Topic: Sudden Wealth Syndrome (SWS) In Gambling (Read 612 times)

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.

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.

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.

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.

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?

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.


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.

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.

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.

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.

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.

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.

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.

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.

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.


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.

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.

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.

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.

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.

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.

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.

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.