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 is not labour for.

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.

That's because grace and hardwork brings/generates money,wisdom keeps money and turns it to wealth..

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.

Mynd44
Dominique
Lalasticlala

What were the things your friend spent his money on?

It requires knowledge to make money....it requires greater knowledge to keep it.

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.

Village people.

Most times, money not worked hard for is spent lavishly

Lack of planning

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

Rituals.
No hard earned money goes that fast

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.

Flirtzing!

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.

Easy money and reckless spending go hand in hand.





.

Mismanagement, if you don't incurre those expenses, you will survive and lack of how to invest wisely.

Cos it's effortlessly made money...awoof

adeoyekay:
The money is not labour for.

Simple, if u didn't labor for u won't spend it wisely

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.

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.

What you did not suffer for does not last

Lack of Investment Acumen or wisdom...


@Seniorwriter

Financial prudence is not inborn... It's carefully and consciously learned.

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.

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.

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

Financial illiteracy!

They get carried away after winning, thinking the money will keep flowing in, thereby forgetting to you invest

- financial stoopidity.
- "i am rich" mentality etc

From luck per say so they put in much effort and more resources trying to repeat the process and before you say Jack,..

because you have to give back to ceaser what rightly belongs to ceaser plus your own on top