Rich people tend to be a source of envy and distrust, so much so that we may even take pleasure in their struggles, according to Scientific American. University of Pennsylvania research demonstrated that most people tend to link perceived profits with perceived social harm.
The impact of wealth on mental health
Behind many wealthy lifestyles lies suffering, pain, childhood trauma, addiction, and depressive states. Riches may provide for a privileged education and upbringing, but children in vastly wealthy families often grow up feeling isolated and unloved.
Finances and money elicit so many emotions. Unfortunately for many of us, those emotions can be negative, like shame or fear, and keep us up at night.
Money problems can affect your mental health
Certain situations might trigger feelings of anxiety and panic, like opening envelopes or attending a benefits assessment. Worrying about money can lead to sleep problems. You might not be able to afford the things you need to stay well.
Daisy Grewel of Scientific American writes, “Wealth and abundance give us a sense of freedom and independence from others. The less we have to rely on others, the less we may care about their feelings.
Theorists argue that a person's nature cannot be altered by money. It (money) does, however, give them more power and options to act per their nature. It gives them the tools and means to express themselves. It gives them the courage and confidence to express their true self.
Children growing up in wealthy families may seem to have it all, but having it all may come at a high cost. Wealthier children tend to be more distressed than lower-income kids, and are at high risk for anxiety, depression, substance abuse, eating disorders, cheating, and stealing.
Money is one of those external factors that many of us latch onto for a sense of validation. And money can interact with our self-esteem in a variety of ways. People living in poverty often experience low self-esteem. Being unable to afford food and other essentials can make people feel that they are failures.
The study also found that money can affect happiness differently, depending on income. Among lower earners, “unhappy people gain more from increased income than happier people do,” it said. “In other words, the bottom of the happiness distribution rises much faster than the top in that range of incomes.”
Based on a survey of 1,000 LinkedIn members currently employed in the U.S., researchers found that people who earn between $51,000 and $75,000 generally feel the least stressed. By contrast, of those who make an income of $200,000 or more, nearly 70 percent said they feel stressed.
The reason that money holds such a power over people is that it provides them with power – to do what they want to do, whatever that may be. Some people feel money gives them a sense of personal worth.
Our wants can be insatiable—the more we get, the more we want. This can lead to large debt and all the stress it brings. Greater materialism is associated with a host of negative effects: lower self-esteem, greater narcissism, less empathy, and more conflicted relationships.
Our psychology around money is usually connected to our early understanding of money. It stems from the families we grew up in, the media messages and culture surrounding us, our experiences of earning or losing, and the value systems we build ourselves as we get older.
Missing out on the little things
When you're wealthy, you can feel a lot of FOMO. It's nice to have enough money to not worry about certain things, but it's not worth it if you never get to spend the time you want with the people you care about most. You miss out on so much. Money really isn't everything.
Key points. Millionaires tend to be happy, but not extremely happy. At very high levels ($10M+), multimillionaires tend to be slightly happier than millionaires. Self-made millionaires are happier than those who inherited their millions.
Emotional Wealth refers to the abundance and successful management of mental, relational and purpose-relevant resources.It is foundational to achieving all other forms of wealth in a sustainable way.
Specifically, for the least happy group, happiness rises with income until $100,000, then shows no further increase as income grows. For those in the middle range of emotional well-being, happiness increases linearly with income, and for the happiest group the association actually accelerates above $100,000.
Money won't make you feel fulfilled.
No matter how much money you make, it won't necessarily lead to true fulfillment in your life. Fulfillment comes from reaching goals that fulfill the purpose of your existence – and these are things that cannot be bought or sold for any price on this Earth.
Tong, PhD, an associate professor of psychology at the National University of Singapore. "The effects of income on our emotional well-being should not be underestimated," he said. "Having more money can inspire confidence and determination while earning less is associated with gloom and anxiety."
Although money makes some aspects of life easier, there are other factors that play into mental health and well-being. The wealthy can get depressed the same way people living in poverty can experience depression.
Rich mindset seeks to spend their time, resources, and energy on work that continues to pay off long after the effort has been invested. Rich mindset is all about getting a flywheel spinning. Building momentum.
Money can trigger powerful negative emotions in relationships involving control, respect, power, inadequacy, and self-worth. Financial insecurity remains a significant source of tension and conflict in romantic and family relationships.
Millionaires also tend to be frugal, conscientious, and resilient — all traits that help amplify their wealth-building actions. While some of the behaviors above may also ring true for non-millionaires, millionaires often exhibit them at a stronger level and with more consistency.
Wealthy people own their thinking, own their actions, and own the results they produce. Successful people don't blame others and they aren't concerned about who gets the credit. Rather, they are focused on what they are accomplishing and the impact it will have, whether on their own or with collaborators.