Mad About
Money
FINANCIAL RUIN
NECESSARILY
FOLLOWS FROM
BEING FINANCIALLY
WELL-OFF IN THE
FIRST PLACE. THIS
MEANS THAT IF YOU
THINK GETTING
A LOT OF MONEY
WILL REDUCE
ALL YOUR MONEY
PROBLEMS THAN
UNFORTUNATELY
YOU ARE HIGHLY
MISTAKEN. RICH
PEOPLE GO BROKE
TOO AND STARTING
FROM MULTI-
MILLION DOLLAR
WORTH ATHLETES
TO LOTTERY
WINNERS, THERE
ARE NUMEROUS
EXAMPLES ALL
AROUND US WHERE
PEOPLE WHO HAVE A
LOT OF MONEY WERE
EVENTUALLY NOT
ABLE TO HOLD ON
TO IT, RESULTING IN
FINANCIAL RUIN IN
THE PROCESS.
SO WHY DOES THIS
HAPPEN? WHY DO
RICH PEOPLE GO
BROKE? AND WHY
CAN’T PEOPLE
HANDLE MONEY
WHEN ONE HAS
IT? THE ANSWER IS
SIMPLE – THE ALL
TOO TYPICAL AND
USUAL ‘NOW THE
WORLD IS MINE’;
SYNDROME.
‘WORLD IS MINE’
SYNDROME –
WHAT IS IT?
When you suddenly get your
hands on a lot of money, be it
an inheritance or a lottery win
or even a business deal that
went the right way, you feel
that the world is yours! It can
be of course, but you need to
strategically plan for it! The
‘feeling’ per se can do more
damage than good and more
than often leads to complete
ruin! Let’s see why and how.
YOU TEND TO
OVERSPEND ON
YOUR ‘DREAMS’:
Let’s face it, when you
suddenly win a lottery
and feel that the ‘world is
yours’, what do you do?
You go around splurging it
on things which you have
always dreamt of but could
never afford. That luxury
bungalow, the sports car,
perhaps a world trip? So
basically you just splurge
it all off and get back to
where you started from!
Nothing can be sadder.
If and when you have a
chance of changing your
life forever and maybe the
generations to follow, you
should sit back, plan and
judiciously and intelligently
categorize your spending
so that some goes towards
such things but mostly the
money is used to make
more money…so that the
entire corpus doesn’t dry
up and you can sustain your
new standard of living!
YOU TEND
TO BECOME
GENEROUS
TOWARDS THE
WORLD:
After your inner need to
show the world that you
are rich, comes the next
dangerous need – the need
to be generous towards
your near and dear ones.
Many of your dear friends
or family might be short
of cash and in some kinds
of a problem which would
get sorted if only there
was a little money. A little
push in the new start-up
business, a sudden medical
emergency, a marriage, the
list is endless. You might
suddenly feel bad if you
do not help them out in
their times of need when
you possess so much
money. Well, sadly – this
is yet another sure shot
way towards financial ruin.
Such benevolent acts
unknowingly spiral out of
our control and honestly,
most of these you will
perhaps never get back.
Even if you do, it would
be without interest or any
other kind of ROI.
So the ‘world is mine’ feeling
can eventually make you
a popper again if you don’t
step on the brakes now.
Remember, the world can
be yours only and only if you
can sustain this money. Get
yourself a financial planner,
categorise your money, divide
it into chunks of savings,
investments, debt payments
and spending and then sit
back and sip on that drink…
finally you have done your
best to make the world yours.
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