Sudden Wealth Syndrome (SWS) is a term given to a psychological condition where the overwhelming pressures of unexpected and/or abrupt fortune can develop into emotional and behavioural afflictions. It can also be referred to as an identity crisis. The term Sudden Wealth Syndrome was coined by practising wealth psychologist, Stephen Goldbart, co-founder of the Money, Meaning and Choices Institute (MMC Institute), as he noticed a great increase in symptoms related to gaining a large influx of wealth unexpectedly or abruptly.
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| - Sudden Wealth Syndrome (SWS) is a term given to a psychological condition where the overwhelming pressures of unexpected and/or abrupt fortune can develop into emotional and behavioural afflictions. It can also be referred to as an identity crisis. The term Sudden Wealth Syndrome was coined by practising wealth psychologist, Stephen Goldbart, co-founder of the Money, Meaning and Choices Institute (MMC Institute), as he noticed a great increase in symptoms related to gaining a large influx of wealth unexpectedly or abruptly.
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| - Sudden Wealth Syndrome (SWS)
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| - Sudden lottery winnings, large inheritances, gambling winnings, trading cryptocurrencies
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| - Sudden Wealth Syndrome (SWS) is a term given to a psychological condition where the overwhelming pressures of unexpected and/or abrupt fortune can develop into emotional and behavioural afflictions. It can also be referred to as an identity crisis. The term Sudden Wealth Syndrome was coined by practising wealth psychologist, Stephen Goldbart, co-founder of the Money, Meaning and Choices Institute (MMC Institute), as he noticed a great increase in symptoms related to gaining a large influx of wealth unexpectedly or abruptly. As a sub-category of abnormal psychology, Sudden Wealth Syndrome is often diagnosed by analysing common symptoms, changes in relationships, and causes. Recognisable signs of developing, or having developed Sudden Wealth Syndrome, include emotional afflictions such as isolation from former relationships, the paranoia of losing one’s affluence, guilt, and the uncertainty or shock due to the unexpected nature of their fortune. These often develop from situations, such as winning the lottery or other gambling activities, unprepared inheritance, cryptocurrencies, and investing in businesses. This sudden influx of challenging emotions can cause an individual to adopt self-destructive behaviours, which include distancing oneself from relationships. Concomitantly, a person with Sudden Wealth Syndrome may notice a change in how their friends, family, and colleagues interact with them upon news of their new financial status. Further self-destructive behaviours include excessive and hasty spending, and inappropriate decision making. Treatment for Sudden Wealth Syndrome is given through therapeutic meetings, clinic visits and seeking advice from psychiatrists, psychologists, and financial advisors for additional support in overcoming the stress associated with sudden wealth. If careful measures are not taken to prevent the development of Sudden Wealth Syndrome, symptoms can lead to further health diagnoses, such as depression, anxiety, and insomnia.
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| - Symptoms
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- Mental Health Disorders
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| - Hiring a financial advisor and preparing therapy sessions
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| - Depression (mood), Anxiety disorders, insomnia
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| - Dependent on a professional psychologist or psychiatrist's diagnosis
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| - Social isolation, paranoia, uncertainty, shock
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| - Seeking help from a psychiatrist
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