11 Most Unanticipated Disadvantages of Becoming Wealthy
11 Most Unanticipated Disadvantages of Becoming Wealthy
Physicians on FIRE
I’m sure you’re well acquainted with the advantages of becoming wealthy. You can buy what you want, travel in luxury, and when your wealth makes you financially independent, work becomes optional. Have you spent any time considering the disadvantages of becoming wealthy? Perhaps you’ve read the stories of lottery winners who wish they had never played the game. Sudden wealth can, in some instances, create more problems than it solves.
Mark LaForet, the author of today’s Friday Feature, isn’t opposed to building wealth. In fact, you could say he’s all LaForet, but that would be a terrible pun. Mark is also aware that there are some cons to pair with the pros of getting rich, and he highlights 11 of them below.
Most people dream of being rich and having all the money in the world. It’s a fantasy that’s been happening for thousands of years. You get to wake up, and everything is easy! No worrying about money anymore. No worrying about how you will afford your mortgage (assuming you have one) and toys; OH boy, the toys!
But in reality, being rich isn’t like that. There’s always good and bad in every situation.
1. Significantly More Responsibility
Most people aren’t actually born rich. The vast majority of people who end up rich build their wealth themselves. This usually involves a business or several. Owning your own business is hard work and long hours.
Most entrepreneurs end up working significantly more than their peers and employees. This added responsibility makes a big difference in the lives of the rich and wealthy. Not only are they responsible for their business, but if they have employees, they need to be actively taking care of their needs as well.
Taking care of employee needs doesn’t stop at a paycheque; there are taxes and salaries based on the economy, yielding the highest pay possible for your employees while still maintaining your business’ sustainability. Then, try to provide security for your employees in pension plans, health benefits, etc.
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