So You Just Got Rich... Great... Now What?! - How Money Works

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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.

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#Windfall #CallOptionsGoBrr #HowMoneyWorks

Music by Epidemic Sound

[b.cdrisk]

As someone who just made fifteen dollars from Bitcoin, this will be me in a few days

[FrankPatrick-nozo]

Net worth truly snowballs after $100k! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE!

[darius]

'gambling in denial a.k.a investing'
is this a personal attack or something

[Sklzky]

>Isolation, anxiety and paranoia
Awesome, now I only need to get rich...

[fraenky]

First rule really struck me.

When I was a kid, I found 2 $20 bills on the streets (which is big in our country that time). I immediately tell my cousin this, which caused chaos to our whole family. Suddenly, my mother told me to give it to her saying she'll just "hide" it for later use. My uncle accused me of stealing it and threatened to call the police if I don't hand the bills over.

I quickly understood my situation and immediately ran from my house. I spent the money on a hotel room for me to sleep that night. The rest of the money I spent on food for myself. Then I returned home with no money in hand, scolded, but I just didn't care.

[chrisrojas]

"The stock market is a device for transferring money from the impatient to the patient"

[paradonym]

1. don't tell anybody.
2. Keep it, try to hold it.
3. Stop thinking about nice things.
4. Avoid taxes
5. Enjoy.

[lombardo]

I always say when you strike it rich do nothing for a while. No investing, no buying stuff, no living large. Just chill and let the emotions and blood pressure calm down. After that time has passed maybe a few weeks to a few months then you have a clearer head. I don’t understand why people need to spend the money the second it hits their bank account like It will run away from them . 🤷‍♂️

[ReaverLordTonus]

Oddly enough, my millionaire fantasy is actually to be as much of a mystery as possible. Live comfortably but modestly, look like just your average guy but secretly wealthy. Most high end sports cars I'm too tall to sit in, I don't care for sailing so no yachts, and I don't believe in giant houses for only one or two occupants. I'd just have a simple modern house with a nice view, a comfortable reliable car, host the occasional gathering of friends and family, and take a couple vacations a year. The rest of the time I'd have the right people invest my money in stable businesses and real estate, maybe even keep working but now I can choose a job based more on fulfillment and enjoyment rather than what it pays.

[noahwalters]

Getting Sued is the easiest one. If you place as much of your assets and wealth into businesses as possible, a personal lawsuit can only target you, and not the business's wealth, so your assets remain protected. And as an added benefit, you don't have to pay a 50% inheritance tax to give the company to someone else when you die.

[ejhc]

This is pretty important, I had an uncle who won the lottery, he wasn't secretive about it and he helped a ton of people who never returned the money, a young woman enticed him for the money and that broke his 20 years of marriage, he died last year alone and in debt. People will call me bad but if I came into wealth the first thing I would do is ensure that money will last me till the day I die, everyone else can fuck off.

[DK-nvzu]

The get-rich-quick and financial guru ads that pop up before your videos are very entertaining.

Edit: FYI, “the old fashioned” way of getting rich is inheritance, not the lotto

[MrNewdaysamelife]

"Don't blow it"
"Keep it simple"
"Count your money"

[bassahaulic]

The most valuable company to ever exist isn't Apple, it was the Dutch East India Company.its worth reached a staggering $8.28 trillion in 1637

[tonyarcus]

I watch way too many videos. Most videos, that have stock footage in them, keep my attention for about 10-20 seconds before I click away. The things that make me click away is the voice and the slow pace. Mr Money, this is the second video of yours that I have watched today. Your pace, content and even use of stock footage are well done and well placed. You are also talking about a topic I am exploring a lot in 2021, and doing things about it.

[Riggsnic_co]

The thing to me is, if you invest and have other income outside of dividends then you will be able to live off dividends without selling. Which means you can pass that on to your kids which will give them a leg up in life. $52k dividends received in 2022.

[pcefsbx]

Got it. Now all there's left to do is actually get rich

[bulldozer]

The trust fund thing is like finding a sneaky rule in a board game or something. I guess I shouldn’t have expected anything less though

[roarbahamut]

Ppl just dont live within their means. Once ppl earn their first money in trade school or their first job they start spending like crazy. The same happens to ppl who suddenly become rich. Just live somewhat below what you earn then you’ll be able to not worry about becoming broke since you will always have some savings backing you up.

[milliondollars]

If I came into a huge fortune I don't have to worry about family or friends... 2019 - 2020 I was in need and homeless and they said go die in a ditch.... If I ever come into money I have no family nor friends and will get to live out the rest of my days on dividends as I live like a NEET....Lucky for me I am in my thirties.... LOL