17 Downsides To Being Wealthy Most People Never Consider

Written By Lisa Marley

Many great things come with being wealthy; you can often do what you want when you want, and not have to worry about the cost. However, not everything is positive. Here are 17 negative things about being wealthy that no one tells you about.

The Isolation of Affluence

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Wealth can often lead to social isolation. Many people act like they want to be your friends when you have money, but few actually mean it. Many rich people are socially isolated because they can’t trust the people around them to have genuine intentions, and they struggle to find real relationships.

Increased Anxiety and Mental Health Issues

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Headwaters reports, “Anxiety over retaining wealth or fear of financial downturns in one’s fortune or investments can lead to chronic stress and worry.” Many people who have created their own wealth have been hard-working, driven individuals. They can put unneeded pressure on themselves to sustain or increase their wealth further.

The Burden of Expectation

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Children of successful, wealthy families can often grow up with extreme pressures in their lives. Some can expect them to go on to achieve the same success or even better than their parents. This can cause a lot of stress and negatively affect their mental well-being.

Addiction and Substance Abuse

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Some wealthy people are known to struggle with addiction or substance abuse. Being rich can often come with its own stresses and pressures. People can turn to quick fixes to try and cope with these pressures, and being wealthy means they’re easily affordable.

Wealth Management

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Some will say getting rich is the easier part, but maintaining your wealth can be difficult. This can be stressful for many wealthy people. When you’re rich, you’re presented with more investment opportunities, but picking the right one that will increase your wealth and not reduce it can be hard.

Relationship Strains

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Wealth can bring strain to a relationship. According to Psychology Today, this strain is apparent in the busy and demanding lives that often come with affluence, which distracts from the core relationship. Also, people can become overly demanding and expect financial support just because someone has more money.

Diminished Life Satisfaction

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Often, what keeps us motivated to get up in the morning is to achieve our goals and life purpose. For most of us, we’ll chase this the majority of our lives, but for the rich and successful, they have likely already achieved it. They then struggle with a lack of purpose, and life becomes unsatisfying.

Lost Privacy and Scrutiny

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For the ultra-wealthy, there’s often public or media attention. This can be extremely difficult to deal with, especially when it starts to become negative. It can be hard to manage mentally, and keeping aspects of your life private can become nearly impossible.

The Illusion of Control

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Wealth can affect people mentally, making them overconfident. Having lots of money can make people feel in full control of their lives, which can lead to rash decision-making. People start to make risky decisions, and when these are financial decisions, in some cases, it can end badly.

Perpetual Fear of Loss

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The more you have in life, the more you can lose, and this becomes a great fear among wealthy people. For example, CEO of Rein Global Hermina Reicher reports that “the pain experienced from a loss, whether it’s monetary or any other valuable possession, can outweigh the pleasure derived from gaining that same item.”

Reduced Empathy and Social Skills

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It’s common for wealthy individuals to lack empathy and social skills. Wealth can impair someone’s ability to empathize with others, especially if they come from different socioeconomic backgrounds. They can also view social interactions as transactional instead of making true, meaningful connections with others.

Dependence on Material Success

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Wealthy people can sometimes have the wrong view of what true success is. They can often get drawn into material things, such as having a nice car or getting a bigger house. This can blind them from understanding other important aspects of their lives, such as personal relationships and their health.

Vulnerability to Financial Scams

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The wealthier you are, the more vulnerable you become to financial scams. Some people, unfortunately, can view wealthy people as an opportunity to get rich themselves. They can market investments as great opportunities for rich people, but it can be a scam to take their money.

The Compulsion for More

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Success has always driven wealthy people to achieve their goals. Unfortunately, at some stage in life, this can become negative. They don’t know when to stop chasing money and enjoy simpler pleasures. The compulsion for more can make them neglect important relationships and life’s simple pleasures.

Alienation from Community

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Wealthy individuals can sometimes feel alienated from their community or society in general. The Harvard Business Review reports, “The wealthier we become, the more likely we are to erect boundaries between ourselves and others—for example, by living in a bigger house with a fence around it.” They can often feel out of place and struggle to engage with people in their community.

Misalignment of Personal Values

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Having money can make some people struggle to stick to their values or see their values change altogether. This can be common when maintaining their wealth if it involves going against their personal values. Individuals can struggle with the internal conflict of wealth and their ethical beliefs.

The Cost of Security

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Being wealthy makes you more vulnerable to possible crimes. Something many have to consider as they get richer is the level of security they require. This can include increasing the security systems at their homes and having personal security guards with them to protect them against any possible threats.

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