This week’s theme on the Retirement Quick Tips Podcast is: The Downside of Being Wealthy

Today, I’m talking about a surprising downside of being wealthy that very few people realize until they reach a certain net worth: that life can be boring

From the outside, most people look at wealthy people or celebrities and think that their lives are amazing. They live in beautiful mansions, drive fast and luxurious cars, go on the most amazing vacations, exclusive restaurants, and parties, etc.

But we’ve all had the experience of something great losing its luster over time. The toy we had to have for Christmas that we never really played with. The new car that we pined for that just became not so special anymore after driving it for 6 months. The forever dream home that becomes too familiar day after day of living in it. The first class airline ticket that is just meh.

We all become accustomed to certain things. With 4 kids in our house under 8 years old, my husband and I rarely eat out at a sit down restaurant. Like I can probably count on 1 hand the number of times in the last year my husband and I went out to a restaurant just the 2 of us. So when we do, it’s special and it’s a memorable, and it’s usually a lot of fun. But if you go out to eat all the time, even the 5 star restaurant become ordinary and there’s nothing special about it anymore because it’s so familiar.  

Many wealthy people are bored, because they’ve indulged themselves in the best of what they can afford without reservation, so nothing is special anymore. They’ve become accustomed to specialness, and so they need bigger and better and more extravagant just to have the same feeling I have when my husband and I go to the so-so Mexican restaurant down the street. I’m all giddy about free tortilla chips and my cadillac margarita, and didn’t even feel that way when they stayed at the Ritz on Maui. 

If you find yourself in this situation - where nothing makes your heart flutter anymore - one solution is to fast - intentionally deprive yourself of luxuries so the special remains special. As some of you long time listeners know, I’m a devout Catholic, and now during Lent is a time of fasting. It’s a beautiful opportunity to say no to something for a season, get rid of excesses. The purpose of this season is to repent and focus on God, but even if you’re not religious, the same principle still applies. There is tremendous wisdom in the call to fasting, because we need to balance fasting and feasting. When we just feast all the time, we begin to rot, and life loses it’s specialness. 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.    

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance