Sudden Wealth Syndrome (SWS) In Gambling

[serjent05]

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 can be controlled, the first step to doing that is to maintain privacy, there's a level you will get to and win a huge amount of money and then you try to avoid going public with it, the second thing to consider is in the clique we move with, we have to be very careful of friends i gambling, they can lead us astray if we are not careful in whatever thing we are doing while gambling, some people have achieved nothing over years and don't mind you loosing together with them all you had, since they have nothing to miss at the cause, lastly, every opportunity in winning a huge amount of money should be invested and not a time to begin irrelevant celebration to lavish the money with friends, drinks and women.

Keeping the winnings secret can't lessen the SWS IMO, the best move I think is to seek out financial advisors.  Since we are not familiar in financial management, it is not bad to look for advice on things we are not familiar with.  We don't have to expose that we won a huge amount of money, since we have the right to keep our financial status secret, but getting advises, and knowledge about financial literacy often saves us on this kind of syndrome by knowing what to do next.

I also agree that we should not live our lives in a luxurious life, boasting about our financial capability, it is always best to have a low profile, this will save us from lots of dangers and headaches.

[maydna]

No idea that it is called of such thing, I only recognized it as greed. Gambling is believed to be a bad thing for the society but why do people still continue engaging into it? Money. The impression of getting rich in an instant is because of money involved. Some are even having thoughts of going all out which is why they tend to be in huge debt. Many rich individuals have gone broke by doing so. Many average people got pulled below. But some wend from lowest to highest and this is what drives most of the gamblers crazy. Many gamblers percieve this industry as an instant or shortcut to being rich. Remember that our intentions affect our actions.

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.

Professional help would be the best tool. Unfortunately, not all gamblers in such phase has the courage to do so and some are even doubting their condition. It is all in our minds. The way we see things is what we become. Accept how luck plays in gambling.

It depends on how a person can think of what he can do with that much money. If he is not ready with that much money, he will not be able to use it properly and tends to spend it without thinking about preparing for his future.

No, it's not greed because we don't think about getting more money but it's like we are confused about what to do with that much money. We can't see what is and isn't necessary, so we tend to want to fulfill our desires at that time and feel that with that money, we look "more" than the people around us. That's why we should think about preparing for a better future while we have a lot of money and we should be able to prepare better.

[Davidvictorson]

Keeping the winnings secret can't lessen the SWS IMO, the best move I think is to seek out financial advisors.  Since we are not familiar in financial management, it is not bad to look for advice on things we are not familiar with.  We don't have to expose that we won a huge amount of money, since we have the right to keep our financial status secret, but getting advises, and knowledge about financial literacy often saves us on this kind of syndrome by knowing what to do next.

I also agree that we should not live our lives in a luxurious life, boasting about our financial capability, it is always best to have a low profile, this will save us from lots of dangers and headaches.

The finance person is the go-to-guy in this case. Not you friends, not your family and certainly not the club. And not just any finance person but a seasoned finance guru with an excellent track record of proven results. Any one who makes this mistake would regret it for the rest of their lives because money like this comes once in a lifetime, and the assignment is to multiply it. This doesn't just happen to gamblers alone it happens to college sportsmen who immediately sign for their first club first club straight of out college or high school. Musicians, reality TV stars, Movies actors and actresses all experience this too.

[wiss19]

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.

[rdbase]

^^
So from the sounds of it you have a plan set out if this ever happened to you.
Most don't even think of it since they think they are not lucky enough, but one never knows when lady luck comes. They are not prepared and are punished for it.

Can see this occurring to those who are least expecting it. They of course are caught off guard, do not know what to do in this situation and eventually panic.
Having good money management skills when and if this happens is your best defense against such a syndrome.

[coin-investor]

Keeping the winnings secret can't lessen the SWS IMO, the best move I think is to seek out financial advisors.  Since we are not familiar in financial management, it is not bad to look for advice on things we are not familiar with.  We don't have to expose that we won a huge amount of money, since we have the right to keep our financial status secret, but getting advises, and knowledge about financial literacy often saves us on this kind of syndrome by knowing what to do next.

I also agree that we should not live our lives in a luxurious life, boasting about our financial capability, it is always best to have a low profile, this will save us from lots of dangers and headaches.

The finance person is the go-to-guy in this case. Not you friends, not your family and certainly not the club. And not just any finance person but a seasoned finance guru with an excellent track record of proven results. Any one who makes this mistake would regret it for the rest of their lives because money like this comes once in a lifetime, and the assignment is to multiply it. This doesn't just happen to gamblers alone it happens to college sportsmen who immediately sign for their first club first club straight of out college or high school. Musicians, reality TV stars, Movies actors and actresses all experience this too.

Some lotteries offer this to their winners but the problem is its hard to absorb this when you already won a jackpot you forget everything, and all you can think of are what you want to buy, the only people who can escape from this sudden wealth syndrome are winners who have already established the habit, not the people that will just learn it after winning.

These lottery winners have a sudden change of mindset, habits, and attitude they think they become perfect and discriminate against people, There is a saying that absolute power corrupts absolutely I believe this is so true in winning a lottery too.

[freedomgo]

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 can be controlled, the first step to doing that is to maintain privacy, there's a level you will get to and win a huge amount of money and then you try to avoid going public with it, the second thing to consider is in the clique we move with, we have to be very careful of friends i gambling, they can lead us astray if we are not careful in whatever thing we are doing while gambling, some people have achieved nothing over years and don't mind you loosing together with them all you had, since they have nothing to miss at the cause, lastly, every opportunity in winning a huge amount of money should be invested and not a time to begin irrelevant celebration to lavish the money with friends, drinks and women.

Keeping the winnings secret can't lessen the SWS IMO, the best move I think is to seek out financial advisors.  Since we are not familiar in financial management, it is not bad to look for advice on things we are not familiar with.  We don't have to expose that we won a huge amount of money, since we have the right to keep our financial status secret, but getting advises, and knowledge about financial literacy often saves us on this kind of syndrome by knowing what to do next.

I also agree that we should not live our lives in a luxurious life, boasting about our financial capability, it is always best to have a low profile, this will save us from lots of dangers and headaches.

Making a habit to buy luxury brands and other luxury things that aren't really needed is just a plain symptom of SWS and yes, you're just getting yourself in a dangerous situation as you will be targeted by someone who wanted something from you. I know that they deserve to buy things on their own preference because they now have the power to buy things on their own accord because they are already wealthy, but these things can wait because they don't have any knowledge yet how to maintain their status.

Hiring a financial advisor would be the best and safest move while you yourself is learning on the sidelines how to handle things because these hiring these types of people is not cheap that is why you should be on your best version to get things in control.

[bittraffic]

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 can be controlled, the first step to doing that is to maintain privacy, there's a level you will get to and win a huge amount of money and then you try to avoid going public with it, the second thing to consider is in the clique we move with, we have to be very careful of friends i gambling, they can lead us astray if we are not careful in whatever thing we are doing while gambling, some people have achieved nothing over years and don't mind you loosing together with them all you had, since they have nothing to miss at the cause, lastly, every opportunity in winning a huge amount of money should be invested and not a time to begin irrelevant celebration to lavish the money with friends, drinks and women.

Keeping the winnings secret can't lessen the SWS IMO, the best move I think is to seek out financial advisors.  Since we are not familiar in financial management, it is not bad to look for advice on things we are not familiar with.  We don't have to expose that we won a huge amount of money, since we have the right to keep our financial status secret, but getting advises, and knowledge about financial literacy often saves us on this kind of syndrome by knowing what to do next.

I also agree that we should not live our lives in a luxurious life, boasting about our financial capability, it is always best to have a low profile, this will save us from lots of dangers and headaches.

Making a habit to buy luxury brands and other luxury things that aren't really needed is just a plain symptom of SWS and yes, you're just getting yourself in a dangerous situation as you will be targeted by someone who wanted something from you. I know that they deserve to buy things on their own preference because they now have the power to buy things on their own accord because they are already wealthy, but these things can wait because they don't have any knowledge yet how to maintain their status.

Hiring a financial advisor would be the best and safest move while you yourself is learning on the sidelines how to handle things because these hiring these types of people is not cheap that is why you should be on your best version to get things in control.

Those luxury brand items I think will still be helpful to him when one day he gets bankrupt. High-value watches are still easy to sell while there are lots of Kevin O'Leary-like people in this world. Guns, jewelry, or branded watches are probably one of the pieces of advice that a financial advisor will give.

Still, these are things that can get attention from friends or neighbors who are watching closely. When you suddenly get rich, it's those people close to you that you need to watch out for.

[beerlover]

Making a habit to buy luxury brands and other luxury things that aren't really needed is just a plain symptom of SWS and yes, you're just getting yourself in a dangerous situation as you will be targeted by someone who wanted something from you. I know that they deserve to buy things on their own preference because they now have the power to buy things on their own accord because they are already wealthy, but these things can wait because they don't have any knowledge yet how to maintain their status.

Hiring a financial advisor would be the best and safest move while you yourself is learning on the sidelines how to handle things because these hiring these types of people is not cheap that is why you should be on your best version to get things in control.

Those luxury brand items I think will still be helpful to him when one day he gets bankrupt. High-value watches are still easy to sell while there are lots of Kevin O'Leary-like people in this world. Guns, jewelry, or branded watches are probably one of the pieces of advice that a financial advisor will give.

Still, these are things that can get attention from friends or neighbors who are watching closely. When you suddenly get rich, it's those people close to you that you need to watch out for.

I do not think that it makes sense to lose value though. I mean let's assume that you buy a 50k dollar worth watch, and then you go bankrupt, and you want to sell that watch in order to pay some stuff and get back on your feet, you will not be able to sell it back for 50k, and you will take a cut because of it as well, lets assume you sold it at 40k (which is still high, you will sell it for less) then you will be making a 10k loss.

If you ever get rich, the smarter way would be putting 25% in gold, 25% in government bonds, and 50% in bitcoin. That is what I would do, right now I am 100% in crypto, do not even have gold or bonds, but if I ever reached to a super high level then I would definitely get some gold without a doubt.

[Outhue]

Sudden wealth syndrome? I've never made any high amount of money that I wasn't expecting, my hard working deserves everything that I have made, maybe that's the difference? Maybe while you work you make money that you aren't even expecting? Most of the money I ever made are through hard working, I've never feel like oh I made this money the easy way, and that's why, till today almost all the money I make goes straight into investments, I am pretty much focused on spending a very small amount of money and investing all the rest, I believe this is the only way to be prepared for a big change in life someday, you can't just be hopeful without taking any steps.

[maydna]

Making a habit to buy luxury brands and other luxury things that aren't really needed is just a plain symptom of SWS and yes, you're just getting yourself in a dangerous situation as you will be targeted by someone who wanted something from you. I know that they deserve to buy things on their own preference because they now have the power to buy things on their own accord because they are already wealthy, but these things can wait because they don't have any knowledge yet how to maintain their status.

Hiring a financial advisor would be the best and safest move while you yourself is learning on the sidelines how to handle things because these hiring these types of people is not cheap that is why you should be on your best version to get things in control.

Those luxury brand items I think will still be helpful to him when one day he gets bankrupt. High-value watches are still easy to sell while there are lots of Kevin O'Leary-like people in this world. Guns, jewelry, or branded watches are probably one of the pieces of advice that a financial advisor will give.

Still, these are things that can get attention from friends or neighbors who are watching closely. When you suddenly get rich, it's those people close to you that you need to watch out for.

I do not think that it makes sense to lose value though. I mean let's assume that you buy a 50k dollar worth watch, and then you go bankrupt, and you want to sell that watch in order to pay some stuff and get back on your feet, you will not be able to sell it back for 50k, and you will take a cut because of it as well, lets assume you sold it at 40k (which is still high, you will sell it for less) then you will be making a 10k loss.

If you ever get rich, the smarter way would be putting 25% in gold, 25% in government bonds, and 50% in bitcoin. That is what I would do, right now I am 100% in crypto, do not even have gold or bonds, but if I ever reached to a super high level then I would definitely get some gold without a doubt.

I agree with putting the money we have in gold, government bonds and the rest in bitcoin because then, we are already protecting the value of our money and want to see our investment grow in the future. And that is better than spending money buying luxury items that we don't have. It is a meaningless waste. For this reason, we must be able to be wise when we manage to get a big win from gambling and immediately plan what we will run. From the winning money, we should grow it even more because we already have more capital and can explore many things that can support us in increasing the amount of money we have.

And hiring a financial advisor can be a solution for us to have a better financial plan, and we can also use the winning money well. We can also manage the money according to the plans made and can prepare our future and our families so that it can be even better.

[fullhdpixel]

So from the sounds of it you have a plan set out if this ever happened to you.
Most don't even think of it since they think they are not lucky enough, but one never knows when lady luck comes. They are not prepared and are punished for it.

Can see this occurring to those who are least expecting it. They of course are caught off guard, do not know what to do in this situation and eventually panic.
Having good money management skills when and if this happens is your best defense against such a syndrome.

What's more ironic is that this usually happens to those who don't know what money management is, as you said, they might have never expected something like this to happen to them so they don't know how they should react and what they should do for suddenly going from poor to rich and having tons of money when they didn't have money to eat food a couple of days ago, and this usually becomes the reason for this SWS thing among people.

Destiny plays a lot of dirty games, you know. You will often see people getting things that they don't deserve because they don't even know the proper way of using those things while someone who knows all the ways and has all the skills will never get the opportunity and the privilege to use that thing.

[danherbias07]

Keeping the winnings secret can't lessen the SWS IMO, the best move I think is to seek out financial advisors.  Since we are not familiar in financial management, it is not bad to look for advice on things we are not familiar with.  We don't have to expose that we won a huge amount of money, since we have the right to keep our financial status secret, but getting advises, and knowledge about financial literacy often saves us on this kind of syndrome by knowing what to do next.

I also agree that we should not live our lives in a luxurious life, boasting about our financial capability, it is always best to have a low profile, this will save us from lots of dangers and headaches.

I like the idea but will this not make us spend more by hiring a financial advisor? I mean, I know they are good but aren't they also expensive? I have not tried seeking advice in this kind of way and I have never known anyone who is in that field so I don't really have a clue about what they do and how much they are charging people.
I do have a bad way of being like a one-time big-time spender whenever I feel like there's a big spare of money in my wallet. But I do use it for the good of my family and not for any hobby, bad habit, or selfish desires. Still, there must be a way to lessen that but in my head, I always think that financial advisors are just for the rich which I think is too much of a pessimistic point of view.

[mirakal]

Keeping the winnings secret can't lessen the SWS IMO, the best move I think is to seek out financial advisors.  Since we are not familiar in financial management, it is not bad to look for advice on things we are not familiar with.  We don't have to expose that we won a huge amount of money, since we have the right to keep our financial status secret, but getting advises, and knowledge about financial literacy often saves us on this kind of syndrome by knowing what to do next.

I also agree that we should not live our lives in a luxurious life, boasting about our financial capability, it is always best to have a low profile, this will save us from lots of dangers and headaches.

I like the idea but will this not make us spend more by hiring a financial advisor? I mean, I know they are good but aren't they also expensive? I have not tried seeking advice in this kind of way and I have never known anyone who is in that field so I don't really have a clue about what they do and how much they are charging people.
I do have a bad way of being like a one-time big-time spender whenever I feel like there's a big spare of money in my wallet. But I do use it for the good of my family and not for any hobby, bad habit, or selfish desires. Still, there must be a way to lessen that but in my head, I always think that financial advisors are just for the rich which I think is too much of a pessimistic point of view.

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.

[makishart]

And hiring a financial advisor can be a solution for us to have a better financial plan, and we can also use the winning money well. We can also manage the money according to the plans made and can prepare our future and our families so that it can be even better.

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.

[letteredhub]

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

I haven't experienced such feeling and I feel that's as a result of how I already have plans on ground on how to delineate any amount of money that should ever come my way into different areas of my life.  With an already existing plan in place the sws won't have a thing on you as you would instead be preoccupied on how to execute those plans with the arrival of such huge amount. So putting plans in place before such huge money, is a  bit of a step in fighting sws.

In one of my leisure time I watched a short clip video about a poor man that was gifted a bag of money (just like that) containing millions in their currency.  Throughout the night of that very day this man couldn't find sleep, feeling uncomfortable he stayed awake all night, and the next money he had to return the money back to  the man who gifted him, saying the money has taken away his sleep and comfort. So a day after returning the money this poor man died.
Now that's exactly what SWS can cause to an individual or a gambler.

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?

Yes, it's important they get awareness about such kind of syndrome so don't don't be taken aback should their star shine on them.
I already have plans waiting for such chance, what am waiting for is the big amount to arrive.

[Plaguedeath]

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.

[topbitcoin]

Making a habit to buy luxury brands and other luxury things that aren't really needed is just a plain symptom of SWS and yes, you're just getting yourself in a dangerous situation as you will be targeted by someone who wanted something from you. I know that they deserve to buy things on their own preference because they now have the power to buy things on their own accord because they are already wealthy, but these things can wait because they don't have any knowledge yet how to maintain their status.

Hiring a financial advisor would be the best and safest move while you yourself is learning on the sidelines how to handle things because these hiring these types of people is not cheap that is why you should be on your best version to get things in control.

Those luxury brand items I think will still be helpful to him when one day he gets bankrupt. High-value watches are still easy to sell while there are lots of Kevin O'Leary-like people in this world. Guns, jewelry, or branded watches are probably one of the pieces of advice that a financial advisor will give.

Still, these are things that can get attention from friends or neighbors who are watching closely. When you suddenly get rich, it's those people close to you that you need to watch out for.

I do not think that it makes sense to lose value though. I mean let's assume that you buy a 50k dollar worth watch, and then you go bankrupt, and you want to sell that watch in order to pay some stuff and get back on your feet, you will not be able to sell it back for 50k, and you will take a cut because of it as well, lets assume you sold it at 40k (which is still high, you will sell it for less) then you will be making a 10k loss.

If you ever get rich, the smarter way would be putting 25% in gold, 25% in government bonds, and 50% in bitcoin. That is what I would do, right now I am 100% in crypto, do not even have gold or bonds, but if I ever reached to a super high level then I would definitely get some gold without a doubt.

I agree with putting the money we have in gold, government bonds and the rest in bitcoin because then, we are already protecting the value of our money and want to see our investment grow in the future. And that is better than spending money buying luxury items that we don't have. It is a meaningless waste. For this reason, we must be able to be wise when we manage to get a big win from gambling and immediately plan what we will run. From the winning money, we should grow it even more because we already have more capital and can explore many things that can support us in increasing the amount of money we have.

And hiring a financial advisor can be a solution for us to have a better financial plan, and we can also use the winning money well. We can also manage the money according to the plans made and can prepare our future and our families so that it can be even better.

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.

[beerlover]

I like the idea but will this not make us spend more by hiring a financial advisor? I mean, I know they are good but aren't they also expensive? I have not tried seeking advice in this kind of way and I have never known anyone who is in that field so I don't really have a clue about what they do and how much they are charging people.
I do have a bad way of being like a one-time big-time spender whenever I feel like there's a big spare of money in my wallet. But I do use it for the good of my family and not for any hobby, bad habit, or selfish desires. Still, there must be a way to lessen that but in my head, I always think that financial advisors are just for the rich which I think is too much of a pessimistic point of view.

That is definitely true, there is really no reason to do that when you do not have enough money. Plus that is a professional business that a lot of fake ones try to copy in order to make money. You can see that there are a lot of people who are acting as if they are good enough to be your financial advisor and you are going to realize that they are nowhere near that level and the results will not be good at all, you should avoid those people as much as you possibly could. There is no way that you could make money that way and you should avoid it.

The possibility of spending your money all of a sudden is a stupid one, if you are a person like that then you will lose all your money anyway, just save it and put it on interest and live off interest, as simple as that if you do not know what else to do.

[Mahanton]

Making a habit to buy luxury brands and other luxury things that aren't really needed is just a plain symptom of SWS and yes, you're just getting yourself in a dangerous situation as you will be targeted by someone who wanted something from you. I know that they deserve to buy things on their own preference because they now have the power to buy things on their own accord because they are already wealthy, but these things can wait because they don't have any knowledge yet how to maintain their status.

Hiring a financial advisor would be the best and safest move while you yourself is learning on the sidelines how to handle things because these hiring these types of people is not cheap that is why you should be on your best version to get things in control.

Those luxury brand items I think will still be helpful to him when one day he gets bankrupt. High-value watches are still easy to sell while there are lots of Kevin O'Leary-like people in this world. Guns, jewelry, or branded watches are probably one of the pieces of advice that a financial advisor will give.

Still, these are things that can get attention from friends or neighbors who are watching closely. When you suddenly get rich, it's those people close to you that you need to watch out for.

I do not think that it makes sense to lose value though. I mean let's assume that you buy a 50k dollar worth watch, and then you go bankrupt, and you want to sell that watch in order to pay some stuff and get back on your feet, you will not be able to sell it back for 50k, and you will take a cut because of it as well, lets assume you sold it at 40k (which is still high, you will sell it for less) then you will be making a 10k loss.

If you ever get rich, the smarter way would be putting 25% in gold, 25% in government bonds, and 50% in bitcoin. That is what I would do, right now I am 100% in crypto, do not even have gold or bonds, but if I ever reached to a super high level then I would definitely get some gold without a doubt.

I agree with putting the money we have in gold, government bonds and the rest in bitcoin because then, we are already protecting the value of our money and want to see our investment grow in the future. And that is better than spending money buying luxury items that we don't have. It is a meaningless waste. For this reason, we must be able to be wise when we manage to get a big win from gambling and immediately plan what we will run. From the winning money, we should grow it even more because we already have more capital and can explore many things that can support us in increasing the amount of money we have.

And hiring a financial advisor can be a solution for us to have a better financial plan, and we can also use the winning money well. We can also manage the money according to the plans made and can prepare our future and our families so that it can be even better.

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.

On the time that you would really be on a situation on which you have won something big whether on a lottery or some casino jackpot then you would be mainly be thinking on buying things that you do really want to buy
or specifically talking about wants and this is something a very common human being reaction or behavior because we would really be thinking that it is really just that a gambling profit or winning which you wont really be thinking about building some investment or having some businesses which it would really be that worth on doing so in speaking for long term runs but since you do think that it is really an amount do came in the wind
then spending would really be that so easy.

Later on you would really be finding out that the amount you have won is slowly decreasing until you have realized that you had spend it all, this is where usually regrets do comes next which is really that a very common
scenario for those who are really that not wise on spending their finances even if we do say that this one came from gambling but in overall it is really just that the same. People does have that different
tolerance on everything that they are dealing with.