Topic: Sudden Wealth Syndrome (SWS) In Gambling - page 7. (Read 612 times)
Who knows what will happen until the game-changer came into our life?
Personally to me, I already experienced receiving a huge amount of money lots of time times way back several years ago. The feeling is, I am able to spend freely without worrying about my personal financial status. Although my regular spending becomes noticeably increased, I didn't turn into a sh*t person that always does unnecessary buying of anything. I was able to build our own house even during the pandemic, able to purchase a family car, motorcycle, bike, etc. That's why even though I'm currently not that holding decent money much the way I used before, I am able to use my earned money for good.
It's really up to the people how they will handle things once they are now in that situation. Doesn't really need for them to have an awareness of the said syndrome as these people will only understand being in that situation once they personally experience it on actual.
I experienced this when I held bitcoin for a few years and sold it at a greater price than what my entry price is. It was a sudden jump in the money that I was handling, plus I got promoted to a senior position in my job that greatly increased my pay. It was, at first, tough to handle the inflow of money since I wasn’t so used to it. I splurged and spent like there’s no tomorrow, until such time that I realized that it’s something that might be gone in a moment’s notice and that I should be careful in my spending. Thankfully, when I started to gamble, I already know how to handle my wins. I managed to use what I gained on my previous wins for my next sessions, until it became a habit that I will not deposit unless I have run my funds dry in my gambling account.
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?
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?
Well I really wish to get a chance and win a huge sum of money one day while gambling or in lottery, honestly I never heard of this SWS syndrome before and it’s a good thing that you brought it here and maybe a lot of us also don’t know about it. However I feel like if i won a huge amount of money in very short time without big effort certainly your brain will think that there’s something unusual is happening and mix of happiness and fair of that money can disappear easily at the same time.
Chances of that to happen are rare the proof is whenever someone win big they all publish his story and name on internet because it something that happens once a while either on lottery or casino. And for what someone who is old and educated enough gets that chance he surely will think about saving half of the amount, invest some of it and spend the rest on things you wish to have before and change your life with it.
Lol I wish i can get the chance and I’m so ready for the consequences or syndromes that comes after it.
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?
If I win huge amount of money, I will quit gambling and establish a business. But if possible that I can use 5 of the money won for vacation, it would be good. Also 5% to buy some expesive thngs to leave a comfortable life. 5% for my family and other people that will disturb me. The remaining 85% on business and assets. Which means I would have prepared and and keep in mind to discipline myself always. To spend wisely. I can start to gamble again from the profit I make from business, but just little amount from it like 2% of my profit.
This is a reality that many or all who got money their never planned for will face, because if you win a lottery, it sudden and if you don't have a lay down plan before your winning it could indeed trigger up something that could be devastating for both you and your entire household, take for example winning or profiting a large amount of money and if you missed to invest it into something that can enhance your privacy, you could exposed your self and family into security issues, such as living above your previous status which can attract onlookers.
But just like you said, I have also been a victim of this crisis before but in my own situation, the rewards didn't come at once like in a lottery, but bit by bit, and that helped me to manage the resources as their comes and also made me to be able to always planned ahead.
But that experience came after I have faced a lot of identity crisis on how to align myself with the news status, gambling/affiliate marketing have indeed been the cardinal poll that have unlocked a lot of wealth for many who are lucky and passive in them.
But just like you said, I have also been a victim of this crisis before but in my own situation, the rewards didn't come at once like in a lottery, but bit by bit, and that helped me to manage the resources as their comes and also made me to be able to always planned ahead.
But that experience came after I have faced a lot of identity crisis on how to align myself with the news status, gambling/affiliate marketing have indeed been the cardinal poll that have unlocked a lot of wealth for many who are lucky and passive in them.
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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 this was when axie was booming? I was an early investor so I profited quite a lot from the boom, not to mention I went to the path of expanding instead of saving up. It was rather big for me at the time since in the first place, when I started investing, the prices were cheap yes, but it still took around 2-3 months of saving up before I could buy one (I am so glad it was before it started growing so I had time to grow). 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?
It was hard I guess, I myself recognized I turned a tad bit too arrogant (If you can count that was what changed). What I did was distract myself. I used the money I earned to buy some stuff that can help me, specifically in my hobby of drawing. I bought a drawing tablet and a bunch of online school courses and used that as an idea that I'm just at the bottom of the barrel, at least in something.
They definitely should. They should watch those ruined lottery winners. A LOT of them turned out really bad despite winning a lot of money. I was amazed at how much they could splurge really. I didn't have that impulse to spend money like water luckily, just arrogance.
I'm not aware of such syndrome. Personally, I would never feel like that, because if I'm playing a lottery game or working on something which pays very decent income, I keep in mind I'm doing that because the potential rewards to be received. If I think I don't deserve to win a lottery prize or a high wage, why am I gambling on the lottery and working, then? For me that is the kind of syndrome which doesn't make much sense.
The main symptom I see from big winners is the fact they get too compulsive over the prize won, so they start spending it without planning carefully their financial plans for the long term. So they tend to waste all the money in a very short period of time with travels, expensive gifts, luxurious superfluous items and accessories they don't need.
The main symptom I see from big winners is the fact they get too compulsive over the prize won, so they start spending it without planning carefully their financial plans for the long term. So they tend to waste all the money in a very short period of time with travels, expensive gifts, luxurious superfluous items and accessories they don't need.
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
https://www.investopedia.com/terms/s/suddenwealthsyndrome.asp
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?
Quote
What is Sudden Wealth Syndrome (SWS)?
Sudden wealth syndrome (SWS) is a type of distress that afflicts individuals who suddenly come into large sums of money. Becoming suddenly wealthy can cause people to make decisions they might not have otherwise made. Sudden wealth syndrome symptoms include feeling isolated from former friends, feeling guilty about their good fortune, and extreme fear of losing their money.
Sudden wealth syndrome (SWS) is a type of distress that afflicts individuals who suddenly come into large sums of money. Becoming suddenly wealthy can cause people to make decisions they might not have otherwise made. Sudden wealth syndrome symptoms include feeling isolated from former friends, feeling guilty about their good fortune, and extreme fear of losing their money.
Quote
Many people afflicted with Sudden Wealth Syndrome deal with an identity crisis because they transition from surviving on a meager weekly, fortnightly, or monthly salary to becoming a wealthy and privileged individual.
https://www.investopedia.com/terms/s/suddenwealthsyndrome.asp
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?
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