Problems only rich people have. 1. Their kids might grow up to become spoiled
Raising their kids goes beyond the norm because somehow even when they try to instil values they
had as children, the wealth they have forms a wedge between morals and financial security.
Many rich people fear that their kids will grow up to be entitled and lack purpose.
One wealthy respondent to a study carried out by Boston College’s Centre on Wealth and Philanthropy
worried that money could mess up his kids- give them a sense of entitlement,
keeping them from acquiring a strong sense of empathy and compassion.
A wealth advisor from a huge and well-known national financial services company
stated that from his experience, the worst consequence for a wealthy family is the inept,
non-self-reliant kids. A majority do not contribute to the growth
and betterment of society and are extremely dependent on their family’s vast affluence
for their survival and that of their offspring. It’s an unwinding vicious cycle.
So perhaps Warren Buffett put it very well when he said a very rich person
should leave his kids enough to do anything but not enough to do nothing.
2. They worry about kidnapping A wealthy heiress who is listed in
Forbes’ Richest People in America list said that she constantly worries for the safety and security
of her kids as they are targets for kidnappers. There’s no denying that there are multiple high
profile kidnapping cases among the super-rich, including the abduction of software magnate Eugene
Kaspersky’s son, Ivan, actual kidnappings are quite rare in the United States. As a matter of
fact, the FBI’s numbers show that there were only 332 abductions of children by a stranger in 2014.
That’s not to say that there aren’t risks involved. Seasoned experts
who provide security to the wealthy told Financial Advisor Magazine that children’s Facebook accounts
can be one of the largest security leaks for a well-off family. Even the presence of a tight
security detail can be undermined when a child posts vacation pics and personal information
on the internet. Criminals can easy access this information and use it to target a family.
3. Friends and family ask them for cash Having a billion dollars basically guarantees
that you’ll have people flocking around you and treating you like a personal ATM.
Valerie Rind wrote in her book, Gold Diggers and Deadbeat Dads: True Stories of Friends,
Family and Financial Ruin, that if a friend or family member thinks that you have money,
they’re more likely to hit you up for a loan than if they think that you’re struggling like they
are. But what they might not realise is that rich people obtain and maintain their wealth
through hard work and smart moves- which don’t include lending large sums of money they’ll most
likely never see again. In addition if you decide to loan money, keep in mind that the
transaction will likely change the nature of your personal relationship with the borrower forever.
An executive who works with the rich said that wealth becomes a family issue
when one has considerably more money than another family member.
Dealing with either the guilt or the obligation to help provide for others can be a lifelong strain.
4. Strangers too ask for money
If people know that you’re swimming in cash, they’re going to ask you for some of it.
A notable luxury travel blogger said that random strangers send her direct messages on Twitter
with tragic stories and money requests. The heiress mentioned earlier also stated that she
frequently receives requests for money donations to everybody’s favourite charities.
There’s even a whole Quora thread dedicated to the question, “How can I get a list of rich people who
are willing to give to families that need help?” One particular respondent replied flatly saying,
“You can’t. And shouldn’t. If they gave that information to everyone that asked, the families
would be flooded with calls, letters, visitors all begging for help. They can’t help them all.”
5. They wonder if their friends truly like them The DailyMail.com recently reported that a Reddit
thread inquired from wealthy people about the drawbacks of affluence.
A gentleman from a wealthy family responded by admitting how hard it was to have friends.
What’s worse is that even after his family suffered a financial set-back, his so called
friends vanished. The guy stated that they ditched him instantly because he no longer had
the cash to buy them drinks at clubs and take care of their bills at expensive restaurants.
He explained how heartbroken he was because he honestly thought they were his friends.
He began to see these people in a different light and when his family bounced back from
their financial situation, his former friends bounced back as well. He told them to get lost.
A few respondents to the Boston College study said they wonder just how many of
their friends are real. One in particular stated that he wonders how many people
they knew would cut ties completely if they thought they couldn’t get something from them.
6. They wonder if their spouse really loves them Imagine you’re rolling in dollar bills and
want to tie the knot with someone who doesn’t have as much money as you do.
And you want to be certain that this person isn’t a gold digger. A majority of the rich people who
were interviewed for a particular interview said they would trust their spouse’s intentions much
more if they got married before they struck gold than if they met their partner after.
Yes, it’s true that the gold digger threat is alive and well.
One self-proclaimed opportunist told the New York Post that some people like dark hair,
some like blue eyes, she just likes a giant wallet.
A blogger with Frustrated Billionaire said that it’s such instances that causes the ultra-wealthy
to constantly question whether the ‘average person’ is really with them for who they are
or for what they have and there’s only one word that applies here; pre-nup.
7. Their wealth can overshadow their other characteristics
People tend to focus on a person’s wealth rather than their other traits
and their money tends to define who they are.
The granddaughter of Roy Disney, the co-founder of the Walt Disney Company, Abigail Disney
related her own experience as a rich person. She said that people say to her straight up, ‘Oh my
God, you must be really rich.’ She continued and said that you don’t get to make a first impression
because people already know what to think about what you before they even shake your hand.
It’s true to say that there’s more to a person than the money they have
and shouldn’t always be the first thing that comes to mind when you mention their name.
8. If you’re famous as well, you lose your privacy It comes as no surprise that if you’re famous
aside from being rich as well that you’ll lose much of your privacy. Gone are the days that
you could simply go out to a restaurant or a store or anywhere else really without a
slim chance of being recognised, approached, photographed and possibly even gossiped about.
Many wealthy people have to put up with people who go through the trash they put out every week
with some having to find more private ways to get rid of the garbage.
9. People who don’t know them criticize
No matter what they do or don’t do, the wealthy will never pass without some criticism. The moment
people find out that you’re rich they’ll usually have negative assumptions or thoughts about you.
Of course there are certain stereotypes about the rich. People assume that you’re shallow, greedy,
power hungry, materialistic and you have no clue what it feels like to be an average person.
They may assume that you acquire your wealth out of luck or probably you cheated or took advantage
of various loopholes. There’s no doubt that some people became rich through luck or committing
fraudulent acts such as evading taxes. Some people even view your having become wealthy
as a loss for them, as if one individual’s good fortune is linked to the bad luck of another.
10. They’re more prone to lawsuits Where there’s money, there’s a trail
of lawyers following behind, and dishonest plaintiffs who are more than ready to take it.
Bryan Clayton, CEO of lawn care service platform, Green Pal and an entrepreneur
who built his business to eight figures, said that the one thing that really caught
him off guard in regards with wealth are the lawsuits. The CEO said that it’s not
funny when once a month a stranger pops out of the bushes and says you’ve been served.
According to a survey by Prince and Associates referenced in US News World Report,
less than 20 percent of people with a net worth of $ 1 million worry about being sued
while, 80 percent of those with a more than $ 20 million net worth had the same fear.
Renowned entrepreneur and Shark Tank Regular, Mark Cuban, has reportedly said on the show
that he’ll refuse investments if there’s even a small chance of him getting sued.
11. They suffer from disappointment
What do you do when you already have everything you’ve ever wanted. You may no longer have goals
like you used to because you can have anything you want without working hard for it. The satisfaction
that one gets for having earned something through their own efforts is non-existent because you
haven’t had the time to yearn for or save for it. Buying whatever you want whenever you want
may not bring the delight you initially expected it would and you find yourself still unsatisfied.
The assumption that many people make is that once you have millions of dollars, they’ll be happy and
all their problems become a thing of the past. This isn’t usually the case though. The thing is
if you were generally unhappy before you got rich, chances are you’ll still be an unhappy person.
12. They don’t trust the people who handle their assets
Wealthy people almost always hire people to manage their portfolios,
households and other assets. When a lot of cash is at stake, some find it hard to trust those
who manage it. An estate manager based in San Diego relayed the story of one of his clients
who hid a million dollars in gold coins under his bed. After the man passed away,
his personal assistant stayed in the house and the rumoured gold coins were nowhere to be found.
13. They worry about everything Stock fluctuations, Federal Reserve and interest
rates, falling real estate prices, and global currencies. These can all affect your wealth.
The rich may not have to worry about true poverty, but they always feel like they’re one stock market
crash away from losing everything. It’s said that money isn’t important unless you don’t have it.
But what remains true regardless is that money can ease some worries, but others will always remain.
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