Sudden Wealth Syndrome (SWS) In Gambling - page 5.

alastantiger

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Quote from: robelneo on August 09, 2023, 05:17:48 PM

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?

Wow. Thank you, robelneo, for this topic. I am today years old when I heard about this Sudden Wealth Syndrome (SWS). I have had an experience or feeling of this in the past when I immediately received money after being broke for some time. What you have explained is what I experience - first, it is a feeling of confusion, and then I forget everything I had thought about doing when I receive the money. It only comes back when the cash has been depleted. What I have learned to do to fight this Sudden Wealth Syndrome (SWS) is to make a list of my wants and needs in order of priority. When the money comes, I already have clarity on what to spend it on or not. Sometimes, I indulge myself in some guilty pleasures, but I do not overdo it.

elevates

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Quote from: Queentoshi on August 10, 2023, 09:11:21 AM

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.

Every gambler's dream is to become wealthy and live a life like a king. Such gamblers are from the poor or the middle class and they buy lottery tickets to achieve their goal. I do understand most of them are not prepared as they never expected that they will win one day. When they win they lose their mind just being rich from being poor and this is where they start hallucinating about the money they won. That is when they start taking wrong decisions on money management in the end they lose everything that they won. In today's time, every mental issue has a scientific name and that is why we now are hearing about this syndrome. In normal words it meant, I do not know what to do with this money.

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Quote from: robelneo on August 09, 2023, 05:17:48 PM

I experience this in the glory days of Bounty where in those days you can earn huge money from bounties it's not really a very huge amount of money but enough to change my financial status at that time, the feeling is not good there are a lot of highs and lows and you will start to ask yourself if you deserve it or suddenly everything you wanted are all here and you become isolated, good that I have overcome this feeling when I have it the first thing I did is to talk to my family and list everything that should be done and try not to change my thought even if I have a huge amount of money in front of me.

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?

I think bounties in crypto was still here but only on different approach. In regards to gambling I guess there's nothing change in it but there are just too many options to choose these days e.g. gambling site that offers NFT and has different features, lot has open bookies, etc. Not that I can remember it but for sure as human we tend to be shocked especially if you're new to it, it's understandable and we can learn from it.

We tend to not care on these things when we're experience it at the moment but the realizations always comes after. I think those who have the chance to make it should learn a lesson a thing or two so I think it's not necessary that they should know this beforehand unless you're really aware in the first place.

Jawhead999

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Well this is weird.

When you're gambling too much e.g. spend time and money to gamble without any control, it's make you become an addict and gambling looks bad here.

When you're hit a jackpot or lottery and you win a lot of money, you might be infected with this syndrome and gambling looks bad here even though you're making money through gambling.

Queentoshi

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Quote from: robelneo on August 09, 2023, 05:17:48 PM

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.

asriloni

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Quote from: robelneo on August 09, 2023, 05:17:48 PM

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

I have not ever experienced that. My take on this if SWS was coming for someone who never won huge money in their life. The fundamental problem was how people can control their emotions properly. Emotion became the key factor that was also influencing people's greed.

Quote from: robelneo on August 09, 2023, 05:17:48 PM

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?

People shall be aware of that. From this article there have been so many stories related to the SWS syndrom. They were not able to use their money wisely. They lack of a plan to use the money properly after winning a big jackpot. Winning millions didn't matter as long as the winner lack of knowledge about how to make a proper plan for his jackpot.

https://www.gobankingrates.com/net-worth/bankruptcy/lottery-winners-who-lost-millions/

kryptqnick

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I haven't heard of this before, but that's certainly something to keep in mind if that ever happens. I guess the good thing is that is a person's wealthy and experiences these symptoms, it's totally affordable to go to therapy and work through this. I've never won life-changing amounts of money, so I haven't experienced that, but it certainly should not be disregarded, and it's better to plan ahead for it. It's kind of like the midlife crisis. You don't know if you are to experience it, but it's better to be aware of that in advance, so that it's not unexpected.

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Quote from: robelneo on August 09, 2023, 05:17:48 PM

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?

I just found out is a special term for this kind of thing. Because a big win is still a big win, nothing more, and there is no point in the term. You suddenly get rich, change your life, sometimes get a little cocky, or maybe avoid people who ask for donations. I have never had such big luck, but what is clear is that the betting results always return to the point where the money was obtained. He would gamble again and again to test his luck a second time.

Wapfika

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Quote from: robelneo on August 09, 2023, 05:17:48 PM

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?

I don’t experience this personally but one of my friend suddenly have this kind of same syndrome when he was promoted at work. He wants to become separated with us because he thinks that he is already on different level. It's funny how people can easily change with sudden changes on wealth or position.

I believe people experiencing this kind of syndrome knew exactly what's happening and they choose to do that because they want to show their advantage over other people. If I will have a chance to have a huge money then I will put it on investment so that it will not be spend without any return profit.

Hispo

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I was not aware of the existence of this problem, to be honest. When I first took a look at the name of your thread I thought SWS was about the unmeasured waste of money new wealthy people can go through, which eventually lead them to financial crisis.

This is a syndrome I have never experienced, because I don't think I have such luck to each much suddenly, though, I would be in favor of providing anonymous psychological help for those who suffer it, so they can overcome it and enjoy their life.

It should be anonymous and free of charge because both the identity and the amount of money the patient has can influence on the treatment a psychologist would be providing and also over the personal security/integrity of the patient.

Unfortunately there are "doctors" who are willing to hook us up in their office for the sole purpose to milk more money from someone they know that has it. Sad

crwth

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It's now that I read this term but I know the specifics or the symptoms of this conditions from the people I know who gambles a lot. Their stories tend to always focus on the parts where it's about how much they have "won" and how they would want to have that "win" again. They are saying that they can do it again and would just end up losing more.

Personally, I think I have just felt the urge to gamble again because I have experienced it already but I stopped myself because I know that it's not gonna end up well.

Docnaster

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The Sudden Wealth Syndrome I think is suffered by majority of people who does stake bets without hope of winning because to them they probably think the odds off winning the game is significantly high and then at the end they see themselves winning huge amount of unexpected money.
The reaction usually crazy and sometimes they find it very difficult to handle their emotions and sanity in such cases. That's why some betting companies does initially involve the winners of such kind of bets with some frightening activities that'll deeply scare them before disclosing their winnings to them

Dave1

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Quote from: robelneo on August 09, 2023, 05:17:48 PM

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

Yeah, for sure, I will say that my judgement is clouded because I don't know what to do with my big winnings that time. Nevertheless, not sure if that is what we call SWS because I just easily buy everything that I can get my hands.

Quote from: robelneo on August 09, 2023, 05:17:48 PM

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?

Maybe, so that they will know what do you and that they will have the right decisions when something come to there way. It could be just like $10,000 but it could also be big in their local currency. Compare to millions if not billions that someone will will in a lottery.

Weawant

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Quote from: robelneo on August 09, 2023, 05:17:48 PM

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?

I have experienced it but it's not from gambling but from investing in altcoins, I had invested in this particular altcoins that gave me so much profits I doubted myself of been this wealthy and decided to start spending above my previous lifestyle, I almost got broke from this.

Many people aren't prepared for the wealth that they're seeking through gambling or investing and when the money comes they do unproductive things with the money and this is a result of sudden wealth syndrome. We have to be prepare before the wealth comes.

If we don't prepare ourselves we'll misuse the money as many lottery winners has done in the past. One way to avoid this is to maintain your regular life when you suddenly get rich, don't increase you standard of living and go to seek the help of a financial manager to help you.

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Quote from: robelneo on August 09, 2023, 05:17:48 PM

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

I have not won big in gambling but I have had a job that changed my financial condition. The job was paying me 7x more than my former income and it was a dream come true. Gradually there was this feeling that I am now in another class, so I needed to abandon some of my friends and seek people that are in the same class as me. I wanted to change my car, house, and physical appearance. But I resisted those desires by maintaining my normal life. The first move I made was not to let anybody know that my income has increased. I retained my friends and associates. I also ensured that I didn't spend much on pleasure. But I focused on investing my income in profitable ventures. My expenditure remained the same but my investment increased.

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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?

It should be an important course or study for people that make instant wealth. If they are aware of the meaning, causes, and consequences of Sudden Wealth Syndrome, they will seek means to avoid it. Thank you OP for this novel topic, I have learned more about this disorder and I never knew that I also faced this syndrome.

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Quote from: macson on August 10, 2023, 04:31:32 AM

i have experienced this, it was when i received an inheritance from my grandfather, not winning the lottery or other types of bets, the amount was very large and i was very surprised at that time, i was very confused about the money i got, it was very wasteful, i also felt like the luckiest and richest person when i received the inheritance money, fortunately now i have recovered from that syndrome, my expenses have become stable and i prefer investing rather than spree, i even manage my betting capital as best i can so i don't lose money and lost control of the money i had because of gambling.

You were wasting your inheritance? the symptom of this syndrome is where the person is extremely don't want to wasting the money, so it's really opposite with your experience.

Well the biggest challenge of people who are already working is the way they spend their money. Did they spend their money based on their wages? or did they spend based on their need? if someone still spend their money based on how much their wages, they're still not mature.

mirakal

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For now, being wealthy in the near future is still a dream for me. But if given a chance to become instantly wealthy, perhaps my first step is to plan out how to use my money wisely. Having an investment would be my top priority, and then buy my own house and lot for my family. And just gamble for fun, not certainly to earn an income.

My life will definitely change and I’m aware of that. But I think I won’t be affected with this Sudden Wealth Syndrome because becoming wealthy has already been set as my goal. Maybe for those people who are not expecting to be rich because they are satisfied with their present status, once they get into this, surely they will feel this SWS.

macson

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i have experienced this, it was when i received an inheritance from my grandfather, not winning the lottery or other types of bets, the amount was very large and i was very surprised at that time, i was very confused about the money i got, it was very wasteful, i also felt like the luckiest and richest person when i received the inheritance money, fortunately now i have recovered from that syndrome, my expenses have become stable and i prefer investing rather than spree, i even manage my betting capital as best i can so i don't lose money and lost control of the money i had because of gambling.

btc_angela

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Good, I haven't heard about this syndrome but I know that some lottery winners are being hit by it. So it could really be a curse for anyone to have that windfall win in our life as we don't know how to cope with that huge money that suddenly comes in our way.

So I guess for those who win in lottery or any other gambling, should really be careful and just put their feet on the ground and still simply and don't feel like you are privilege. Otherwise, you might hit with this syndrome and it could have a very negative effect on your psychology.

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Quote from: Solosanz on August 10, 2023, 03:03:49 AM

I could understand about the extremely not want to lose any money, but I can't understand why you should feel wrong when you win big and you need to insolated from your friends? you're making a good amount of money and there's nothing wrong about it, you're not steal your friends money or harm them. If you're lucky and your friends aren't lucky, that's not your mistake.

I thought the meaning of isolating ones self from your friends and the guilt, I think it has something to do with your friends expecting too much from you. I mean your friends would probably going to give you a lot of pressure to spend on something and they are expecting it for free that you'll pay for everything since you've made a sudden fortune, which they also think It won't gonna matter because you still got a lot in your bag. Remember, this syndrome doesn't want you to lose these money - so might as well save it for yourself than spending it with your friends every time you are all together.

Topic: Sudden Wealth Syndrome (SWS) In Gambling - page 5. (Read 677 times)