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How to Cope with the Crushing Weight of... Success?

Nov 23, 2021 10:00:00 AM

Award winner cryingWhile we are programmed to fear failure, success can pose its own set of challenges and problems. As investors and entrepreneurs, we know that success rarely comes to us overnight – but it can still seem sudden and overwhelming when it happens.

What is Sudden Success Syndrome (SSS)?

Sudden success syndrome, also known as sudden wealth syndrome, is a psychological condition that creates a crisis of identity when people achieve sudden success or wealth. While initially we may feel euphoria, these feelings give way to fear, anxiety, disappointment, and social withdrawal.

Even if you never suffer from sudden success syndrome, success does change your life in unexpected ways.

You may:

  • Experience imposter syndrome
  • Encounter those who want to take advantage of you
  • Fear being unable to sustain your success
  • Fear losing your newfound wealth
  • Be afraid to say “no”

Here's how to deal with sudden or unexpected wealth and success...

5 Ways to Actually Cope with Sudden Success

Anticipate Your Success

If you’ve been working hard and working smart, success should come as no surprise. You might have a contingency plan for failure, but you’re less likely to plan for success. Ask yourself:

  • What will I do with sudden or unexpected wealth?
  • What are the next steps for my business as it grows?
  • How will increased capital impact business capacity, operations, and scaling?
  • How should my lifestyle change in light of newfound wealth?

Take a Step Back

Sudden success creates a rush of feel-good endorphins, like dopamine. You will feel overwhelmed and unsure of next steps. After all – you don’t want to mess up your good fortune.

Remember: your success is not a fluke. It’s not random chance. It is a result of making the right choices at the right time.

Before you act, step back. Assess what you have gained and create an actionable, sustainable plan for moving forward, replicating your success, and growing your business. Take a deep breath. Sleep on it. Make a new budget and explore opportunities that are opening up to you. Don’t overthink it. Don’t be afraid to lose it.

Hone Your Communication Skills

Gif of someone running through an unhappy crowd

Sudden wealth can bring a lot of weirdos out of the woodwork. Right now, you need to home your communication and leadership skills. Know how to say no, how to identify those who want to leech off your hard-earned money, and how to guide your team through times of change. Change – even positive change – can throw a wrench into the machine. Be the one to take the reins and steer your business in the right direction with a focused, dedicated team.

Be the source of stability, vision, and motivation as your business grows, expands, and reaches new heights.

Consult a Financial Advisor

You’ve heard of the “lottery curse.” We all have heard stories of celebrities and lottery winners who experience sudden wealth only to lose it – and often more – under disastrous circumstances. Bad decisions can be prevented by consulting a trusted financial advisor. They can help you see your financial situation with clarity so that you avoid over-extending your new resources, choose proper ways to invest and leverage your wealth, and how best to protect that wealth moving forward.

Don’t neglect this step. Every business, regardless of their level of success, benefits from financial planning and counsel. Make it a regular part of your business model whether you experience a sudden windfall or not.

Invest in the Future

With success comes the desire to celebrate and enjoy it. There’s nothing wrong with that! However, living too much in the moment can result in reckless spending and unwise financial decisions. Having more money may mean you can stand to take more financial risks, but you don’t have to. In fact, it is far more prudent to invest in your future.

A common rule of thumb for business owners is to “pay yourself first.” Think about this pay not as disposable income, but an avenue for building financial security and freedom.

Invest. Pay off burdensome debts. Set up accounts for your children or grandchildren. Bolster your emergency funds and savings.

Whatever you do, make your money work for you and for your future. Don’t waste your precious resources by living the high life. Instead, set the stage for future, sustained success and wealth by looking beyond this present moment.

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