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Why Do People Go Broke After Winning Huge Amount Of Money - Investment (3) - Nairaland

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Re: Why Do People Go Broke After Winning Huge Amount Of Money by THEREISGODINHEA: 8:58pm On May 09, 2022
Money gotten quickly goes quickly
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Nobody: 8:59pm On May 09, 2022
Money management and growing money is 15 times harder than making money.

3 Likes

Re: Why Do People Go Broke After Winning Huge Amount Of Money by Burgerlomo: 9:00pm On May 09, 2022
Mismanagement cool
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Shakur86(m): 9:00pm On May 09, 2022
Greed
Re: Why Do People Go Broke After Winning Huge Amount Of Money by cherryCola: 9:01pm On May 09, 2022
Money doesn't make one rich.

The often use the money the same way they have
been using which was of course why there where
poor
Re: Why Do People Go Broke After Winning Huge Amount Of Money by rajiedreez: 9:01pm On May 09, 2022
Getting rich and staying rich requires different mentalities

2 Likes

Re: Why Do People Go Broke After Winning Huge Amount Of Money by NamelessOGBENI(m): 9:02pm On May 09, 2022
Making money is the easiest, managing the funds is where the problem set in.

As I dey like this na 0.00kobo deh my account

2 Likes 1 Share

Re: Why Do People Go Broke After Winning Huge Amount Of Money by HiFive: 9:02pm On May 09, 2022
It could be poverty mentality. Poor people seem to loose money as easy as they come.

Maybe because they want to acquire all those fancy things they never had.

For instance, Give a poor widowed mother 100k to start a small business that could enable her manage her children, she would rather use that Money gather the children and then prepare that delicacy, assorted meal for a whole week. But who could blame her. The rich and wealthy has a different story.

Poverty bad. Wetin belle dey consume plenty.

4 Likes 1 Share

Re: Why Do People Go Broke After Winning Huge Amount Of Money by Mandrake20(m): 9:03pm On May 09, 2022
Mental transformation is lacking
Re: Why Do People Go Broke After Winning Huge Amount Of Money by dhoncesar(m): 9:06pm On May 09, 2022
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.


That's basically because when the money comes in, they see it as a huge money and spend more. They receive more debit alert than credit. The money isn't put into good use. Its not been managed well. Its not been multiplied. Even those who claims to open business with it only venture into small scale business because those set of people don't see far, they only see withing their limit. More also in this part of the world, we like to show off , we love to impress , we spend on things that doesn't make sense. That's just the difference.

1 Like

Re: Why Do People Go Broke After Winning Huge Amount Of Money by nedekid: 9:06pm On May 09, 2022
Cos the 4kup the money.
Re: Why Do People Go Broke After Winning Huge Amount Of Money by cherryCola: 9:08pm On May 09, 2022
jackcanfield:
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 make $5billion ... The reward ration 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.

Reason we must all learn how to read financial statements cause it's the x-ray of business.

3 Likes

Re: Why Do People Go Broke After Winning Huge Amount Of Money by demmie1: 9:12pm On May 09, 2022
Having money is not the same as making money, one is one chance the other is continuous.

Lottery and finding money in gutter are the same, both are once in a lifetime event.
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Nobody: 9:13pm On May 09, 2022
It's so when they start spending more while making less money.
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Hespee93: 9:15pm On May 09, 2022
According to Robert Kiyasokis the author of "Rich Dad Poor Dad"

They allow the money to cobtrol them, instead of them controlling the money.

They allow greed and emossions to take of hokd of them
Re: Why Do People Go Broke After Winning Huge Amount Of Money by IamRegal: 9:24pm On May 09, 2022
The biggest mistake comes after the biggest victory. The euphoria suddenly makes you through caution to the wind as you immense yourself in the moment. Feeling untouchable.

You feel you can do more or deserve more, the confidence will make you do it with a lesser planning for possible failure. Forgetting failure exit.

Crypto traders in bullrun or futures can relate.

5 Likes 1 Share

Re: Why Do People Go Broke After Winning Huge Amount Of Money by BadNews: 9:25pm On May 09, 2022
Because they no Sabi anything
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Nobody: 9:26pm On May 09, 2022
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.
its because baba ijebu gave his one eye to the ritualistis no matter how much u win the money will go back to him same as alabi who gave his left testicle to ritualist no matter how much u win on nairabet the money will go back to the rightful owner alabi

1 Like

Re: Why Do People Go Broke After Winning Huge Amount Of Money by frozen70(f): 9:27pm On May 09, 2022
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.

Well such money comes and goes same way it comes

It's not meant to last like a hard earned money

If you really work hard and earn big money, honestly you will use it wisely and achieve something with it that you will be proud of

Then compare yourself with someone that wins bigger amounts yet it vanishes
Re: Why Do People Go Broke After Winning Huge Amount Of Money by dododawa1: 9:36pm On May 09, 2022
Nigeria currency is RUBBISH and no gain in GAMBLING,baba ijebu show me pepper then.
Re: Why Do People Go Broke After Winning Huge Amount Of Money by AlphaBeta130: 9:37pm On May 09, 2022
Especially money from bet. If you don't buy anything tangible immediately you win, they will collect their money back from you and also your own money.
Re: Why Do People Go Broke After Winning Huge Amount Of Money by tonididdy(m): 9:45pm On May 09, 2022
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.
because it's easier to get rich than to stay rich
Re: Why Do People Go Broke After Winning Huge Amount Of Money by ButterBurger: 9:54pm On May 09, 2022
Senselessness.
That's my answer
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Nobody: 9:56pm On May 09, 2022
The money wasnt invested wisely. Rather they used it to gamble for bigger win
Re: Why Do People Go Broke After Winning Huge Amount Of Money by placeofallure(f): 9:57pm On May 09, 2022
Ise Aye ni.

You've never heard of Terrestrial manipulations?
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Tonitoniton(m): 9:58pm On May 09, 2022
Because they are poor people with plenty money
Re: Why Do People Go Broke After Winning Huge Amount Of Money by Halo22: 10:01pm On May 09, 2022
It depends shaa.....My neighbor won 250k then and planned himself very well to the extent that he used the money to pay for his house rent for a whole one year. He refused to buy anyone one bottle of beer. Last last, the guy still traveled oversea and still made it.

2 Likes

Re: Why Do People Go Broke After Winning Huge Amount Of Money by John360comng: 10:09pm On May 09, 2022
Harrykn:

180k per day feeding money

grin
This kind fabu wey him blow fear me.
Fear who no fear that guy.
Na for Ogboni restaurant for his dream him dey chop him 180k per day food.
Re: Why Do People Go Broke After Winning Huge Amount Of Money by fineboynl(m): 10:10pm On May 09, 2022
All of you saying invest invest. Knows nothing. Invest hardly work. Alot of them invest but the investment failed.. investment hardly sees the light in this part the world.

Alot of Businesses crumbled in this last decade. And many Are still finding it hard to survive.

Which investment de again?

People who made money from investment are already grounded, meaning the investment will bring more even if they spend the money. But someone who hit it big from a lucky source which chance can not happen again. It's very hard.

1 Like

Re: Why Do People Go Broke After Winning Huge Amount Of Money by Holluwhakemmy(f): 10:30pm On May 09, 2022
Reckless spending
Re: Why Do People Go Broke After Winning Huge Amount Of Money by fineboynl(m): 10:34pm On May 09, 2022
placeofallure:
Ise Aye ni.

You've never heard of Terrestrial manipulations?
I would like to know what you mean
Re: Why Do People Go Broke After Winning Huge Amount Of Money by SoaringLife01: 10:36pm On May 09, 2022
Low Financial Intelligence/Quotient.
From the angle of Physics, going up against Force of Gravity is tedious, but more tedious is staying at a point up ,where the Force of Gravity is at its peak.
So someone who won a lottery and have a low FI/FQ will give in to the Force of Poverty and will see himself/herself on Square 0.
Making money is not easy, but more hard is money management of staying afloat in that place of 'wealth'.

1 Like

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