Although inheriting a fortune might solve some financial issues, it can also create a lot of new problems. In this article, you’ll see 19 reasons why getting rich quickly can be problematic.
Getting rich overnight might seem like a dream come true, but it often comes with consequences. Stress can come from worrying about keeping your money. According to the United Brain Association, stress is often called the silent killer. It messes with our normal bodily functions.
A survey by Orion says that about 42% of U.S. adults argue with their significant others about money. These arguments happen frequently, with 27% stating that they fight about money at least once a month. Money—even having a lot of it—can put a strain on your relationships.
According to US News, there are many contradicting studies on money and well-being and whether more money does indeed make you happy. Instead of making life happier for some, money has made them feel more lonely and has pushed them into cycles of self-destructive behavior.
Having a lot of money can also put a lot of pressure on you. The pressure to maintain an affluent lifestyle is something that concerns people with a lot of money. They are often so concerned about what people will think of them that they go to extreme lengths to hold onto their fortune.
A 2019 poll shows that 52% of Americans report working over 40 hours a week. People who inherit a lot of money find themselves working extra hard to hold onto the money and keep up appearances. The overtime makes them feel exhausted.
According to Clockify, a full-time job in the U.S. means an individual works 36.4 hours a week. People who inherit a lot of money often find themselves working extra hard. Because of this, they feel like they’re missing out on the enjoyable parts of life, like spending time with friends.
Strained Family Relationships
Although having more money will buy you things, it can’t buy good relationships. People who inherit money are often tempted to buy toys and games for their children instead of spending time with them. Because the relationship with their parents becomes based on things instead of quality time, the children become distant.
Poor Lifestyle Choices
Yahoo Finance says that Americans spend $100 billion a year on the lottery. When people suddenly inherit money, they often begin to waste the money on things they wouldn’t have before. They use it to gamble and spend it on alcohol, drugs, and partying. All of these lead to bad lifestyle choices that often land the spender in debt.
Getting a lot of money all of a sudden can put a lot of pressure on your relationships. Some of your friends may feel envious of you and retract their friendship. Others might become your friends just because of what they can gain. It can be hard to find true friends when you have a lot of money.
If you suddenly end up with a lot of money, some family or friends might put pressure on you to help them out financially. While you have the means to do so, you’ll no doubt be happy to help, but if you’re struggling to maintain your fortune while supporting everyone, you’ll begin to feel overwhelmed.
Inheriting a fortune might make you a materialistic person. Instead of earning what you can and then spending time with friends and family, your focus might turn to earning more and more money and obsessing over your material possessions. This attitude is offputting to the majority.
The more you have, the more you have to look after. Having a lot of material possessions can make you concerned about how you’re going to protect them. You might need to hire personal security, which may make you feel like you’re always in danger.
Having a lot of money will put you at a higher risk of theft. You’ll need the best security cameras and perhaps even bodyguards to look after your fortune. Whenever there’s a good security system out there, there’s always someone trying to break into it.
Loss of Personal Values
People who suddenly inherit money want to stay rich, but unfortunately, many will go to great lengths to do so. Some will even compromise their ethical and moral values to maintain their standard of living and may end up doing things they’ll later regret.
Distraction From True Interests
When people get rich quickly, they often do anything they can to hold on to their money. Instead of pursuing the career they love, they might turn to doing something else just because it pays well. These people can find themselves slogging for hours over work tasks that they don’t enjoy doing.
Inheriting a lot of money all of a sudden can make you feel very insecure. You might have a lot of concerns about how you’ll hold on to the money. You might be concerned about your relationships and not know who your true friends are.
Lack of Self-Worth
People with a lot of money tend to think that their value and their self-worth are tied directly to how much money they have. So, when they see their fortune going down, they automatically view themselves as failures and feel worthless. Their self-esteem level is completely dependent on their bank balance.
Lack of Privacy
People who have inherited a lot of money often find themselves the subject of a lot of media attention. This lack of privacy can be concerning for many, especially families with young children who don’t want them to grow up in the public eye.
Those who have a lot of money will want to leave something behind for their children and grandchildren. But some family members may put pressure on them to leave behind a lot more money than they had bargained for. This might put a financial burden on them that’s too much to carry.
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