Being a millionaire is nice. There are over 11 million, millionaire households in America alone. The greatest thing about having money is that you stop worrying as much about money. You don’t have to ration your food, wonder how you’re going to afford your child’s college tuition, or keep your house freezing at night to save on utilities.
Money is a never ending desire until you make that desire stop. The problem with many millionaires is that once they’ve tasted lots of money, they have have an unhealthy desire for more, more more. Since millionaires usually hang out with other millionaires, they are always keeping score with how their other millionaire friends are making or doing.
My friend who is worth hundreds of millions isn’t satisfied because he’s not worth billions like some of his friends. Meanwhile, he has thousands of employees to manage, and a board to report to. He can never play tennis with me at 10am because he has to go to work! Is he really that much better off than someone with much less who has all the freedom in the world?
The more money you have, the more money you want. It’s the most curious thing.
Besides never being satisfied with having more money than the vast majority of the population, here are some other downsides:
- Expectations you should always be pick up the tab
- Expectations you should always give to whatever cause
- Expectations you should always help out a family member, whether they deserve it or not
- Getting charged more just because the contractor knows you are rich
- Non stop butt kissing from sycophants who want something from you
- Never knowing for sure who your true friends are
- A lot of fake politeness as you hang out with other rich people
- Not being able to freely say or do what you want because you are being more closely watched
If you are a millionaire or much wealthier than your peers, I suggest you practice. Blend in with everybody so you can lead a normal life and be around people you know like you for who you are.
Finally, surprise! You have the same problems as everybody else does in the world, despite being a millionaire. You wonder why you aren’t always happy. You worry about your aging parents and your kids’ future in this increasingly competitive world. You worry about being accepted for who you are. Nothing really changes in your life except that you have more financial security.
Recommendation To Get To Millionaire Status
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After you link all your accounts, use their Retirement Planning calculator that pulls your real data to give you as pure an estimation of your financial future as possible using Monte Carlo simulation algorithms. Definitely run your numbers to see how you’re doing. I’ve been using Personal Capital since 2012 and have seen my net worth skyrocket during this time thanks to better money management.
About the Author: Sam began investing his own money ever since he opened an online brokerage account in 1995. Sam loved investing so much that he decided to make a career out of investing by spending the next 13 years after college working at two of the leading financial service firms in the world. During this time, Sam received his MBA from UC Berkeley with a focus on finance and real estate. In 2012, Sam was able to retire at the age of 34 largely due to his investments that now generate roughly $200,000 a year in passive income. He spends time playing tennis, hanging out with family, consulting for leading fintech companies and writing online to help others achieve financial freedom.
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