6 downsides to making a lot of money

[Rob Base 2.0]

More 1st world problems

www.msn.com/en-us/money/personalfinance/6-downsides-to-making-a-lot-of-money/ar-BBAulbZ#page=1

ETA a readers digest version:

1) wealth can have a negative effect on children

2) it can stifle personal creativity & growth

3) tax time becomes significantly more expensive

4) retirement & estate planning becomes more complicated

5) money makes peeps a target for lawsuits

6) it can be a lonely lifestyle

[Deleted]

There are more downsides to NOT having a lot of money!

[Rukh O'Rorke]

I read the list and it was as dumb as bag of rocks.

No one is forcing anyone to living wealthy just because they have alot of money, so it is the choices they make rather than the money itself. But even then, its one guy saying he was depressed and aimless because he had a lot of money and didn't need to work.

I'd bet he be depressed and aimless poor too.

[Deleted]

If anyone's excessive wealth is depressing them, they can send it to me.  Win-win I say!

[Tiny]

Perhaps this is what happens when you have money (your "shelter, food, safety" are taken care of) and you accidentally bump into "existential angst".
I assume the rich - like every one else attempts to shield their children from the unpleasantness of existentialism OR simply TELLS their children what their purpose in life is...

I think just about every one has a go at existential angst... rich or poor.  I'd suggest that perhaps the 'poor' don't have much time to ponder the reason for their existence (everyone comes up with something - some just spend alot of time and emotional energy doing it!) since they have so many other things vying for their attention.   The "rich" potentially have a lot of time on their hands --  especially if they aren't filling it with hedonistic trivialities (ok, maybe they are using the hedonistic trivialities to AVOID dealing with their existential angst).  

[973beachbum]

Money buys children many opportunities, but it also comes with risks. A series of studies conducted by psychologist Suniya Luthar at Columbia University found teens in wealthy families were more likely to struggle with mental health issues. Her work, published in 2008, discovered that teens in suburban homes earning more than $120,000 annually had higher levels of depression, anxiety and substance abuse than those in other socioeconomic groups.

Nelson says that growing up, parents were often traveling. Teens were left with minimal supervision and access to plenty of cash. “It’s a recipe for disaster,”

I don't know if anyone read the article.   

My first impression was from the line about how he grew up as a "middle class trust fund child".  I'm sorry but if you are a trust fund child, you didn't grow up middle class.

But the kids really don't determine their circumstances.  If mom and dad are traveling because they have to for work then it stands to reason the kids might be alone more than normal.  And these are kids with money.  So actually buying that booze or drugs wouldn't be a problem money wise.

Does it mean there are no drug problems in less wealthy schools of course not.  And it doesn't mean that all the kids growing up rich do drugs either but the studies do show they do them more.

And I don't know it or a fact but my guess is if you are doing drugs and drinking as a teen then anxiety and depression are probably not far behind.

[tskeeter]

May 4, 2017 9:38:17 GMT -5 973beachbum said:

Money buys children many opportunities, but it also comes with risks. A series of studies conducted by psychologist Suniya Luthar at Columbia University found teens in wealthy families were more likely to struggle with mental health issues. Her work, published in 2008, discovered that teens in suburban homes earning more than $120,000 annually had higher levels of depression, anxiety and substance abuse than those in other socioeconomic groups.

Nelson says that growing up, parents were often traveling. Teens were left with minimal supervision and access to plenty of cash. “It’s a recipe for disaster,”

I don't know if anyone read the article.   

My first impression was from the line about how he grew up as a "middle class trust fund child".  I'm sorry but if you are a trust fund child, you didn't grow up middle class.

But the kids really don't determine their circumstances.  If mom and dad are traveling because they have to for work then it stands to reason the kids might be alone more than normal.  And these are kids with money.  So actually buying that booze or drugs wouldn't be a problem money wise.

Does it mean there are no drug problems in less wealthy schools of course not.  And it doesn't mean that all the kids growing up rich do drugs either but the studies do show they do them more.

And I don't know it or a fact but my guess is if you are doing drugs and drinking as a teen then anxiety and depression are probably not far behind.

BB, you misread the economic status of the writer's childhood.  They said middle-upper class, not middle class.  Guess middle-upper translates into Mom and Dad didn't gift you with a small country for your 16th birthday.

My take on this article is that it explains how significant a life anchor our work is.  And how many tend to drift a bit when they don't have the structure of work.  I know I'm finding that true since I retired.  I find I'm writing myself to-do lists to provide some of the structure work used to generate.

[973beachbum]

May 4, 2017 9:47:39 GMT -5 tskeeter said:

May 4, 2017 9:38:17 GMT -5 973beachbum said:

I don't know if anyone read the article.   

My first impression was from the line about how he grew up as a "middle class trust fund child".  I'm sorry but if you are a trust fund child, you didn't grow up middle class.

But the kids really don't determine their circumstances.  If mom and dad are traveling because they have to for work then it stands to reason the kids might be alone more than normal.  And these are kids with money.  So actually buying that booze or drugs wouldn't be a problem money wise.

Does it mean there are no drug problems in less wealthy schools of course not.  And it doesn't mean that all the kids growing up rich do drugs either but the studies do show they do them more.

And I don't know it or a fact but my guess is if you are doing drugs and drinking as a teen then anxiety and depression are probably not far behind.

BB, you misread the economic status of the writer's childhood.  They said middle-upper class, not middle class.  Guess middle-upper translates into Mom and Dad didn't gift you with a small country for your 16th birthday.

My take on this article is that it explains how significant a life anchor our work is.  And how many tend to drift a bit when they don't have the structure of work.  I know I'm finding that true since I retired.  I find I'm writing myself to-do lists to provide some of the structure work used to generate.

They may feel they have more in common with middle class because they can't buy an island but that doesn't make them any version of middle class.  Trust fund kids are still rich just maybe not as rich as some of their friends.

And I get that they probably are less in common between the levels of rich than all the levels of middle class and lower.  The upper middle class may have a nice house to live in vs a rented apt, new cars vs an older beater but basically they are all the same things just maybe more or newer.

The upper class have things that we just don't have.  And not even things like a private jet type of thing.  But more like a trust fund for your baby that will allow them to go to a super expensive prep school or work or not at their choosing.  Calling yourself upper middle class doesn't change that.

[movingforward]

Though I find this article moronic (like I do a lot of them these days), a lot of what they are saying may be true. The issue they don't address is that a lot of it is also true for lower income families, except they don't have the money to help out when needed. Low income families don't have money to "bail their kids out." I have a good friend who is a judge in the juvenile court system. He talks a lot about how the kids in trouble usually aren't middle income kids. They are either kids from poor families or kids from rich families. Each group has a lot of the same issues. A lot of poor kids don't have parental guidance because their parents are working 2-3 jobs just to put food on the table. Rich kids don't have parental guidance because their parents are jetting off to Europe, etc. Rich kids get bored and depressed for whatever reason, have money and access to drugs. Poor kids need money and sell drugs. My judge friend states the big difference is that rich kids have parents who can afford the best lawyers possible, the best doctors and psychologists. Poor kids don't have those resources, which is why I find this article utterly ridiculous. Having these "issues" as a rich person is still better than having these issues as a poor person.

[Miss Tequila]

May 4, 2017 12:41:17 GMT -5 movingforward said:

Though I find this article moronic (like I do a lot of them these days), a lot of what they are saying may be true. The issue they don't address is that a lot of it is also true for lower income families, except they don't have the money to help out when needed. Low income families don't have money to "bail their kids out." I have a good friend who is a judge in the juvenile court system. He talks a lot about how the kids in trouble usually aren't middle income kids. They are either kids from poor families or kids from rich families. Each group has a lot of the same issues. A lot of poor kids don't have parental guidance because their parents are working 2-3 jobs just to put food on the table. Rich kids don't have parental guidance because their parents are jetting off to Europe, etc. Rich kids get bored and depressed for whatever reason, have money and access to drugs. Poor kids need money and sell drugs. My judge friend states the big difference is that rich kids have parents who can afford the best lawyers possible, the best doctors and psychologists. Poor kids don't have those resources, which is why I find this article utterly ridiculous. Having these "issues" as a rich person is still better than having these issues as a poor person.

I agree with this. When I was growing up I didn't have a lot of parental guidance because my mom was an alcoholic and spent her nights in a bar. But I was also a broke-ass kid so the most I could afford was alcohol and pot. I knew kids who were very wealthy who also lacked parental guidance because their parents were either traveling for work or for pleasure. But at the end of the day, none of us had parental guidance. But where I drank and did pot they did coke and other drugs. part of it was I was smart enough not to do that (I come from a family of addiction) but I also couldn't afford it.

[trimatty471]

Making a lot of money opens up a lot of opportunities.  How you live, raise your kids, and/or interact with people is up to you.

I would prefer to make more money.

[thyme4change]

When I didn't have any money, I felt like the rug could be pulled out from under me at any time. When we started to have a little money, started saving and were in lower-mid range jobs that were plentiful, I felt like we could figure it out, no matter what happened next. Now we both got high paying jobs, we are aging and we have a lot of money in the stock market, plus we have come to appreciate a certain life atyle, I feel like the rug could be pulled out from under us at any minute.

Truth is, I was fooling myself when I was in that middle stage - one debilitating car crash, we would have been a mess.

[8 Bit WWBG]

The "middle class trust fund child" is amusing.  Though, not all trust funds are 8 figures in size.  A friend of mind had a $100K fund from his grandparents.  Obviously very nice to have, but certainly not "never work a day in my life" levels.

Otherwise, great clickbait. Anyone got any articles on how awful it is to be fit and handsome?