It would come as no surprise to anyone that the rich have a certain set of advantages that others cannot. They are healthier, more satisfied with their lives, and - most importantly - have ridiculously large sums of money, which is a reward in itself.
The benefits of wealth have long been debated by philosophers and hobbyist finance bloggers, and everyone concludes that having a lot of money is awesome!
However, they are not telling you that there are quite a few issues that follow, which are overlooked due to the unspoken social stigma surrounding money. And no, this is not about "my mansion is too big." As a wealthy person, you face real challenges that affect everything from health to personal relationships.
10. Alcoholism
Unknowingly, many people intuitively associate alcoholism with the stress of lack of money and poverty. But in fact - according to one study - alcoholism is more prevalent in the wealthy segment of society. Research by the Norwegian University of Science and Technology has been carried out in more than 40 European countries. They found that the UK, Ireland and Portugal are the most alcoholic drinkers, although alcoholism varies from country to country in different walks of life. Thus, in almost all of Europe, the rich drink much more than the poor.
Other studies suggest it's an access issue - rich people drink a lot because they just have more alcohol to drink.
9. Anxiety and depression
Without a doubt, wealth reduces stress and increases life satisfaction, but it also brings with it other psychological problems.
Many studies in the past have linked wealth to high rates of various mental disorders, such as increased anxiety. One study found that children from wealthy suburbs were more likely to show signs of social maladjustment - for example, higher levels of anxiety and depression, narcissism, and substance abuse.
8. New money only brings temporary happiness
It is believed that almost all problems can be solved simply by getting rich, but with the help of this list, we will prove that this is not the case at all. Wealth is associated with a range of short-term and long-term problems that do not pay off in benefits.
By making money, you do not increase your happiness until you achieve something truly great. Research also proves this; While it is true that making more money is rewarding, it works until you reach a certain number. After that, more money hardly affects happiness levels. This means that a person with a capital of ten million dollars will be as happy as a person with a hundred million dollars, although in order to earn the remaining ninety million, you will have to work hard.
7. Boredom
The main motivation to get rich is that the prospect will be freed from work altogether. Imagine how much free time you would have if you had enough money for the rest of your life?
Having a lot of money gives you more freedom than working people - and it gets boring quickly. This is one of the biggest disadvantages of wealth, according to one millionaire. working for food and a roof over your head not only provides them, but also motivates you to achieve more (mainly - the food is tastier and the house is better). Lack of this motivation and drive often leads to serious problems such as depression.
6. Wealth reduces the willingness to take risks.
There is a general consensus that the richer you are, the more you risk, simply because you have something to risk. While this sounds logical - rich people do have a lot more opportunities to, for example, invest in a risky startup - science says that this is not the case, especially when it comes to big money.
Research shows that wealthy people only take more risks when the amount is relatively small. When it comes to large sums of common wealth, they are actually the wisest of the spenders.
5. Stress
Looking at how bad the labor market is right now, it's fair to assume that the poorer part of the working class will be the most stressed. Millennials and younger generations are under higher stress levels than any previous generation. From surging student debt to exorbitant rents in most cities, it all makes life difficult for the poor and young.
However, this perception is far from the truth. Quite a few studies show that older and wealthier workers report higher levels of work stress than their younger counterparts. While this may mean that wealth comes with stress, it also means that younger, less experienced professionals are simply more tolerant of day-to-day work problems.
4. Guilt for wealth
As the world prepares to experience another economic downturn, the distinction between the haves and have-nots becomes ever sharper. Regardless of where you look, there is a growing and rapidly spreading wave of discontent with rising inequality. This issue first came to public attention after the 2008 financial crisis.
One of the social consequences of the wave of unrest is the growing sense of so-called "guilt for wealth", and the name fully reflects the essence of the phenomenon. The rich - even those who earn honestly - are increasingly taking steps to avoid looking too rich, which is not at all like the "got something - show" style of the early 2000s.
3. Wealth reduces generosity
If you conduct a survey among others on the topic of charity, you will find out that quite a few people do not do it simply because there is no financial opportunity. This is true and even suggests that generosity depends on how much money you have.
Unfortunately, this is not at all the case, and this has been proven by many studies in the past. Wealth actually makes you defend what you have and makes you less generous.
2. ... and empathy
Some studies show that the richer and more powerful you become, the less empathy you have for the plight of others. Sounds depressing, however, there are evolutionary reasons for this.
In ancient times, in the days of hunter-gatherers, it was believed that any distraction or sympathy by the leaders for an injured member of the pack could jeopardize the safety of everyone else. Low levels of empathy helped leaders do their jobs and survive, which allowed them to successfully pass on their genes. This is why the people with the most power do not strive for change in society - they are simply not evolutionarily attuned to it.
1. Narcissism
It's not fair to row an entire group with the same brush, but the "spoiled rich" stereotype is too common not to be mentioned here. It is widely believed that wealth is followed by selfishness, but is that true?
Scientific research supports this stereotype. Five studies show that wealth is often associated with narcissistic tendencies - for example, the love of admiring oneself in the mirror. But the reason for this is not as simple as "rich people are just assholes."
Possessing more money than others has social and psychological consequences of reduced trust in others, since it is never known whose love is sincere and whose is money-driven.This makes you trust only yourself, which is not a very healthy way to live in society, and leads to psychological problems like narcissism.
We recommend seeing:
A video clip where the rich talk about the cons and complexities of their life. This video proves that having money doesn't always make you rich!
