Undoubtedly, as many know, the key to financial freedom is to be able to earn enough money to achieve it. All of your debts were liquidated and you can be aware of all the expenses that your lifestyle will bring. And while many of us dream of being millionaires, winning the lottery and achieving that dream, not all people feel that way. In fact, many of those who fear becoming rich often use the following reasons. If you are afraid of earning more money, then you are likely to have one of the following reasons to be anxious or scared.
12. WORRY ABOUT THEFT AND / OR SECURITY
As the old saying goes, “more money, more problems”, and many people support it. One of the biggest problems that brings more money is that part of it is stolen. This also raises a concern for safety too. The more people know that you are rich, the greater the chances of being targeted to be robbed. On the other hand, the more wealth you have, the more likely you are to be a victim of scams.
11. HIGHER TAXES
Another compelling reason is taxes. While taxes are very confusing, the general rule is that the more you win, the more you pay. This aspect can mean a lot to people if they suddenly enter into money and are pushed into a tax category to which they are not accustomed. And surely you can be hiring someone to do your taxes for you, but even that can be expensive. There is the cost of paying the person, but you can skip things sometimes or write down numbers incorrectly and you may end up paying more. It is possible that it affects so much if you were in a lower category, but that potential can make people fear to earn more.
10. MONEY REQUESTS FROM FRIENDS AND FAMILY
Although being honest here, the main reason why people avoid becoming rich is probably due to the requests they may receive. Once family members know you are rich, many expect you to fulfill their requests. The same applies to friends. They will mention the fact that they have been loyal to you for so long or that you are destined to take care of your family as reasons to help them financially. Relationships become much less pleasant and the person is interested in being close to you because of your money. This scenario is quite possible and that is why many want to avoid becoming rich.
09. MAINTAIN THE LIFESTYLE
If you’ve read heritage management books, some of them talk about living within your means. The problem is not that many people apply this information or have even read books on money management. Instead, they rely on the habits they have built. Unfortunately for many, once you get a paid upgrade, your standard of living improves.
Then, in the event that they are earning much more money, people raise their standard of living instinctively. And it can be very difficult to resist temptation. So much that people are afraid of getting that wealth.
It is not strange that people who become rich begin to compare themselves with other rich people or families. Then they are pressured to “stay at the same level as the Jonesses” so that they find themselves in an expensive trap that is inevitable. This forces the person to do only one thing: work harder to attract more money.
08. INTENSIVE WORK
The last point brings me to this next point, which is harder work. Many people think that the rich people have it easy, but this is not always the case. If you get caught up in that rich lifestyle, you should earn more money. What this means is that you will have to work harder if you intend to maintain your current status. And many are not ready or willing to meet that demand. Because although being rich has benefits, there is a lot of work to keep it from what only some realize.
07. DRESS AS RICO
In the same line that maintains the lifestyle, many have the expectation that you should also look like one. This means dressing rich and that is expensive. Many of the world’s wealthy people spend fortunes on Gucci or Versace designer clothes and that might not be the lifestyle you’re looking for.
06. CHARITY REQUESTS
Along with friends and family who ask for money, you can also have charities at the door of your house. While they may not be as aggressive as your friends or family, the problem with charities is that there are many. There is nothing wrong with being generous and helping others as much as you can, but the idea of choosing among which, if any, can be a great stress for many.
05. POOR WEALTH MANAGEMENT
One thing I’ve been referring to is that, in general, most people who make a lot of money tend to make bad financial decisions. With a lot of money comes a great responsibility. And while reading financial books is very useful, many of those books will suggest seeking financial advisors or fund managers. But that can be very expensive, particularly when you’re very rich. Some financial advisors do not always consider your financial interests. On top of that, if there is a mismanagement of your assets, it could be on a larger scale if you have more money. The fact of never having that amount of money is one thing, but it is harder to justify being rich and justifying having all that money and then losing it.
04. IT IS MORE LIKELY THAT YOU EXPERIENCE ANXIETY AND DEPRESSION
Some say you can buy happiness once you have satisfied all your basic needs, but for many that is false. In fact, when observing the behaviors of the rich, you will see something different. With all that I have mentioned, there is no doubt that there is a lot of pressure on people and for many that pressure is too much. This pressure from a variety of sources can lead them to a state in which they are depressed or anxious. It can be so bad that they need to spend more money on therapy to stay happy.
03. YOU CHANGE
When people have money, you will begin to see a massive change in personality. As I said before, many people begin to change their lifestyle and environment and that affects people on a massive level. The values they had before have completely changed and when people do this, they can not always change for the better.
02. BEING IN THE PUBLIC EYE
When you are rich, it becomes incredibly difficult for people not to know about you. If you are famous, it is likely that most people know something about you. Whether on a national scale or just in the people around you at work and in the city, that form of advertising can be a lot for people to handle.
When everything is done, you finally have the inheritance. Once you die, who exactly is going to get your wealth? This can be a fairly easy task in some situations, but for others it can be a massive source of stress. Of course, there is all the legal jargon you need to understand, but if there are many people in your family, they can discuss who gets what. And those arguments can cause divisions in the family and cause problems during the process of formulating your will as well.
Do not make mistakes, being rich has its advantages. And if you’re smart about it, you can avoid many of these problems. But it is also important to know some of the problems and drawbacks of being rich, as they are often overlooked when people seek their wealth.