Many people are always talking about the struggles of living with financial issues. If anyone wealthy were ever to talk about their problems, they’re usually labeled as “first world problems.” However, rich people do suffer from legitimate problems like “normal” people. As the old saying goes, being rich doesn’t mean all your worries and problems will go away. Money doesn’t buy happiness after all, right? With that being said, here are eleven of the most common worries of financially successful people.
1. Will my friends and family ask me for money?
Of all the rich people I’ve met, one common worry I hear is that they are always getting asked for “loans” and investments from family members and friends. It’s a common belief that once you reach the top, people at the bottom want a hand up themselves. While it’s great to help people you’re close with, it can all add up financially. Before you know it, you’ve essentially given away a good chunk of your wealth. One friend I know admitted that he’s “loaned” millions of dollars to friends and family in the past couple years!
2. Does my spouse really love me?
Although a recent study argues against the fact that it even exists, the stereotype of the “gold digger” or “trophy wife” has been around for quite some time. For anyone that met their loved ones before wealth, the worry is most likely not there. However, for those that found them after wealth, the worry of whether your significant other really loves you for you or your money will linger.
3. Will I get sued?
In a series of surveys done by Prince & Associates, less than 20% of people with a net-worth of $1 million worry about being sued. However, over 80% of people worth $20 million or more worry about getting sued. Mark Cuban even mentions on Shark Tank how he will turn down deals to invest if there’s even the slightest chance of him potentially getting sued.
4. Will I have enough money for the future?
According to a recent survey by Lincoln Financial Group, 48% of millionaires admit that they worry about having enough money to live out their rest of their years comfortably. Obviously, this can fall into the realm of “first world problems,” but when you get used to a certain lifestyle that you’ve worked hard for, it’s normal to worry about losing it as you age.
5. Am I healthy enough?
In the same survey mentioned above, 54% of the millionaires worry about their health in retirement. One of my poker friends once told me that people tend to worry about gaining financial stability early on, but after they attain wealth, the next thing to work on is health. This makes perfect sense because after you get rich, you’d want to make sure you live long enough to enjoy all your wealth right?
6. Does this person really just want to be my friend?
The more successful and wealthy you get, the more attention you attract. Because of that, you’ll find it harder and harder to meet “real” friends who just want to know you for you. In the words of The Playboy King of Instagram Dan Bilzerian:
“…I’m kind of a no new friends type of guy you know? So everybody’s here like they’re trying to get something and everybody’s got a f*cking business idea so I don’t really listen to that shit. I’m not trying to filter through any of that stuff anymore. I do business with people I know and I kind of leave it at that. I don’t know, after you reach a certain point, everybody is trying to pitch you their idea… You just got to shut it all off so I don’t even pay attention to those people.”
7. Am I being made a fool?
When you attain wealth, you’ll most likely want to manage that money properly. This is done by hiring people to invest in portfolios for you and make sure your money is being used properly. However, how do you know the people you hire are really making moves that are 100% to your benefit? It’s hard to keep track because managing all these people you hire is a job on it’s own. According to an article on Forbes:
“Managing a large fortune composed of liquid and physical assets, scattered in various geographic locations, can be a time-consuming task that’s separate from the job of running the business that generated the wealth in the first place, says Amy Braden, head of the Family Wealth Center at J.P. Morgan Private Bank in New York, which serves clients who’ve amassed fortunes worth more than $25 million.”
“There actually is work in overseeing that,” she says. “People might be surprised about the extent to which wealth can be a burden. It doesn’t take care of itself and those who are wealthy and have a sense of responsibility about that wealth, take that responsibility very seriously.”
8. Am I really happy with myself?
Although conventional wisdom states that money isn’t the key to happiness, it does indeed solve a lot of problems. The allure to money is hard to resist for any normal human being. Many look to pursue it only to discover that their level of happiness hasn’t changed compared to when they didn’t have wealth. This notion is supported by countless stories of lottery winners who, only after winning their fortune, discover that wealth actually brought more sadness and hurt into their lives.
9. Will someone steal my identity?
Data from studies done by Prince & Associates revealed that 45% of middle-class people fear getting their identities stolen. However, 74% of those at the highest level of wealth say they’re concerned about this issue; some even go as far as losing sleep over it. It is certainly a valid worry that most identity thieves target those with great credit history.
10. Will my company be okay?
Anyone who’s attained a certain level of wealth are most likely business owners or manage some sort of a team. While personal mistakes can be bad, those same mistakes could cost your company a lot and force you to lay off people. Unless you’re a sociopath, taking people’s jobs away when they have families to feed doesn’t sit well on any healthy conscience.
11. Will my children turn out to be spoiled brats?
One of the hardest things about being rich is keeping your kids grounded when you have them. You need to teach them the meaning of hard work and making it on their own while living the great life you’ve worked so hard to build for yourself. According to Forbes:
“About 30% of those in the $1 million to $5 million bracket worry about teaching their children how to manage money. That number doubles at the highest tier. Balancing family and business interests worried 23% of those in the lower range and 60% in the highest.”
“They are concerned that [their children] be in control of the money, rather than let the money be in control of them,” says Jon Gallo, co-author with his wife Eileen Gallo of Silver Spoon Kids and The Financially Responsible Parent: 8 Steps To Raising Successful, Generous, Responsible Children.
Children in affluent families often “have a tendency of confusing self worth with net worth,” Gallo says. “Parents don’t want kids to grow up thinking that the qualities of their friendships with others are a function of the brands of clothes they wear and the cars they drive.”
People like David and Victoria Beckham has done things like make their son take a part-time job at a local coffeeshop in order to stay grounded. Mark Cuban also has explained in past interviews on his efforts in making sure his children don’t turn out to be spoiled brats.