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Nairaland Forum / Nairaland / General / Investment / Why Do People Go Broke After Winning Huge Amount Of Money (21091 Views)
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Why Do People Go Broke After Winning Huge Amount Of Money by afonjabreed(m): 11:08am On May 09, 2022 |
I have witnessed this first hand, I had a friend who made a huge amount of money, though illegally but went broke within months. I have also heard of some situations where a bet or lottery winner goes back to his broke state within a short period of time. Why do they go broke so fast? These people get big money, millions as proceeds and they go broke within months. 18 Likes 1 Share |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by adeoyekay(m): 11:18am On May 09, 2022 |
The money is not labour for. 90 Likes 5 Shares |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Acidosis(m): 11:26am On May 09, 2022 |
Deficiency in the area of financial intelligence. Financial intelligence is a 3-fold concept. To be financially intelligent, you must know how to (1) make money (2) manage money, and (3) multiply money. None is substitutable. 333 Likes 28 Shares |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Samuelnze(m): 11:45am On May 09, 2022 |
That's because grace and hardwork brings/generates money,wisdom keeps money and turns it to wealth.. 40 Likes 2 Shares |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by HomoSapienSapie: 11:58am On May 09, 2022 |
afonjabreed: What were the things your friend spent his money on? 1 Like 1 Share |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Neverlosemoney: 12:27pm On May 09, 2022 |
It requires knowledge to make money....it requires greater knowledge to keep it. 90 Likes 6 Shares |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Nobody: 12:38pm On May 09, 2022 |
Because they often go back to what made them rich in the first place and the moment they lose small amount of money from the money they won, they start chasing it back resulting in bigger losses. 103 Likes 6 Shares |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by chibu4u2(m): 8:07pm On May 09, 2022 |
Village people. 4 Likes 1 Share |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by solsticey2k3(m): 8:07pm On May 09, 2022 |
Most times, money not worked hard for is spent lavishly 36 Likes 1 Share |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Tutilomi: 8:07pm On May 09, 2022 |
Lack of planning 13 Likes |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by kamez(m): 8:07pm On May 09, 2022 |
A fool and his money are soon parted.. Emphasis on the word FOOL.. All those saying that it is because the money was not laboured for, are just talking out of ignorance.. I know lots of people that have come across free money, and they made very good use of it... Person wey no get sense no just get sense...it's that simple 146 Likes 7 Shares |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by DoggoneDogg: 8:07pm On May 09, 2022 |
Rituals. No hard earned money goes that fast |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Fiscus105(m): 8:08pm On May 09, 2022 |
If someone who is not in command of certain amount of money suddenly gets such huge amount of money, it takes grace of God for him/her to be able to invest/do anything tangible with such money. For betting! Many people see it as awful money, with that, they spend it recklessly. 3 Likes |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by YahooG(m): 8:08pm On May 09, 2022 |
Flirtzing! |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Oluwaseyi00(m): 8:08pm On May 09, 2022 |
Doesn't matter the millions of dollar you won or were given, without the requisite financial intelligence to maintain that level of wealth or prosperity it will surely dissipate. That's why you first change your mindset before changing your life. It's a world system. 35 Likes 2 Shares |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by doggedfighter(f): 8:08pm On May 09, 2022 |
Easy money and reckless spending go hand in hand. . 7 Likes 1 Share |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Diligent1(f): 8:08pm On May 09, 2022 |
Mismanagement, if you don't incurre those expenses, you will survive and lack of how to invest wisely. 3 Likes |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Eriokanmi: 8:08pm On May 09, 2022 |
Cos it's effortlessly made money...awoof 1 Like 1 Share |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Alamkir: 8:08pm On May 09, 2022 |
adeoyekay: Simple, if u didn't labor for u won't spend it wisely |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by IWillRiseAgain(f): 8:08pm On May 09, 2022 |
Money you didn't "sweat" for always comes with this false hope that you can always get it again and again using the same tricks that got you the first one. The moment you buy into that lie, you will become reckless and start living extravagantly. Your new name will not only be "Father Christmas" but also "Oga Free Spender". It will take only sapa to restore your sanity. This is why it's always good to work for your money. Speaking of working for your money, have you heard that there are some international jobs you can do right from here in Nigeria? Before you sleep tonight, try and visit S C H O L A R S V I B E. COM to see a list of them. 12 Likes |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by iwaeda: 8:08pm On May 09, 2022 |
afonjabreed: What you did not suffer for does not last |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Seniorwriter(m): 8:08pm On May 09, 2022 |
Lack of Investment Acumen or wisdom... @Seniorwriter 3 Likes 1 Share |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by RapistOnBail: 8:08pm On May 09, 2022 |
Just like me. I fit finish 900k within 5 days max. Na food Dey chop my money sha 7 Likes |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Angelfrost(m): 8:08pm On May 09, 2022 |
Financial prudence is not inborn... It's carefully and consciously learned. 5 Likes |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by inforesource: 8:09pm On May 09, 2022 |
Money is an exchange of VALUE. Mark that word. There are a lot of people who are broke but they are not poor because of their values viz versa. So below are the reasons why: 1. Lack of financial education. 2. Lack of financial intelligence. 3. Lack of capacity to multiply the money. 4. Lack of understanding the money game (rules) 6. Fiat money has wings. 7. Money is the value attached to it. 12 Likes |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by bluefilm: 8:09pm On May 09, 2022 |
afonjabreed: Some people are so poor that money is the only thing they have. Rich people buy assets, middle-class people buy liabilities that they think are assets. That's why 13 Likes 1 Share |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Lifewasgood: 8:10pm On May 09, 2022 |
Financial illiteracy! 3 Likes |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by barinedan(m): 8:10pm On May 09, 2022 |
They get carried away after winning, thinking the money will keep flowing in, thereby forgetting to you invest 2 Likes |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by MrBrownJay1(m): 8:11pm On May 09, 2022 |
- financial stoopidity. - "i am rich" mentality etc 1 Like |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Viktorinox2(m): 8:11pm On May 09, 2022 |
From luck per say so they put in much effort and more resources trying to repeat the process and before you say Jack,.. |
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Shedrack777: 8:11pm On May 09, 2022 |
because you have to give back to ceaser what rightly belongs to ceaser plus your own on top 1 Like 1 Share |
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