The mindset hasn't developed to that realms yet...so they can't manage it

It's like dashing agbero a suit of 500k. See that suit on him next week and you will notice it's thinking like the agbero...

Because it's not their hard earned money, they didn't sweat for the money

Reward for work well done is more work. You stake 100 and won 100,000, next time you'll stake 100,000 to win 10,000,000.yli and bet Na mate? No free money

Oya poor people wey dey analyze rich people over to you guys… We dey hear !!!

afonjabreed:
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.

The money you spend don't come back
So invest in cash flow

They're mahd nii
Someone would be looking for money, another person will get it in huge amount and waste it just to come back to your level after chopping life finish lol

Very annoying and disappointing something

RapistOnBail:

Just like me.

I fit finish 900k within 5 days max.

Na food Dey chop my money sha

180k per day feeding money

afonjabreed:
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.

Cos dey are inept about money making and management. They never worked for the money and can only spend till they go broke. Unless they employ services of investment managers.

This applies to footballers, musicians, actors etc.. also.

when u make tons of money quickly and temporarily and don't have financial knowledge or skills u will go broke easily and fast too

Acidosis:
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.

Apt!

Acidosis:
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.

well done �

Your mindset will always force your reality to look like it. You must be rich in your mind first before you can be sustainably rich physically.

Harrykn:

180k per day feeding money

No be so.

But feeding Dey chop enough cash. I provide for my guys and babes too.

If you calculate am well, u go see say feeding Dey consume cash

Forget say all way na way. If you do anyhow you go see anyhow. Nobe all wealth be better wealth.

Wotoporiously8) speaking

A lot of people walk around without plans and spend on impulse, so when the money enter like that for them no time to check time.

Excess pussy, alcohol, unplanned events suddenly occurs out of the blue.

For a lot of first timers wey just hit major jackpot, most always wanna show everything that's around them that they have arrived, no back up plan and some just wanna go around pleasing everybody especially the shenkes and trying to make them happy.

I don go birthday wey one of my nigga invite me, the manchi wey host the birthday no Sabi the bannie wey dey celebrate but base on say the celebrant na friend to this manchi friend, the manchi anchor the birthday with full chest.

Guy man spend that day I confirm, the rest was history

Lack of planning
Extravagant spending, Pride and public fame...

Because, it's easier to spend money than to make it. Especially, the money you never worked for.

Money is beyond understanding... You might be the wisest of all and still lose money ... I heard of an America real estate mugu who lost $300million after acquiring Tribune a media outlet which went bankrupt says it was worth it , because if his plan had succeded he would have made $5billion ... The reward ratio was worth it ... Some people are going to lose 100 million Naira before our eyes but you know why they are all willing to stake that much because the reward ratio is worth it....but don't try it o if you have no safety net or fall backs, manage the little that you have....even if it is billions of naira.

So u go use 900k take chop food for 5days? Na wa u o

RapistOnBail:

Just like me.

I fit finish 900k within 5 days max.

Na food Dey chop my money sha

The system is program to let you come again even when you have billions in your account yeah, so you must come to play it and lose more that is the main purpose of gambling, you can't setup things that you won't profit from .. never that is business...

It is their mentality. They are mentally poor. So, it won't last. Watch this video from... 1:11 to 2:05

https://fb.watch/cV9Z8up8Y1/ (Robert Kiyosaki short interview)

afonjabreed:
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.

:* Someone who wins the lottery or gambling. Even if he wins 100 millions is not a rich man: He is a poor man with a lot of money. That's the reason why 90% of the lottery millionaires become poor again after 5 years



By
Elon Musk.

afonjabreed:
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.

They thought they have arrived and begin to spend money they can NOT replenish like a big boy!

It's the law of diminishing returns, some come asap others are long term.

Sense, dem no get

Peace ✌️

Because the scripture decreed it so.

Proverbs 13:11

Wealth gotten by vanity shall be diminished: but he that gathereth by labour shall increase.

afonjabreed:
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.

Illegal things doesn't last
There is no value on money you didn't sweat for.

I think it's the lack of financial intelligence.

It's one underrated skill that society and educational sector fail to prioritize, today.

The thing is, spending money is natural, BUT - making money, managing money, and multiplying are different skills on their own - one NEEDS to master all 3 if one wants to be wealthy.

So, about people going broke after earning some huge amount of money, most times it's a result of mindset and spending habit.


One problem with most people is the urge to upgrade their lifestyle after a pay raise.

The " I have arrived" mentality would be the end of many people - because they'd introduce themselves to a lifestyle that'd drain their finances to maintain.

Delayed gratification is not in some people's dictionary, and that's a problem on it's own.


Pheewwww

Ok

adeoyekay:
The money is not labour for.

Ogbeni how

What do you mean when you say money is not labored for. Which money person get wey him no labor for. You don ever play gamble so?

Proverbs 13:11 (NKJV)
Wealth gained by dishonesty will be diminished,
But he who gathers by labor will increase.

Money gotten quickly,goes quickly