mo money, mo problems?

[Anonymous]

Has it been true for you? So many people here seem to assume that raising your HHI to +1 M plus will solve all your problems. We are not there yet, but with our income rising, I'm beginning to wonder exactly what sort of problems high-earners, high-net-worth families face. Tell us your stories. We want to know what the downsides are to being really wealthy

[Anonymous]

Dealing with attorneys, accountants, financial advisors, property managers, relatives asking for money, getting your kids to not depend on Bank of Daddy

vs.

Being poor. Like, broke-ass poor in a bad neighborhood with terrible schools, not having health insurance, and a car that always needs work.


It's a no-brainer which is worse. Rich people who whine about their money problems are infuriating.

[Anonymous]

People say this but they never choose to make less money to get those mythical fewer problems.

Actions speak louder than words.

[Anonymous]

I think the research says that people who earn $85k+ are happier than those who earn less than $85k, but happiness generally plateaus after that inflection point.

I think that people with sudden windfalls or influxes of cash are more likely to have more problems, but people with generally ascents into wealth probably have no real problems worth complaining about.

[Anonymous]

The only problems are ones you bring upon yourselves like trying to keep up with someone wealthier than you are. If you are living comfortably just continue to live that way and let your net worth grow. Pretend you don’t have anymore money but sleep well knowing you do.

[Anonymous]

Anonymous wrote:The only problems are ones you bring upon yourselves like trying to keep up with someone wealthier than you are. If you are living comfortably just continue to live that way and let your net worth grow. Pretend you don’t have anymore money but sleep well knowing you do.

+1 if you can accept not trying to compare and keep up with lifestyles, mo money has meant for us, a lot less problems.

[Anonymous]

mo money, no problem
no money, mo problem

[Anonymous]

Possibly more problems, but they generally go away when you throw money at them.

I remember a time when I was splitting rent and utilities with a roommate post college, and my only real problem was engine trouble with my car. I agonized over my (expensive for me then) options because I had little disposable income.

Now if I had engine trouble I would replace the car without thinking twice. I own a large house with all of the maintenance issues that entails, but I can afford to call someone up to take care of them and not worry about the cost. So yes, more problems (life isn’t as simple as it was when I was 22), but those problems are easy to resolve.

[Anonymous]

Anonymous wrote:The only problems are ones you bring upon yourselves like trying to keep up with someone wealthier than you are. If you are living comfortably just continue to live that way and let your net worth grow. Pretend you don’t have anymore money but sleep well knowing you do.

This was us as we didn’t change our lifestyle and it eliminated any retirement concerns we had in terms of how much and when.

[Anonymous]

Anonymous wrote:I think the research says that people who earn $85k+ are happier than those who earn less than $85k, but happiness generally plateaus after that inflection point.

I think that people with sudden windfalls or influxes of cash are more likely to have more problems, but people with generally ascents into wealth probably have no real problems worth complaining about.

I've never believed that questionable "research". I don't know what the "plateau" number for happiness is but it is a multiple of $85k in 2021 for high COL areas like here.

Your second point is on point. The happiest, lowest stress people I know grew up UMC and climbed from there. Travel, great neighborhoods, paying someone else to do things like laundry/cleaning/landscaping, not postponing healthcare due to money, retirement, helping the kids/grandkids etc.
Unexpected windfalls seem to be problematic.

[Anonymous]

I have more money than I have ever had at any other point in my life and I am also feeling the most happy and least stressed about lots of stuff including my family. Maybe it’s a coincidence, but I doubt it.

[Anonymous]

I have a trust fund that contains more than I could spend, and am also a high earner which means I dont have to touch my trust to live the lifestyle I like.

What does that mean? It means that I have a deep innate understanding of the notion that money does not make one happy. Rather than spending years of my life focusing on earning so I can spend, so I can learn that lesson, it means I learned it way faster than other people. That leaves me with the question of "What does bring happiness", and for me, it is my kids and travel. Now, I spend all of my time and focus on those things, and I am much happier.

Money gave me the time to sit and consider what makes me happy.

[Anonymous]

Anonymous wrote:I think the research says that people who earn $85k+ are happier than those who earn less than $85k, but happiness generally plateaus after that inflection point.

I think that people with sudden windfalls or influxes of cash are more likely to have more problems, but people with generally ascents into wealth probably have no real problems worth complaining about.

I'm not sure how this came to be part of the conventional wisdom - probably far too many journalists regurgitating one person's misunderstanding of the study - but the research does not say this, at all. The research indicates that emotional well-being didn't increase past $75k (in 2010), but life satisfaction (read: happiness) absolutely does keep increasing past $75k.

[Anonymous]

P diddy said it best

[Anonymous]

Anonymous wrote:Possibly more problems, but they generally go away when you throw money at them.

I remember a time when I was splitting rent and utilities with a roommate post college, and my only real problem was engine trouble with my car. I agonized over my (expensive for me then) options because I had little disposable income.

Now if I had engine trouble I would replace the car without thinking twice. I own a large house with all of the maintenance issues that entails, but I can afford to call someone up to take care of them and not worry about the cost. So yes, more problems (life isn’t as simple as it was when I was 22), but those problems are easy to resolve.

This, yes.