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

I’ve talked about a few of the downsides of being wealthy this week and the unexpected problems it can create in life. So I want to turn today on how you can keep a higher net worth from disappointing you and making you unhappier as a result. 

The answer to being satisfied and fulfilled is not to be poor instead, but to not let money or the comfort, power, and recognition that comes with it become the center of your life. Many people make the mistake of pursuing more to the detriment of their relationships with others, and sacrifice their own happiness, because they’re chasing the lie that having more money and more of the things that money can buy will bring happiness and lasting joy. 

In short, they’ve made wealth and the pursuit of it the center of their life. It’s the God in their lives, and family and friends, hobbies, their health, etc. gets pushed to the outside. So the solution is to first recognize that wealth can never bring fulfillment or lasting joy. It makes life easier in many ways, but it doesn’t satisfy. Having the right priorities in life and keeping money where it belongs (not at the center) is what will lead to lasting satisfaction and fulfillment. 

Another important way to avoid some of the downsides of wealth that I’ve already touched on this week are to live below your means and continue saying no to yourself, even when you can afford the bigger house, the better car, the first class plane ticket. This has many benefits - you don’t blow your assets on stupid stuff, and you don’t fall into the trap of trying to keep up with the Joneses. Some of the wealthiest people I know are guarded with their wealth - they don’t flaunt it. They don’t use it to impress their friends and it doesn’t fuel their pride. It’s the millionaire next door mindset. 

A third way to prevent a higher net worth from leading to unhappiness is to be generous. Research shows that being generous makes you happier. Focusing on others and their needs and using our resources to bless them is very rewarding and will prevent hoarding, and a toxic focus on just ourselves and our needs. 

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