Many people daydream about becoming rich one day as if it is the greatest goal anyone could ever achieve. That is why so many people play the lottery and watch shows about the rich and famous. There’s the phrase, “money can’t buy happiness,” but money can solve most problems. Money indeed makes life a lot better in many ways. However, there is also a dark side to having a lot of money that most people don’t talk about.
As another saying goes, “the grass is greener on the other side.” Most of us would choose to be rich over being poor even though more money comes with more problems. At the very least, you will have to change your lifestyle. We broke down 35 ways life changes for those who acquire new wealth below.
35. Losing Direction
Some people find that when they finally reach their ultimate goal of achieving wealth and financial independence, they suddenly don’t know what to do next. After striving for a challenging goal for years or even decades, it’s natural that the next step can be difficult to figure out. Wealthy people, especially those who have worked hard for years to attain their success, report feeling lost and without a real purpose in life after achieving their financial goals. Does it make sense just to try to make more money, or is there another, better purpose in life to set your sights on?
For wealthy people who feel like they’ve lost direction, it’s important to remember why they wanted to become wealthy in the first place. Did they want the freedom to develop an artistic talent or start a new business? Did they want the means to establish a legacy project like a charitable organization? When feeling directionless, people of any wealth level would be served by reflecting on what they value most and what they would do if they could follow their heart’s desire. This reflection on core values can remind one of a purpose they’d forgotten or give insight into a new direction that can provide long-term happiness.
34. Numbness To Old Favorites
All of us probably have a stand-by old favorite pick-me-up, whether it’s buying a new video game or grabbing a favorite coffee at Dunkin’ Donuts. Everyone needs a quick dopamine hit to improve their mood from time to time, and for many of us, we have a solution on mental speed-dial for when we need that instant cheer. Many wealthy people, especially those who come into financial success quickly or unexpectedly, find that their old favorite pick-me-ups no longer work once they have so much money that those objects or routines lose their significance. Would donuts and donuts still cheer you up if you had millions?
For some wealthy people, this numbness to old favorites can lead to a dangerous cycle of spending. Larger and more extravagant purchases are necessary each time to feel the same level of happiness, almost like a physiological addiction. There are many cautionary tales of wealthy people, especially those who got sudden windfalls, who spent it all chasing that initial high of being able to buy whatever they want to cheer themselves up or feel special. The wealthy who manage to keep their money must quickly learn to find manageable favorite things that can still cheer them up without destroying their bank account.
33. Feeling Isolated
Many people expect to feel surrounded by friends and admirers after they become wealthy and are shocked to find that they feel more alone than ever when they become wealthy. Friends and family may disappear once they find out how much you’re worth, especially if they expected you to become a personal bank and find out that isn’t the case. People who have known you all your life may suddenly no longer identify with you or feel like they understand you if you suddenly jump up the wealth ladder. That can lead wealthy people to feel increasingly isolated from friends and loved ones.
Those who have come into sudden wealth or a lucky windfall may also find other wealthy people hard to access and engage with, as there is often a stigma against “new” money or money that is won or found and not appropriately earned, in their eyes. In a Beverly Hillbillies-esque culture, some wealthy people don’t want to associate with newly wealthy people. One may find oneself ostracized from the only people who understand what it’s like to be wealthy, which only increases feelings of isolation and loneliness. Finding true friends can be very difficult.
32. Freedom To Experiment
One of the greatest benefits of becoming wealthy is the freedom to do all of the things you always told yourself you would do if and when you became wealthy. Is there a sport you ever wanted to try, an idea for an invention you’ve always had kicking around, or an artistic talent you’ve never had the time to cultivate fully? Rich people have the freedom to invest time in special, personal interests without the fear of financial failure that regular people have to contend with. That is why so many actors and artists are from wealthy families. They had the freedom to experiment thanks to their family safety net of wealth.
If you become wealthy, it’s vitally important to engage in self-improvement through cultivating those interests. Have you always wanted to learn how to paint with watercolors? After becoming wealthy, there is nothing to stop you from hiring a personal instructor and cultivating that talent to whatever level of success you desire. Did you always want to act? It becomes much easier to land a bit when you have the time and money to go to casting calls and get an expensive agent. Since financial failure isn’t an option for you, you can experiment with whatever you want.
31. Tracking Time More Than Money
The one thing money will never be able to buy unless you believe in Harry Potter’s time turners is more hours in the day. The richest among us are under the same 24 hour day constraint as the rest of us, and it often becomes vital for them to manage their time just as carefully, if not even more so, than most of us manage and track our finances. When money is no object, the list of things you’d like to do will likely become longer than the years you have in your life. Traveling, fine dining, unique experiences, you can do everything that time allows.
Many wealthy people schedule their days down to the literal minutes to ensure they aren’t wasting any of their precious and invaluable time. When they are still working, wealthy people’s time can be worth thousands of dollars an hour. Just imagine how much Jeff Bezos’ time is worth. In retirement or when passively earning income, time is still crucial to ensure they’re getting the most out of what their money can offer them in life, whether vacations, deluxe spa visits, or visiting fine dining spots. While it sounds like a significant problem to have and is, managing time can be very stressful as well.
30. People Under and Overestimate You
While it may sound odd at first, it’s quite common for wealthy people to be simultaneously under- and overestimated by almost everyone they meet. On the end of underestimation, it’s widespread for people to hold a uniformly negative view of rich people and assume they were all born with silver spoons in their mouths. It’s a common belief, especially in the United States, that rich people are fundamentally greedy and obtained their wealth by harming those below them, which isn’t always the case. Wealthy people often find that everyone else underestimates the effort and intelligence to obtain financial success.
On the other hand, wealthy people also often find that people can overestimate how much their attributes like intelligence contributed to their wealth accumulation. While intelligence can certainly help one become wealthy, it is far from a requirement, and plenty of short-sighted people have become extremely wealthy through luck or privilege. Not every wealthy person is a Lex Luthor-level genius, and many people become wealthy through a simple combination of hard work and fortunate, well-timed financial decisions. While it can be flattering, it can also get exhausting to have everyone you meet ask for financial advice as though every wealthy person is an economics mogul.
29. Family Becomes Complicated
If someone becomes wealthy outside of anything connected to family wealth, those family relationships can become incredibly complicated. Imagine if you became wealthy overnight, would you help your family? Are there members you wouldn’t help because they aren’t responsible or have mistreated you? These are the very types of issues wealthy people can run into when they gain their success. Family members will often come to newly wealthy people looking for loans, gifts, financial advice, and more, even if they didn’t have a good relationship before the windfall. Peaceful holiday meals may well become a thing of the past for the suddenly wealthy.
While many of us daydream about the ability to help our families financially such as buying a home for aging parents or paying off a sibling’s student loan debt, there are many valid reasons not to want to help family, including abuse and neglect. The pressure to care for family, regardless of how your family has cared for you, can be a source of a tremendous amount of pain for wealthy people, as the societal expectation is there to take care of family no matter what. Strained relationships within a family can become even tenser when you add jealousy and financial success to the equation.
Did you ever have a Christmas or birthday where you got everything you wanted, and the amount of excitement and stimulation from suddenly having everything you could conceive of wanting was a bit tiring? Did you end up getting bored from suddenly having everything you’d invested much energy in wishing for? Believe it or not, this type of feeling is quite common for the extremely wealthy. It is easy to get bored when everything you’ve ever wanted is suddenly available and even easily within reach. It can honestly begin to feel like it’s Christmas or your birthday every day.
Once the pressures of simply surviving in a capitalist world are removed, day-to-day life can also get a bit boring. You don’t have to go to a job, you don’t have to worry about if your home is clean, you don’t have to worry about where your next paycheck is coming from, so what does your brain spend its energy on? It’s crucial for those who become wealthy enough that they don’t need to work to create new, non-financial goals to keep themselves occupied in healthy, fulfilling ways that aren’t just shopping or vacationing since even luxury becomes dull over time.
27. Trust Is Tough
You’ve just sold your start-up company for millions, and suddenly, an old childhood bully and an uncle you’ve always disliked reach out to make amends. They want to start fresh with new relationships: are they honest, or did they hear about your newfound wealth? Issues like this crop up constantly for the suddenly wealthy, with family, friends, and even strangers crawling out of the woodwork looking to establish connections and create relationships. It can be challenging to know if their motivations are genuine or if they simply want to acquire a small portion of your newfound wealth.
Trust, especially in new people, can be complicated for wealthy people to build in the face of “gold-diggers,” people looking for loans or donations, and more. While many people would never dream of taking advantage of someone’s wealth, unfortunately, many people happily would put wealthy people in a difficult position when looking to make new friendships or romantic connections. Some wealthy people tend to isolate themselves or make new friends and romantic relationships within circles of other wealthy people to ensure they aren’t being taken advantage of merely for their money or the status it buys.
26. Spoiled Children
One unfortunate reality of having a large amount of money is that it is easy for one’s children to grow up without learning the real value of a dollar and what it’s like to live without luxury and privilege. There is a good reason the stereotype of spoiled, wealthy children exists, and that is that it is challenging to grow up “normally” when surrounded by an unusual amount of wealth. Most people have likely met or at least heard of the child of a wealthy person who simply didn’t understand how real-life worked, or how jobs functioned, or what everyday things cost.
It is certainly possible to raise empathetic, well-adjusted children in a position of wealth. However, that certainly does take extra work to make sure bullying and ego stay in check. Parents need to raise these children to appreciate how unique and rare their level of wealth is and the work that went into creating it. It’s imperative to raise children who understand how wealth distribution impacts society and how those who have less are at a distinct disadvantage in education, health, life expectancy, and more. Billionaires like Bill Gates have achieved this by leaving relatively small inheritances to their children.
25. Money Doesn’t Buy Happiness
Money can buy many things that give a sense of happiness, and not having to worry about money is vastly preferable to the stresses of day to day living that most of us face. However, the reality is that depression and all other mental illnesses are caused by chemical imbalances in the brain and can still be suffered by the wealthiest and luckiest among us. Daily stresses like paycheck issues, worrying about access to health care, and many more concerns certainly can worsen mental illness. However, gaining a sudden windfall or long-term financial work benefits cannot magically cure depression or make its symptoms go away.
There is a very real stigma against wealthy people who are still unhappy and have a mental illness, which is dangerous and unfair. Mental illness is a medical issue just like any other. Would you criticize a rich person for having diabetes or cancer? Of course not, but it’s often a gut reaction to resent a wealthy person who “dares” to be unhappy despite being surrounded by luxury. If you come into money and find you’re still low, it’s not your fault, and you deserve mental health care as much as anyone else, and you’re lucky enough to be able to afford it.
24. Dangers of Being Out of Touch
If someone has been wealthy for all or most of their life, it is entirely possible to become quite out of touch with the day to day reality of everyone else around you. While it’s a joke, a wealthy character in the television comedy Arrested Development once asked her son, “it’s one Banana, what could it cost…10 dollars?” This quip highlights the idea that wealthy people, once removed from having to shop and care for themselves, can quickly lose perspective of what our world and economy look like for the vast majority of us who aren’t very wealthy.
It’s no secret that rich people aren’t popular in society and, at times, have gotten the ax as in revolutionary France. Being completely out of touch could be dangerous when talking to regular people and instantly exposing someone as ultra-wealthy. It’s simply unconscionable to lose touch with how ordinary people live. That could lead to dehumanizing most of society as some sort of “other” beneath the wealthy person’s notice. It is a must for all wealthy people to stay in tune with regular people’s struggles to avoid becoming a bad caricature of wealth.
23. Keeping Secrets
Whether to avoid the ire or society or the envy of family and friends, many wealthy people sadly have to learn to carefully keep many secrets, especially when they involve the true nature and extent of their wealth. While everyone would naturally want to tell everyone they could about their newfound success, it could lead to a lot of alienation, jealousy, and even anger. While it’s unfortunate, humans can have a crab in a bucket mentality about those close to them suddenly having far more financial success and status than them.
Because of this potential for envy and anger, many wealthy people learn to become extremely private and secretive about their wealth. They tend to post far less on social media, especially about anything that might highlight their wealth, like pictures of a new home or new car, or a luxury clothing purchase. Many wealthy people also often refuse to discuss their business dealings or financial gains with anyone outside of a few trusted professionals. That way, no one knows the true extent of their wealth lest it leads to envy or people asking for money, which can be exhausting and isolating.
22. Simple Sources Of Happiness
It’s crucial to maintain simple, inexpensive sources of happiness, even for the richest among us. Whether it’s watching a sunrise with a good cup of coffee or spending time with family, everyone needs some non-monetary sources of happiness, even if they have more money than they know what to do with. Anyone can fall victim to the cycle of shopping for joy, but it’s perilous for people with enough money to buy almost anything their heart desires. If they end up buying everything and still feel empty, what then? Everyone needs to identify and practice those simple little sources of happiness.
Simple sources of happiness may look very different from our idea of them amongst the supremely rich, but you can bet that the happiest and most successful among them still have them. It may be a day of golf at a private club or a thousand-dollar meal at a favorite restaurant for them. At the same time, it’s something free or inexpensive for most of us. However, regardless of the cost, one’s mental health and wellbeing need to have relaxing, happy routines or items that we can turn to when we need cheering up or a way to celebrate something.
For many of us, achieving wealth or financial stability is likely one of our goals in life, if not the absolute most important one. If you suddenly meet that goal, and you become wealthy, what next? Humans thrive on goals, as they give us direction and purpose and something to guide our day to day activities. If wealth was your only or main goal and you suddenly achieve it, you can be left feeling adrift and without a purpose, which can be very unsettling and disheartening. No one wants to feel useless or like they’re wasting their time, so finding new goals to make is extremely important.
For many wealthy people, goals entirely outside of money and managing finances become increasingly important. Whether it’s establishing a legacy, cultivating a new skill or talent, learning further information, or volunteering time to cherished causes, new non-financial goals keep them on track and help them manage their time in a way that feels meaningful and fulfilling. The wealthy are especially at-risk for boredom and a sense of numbness once the fun of luxury wears off. Thus, identifying core values and matching goals is an important process for long-term success, health, and emotional wellbeing. That is especially true for the ultra-wealthy who don’t need to work.
20. You Can Say “No” More Often
In a movie calledThe Gambler, there’s a famous monologue where John Goodman talks about having “F- you money.” That is a status in life where someone has $2.5 million, and the interest they earn pays for their living expenses for the rest of their life. In that situation, you’re so financially comfortable. You can practically say “no” to anything. Don’t like your boss? If you’re rich, you can quit your job. Don’t like where you live? You have money to move. Someone asks you to do them a favor? Say no and pay them $500 to leave you alone.
Becoming rich means that you can start to play by your own rules. There is no longer any obligation to say “yes.” However, you can live your life by saying “no” to things more often, even if you’re not rich. Just focus on being happy, helping others, and fulfilling your life’s purpose. Everything else that comes your way should be easy to say “no” to. Everyone, no matter rich or poor, deserves to say no to things that make them uncomfortable, and everyone has the right to set boundaries in friendships, romantic relationships, and work relationships (although outcomes will vary on that last one.)
19. Having Less Time
Unless you were born into an incredibly wealthy family, money doesn’t grow on trees. You have to work incredibly hard to make more. That is why so many rich people have so little free time. Most of them have full schedules. In her documentary Miss Americana, Taylor Swift shared that she has tours booked for the next two years of her life, and she only spends a few days at home relaxing before she has to go somewhere else. Sacrificing her free time is the only way she has grown to be as rich and famous as she is.
No matter who you are or what industry you work in, you will have to sacrifice your free time if you want to get rich. That might come in the form of self-education, starting a business, or working overtime. The famous 4 Hour Work Week is something that comes after you have already worked hard beforehand. Even then, most rich people don’t have such a short work week because they need to maintain their lifestyle. Unless someone is born into wealth from an immense, stable trust, everyone has to work to achieve a steady income source.
18. Losing Friendships
There are many seasons in life, and friends come and go as you get older. After all, if you hung around the same crew you knew since elementary school, it might be challenging to change your way of life. Whether you like it or not, growing as an individual often means growing apart from friends. For example, if you’re prioritizing growing a business, you might not have time to go to the bar with your best buddies. Changing life priorities, especially when it means cutting back on partying or drinking, can quickly alienate friends who are uncomfortable with their choices coming under a microscope through comparison.
Even if you manage to maintain your friendships, you might find that you no longer have a lot to talk about. You might be thinking about investing, working, and growing your legacy, but all your friends care about is the latest football game. When you are on a completely different page from someone else, it can be hard to relate to them and carry on a conversation. Once you meet someone who has gone through the same struggles, there is a massive amount of mutual respect. The more successful you become, the more opportunities you’ll have to find people who have the same goals as you.
If you’re on a tight budget, you may eat the cheapest options. Once you become rich, there is no longer any excuse that you “can’t afford” to eat healthily. At first, you might desire to use your money to indulge in things you couldn’t afford before. Maybe you will celebrate your newfound riches by drinking beer and eating pizza. However, after a while, your body will suffer because of it, and you’ll crave healthier food. If you are the sort of person who is a self-made millionaire, it most likely means that you worked incredibly hard. These people usually want the highest quality of life, which includes diet and exercise.
Going out to eat also becomes more of an event. Suddenly, you can afford to eat anywhere you want. There is no need to worry about how much the total will cost, which means you will be more willing to try new food. If you don’t like it, this isn’t a big deal, because you won’t be agonizing over wasting money. You might even become a bit of a “foodie.” The finest seasonal ingredients like morel mushrooms will suddenly be available to you, as will the work of the most exceptional chefs throughout the world. Eating becomes a joy rather than a chore.
16. Delegating Everyday Tasks
Growing up without a lot of money, you are probably used to doing everything on your own. Cooking, cleaning, grocery shopping, and childcare are all tasks you took care of on your own. People call these tasks “adulting.” However, once you become rich, you suddenly realize that life can get a whole lot easier if you drop some money. For example, if you’re too tired after a long day of making money to vacuum or do the laundry, you could hire a housekeeper once a week for $15 per hour. That’s a small drop in the bucket to help save you time.
Once you become rich, all of those things you swore you’d never “waste money” on suddenly become your only option. You can spend your time on a Saturday far better with your kids than cleaning. That is especially true in a household where both parents work. There is no shame in paying someone else to do your daily tasks. Anything that helps aid you in having a happier and more successful life will be worth every penny. Plus, you’re helping to support someone else who needs work too. The one thing wealthy people can’t buy more is time, so maximizing their time is a must.
15. Better Home
One of the first things people do when they start making more money is to move to a better home. If you are currently living in an apartment and you became rich, you’d probably buy or rent a house. Successful people are usually good investors, which means they typically have a goal of buying property instead of renting. Many people who become wealthy move to private and gated neighborhoods. Why? They can prioritize their safety and privacy. While many celebrities have lavish homes, many of the truly wealthy have more unassuming, secure homes with panic rooms for their safety.
Even if you already live in a house and pay a mortgage, you would likely move to a bigger home or a better neighborhood if you came into a large amount of money. Quality of life becomes very important when you have a lot of money. After all, you spend most of your free time living in your house, so there’s no better use of your newfound riches. For some people, this means buying a huge luxurious ranch home on hundreds of acres, while for other wealthy people, it means a spacious condo on the Upper West Side of New York.
14. People Begin to Resent You
Unfortunately, not everyone will be happy for you when you begin to make more money. People become jealous. There is a stigma that rich people have a comfortable life. Even if you worked incredibly hard for your money, people would automatically assume that wealthy parents raised you. Alternatively, they think that the rich got ahead by exploiting the system and must be a bad person. In a society where the unequal distribution of wealth is hurting millions, it should come as no surprise that you may not be a popular dinner guest among regular people after becoming wealthy.
According to a poll by Cato, young Americans under the age of 30 are more resentful towards the rich than any other generation that came before them. After the Great Recession in 2008, life has become complicated to get ahead. Even when you play by the supposed rules, go to college, and work hard every day, student loan debt puts you at a disadvantage in homeownership and more. So when you find financial success, it will have many people wondering what lengths you were willing to break free from the middle class.
13. Peace of Mind
When you don’t have a lot of money, there is always this lingering sense of anxiety that hangs over your head. If there was ever an emergency, could you afford to pay your expenses? Would you lose your house or apartment? Saving a few months of expenses could help take away your anxiety, but many people don’t have that option. Most Americans have less than $1,000 saved for a rainy day, which means nearly everyone is worried about money. Many people worry about emergencies regarding their car breaking down, an unexpected medical bill, or, most disastrously, employment loss.
Fortunately, you don’t need to be “rich” to have security and peace of mind. Once you earn around $100,000 per year, this is more than enough to help you feel prepared for most situations. As long as you live within your means, you don’t need to be a millionaire to have that sense of security. Nevertheless, if you do become a millionaire, it means that with the help of a financial planner, your investments could pay for a comfortable lifestyle forever. For those whose wealth isn’t tied to employment, life is even more relaxing since there is no fear of losing the supply of income.
12. Privacy Becomes A Priority
Being rich doesn’t necessarily mean you are famous. Many millionaires choose never to disclose how much money they have because they realize it will target them. You’ll think twice about flaunting the new watch you recently bought or wearing flashy designer brands. After having money for a while, you might prefer to look poor if it means that people will leave you alone. Especially for celebrities and those whose wealth comes from being a personal brand or influencer, privacy is the one thing their money might struggle to buy them, even in gated communities.
Since wealthy people have good reason to fear hacking or home invasion, they usually invest in a home security system. Aside from material goods, hackers often blackmail the rich by holding their private information against them. In some instances, the rich may even hire a security guards team to walk with them publicly. That is especially important if you are a public figure. Being rich means that you always have to look over your shoulder; however, you also have enough money to prepare for the threats against yourself through security, panic rooms, private gated neighborhoods, and more.
11. Traveling Gets Better
Once you become rich, you will realize a vast world is waiting for you to explore. It’s no longer necessary to stay in the area where you grew up. Even if you are already traveling on a smaller budget, having money helps you enjoy different aspects of the luxury “jet set” lifestyle you were never able to before. It becomes possible to pay for tickets to far-off places you’ve never been before. You may be able to book a room at a five-star hotel, order room service, and even pay for an upgrade to first class for all of your flights.
Many rich people enjoy spending their money on traveling more than buying material things. They realize that experiences are far more valuable and bring a lot of joy to your life. Even if you don’t have a big budget, you should consider traveling more often. The truly wealthy can charter private flights and even rent out remote islands to enjoy truly personal luxury locations that aren’t obtainable for the rest of us, allowing them some genuinely unique travel experiences that are priceless. For more inspiration, check out our list on 20 Ways Travel Makes People Happier Than Money.
10. Your Appearance Changes
When someone becomes rich, it’s almost guaranteed they become attractive. They can afford to pay for high-quality skin care as well as doctor and dental visits. The normal parts of aging, like losing your hair, can be fixed with hair transplants. Even stem cell injections might prolong someone’s youthful appearance for much longer. Some people have even paid to have plastic surgery. Your diet also can vastly improve once you’re wealthy, allowing access to the healthiest foods prepared by trained private chefs. Such an easy healthy diet provides for weight loss and improved overall health.
Aside from facial beauty, they can also afford to take care of their body. Buying organic produce, vegan meals, and other healthy foods are finally affordable. Rich people can again hire a personal trainer to help them get the body of their dreams. The wealthy can even afford perfectly tailored clothing that compliments their bodies as well as the time and professional help to get perfect hair and makeup at all times. For those whose wealth comes from a personal brand, that care is honestly an investment in their brand since always looking their best can be a selling point for generating more wealth.
9. Taxes are a Big Deal
When you are in the middle-class, you most likely receive a W2 from your employer. Throughout the year, they are paying taxes out of your paychecks. Most people either get a tax return or don’t owe anything at all. However, when you’re rich, all of that changes. Suddenly, you need to pay very close attention to your taxes because you might end up paying a considerable amount out-of-pocket at the end of the year. Many of us can file our taxes relatively easily by ourselves, but that becomes impossible for the wealthy thanks to complicated investment returns, charitable deductions, and more.
Most rich people hire an accountant or a financial planner to help them manage their money. Moreover, if they are self-employed and determined to do things on their own, they might pay for accounting software like Quickbooks, which will help keep track of their expenses and estimated taxes. Ironically, rich people have more access to loopholes in the legal system that help them save on taxes. They can put their assets into businesses and deduct individual purchases as “business expenses.” That can all get rather complicated, but it becomes a massive part of your life once you have more money than the average person.
Pretty much everyone in America has their “dream car.” For some, it’s a Lamborghini that costs well over $200,000, or a Tesla. Only millionaires can afford to buy a vehicle that’s so expensive, it’s the same price as a house. However, many millionaires choose a car based on safety, reliability, and fuel economy. While some wealthy people have huge multi-car garages with lifts for storing their many sports car toys, many of the truly wealthy realize that cars are a poor investment and not something that adds much value to your day to day life.
Billionaire Warren Buffet famously drives a 2014 Cadillac XTS, which was $23,500 when it was brand new. His mindset behind buying a car is that he wants to buy a reliable vehicle to use for as long as he possibly can. As an investor, he realizes that he can spend his money better by putting it into the stock market because it helps his wealth grow. Cars depreciate, so they are a terrible investment that loses you money the second they drive off the seller lot. To learn more about that, check out The 20 Ways Cars are Keeping Americans Poor.
7. Social Media Isn’t Important
Plenty of people get a sense of satisfaction from their number of “likes” on social media. They desperately want to impress their friends, so they put in a lot of effort to post flattering photos of themselves and the things they do on a day-to-day basis. However, once you are rich, you no longer have anything to prove. Unless your source of wealth is your own life as a personal brand, you have nothing to gain from posting on social media. You have more than enough dopamine sources from your wealth to need any positive feedback from social media validation.
Your accomplishments are enough for you to feel good about yourself, and that’s all that matters. Getting a “like” on social media gives you a false sense of approval, but it’s no replacement for genuine interactions with others. There are trends like “rich kids of Instagram” where wealthy people post absurd receipts and bills for clout. However, most wealthy people realize they won’t gain anything by flaunting their riches on social media. It will only lead to more attention from inauthentic people who only value you for your status and the fun things your money could buy them.
6. Authenticity Becomes Rare
Earlier on this list, we mentioned some of your old friendships and relationships might fall to the way-side. Sometimes, this is for the best, especially if these people were bringing you down or trying to slow your success. However, one of the downsides to this is that once you surround yourself with other rich people, it becomes more difficult to find authentic people. Everyone has a carefully manicured public persona, especially if they are a public figure. So you can never be sure if someone actually likes you or if they’re just putting on a face for the public.
Even if you try to stay down-to-earth and socialize with the same people, these people might start to resent you or begin to act fake. When two people are on the same level as one another, it’s easy to find someone who just genuinely wants a friend to relate to. Nevertheless, once you become too different from one another, it’s difficult to find a genuine friendship that’s worth holding onto. Whether it’s fears of being used for money or clout or even being targeted by gold-diggers, authenticity is one thing money really can’t buy, even for the wealthiest among us.
5. People Will Try to Use You
We just talked about a lack of authenticity after you become rich. One of the worst parts of this is that many people will try to use you. Suddenly, when you go out to eat, you become the designated person expected to pick up the bill. Friends and family no longer appreciate smaller gifts, and expectations rise from everyone around you. It can begin to feel like people are using you or they no longer appreciate small gestures of generosity. People you don’t even know might start to reach out to you for favors or with sob stories asking for support.
Even worse is that you become a target for fake friends and gold diggers. You can no longer trust that people want to be your friend or lover for the right reasons. They might only be pretending to like you so that they can take advantage of you. If you want to know more about that, check out our article called 30 Warning Signs Someone is a Gold Digger. That is why some wealthy people only date others who are similarly wealthy, so they don’t have to worry that the person only values them for their material status and riches.
4. You Start Reading More
Most millionaires are all about self-improvement. They became wealthy because they had an interest in continually pushing themselves to the next level. Even after they attain a millionaire’s status, they are still finding ways to continue to get better. That is why so many of them enjoy reading books. Furthermore, if you aren’t the sort of person who reads books already, you just might find yourself being the sort of person who adopts the practice once you become rich. It doesn’t hurt that millionaires also have the time to read books with the ability to hire nannies, chefs, housekeepers, and more, leaving them ample free time.
Many people who don’t have enough time to read will listen to podcasts or audiobooks instead. That can be a great way to consume books when you’re on a plane or driving somewhere on your morning commute. Whether you read or listen to self-help books or genre fiction, reading or listening to books is a fantastic way to exercise your mind, learn, and relax. Reading is beneficial for the brain at all ages and difficulty levels of materials. Furthermore, reading is fundamentally an act of self-care and self-improvement. While reading won’t make you rich, it can make your life wealthier.
3. Your Reputation Is Far More Important
People in the middle-class might not think twice before posting a photo on Instagram showing themselves getting drunk with their friends. They care about what people think to a certain extent, but they also want to show they are having a good time. However, once you reach a certain level of success, that is no longer acceptable. Building your reputation becomes far more critical. It can impact your reputation to show any negative traits, and that reputation carries far more weight and reaches more eyes and ears than it does for ordinary people. The rich do need to manage their image more carefully.
Wealthy people usually achieved success by their ability to be taken seriously by clients and business partners. So if they reveal too much of their unprofessional side, it could mean losing clients and money. Many celebrities maintain their wealth by essentially turning themselves into a walking, talking brand. Influencers do a similar thing. If you allow your reputation to slip when it’s your source of income, you can lose your entire source of wealth. Just look what happens to celebrities who are rightfully “canceled” for predatory or racist behavior. Once their reputation is permanently tarnished, they lose the ability to continue generating wealth from their brand.
2. You Worry About Your Legacy
Once you begin to make some money, it no longer becomes a question of what you will do in the next few years. Most people think about having kids pass down their legacy since your family and friends might be the only ones to remember you. When you have a lot of money, you can choose to donate to charitable causes, create a scholarship, or start a business. Most people want to be remembered for more than merely contributing a lot of money. Wealthy people often worry about leaving the last impact on the world created through their wealth, rather than just the memory of the wealth itself.
Building a legacy is about figuring out how you want the world to remember your name. After you are long gone, will people say flattering things, or will they remember someone evil? With the Internet, our legacies are a permanent record of information floating around on the web. Even people who aren’t wealthy can establish a legacy through the donation of time through extensive volunteering or becoming an expert in a hobby or field of study. Some people have even established legacies through donating specimens to museums or finding a new star in a telescope.
1. It’s Easier To Be Honest
Like saying “no” more often, it’s possible to be honest when you’re rich because there is no fear of getting fired. Sometimes, honesty rubs people the wrong way. Alternatively, it could help to turn a negative situation into something better. Either way, it will make things easier for you to move forward with your life and your goals. You can’t make progress if you aren’t honest with yourself and others. The force of wealth behind you simply makes it easier to engage in that honesty without fearing financial consequences.
Sure, this might be a substantial perk people get to enjoy once they start making more money. However, you can choose to implement this into your life before you’re close to becoming a millionaire. Just be prepared for any result that might come out of your honesty. You can start by being honest with yourself by creating a budget to help you move towards wealth or be honest with friends about setting boundaries. We recommend having a nest egg saved up before being honest with an employer; however, many bosses do not necessarily value directness or honesty in their employees.