Sudden Wealth Syndrome (SWS) In Gambling

[Casdinyard]

I think it comes natural when you've basically lived your whole life thinking that this is all there is to it, that you'd remain a regular wage employee and you'd have to make ends meet if you want to get the nicer things in life. And then you get hit with the reality of the situation, the desirable reality that all you really need is a good break and you're already set for success. I've felt that too when I got my first massive earning in cryptocurrency. I adjusted quickly but at the same time the identity crisis lingered with me for a good while as I try to make sense of why I think I deserve to earn this much money in a week. It's really common is what I mean to say, it just hits you harder the more money you have looking in front of you.

[dunfida]

I think it comes natural when you've basically lived your whole life thinking that this is all there is to it, that you'd remain a regular wage employee and you'd have to make ends meet if you want to get the nicer things in life. And then you get hit with the reality of the situation, the desirable reality that all you really need is a good break and you're already set for success. I've felt that too when I got my first massive earning in cryptocurrency. I adjusted quickly but at the same time the identity crisis lingered with me for a good while as I try to make sense of why I think I deserve to earn this much money in a week. It's really common is what I mean to say, it just hits you harder the more money you have looking in front of you.

You would totally find yourself lost in track on what are the things that should supposed to be done or those typical things that you've been doing specially on the time that you do able to experience huge profits or wins then

you would be basically be buying all sorts of things that you do want and would really be having that limitation in hanging out with your friends or would really be that more secretive even with your own family.
The main thing that you would be having in mind is on how to keep those money in safe and would really be away on other peoples awareness specially if this is an amount that you havent experience on holding on your entire life on which you would really be having that kind of boost of emotions that you could buy everything that you do currently have now. 

On the time that you would be experiencing that deplete of money and cant be able to catch up on making it grow or making some profits then this is where you would be starting on panic
because you dont like on getting into the situation on where you are before.This is where new problem would exist or would really happen.

[yazher]

I think I know someone who actually suffered this kind of syndrome when he got some huge money from bounty rewards back in 2018 when altcoins were still fresh. One of my friends who earned a huge amount of money suddenly became distressed. instead of enjoying the rewards he got from his months of work instead, he seems can't find his peace and always getting insomnia even though his funds are already transferred to a trusted local exchange at that time. I can really say that this Syndrome is not to be laughed at because he just came back to his senses after he successfully distributed the money to his family members and bought some things he needed. People that are too scared to touch huge amounts of money are real, and thankfully he was back to normal after that.

[Casdinyard]

I think it comes natural when you've basically lived your whole life thinking that this is all there is to it, that you'd remain a regular wage employee and you'd have to make ends meet if you want to get the nicer things in life. And then you get hit with the reality of the situation, the desirable reality that all you really need is a good break and you're already set for success. I've felt that too when I got my first massive earning in cryptocurrency. I adjusted quickly but at the same time the identity crisis lingered with me for a good while as I try to make sense of why I think I deserve to earn this much money in a week. It's really common is what I mean to say, it just hits you harder the more money you have looking in front of you.

You would totally find yourself lost in track on what are the things that should supposed to be done or those typical things that you've been doing specially on the time that you do able to experience huge profits or wins then

you would be basically be buying all sorts of things that you do want and would really be having that limitation in hanging out with your friends or would really be that more secretive even with your own family.
The main thing that you would be having in mind is on how to keep those money in safe and would really be away on other peoples awareness specially if this is an amount that you havent experience on holding on your entire life on which you would really be having that kind of boost of emotions that you could buy everything that you do currently have now. 

On the time that you would be experiencing that deplete of money and cant be able to catch up on making it grow or making some profits then this is where you would be starting on panic
because you dont like on getting into the situation on where you are before.This is where new problem would exist or would really happen.

It's not just about that really, cause for all we care when we have the money we definitely know how to spend it. But in my personal case the one I got most troubled with is the fear that perhaps I'm not cut for it, and I only got lucky this time so if I fuck up and fail I won't be able to get back up again. Funnily enough this was disproven back in 2020, literally fell and lost everything in 2019, until the bull run came and helped me get back up my feet. In my opinion the stress this induces is what causes you to relish on these thoughts even more, the fear that you might lose your money one day, the fear that your friends are only there cause you can take me to dinners and drinkouts, the fear that your spouse may have been lying to you about her sincerity cause at the end of the day, you had the money already.

[Wakate]

I think it comes natural when you've basically lived your whole life thinking that this is all there is to it, that you'd remain a regular wage employee and you'd have to make ends meet if you want to get the nicer things in life. And then you get hit with the reality of the situation, the desirable reality that all you really need is a good break and you're already set for success. I've felt that too when I got my first massive earning in cryptocurrency. I adjusted quickly but at the same time the identity crisis lingered with me for a good while as I try to make sense of why I think I deserve to earn this much money in a week. It's really common is what I mean to say, it just hits you harder the more money you have looking in front of you.

I have been thinking for long now on when it's going to be my own turn. I believe tables turn and if I am patient and always putting my effort to do some analysis using my strat, one day I might be fortunate to become a victim of sudden wealth syndrome.

This is going to be a big opportunity for and it might even make me to stay away from gambling for a long time because I wouldn't want to lose part of the money to the casino or company where I got the sudden wealth syndrome. This mostly comes unplanned and with great surprises that often lead to everlasting joy. The probability is very small for any gambler to have this kind of luck.

[DoublerHunter]

I think it comes natural when you've basically lived your whole life thinking that this is all there is to it, that you'd remain a regular wage employee and you'd have to make ends meet if you want to get the nicer things in life. And then you get hit with the reality of the situation, the desirable reality that all you really need is a good break and you're already set for success. I've felt that too when I got my first massive earning in cryptocurrency. I adjusted quickly but at the same time the identity crisis lingered with me for a good while as I try to make sense of why I think I deserve to earn this much money in a week. It's really common is what I mean to say, it just hits you harder the more money you have looking in front of you.

^I agree it is also important to develop a sustainable financial plan that suits with your values and long-term goals. I think this can help provide a sense of purpose and direction as you manage your wealth responsibly. While Sudden Wealth Syndrome can be a challenging experience, it's heartening to know that with time, self-awareness, and the right support, individuals can find ways to adapt to their new circumstances and thrive both emotionally and financially. Because for me, developing a well-thought-out financial strategy that includes saving, investing, and considering long-term goals can help ensure that any sudden wealth is used wisely and effectively to secure your future.

[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

Sudden wealth syndrome from what I have understood that you are writing is most likely to affect people who were not born into wealth and have never been exposed to riches and abundance. For a gambler who is from a rich background, someone who has had or have been given huge sums for personal use by their very wealthy parents they will not be affected by SWS whenever they win big, but they will likely still end up spending all the money because they have been exposed to huge money before that they squandered off, this one from gambling will not feel different to them.

Yes, people will have anxiety if they plunge into something unexpected like huge money, at first they will be excited, but after that, they will show symptoms of Sudden Wealth Syndrome because they do not know how to act and what to think, they are excited to have all this money and yet they are afraid what people and his relatives will think of them it's a great feeling that you can be financially free but it seems the hardest part is shifting to a new level.
That is why those who won lotteries tend to lose almost everything they have after two or three years because they do not how to adjust and how to use their wealth properly, some of them even regret winning the lottery.

[alegotardo]

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?

Many people think that the worst symptom of this syndrome is impulsive financial decisions, but there are many people who for fear of not knowing what to do with so much money, end up going the other way... develop symptoms such as anxiety, depression and social isolations. Of course that the first thing that a person needs to do is recognize that have a psychological problem and then seek professional help, as a therapist is the best person to understand emotions and develop an "action plan" to help the person deal with it. this situation.

I also believe that family help is fundamental in this case, but you need to be careful to ask for help from those who can really help you and not attract people who are only interested in your money and who can take advantage of this fragility to deceive or steal you. And after your emotions are "in place", look for other professionals to help you invest your money in healthy sources of income that can make your fortune increase instead of decrease.

[Fundamentals Of]

I think I'm not really familiar with this. What I'm familiar about based on documentaries and news that I've watched is that many who suddenly become rich are not wise spenders. They give here and there, buy this and that, spend money on worthless things left and right. They become one-day millionaires that many of them ended up spending everything without having started a business or anything that provides them revenue. I think they're not really feeling isolated or guilty that they suddenly earn a huge amount. On the contrary, many of them probably feel that they're now some kind of a boss or a powerful person because of their wealth.

[xSkylarx]

I am not aware of it, but when I make a profit from my investment, I tend to spend more than I used to, which again makes me broke. I'm not really sure if this happened to me, but every time I have a good sum of money, it tends to have a lot of parties that I've been going to, and also a lot of my friends are coming to me and having a good time. That syndrome can somewhat prevent you from spending more, but again, you'll become antisocial, which is sometimes bad.

[Pierre 2]

Only time I felt this was when I feel like I could buy some tiny flat in my household. I felt like "wow I finally made but I should do it quick or I may lose money for no reason". It was mainly anxiety of losing money because I never think I could achieve it 15 years ago so. I feel like gamblers are mainly okay with losing (they lose countless times) but when they win something like 500k usd they would feel really weird im sure. This syndrome could make them have bad decisions. Its best to get professional help after you feel that way.

[mindrust]

Sudden changes in a person's financials is never a good thing. A poor person who became rich in a very short time will have difficulties to adapt to the new reality. I think it is probably better to get some professional help in a situation like this so you can prepare yourself for the future. Most people don't do that however. They dive into coke&blow&lambo right away and sadly this is the best way lose their newly found wealth. Some people on the other hand become over-cautious with their money and these people never spend any of it... This is not healthy either. What good is money if you are not right in the head?

[Don Pedro Dinero]

Sudden changes in a person's financials is never a good thing. A poor person who became rich in a very short time will have difficulties to adapt to the new reality.

I can imagine. If you live in a modest neighbourhood and you win a fortune, what do you do, do you tell everyone? If you do, you're putting yourself on the target of thieves and kidnappers, plus a lot of people will start asking you for money. If you don't and for example you move without telling anyone, you disappear from the neighbourhood and move to a rich area, suddenly you are friendless and you have to try to adapt to the new reality.

That's why I think the best way to get rich is slowly and if you get something, make sure it's a big but not exorbitant amount, although you can't choose about that.

[bittraffic]

Sudden changes in a person's financials is never a good thing. A poor person who became rich in a very short time will have difficulties to adapt to the new reality.

I can imagine. If you live in a modest neighbourhood and you win a fortune, what do you do, do you tell everyone? If you do, you're putting yourself on the target of thieves and kidnappers, plus a lot of people will start asking you for money. If you don't and for example you move without telling anyone, you disappear from the neighbourhood and move to a rich area, suddenly you are friendless and you have to try to adapt to the new reality.

That's why I think the best way to get rich is slowly and if you get something, make sure it's a big but not exorbitant amount, although you can't choose about that.

Not the kind of reality, something worse. When money gets into the head of this person, he may start demanding and oppressing people who are less fortunate.

I can compare this to someone I know who after his sister became a lawyer, got friends in the government position and after a short period of time land grabs the farms belonging to their cousins. People suddenly fee like they are above the law when they have money.

[Kakmakr]

I think this is just a human instinct that were carried over from the stone ages. Most people live in a constant state of survival, barely being able to pay all their expenses... then suddenly they get some luck and they are elevated to a stage in their live, where they do not have to worry about those things.

It is just natural for them, after fighting for such a long time to survive... to go into a protective mode. Family and friends suddenly become a threat, because they are seen as being reckless and a threat to the nest egg that secures that elevated level of living.

[coin-investor]

Only time I felt this was when I feel like I could buy some tiny flat in my household. I felt like "wow I finally made but I should do it quick or I may lose money for no reason". It was mainly anxiety of losing money because I never think I could achieve it 15 years ago so. I feel like gamblers are mainly okay with losing (they lose countless times) but when they win something like 500k usd they would feel really weird im sure. This syndrome could make them have bad decisions. Its best to get professional help after you feel that way.

You should have a ready plan and at least be discreet about it, I'm very discreet when I'm winning, and when making a profit from gambling the fewer people who know about it the less issue you'll have, as long as you have a plan you have to stick to it because those plans were created when you are sober.
It is hard to act and decide when you are excited about your winning, you tend to make bad decisions and those decisions will have an impact on your situation.

[Slow death]

well, when people are buying lottery tickets, most of the time they don't have high expectations that they will hit the big jackpot and become rich, so they have no reason to be making some plan with money they don't have. and another very important thing that must be taken into account and that many people who play the lottery are not very rich people, on the contrary they are very poor people and that their day-to-day life is one of survival and not of living, explaining it better, while a rich or middle-class person has money to buy food for 30 days, has money saved to go out for 30 days, has money to pay water and electricity bills and still has money left over in the bank account to pay for health

to buy clothes, very poor people don't have that kind of money, their lives boil down to taking the little money they got today, for example, and buying food just for today and praying that tomorrow they will be able to buy food if they can get money, so they've been living that way for many years, now imagine if the next day they earn millions of dollars, the shape of these people won't change anything, what will only change will be the lifestyle of these people, like for example if one day they had than living with only 3$ then that person would already spend living with much more dollars a day

and that person wouldn't be thinking about things like managing money well to have more money, they wouldn't be thinking about things like saving money, that's not something they would be worried about. all they would think about would be spending money on everything they ever wanted to have, no matter the price. and as they were already poor for many years, they are not afraid of becoming poor again, this is the reason why we see many people who won millions in the lottery and became poor again and at most the money only stayed 5 years for people who earned a lot of money. I myself in my country have seen cases of this type. in my case i never won a lot of money so i won't make any plans with something i never won

[maydna]

Sudden changes in a person's financials is never a good thing. A poor person who became rich in a very short time will have difficulties to adapt to the new reality. I think it is probably better to get some professional help in a situation like this so you can prepare yourself for the future. Most people don't do that however. They dive into coke&blow&lambo right away and sadly this is the best way lose their newly found wealth. Some people on the other hand become over-cautious with their money and these people never spend any of it... This is not healthy either. What good is money if you are not right in the head?

Some poor people become rich overnight but fall ill and cannot use their wealth. To respond to it, we must have peace when we get something, in any case, to see what's behind what we get. But getting professional help is possible because they can understand and advise us so we don't get confused when we get something better. And for people who succeed in getting money from the lottery, they really have to be able to use their money well so they can make changes in their lives, and they don't have to buy the lottery again because they already have a better source of income.

[qwertyup23]

There is this article where a past lottery winner in the Philippines was able to win $2,000,000 dollars (which is a life-changing amount in this country) but he unfortunately exhausted everything.

In winning the lottery, it is definitely essential that the winner must manage their finances. Sure, that surge of emotions where you feel like purchasing everything that you were not able to afford before may tempt you but this should not blind your decision-making when it comes to finances.

If you are interested in reading this article, refer to the link below for it!


Article: https://filipinotimes.net/feature/2018/03/26/pinoy-lotto-winners-end-losing-winnings/

[Hispo]

There is this article where a past lottery winner in the Philippines was able to win $2,000,000 dollars (which is a life-changing amount in this country) but he unfortunately exhausted everything.

In winning the lottery, it is definitely essential that the winner must manage their finances. Sure, that surge of emotions where you feel like purchasing everything that you were not able to afford before may tempt you but this should not blind your decision-making when it comes to finances.

If you are interested in reading this article, refer to the link below for it!


Article: https://filipinotimes.net/feature/2018/03/26/pinoy-lotto-winners-end-losing-winnings/

It is a story which keeps repeating itself when comes to lotteries and jackpot winners, unfortunately. There are some who besides getting broke, end up even worse than before winning that amount the money, because they lacked of control and started to consume alcohol, drugs and other expensive good beyond their new budget.
It just take a look to the billionaires and millionaires nowadays, they do not publicize their life in social media, while wasting money in frivolous things, they keep a low profile and have set in their minds what they need and how to reinvest that they got. The difference between the rich and the so called "new rich" is like the day and the night.

Some say those cases are the product of a poor mindset, but I disagree, I would dare to speculate it is a psychological lacking which comes from a hard upbringing. Thanks for the article, by the way.