While financial abundance undoubtedly opens doors to comfort and freedom, it can also have a significant impact on emotional well-being.
The relationship between extreme wealth and emotional well-being is complex. That is why the ultra rich and extremely wealthy are increasingly reaching out to a wealth psychologist, or wealth psychologist. These therapists help understand and manage mental and emotional challenges that comes with great wealth.
What is Extreme Wealth?
Before we delve deeper into the impact of great wealth on emotional well-being, it is important to first understand what we mean by "extreme wealth." Extreme wealth refers to a financial state in which an individual or household has significant resources beyond what is needed to meet basic needs. It includes abundant possessions, investments and financial reserves that are well above average, giving the individual significant financial security and freedom.
Extreme wealth can vary depending on the location, lifestyle and personal needs of the individual. For some, it may mean being a millionaire, while others are only considered extremely wealthy at wealth levels in the hundreds of millions or billions. It is important to note that extreme wealth is subjective and depends on context.
Wealth, well-being and happiness
Many people think that money is the solution to all of life's problems. While it certainly helps to have money in your bank account, wealth also brings its own unique challenging stressors. The belief "the more money you have, the happier you are" is not true. On the contrary.
According to research from Purdue University, when a person reaches a certain monetary threshold, emotional well-being and life satisfaction are no longer positively affected.
At what point does money stop having a positive influence on your well-being and does your level of happiness stops increasing?
According to research, money stops positively influencing emotional well-being when an individual reaches $60,000 to $75,000 and stops influencing life satisfaction or feelings of happiness at $95,000. It is assumed that money helps fulfill basic needs and certain conveniences, but once we cross that line, we are driven by other desires that can reduce our well-being.
Emotional Well-Being at Great Wealth
Although extreme wealth is often associated with happiness and well-being, there are numerous emotional challenges it brings. Here are some aspects of emotional well-being at great wealth:
1. Isolation and loneliness
Extremely wealthy people may feel isolated from others. They often experience a disconnect between themselves and society and people with less fortunate financial situations, which can lead to loneliness and difficulty building genuine relationships and friendships. Great wealth goes hand in hand with an increasing sense of distrust of one's surroundings and social reticence.
2. Performance pressure
If you have money then it must protect you. One of my clients once said, "I take care of my capital like my children." Keeping great wealth and maintaining a certain lifestyle can lead to constant performance pressure. Often wealthy people are afraid of losing everything again which can lead to stress, worry and anxiety.
3. Identity issues
Great wealth can raise the question of who you are separate from your financial status. It can lead to identity crises and the search for personal meaning.
4. Lack of fulfillment
Paradoxically, extreme wealth can sometimes lead to a lack of fulfillment. People may question the meaning of their lives when money is no longer a constraint. Ultra wealthy individuals often turn out to be very unhappy.
The Role of the Wealth Psychologist
To address these complex emotions and challenges, wealth psychologists, or wealth psychologists, play an essential role. They help individuals and families develop a healthy relationship with their money and promote their emotional well-being.
What does a Wealth Psychologist do?
Providing guidance and support in dealing with the psychological pressures of wealth.
Helping to build resilience and stress management skills.
Guiding clients in finding personal meaning and purpose in their lives independent of financial considerations.
Shaping a new, healthy relationship with money.
Working with a wealth psychologist can help people with extremely high income, family wealth or sudden wealth (lottery, inheritance, divorce, etc.) explore the complexities of their thoughts, feelings and behaviors related to money.
But also discover where financial trauma from the (pre)parental lineage and/or family system plays a role in current life.
Wealthy people seeking help can turn to wealth psychologists include:
Families:
- Reduce tensions between partners or spouses.
- Explore goals and visions to help determine how they want to raise children.
- Improve communication skills between family members to communicate openly about money and responsibility.
- perpetuating generational over ge or carry fortune - sustainability of family money.
- Reduce concerns and stress about children squandering family money.
- Preparing children for inheritance, emotional guidance for rich teenagers and young adults.
Individuals:
- Increase the sense of happiness and fulfillment and increase the level of life satisfaction.
- Work on self-empowerment, self-actualization, self-confidence and self-esteem.
- Reduce feelings of loneliness, isolation, sadness or anxiety.
Heirs:
- Reduce feelings of guilt as a result of inherited wealth (money received is somewhat different from self earned money right ...... #nepobabies)
- Move toward self-actualization and create your own legacy.
- Explore the challenges and opportunities of inheriting money.
Life changes and transitions:
- Overcoming difficult life changes such as divorce, selling a business or an unexpected setback and navigating smoothly through them.
- The emotional impact on a changing financial situation - suddenly having a fortune in your account or sudden, temporary poverty due to divorce, bankruptcy or a financially fatal choice, for example.
Self-made men & women | The newly rich or financially free
- Reduce the negative emotional impact that significant income increases can bring, such as guilt, isolation, distrust and loneliness.
- Build new healthy relationships with money.
- Navigate changes that may occur within family, friendships or social circles.
- Understanding and getting through imposter syndrome.
- Learning new money behaviors appropriate to your wants and desires, for now and later, for you and your (grand)children
Women:
- Normalize and validate that you are a powerful and valuable woman. Regardless of money.
- Strengthen self-awareness and make your own powerful decisions.
- Identify your relationship with money and how it affects your life.
- Develop comfort with your status and wealth.
High-net-worth and ultra wealth come with major challenges, mental and emotional problems such as isolation, emptiness, lack of connection to society, loneliness, depression and distrust of the world.
Wealth psychologists understand that managing great wealth is more than just financial planning; it is also about cultivating mental health. 'Mens sana in corpore sana'.
Extreme wealth can bring both blessings and emotional challenges. Understanding and managing the psychological aspects of great wealth is essential to promoting emotional well-being. Wealth psychologists play a crucial role in this process, and their expertise can help individuals and families reap the benefits of their wealth without taking an emotional toll.
Striving for a healthy balance between financial prosperity and emotional well-being is the key to a fulfilled life in a world of extreme wealth.
Make an appointment for a no-obligation(online) intake for yourself, your family or household.
Discretion and safety are very highly valued by us.
As a Money Coach and Wealth Psychologist, Hanneke has helped thousands of people drastically change their lives on every level. Mentally, emotionally & financially.
With over 35 years of experience in business, psychology, spirituality and coaching, she offers a new perspective on wealth and a new sound in the world. Her programs, coachings and events are always a combination of business excellence, eloquence and elegance. Of psyche and pearls. Of energy and strategy. Discreet and intelligent.
She was awarded international Top 20 Money Coach 2023, money expert for LINDA. and wrote several books (The Money Issue 2020, Money Secret 2022 & Money Journal 2023). She herself lived in great wealth but also for a while on the poverty line and now passes on her "precious" life lessons through coaching, consulting & courses.
Follow Hanneke on Instagram @hannekevanonna, Facebook @geldgeheimen and LinkedIn @hannekevanonna