Is it Harder to be Wealthy?

by Fusion 360 Studios Digital Marketing Specialists

Honestly, it’s probably not hard to be wealthy, whether you’re from Idaho or the East Coast. But being extremely wealthy does have some drawbacks. Besides capital gains, estate tax, and income taxes, money can come with a lot of personal problems.

For one thing, it has been proven time and time again that money doesn’t make you happy. Financial stability can improve your quality of life, but people with massive amounts of money tend to get depressed just as often as people with average income. The thrill of being on a new yacht for the first time will eventually become a feeling you get used to and it will be replaced by the jealousy of your billionaire neighbor’s slightly bigger yacht.

Money can also become consuming. Financial advisor Felix Denis actually counsels people to stop trying to make money after a few million, because it becomes a waste of time trying to satiate a goal with where no amount will ever be enough. You may dream of going from rags to riches with a lucky slot machine or lotto ticket, but lottery winners from Idaho to New York often find their lives ruined after a windfall changes their family and work dynamic.

A financial advisor may also counsel that mass amounts of wealth make one more vulnerable to fraud and even blackmail. Learning to trust strangers and love interests may be a lot harder when you have cash to lose. Overall, being financially stable is linked to lower divorce and crime rates, but there is no evidence that being filthy rich is all that great.

Jillian Eaton is a finance writer. Information provided by Sanctuary Wealth Management. Jillian writes for Fusion 360, an advertising agency in Utah. Find her on Google+.