Rags to Riches to Rags: Sudden Wealth Syndrome


Unexpected money ... For some it's a blessing. For others, it can bring on sudden wealth syndrome. As part of our season-long series Project Money, we're sitting down with the newly rich for a look at the surprising consequences of sudden wealth.

"I have the 2014 Shelby. I have the 2013 F-250. A have a 2013 V Star, motorcycle V Star ... and I've got two quads.

Wayne Hiltz may never need a lift again. Having won the lottery, he has several rides to choose from -- one of which set him back about $90, 000. Pretty steep for a guy who just months ago was living on welfare in Newfoundland.

Guest: Alex Lasarev

Rags to riches is something Toronto-native Alex Lasarev knows well. When he was eighteen, his mother died. Suddenly, he found himself with one million dollars in the bank ... and a lifestyle to match. But six years later it was all gone. He joined us from New York City.

Guest: Joan DiFuria

For those of us who haven't crashed headlong into money, it's hard to believe there can be a downside to wealth. Let alone one that has a formal name.

Sudden Wealth Syndrome is a term coined by the Money, Meaning and Choices Institute, a group offering business and psychological guidance to the wealthy. Joan DiFuria is co-director of that institute and co-author of the book "Affluence Intelligence."

This segment was produced by The Current's Suzanne Dufresne and Catherine Kalbfleisch.

Want to weigh in? Tweet us @thecurrentcbc or e-mail us through our website. And you can always call us toll-free at 1 877 287 7366. And as always, if you missed anything on The Current, grab a podcast.

Coming up in November: Guest host Gail Vaz-Oxlade

GailHeadshot.jpgCanadian financial writer Gail Vaz-Oxlade has made a name for herself advising people how to get out of debt. She hosts the TV shows Til Debt Do Us Part, Princess and Money Moron. So if debt is closer to your reality than suddent wealth, we're interested in hearing those stories from you too. let us know about your struggles with personal finance, and there's a chance Gail Vaz-Oxlade will be able to help you out.

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