Reasons why money won’t buy you happiness

Many people believe that having extraordinary wealth is the ultimate goal and the key to a glamorously simple life. But having vast amounts of money can lead to an overwhelming number of problems. Research has shown that people do not actually feel happy if they reach a certain income threshold, such as the Princeton University study.

It doesn’t necessarily buy you happiness

Harvard Business School researchers conducted the most extensive analysis of the relationship between extreme wealth and happiness in 2017. To get as comprehensive a picture as possible, they not only polled 4,000 millionaires but also went over all prior analyses in the same field. According to the study’s findings, the only people who reported considerably higher levels of wellbeing were those who earned their income rather than inherited it or married into it.

What you have is never enough

Curiously, the same study found that most billionaires asked felt that they would need to raise their fortune significantly—the majority saying they would need to increase it by a whopping 1,000% to feel absolutely content. Just 13% of those surveyed believed they could live very contentedly on the money they currently had. What does it mean? For most people, their current situation is insufficient.

Other people probably hate you

The amount of hate you inevitably receive is one of the main drawbacks of being extremely wealthy. According to a recent survey by Ohio State University and Cornell University, the majority of people respect individual billionaires but detest the mega-wealthy as a socioeconomic class. According to other surveys, a large number of the general public believes that the wealthiest members of society are dishonest, avaricious, and responsible for wealth inequality since they don’t pay their fair share of taxes.

You’re a prime target for crime

among good reason, one of the top concerns among the ultra-wealthy is crime. Being extremely wealthy makes you a very attractive target for many thieves. These might include ransomware kidnappers, burglars breaking into your mansion, robbers removing your Rolex, cybercriminals hacking into your offshore account, and so forth.

You’re more likely to cheat and steal

Having wealth can be corrosive and weaken your moral character. Why? Rich people often feel like they are above the law and, hence, are less likely to show empathy and compassion for others. According to studies, wealthy people are more likely to drive carelessly, break traffic regulations, and cheat on their taxes and relationships. It may surprise you to learn that wealthy people are also more inclined to shoplift.

You’re more vulnerable to being sued

According to research conducted by management consultant Prince & Associates, a stunning 80% of individuals with a net worth above $20 million worry about being sued. And that makes sense. It has been scientifically demonstrated that being extremely affluent raises your risk of facing legal action, be it for a small-time Ferrari mishap or your cockapoo biting someone while out on a walk with your dog walker.

A gold digger could bleed you dry

Being extremely wealthy might make dating very intimidating. It’s a minefield to know who’s into you for you and not your bank balance. It’s all too easy to wind up with a gold digger who has no other plan for your future together but to milk you for everything you’ve got, as many millionaires and billionaires can attest.

You never know who your friends are

Aside from trust and other relationship problems, being extremely wealthy might also cause you to question if your friends truly like you or if they are just attracted to your wealth. If, all of a sudden, you lost everything, would they abandon you like a hot brick? These uncertainties may be all-consuming, which can lower your self-esteem and cause you to feel insecure.