have family that I need to help.

The only part that feels right is feeling unsafe, and that's because of those who doesn't have but always want to take things by force,  you know what I am talking about, it's right to feel unsafe when you are worth a lot of money.

I have never experienced sudden wealth syndrome before, maybe it's because I haven't made big amount of money yet but I know myself, I can never feel like that because making big money is my goal, if it comes it's because I deserve it.

[Poker Player]

Do you think people who have a chance to make a lot of money should be aware of this

I think the probability for the average citizen is so low, like winning millions in the lottery, that it is not worth spending a lot of time worrying about it.

and do you know what you're going to do if you won a big amount of money?

If there were many millions, a part, at least 10%, would be donated. The rest I would invest in such a way that I could live with passive income and dedicate my time to whatever I wanted, and the rest I would squander without any consideration. Even if I have been managing my finances well for a long time and I have become rich, the possibility that I could win an exorbitant amount all at once scares me a little. Having a lot of money, no obligations and all the time in the world ends up with more than one in rehab or dead from overdoses, things like that.