12 Reasons Why People Are Scared To Become Rich

Winning a million dollar lottery or being part of a successful business might seem like a dream come true to some. It could be the key to financial freedom. For others, however, making it rich could actually be their worst nightmare. This is a list of 12 reasons why you may be afraid to make more money and have an extraordinary increase in your wealth.  Starting with number 1 below.

 

1. Security And Theft

There’s an old saying that with more money comes more problems. One of these problems has to do with security and theft. The more people know about the wealth you have accumulated, the better chances you have of being picked out for a potential robbery or mugging.  On the other hand you can also be subject to scams, or other people that may want to steal your money.

2. Higher Taxes

Taxes are confusing even for those who don’t have a huge income. While you can just hire someone to do your taxes for you, and being wealthy, you probably will, there’s still a chance that something might be overlooked or missed or written down incorrectly, and as such, you’re usually left the worse off from it. The wealthier you are, the more taxes you typically pay, and this may seem overwhelming to some.

3. Problems With Friends & Family Asking For Money

Perhaps one of the strongest reasons why a person might want to avoid becoming wealthy is simply because of the inevitable line-up of distant relatives who suddenly want to be your friend. Or your actual friends may turn greedier, or you meet new people who are primarily interested in your money and not yourself as a person. Inauthenticity is a real problem where greed meets ambition.

4. Maintaining A Rich Lifestyle Is Expensive

Once you have a certain lifestyle, it’s important to keep up with it. Being rich, you’re likely going to be comparing yourself to other wealthy families and people. There’s pressure to look the same as they do and have the same things that they do. Keeping up with the Joneses is an expensive venture and a pitfall few can avoid.  You need to work just as hard on maintaining wealth as you would on attaining it.

5. Harder Work

In order to keep this money coming in, you have to keep working hard, too. In fact, you may end up working harder than you originally wanted to or intended to continue to be rich.  Working harder is not for everyone.  Many people are content with the level of work they give to a 9 to 5 job, but a career or a lifestyle of the rich requires a lot more work.

6. Dressing Rich Is Expensive

Similar to keeping up with your neighbors, you’re also expected to look a certain way when you’re wealthy.  It costs money to dress well.  Many of the rich people in the world spend fortunes on dressing in designer outfits like Gucci, or Versace. This lifestyle may not be one you’re exactly comfortable with or want.

7. Charities Asking For Money

Charities will be lining up at your door the moment word gets out that you make a certain amount or have won a certain amount. While it’s not a terrible thing to be generous, it may be difficult to select which charities you want to devote your income towards if any!

8. Mismanagement of Wealth

To manage your money you may have to hire a money manager.  Hiring a good financial advisor is not easy and many of them may cost you more than you think! With larger sums, accidentally mismanaging your wealth could prove to be disastrous for you.  It’s one thing to never have money, it’s much harder to have had money and lose it.

9. Prone To Depression and Anxiety

While some claim that you can buy happiness, after basic needs are met, that actually proves to be false. In fact, quite the opposite is true. The pressure that you’re under could very well lead to depression and anxiety.  Many people that are rich are not happy and have to spend loads of money on therapists and staying happy.

10. Changing Your Personality

Because of this lifestyle change, you may end up worrying that you’re changing as a person. That the values you once held dear are no longer true.  Many people change how they act when they become rich and it may not be for the better.

11. Publicity

It’s rare for a wealthy person to exist without someone knowing about them. As such, you can be sure that once you hit it big, everyone will know something about you. Goodbye, privacy!  Sometimes there are ways of keeping private, but when you are rich or have a career that pays well you will usually be in the public eye of many people around you.