Also, financially successful people like CEOs and high-powered attorneys may experience high rates of depression because they work long hours and sleep less. They may also feel the need to meet high expectations. “Being extremely wealthy can also cause feelings of disconnection,” Marcum says.
The prevalence of depressive symptoms was 39.3% for participants with family income under $20,000, 25.5% for participants with family income from $20,000–$75,000, and 14.9% for participants with family income greater than $75,000.
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.
A number of studies have demonstrated a cyclical link between financial worries and mental health problems such as depression, anxiety, and substance abuse. Financial problems adversely impact your mental health. The stress of debt or other financial issues leaves you feeling depressed or anxious.
Indeed, some wealthy individuals are even said to suffer from “affluenza,” a social condition among those who are excessively focused on material possessions and consumerism, to the point where their personal values and behaviors are negatively impacted.
Sudden Wealth Syndrome (SDS) refers to a psychological condition or an identity crisis in individuals who have become suddenly wealthy.
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.
Additionally, a Northwestern Mutual study4 found that 44 percent of Americans stated that financial concerns were their number one stressor, with more than one in four feeling depressed about finances at least monthly and two out of ten feeling depressed weekly, daily, or hourly.
You could be at risk of developing anxiety or depression. Some people use drugs or alcohol to help them cope. Some have thoughts of self-harm or suicide. People from all walks of life experience problems with money.
If you have money in a checking, saving or other depository account, it is protected from financial downturns by the FDIC. Beyond that, investment products are more exposed to risk, but you can still take some steps to protect yourself.
Rich mindset seeks to build relationships based on trust, liking, shared values, and mutual respect. People with the rich mindset help others and cultivate relationships with no expectation of anything in return.
Rich vs Poor Mindset: Rich People Focus on Opportunities
Poor mindsets see potential loss. Rich mindsets focus on the rewards. Poor mindsets focus on the risks. We're not merely talking about “positive thinking” here, we're talking about a habitual way of seeing the world.
Many wealthy people develop a money addiction, always wanting more and more, which can result in a loss of relationships with family or friends. You can become addicted to purchasing expensive items for attention or to get people to spend time with you simply for what you can give them.
Women are more likely to have depression than men. An estimated 3.8% of the population experience depression, including 5% of adults (4% among men and 6% among women), and 5.7% of adults older than 60 years.
The research between salary and happiness suggests similar insights. Even those on the Forbes 100 wealthiest were only slightly happier than the average Americans, according to a study by Ed Diener of the University of Illinois.
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.
Money does NOT stay with you because you fear losing it. It is associated with Lakshmi which leads to 'Lakshya' meaning 'goal'; fulfillment of your goal.
According to financial therapists, most money problems are rooted in self-esteem, trauma recovery, or scarcity mindset issues. Getting to the emotional root of your money problems is key to getting the clarity you need to change.
“Lack of money is the root of all evil.” People can be pushed to their moral limits in pursuit of money. They can be pushed beyond them, forget their true values, and perform heinous, desperate acts out of fear of lack of money.
Those who suffer from financial anxiety are continually worrying about bills and might be afraid to look at their bank account or cope with anything to do with personal finances.
Money anxiety involves intense worry, fear, and stress about finances, whether personal, business, or both. Money anxiety happens not only to people experiencing poverty, but also working and business professionals. While there are serious mental and physical health implications, effective treatment is available.
"For some people, talking about money connects to their underlying fear of failure and/or fear of success, which relates to earlier versions of how they were perceived and treated by parents." So it's not surprising that many of us keep our views about finances and our own financial status to ourselves.
Their findings indicated that, on average, those with higher incomes spent more time alone and less time interacting with others. Those with greater incomes also spent less time with their families and more time with friends when they did socialize.
The rich are often deeply concerned about multi-generational wealth. They focus closely on leaving a legacy for their heirs, wanting their children and grandchildren to share in the bounty they've produced. In this way, the rich may be even more concerned with what they'll leave behind than the average person.
How old is the average millionaire? The average millionaire is 57 years old. This is because it takes smart financial decisions, hard work, and wise investments to become a millionaire, most of which don't fully pay off until around the age of 50 or 60.