7 Harsh Realities of Being a Millionaire

7 Harsh Realities of Being a Millionaire

Valencia Higuera   Tue, July 27

You can probably think of a million things to do with $1 million -- buy your dream home, take a trip around the world or shop till you drop. But while riches can eliminate some of your day-to-day financial worries, there’s a downside to wealth as well.

Whether it’s money, career or family, the super-rich have their own set of problems. And as Bryan Clayton, millionaire and CEO of Uber-for-lawncare company GreenPal says, anyone who wants riches should be careful what they wish for. Sometimes, you’ll deal with entirely new issues through no fault of your own.

Being a millionaire isn't all it's cracked up to be. While money might improve quality of life, it doesn't bring happiness -- nor does it erase people's problems.

Whether you think you might become a millionaire or just want to know how the 1 percent lives, check out the harsh realities of the luxury lifestyle.

You Might Be at a Greater Risk for Lawsuits

You don't need to be rich to be sued by someone, but your odds of getting hit with lawsuits can increase once you become a millionaire. If it’s known that you’re wealthy, some vindictive people might use any opportunity to get a piece of the pie -- even if it means filing baseless, frivolous lawsuits against you.

Clayton understands this reality firsthand. He came from a blue-collar, working-class background and started his first company at the age of 18.

“The one thing that really surprised me was with wealth comes lawsuits," he said. "It was just amazing to me that because I had wealth and a prominent business that I was a magnet for lawsuits of all kinds. It's [not fun] for a stranger to pop out of the bushes and say you have been served.”

One of the perks of being a millionaire is that you can probably afford an attorney to fight frivolous -- as well as legitimate -- lawsuits against you. Even if you’re an honest person, wealth makes you an easy target. Therefore, you should establish a relationship with an attorney to protect your assets.

You Can’t Always Trust the People You Hire

Whether you're a hard worker running an empire, or you came into wealth through an inheritance or other windfall, you might hire a team to help manage your money. It makes sense to have a financial advisor, accountant or money manager by your side. But sometimes, the people you trust can be anything but trustworthy.

Chantay Bridges, a speaker, writer and realtor in Los Angeles, warns that if you hire a crook, you can be held responsible for his actions.

“You bring on teams of people from all walks of life, yet sometimes a bad apple slips through the cracks," she said. "They are up to no good, [and] depending on their role in your organization, it can make it look like you were an accomplice to their evil deeds."

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https://www.yahoo.com/finance/news/7-harsh-realities-being-millionaire-120024080.html