Topic: Sudden Wealth Syndrome (SWS) In Gambling - page 3. (Read 612 times)

I have my doubts of whether or not Sudden Wealth Syndrome actually exists or whether it is just a thinly veiled excuse for people who make bad financial decisions. I mean, if you win 1 million usd, are you going to spend it all on partying or will you invest that into different investments? The answer should be clear to anyone with a clear mind. Of course there do exist some people who rather than saving or investing the money would rather give it all away. And that is fine as well, as long as they do not complain later. Some people do not care about being rich or having money.

But those kind of people are very rare.

This is very interesting. Thank you for posting. I’ve never heard of sudden wealth syndrome before so I find it fascinating. I’m not one for labeling everything a syndrome or making assumptions about why people’s behavior changes on a large scale, but it is fascinating to read about how money can negatively effect certain individuals.

Not at all because from the very start, each money that I earn and hold I'm spending it carefully. Thanks to the past experiences that I've been with when I mishandled my finances.

They have to whether you're thinking of winning big someday and not just in gambling, with the way a person handles money like an ordinary person and employee, they need to understand and be aware of this attitude.

Yup, I'll scatter it in many investments and will add some of it to my savings.

that's precisely the problem. In most cases, lottery gambling winners, most gamblers do not have a broad intellectual background, although it doesn't have to be specific for each person. Sudden rich syndrome, especially those that occur due to gambling, usually have a different mindset from getting rich quick syndrome through business. because money was obtained by accident, I mean we didn't expect to get the jackpot from the lottery. then the money you get will usually flow faster, which in the end, without realizing it, the winning money has just disappeared.

There are also symptoms of a syndrome that is still related to gambling, that person will increasingly withdraw from the outside environment and will even avoid meeting if it is not needed. effects like this, usually experience excessive anxiety if in fact he will be used by his friends. there are also those who think, they are afraid of being robbed by someone. syndrome like this, has cases that vary depending on how the character of the person himself.
there's also like you said, usually someone who wins the lottery jackpot will celebrate it with his friends, whether it's drinks, women, and all kinds of things. instead of investing, their mindset usually does not lead to such things. however, not all of them are as I said, maybe only a handful of people are able to think sanely, then think about their future whether it's investing or developing their talents and doing business.

I think I slightly feel the Sudden Wealth Syndrome when I happen to have a continuous flows of source of funds during the bounty craze.  Since I am not used in having that much amount of money and the place where I am living is somehow not good in terms of environment.  But it got easily disperese when I started to reconnect myself to my classmates and friends since  my thought were occupied by other things.


I think a person must know about this SWS.  Since I already experienced getting  big amount of money, I believe I will be doing good next time.

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.

That's why there are lots of lottery winners who eventually lost everything. Of course, there are some who used their heads wisely.
But there are horrible stories about them after getting their cash, and spending a lot of partying in the neighborhood and the hood took advantage of them asking for money and the guys are also giving away. They were buying luxury cars and living like a king.

Those who used their brains know their friends wouldn't be there if it weren't for what they could get. They know friends don't last if they don't have money.

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.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 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.

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!

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

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.

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

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.

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.

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.

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.

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?

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.

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.

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.