So You Just Got Rich... Great... Now What?! - How Money WorksSign up for my newsletter https://compoundeddaily.com 👈 So you just got rich… Maybe you bought GameStop at $5, or bitcoin at a thousand, maybe you did it the good old fashioned way and won the lottery, but by one means or another you have found yourself with millions of dollars looking back at you when you open up your bank account. Congratulations you have won capitalism…. Now What? You might have though making the money was the hard part, but in many ways holding onto it can be even harder. Friends you haven’t heard from in years will suddenly spring back into your life, strangers will send you threatening letters, and even family members will have a sob story about why they suddenly need money. Ironically enough, multi million dollar windfalls from inheritances, gambling, or gambling in denial “investing” actually increase the likelihood of being declared bankrupt by over 1,000%. So hang onto your lucky windfall and stick around to learn how money works, So to understand what to do with your new found fortune, you have to start off by understanding what not to do. Believe it or not, coming into life changing amounts of money in a short space of time can inflict upon people what psychologists call Sudden Wealth Syndrome, and while that might sound like the best mental health problem to have, it is still a serious problem. According to the American Psychologist Dr Stephen Golbart, the symptoms of this affliction include anxiety, isolation and paranoia, brought about by the perceived guilt of receiving money that wasn’t “earned”. It’s kind of like the imposter syndrome turned up to 11. ______________________________________________________________________ #Windfall #CallOptionsGoBrr #HowMoneyWorks Link To Economics Explained Video - https://youtu.be/AqSExy3HBm0 Music by Epidemic SoundFollow to learn How Money Works.Find How Money Works on YouTube: https://www.youtube.com/@HowMoneyWorksDisclaimer: This podcast is an independently produced audio adaptation of content originally created by How Money Works. It was developed by a fan who values the channel’s clear and engaging approach to financial education, with the goal of making that knowledge more accessible in a hands-free, audio format. This is not an official production of How Money Works, and it is not affiliated with or endorsed by the channel. All rights to the original video content remain with How Money Works. For any concerns, inquiries, or content-related requests, please feel free to reach out.- ------------ Learn more about your ad choices. Visit megaphone.fm/adchoices
