Topic: Sudden Wealth Syndrome (SWS) In Gambling - page 2. (Read 664 times)

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.

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.

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.

^^
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.

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.

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.

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.

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.

that would only happen, having a stroke, if you are also not healthy. the excitement and adrenaline rush will always be there. but after calming yourself, better lay out your plans how to spend it wisely. because some of these winners can easily go broke after months of spending their winnings, because they forgot to set aside for other investments. no matter how much you won, if you don't know how to handle your finances, you will always go back to square one.

You can’t blame them. I would probably feel the same, or at least can’t contain my excitement since I get that huge amount of money. A lot of people wouldn’t feel chill after solving all of their financial problems in a wink of an eye. A stroke, though, is something that is on the extreme side of things that I think (thankfully) wouldn’t happen to me. Unfortunately, it happens, because sudden success isn’t all too common anywhere.

First time I heard about this type of illness so thank you OP for sharing it. I didn't even know that it existed.
Also, I appreciate the sharing of your experience into why you have come up with this idea and I think we had the same experience. Very same.
Bounties too in ICO days. It's like a lottery for me, actually better, I did not even buy a ticket, I just used a little time and effort at wearing their signature, helping them boost their sales on social media, advertising it thru other ways, etc...
And then they paid up, tried to calculate how much was it, asked my wife if I am seeing the right numbers, and confirmed it is real. 
After I withdraw it to hard cash, I did not even know what to do but I was thankful I have my wife by my side to support me and be careful about what I will do.
We should not be alone when we receive sudden money, someone we wholly trust must be on our side to help us decide on these things.
It went well and now we have a fully furnished house. Although we are still paying for the mortgage, it's fine as long as we can live under one roof securely.

You would really be having that kind of advance approach which i would say that it would really be normal and it is really just that right that there are some actions that would really be correlating out basing up on what

do you think which i can say that it isnt really that bad idea after all.It is really just it turns out that you have done something wrong or really just that severe or too much on that kind of situation. Having those fears and
anxiety about the probabilities of things on which its really that possible but thinking up advanced too much wont really give out that kind of peacefulness deep inside. You would rather be making lots of mistakes on this matter instead on doing the right thing.For a human being when we do able to experience sudden wins and its the first time you do able to held up such amount then you would really be having that kind of thinking that
you should really be isolating yourself into things which could really be able to put you on such situation on which you are really that doubting.

Well this is something that I did not know had that definition, but in truth I have experienced that, but not me, because I have never had the Opportunity to have Large sums of money , but a Couple of friends from the university, because they If they discovered all of this before I did , it's just that they didn't share it until much later, which Surprised me a lot, because when I discovered something that was for their good, I gave it to them, and I like that because I like that everyone They are doing well, but when they Started they made between $1M, I had no idea, when they told me that I did not manage to do much, if I made $2k it was a lot, even so when they did Everything , they had that attitude, of isolated, of acting strange.

I Called them on the phone and they didn't tell me, neither did the messages, nor through the social networks, I thought they had gotten Angry with me, I didn't know the reason, but since that's how people are, well, one doesn't think anymore things, However, the only way I could contact them is because I found one and asked him and what when he gave me information, from then on was when I told myself that I had to learn, that's when I started Reading books because in Itnernet had all kinds of information and it is something that I did not trust, there were many Scammers, and well, in these things that have to do with investment, with trading, with projects, with Trading, you have to be very careful.

After I learned a lot of things, especially from trading, I told them not to Invest in an Altcoin because they had a lot of Faith in it, and they didn't listen to me, they told me that they knew more than me, that they knew what they were Doing , and so did I. I told them my reasons but it wasn't enough for them, they didn't listen to me, they both put all their money and ended up losing everything, that was the moment bitcoin fell from $190k to almost $10k, after that Bitcoin kept falling and obviously the alt kept falling too, so Sometimes that kind of Behavior is not good, because it makes you very Stubborn.

According to research "Sudden Wealth Syndrome" kills more faster than poverty. When someone has not seen big amount of money in his life and suddenly see it, eh, the person will have HBP and he will have sleepless nights. That is how the world is and you don't have to blame them because it is cause by poverty and the rich are very happy when such thing they are happy.

Being healthy doesn’t mean you are safe from this Syndrome since winning big doesn’t happen all the time. Yes this is normal scenario to be more happy, increase on your adrenaline because of too much excitement, some are able to control this while some are also suffering from a serious condition. I even experience this when I won in art contest before and seriously, I didn’t know what to do but meditation helps me to focus on the real situation and stop overthinking, I think this can be a big help if you are on this kind of situation.

There is a good chance that the character of the individual will change into someone nasty or full of himself when the sense of sudden wealth syndrome strikes someone who is unprepared for it. He will tend to act disrespectfully due to sudden wealth that has come his way unexpectedly. If care and direction are not taken, he will misuse the sudden wealth.

This is why having a financial mentor is important. A financial mentor will teach you how to control your emotions and resources in case you suddenly come into a lot of money. You will be able to use the funds wisely so that you won't get a lavish lifestyle that won't yield success in your lifespan.

There's also a story like this in my neighborhood, because of so much excitement he experienced severe stroke though he's still doing good right now and slowly recovering. The reaction is normal though after winning the jackpot or huge amount of money, and it will always depend on how you handle the situation and with this you should focus more on your mind over matter. You have to be healthy as well if you're into gambling, don't let your body becomes weak or else your emotion can take over you instantly.

Sudden Wealth Syndrome SWS anxiety has killed a lot of people that I have heard. There were some gambling that won a big amount of boy and because the over excitement BP rise up and killed them. And I also heard a local chief in my clan. A state Governor game him $7,000 and immediately he saw the money and he fainted and died. Those who have not seen such huge amount of always display different kind of drama.

I have also experienced this in the past as well, and I also experienced it in the days of bounty hunting, I remember 2017, then I was working in a polyethylene company and was earning around $40 to $45 a month, I was also actively participating in bounty hunting on this forum,  luckily for me, I joined a bounty where at the end of the campaign, every one of us was paid coins worth about $5000, I sold my coins and had $4872 dollars, it was the first time ever I had or have had such an amount of money,  I converted that money to my local currency and withdraw to my bank account, it was a lot.

First, I stopped going to work, I tendered my resignation letter about two weeks after.
Secondly, I could not eat well, for like a week or more, I lost appetite for food, all I was just taking were junk foods, mostly soft drinks and snacks, I had no appetite to eat any proper and well prepared food, but in all of this though, I was really happy like each time I see my account balance.
Third, I stopped visiting friends, or hanging out, and I also hardly take calls, since I was seriously avoiding questions like "where are you, are you at home, we not seen you at work, hope all is well" bla bla bla and so on.
After about a month, I decided to learn a business, my supposed boss said the business will take me six month to learn, I agreed and paid for the six months, but after attending for 3 weeks, I lost patients, I felt like I was wasting my time there, I proceeded to start the business with the knowledge I gather in the three weeks I attend the business lesson, needless say this was where my fall began, I don't wanna share the concluding part cus its not too nice.

Yeah, people who have a chance to hit it big someday deserve to know or be aware of sudden wealth syndrome, maybe this knowledge will help them put themselves under serious check whenever the wealth comes, this is something that if I had known, I probably wouldn't have made the mistakes I made.

And yeah, I've learnt and right now, I have over come SWS, no matter the kind of money that enters into my hands right now, whether it be a billion dollars, I already have things planned out, and what I will do with that money is already in the plan.

I'm familiar with the idea -- didn't realize it was referred as a particular syndrome. Acclimating with a different wealth status includes a range of physiological stressors. It can apply in the reversal direction too -- sudden wealth loss would be accompanied with similar stressors presumably to a worse degree. It's not something most people need to worry about -- having a large increase in wealth that's attributable to a lottery or large market win is extremely rare. The gradual build up of wealth is what 99.9% of people experience.