Money.
It’s a key driver of so many aspects of our lives. When we don’t have it, but surprisingly, also when we do. The idea that money brings happiness is not accurate, although it does help to make life comfortable. There comes a point though, where more money does not equal more happiness. In fact, the scale starts to tip in the other direction.
Research was done about ten years ago that found that $75 000 per year ($100 000 in today’s money) is “enough to optimise day-to-day experiences. More money than that did nothing to reduce the amount of time people felt anxious, stressed or sad.”
In fact, a sudden entry into wealth may add to levels of stress and anxiety, feelings of guilt and shame, imposter syndrome, and depression, to name but a few. And the acquisition of a swish new car or boat or house, isn’t going to soothe away those feelings, or not long-term anyway.
Attaining wealth suddenly, be it through the sale of a business, winnings, inheritance, or career, brings with it a range of struggles. While it’s easy to “wish that those were my problems”, what goes on in the human psyche is not all sunshine and roses.
Money is so deeply embedded in our lives and psyches, that it can change things significantly, including relationships with others. It can lead to a lonely, distrusting existence, with little allowance for personal struggles associated with money. After all: “What have you got to complain about?”
What’s a wealth psychologist?
This is where a wealth psychologist has a role to play.
A wealth psychologist is a mental health professional who specialises in emotional issues related specifically to money and the anxieties and feelings around having more money than most.
New or unanticipated wealth acquisition can have unexpected psychological and emotional consequences, which can be dealt with through the help of a counsellor. While the practical side of coming into wealth is tangible, the emotional aspects can raise all sorts of bewildering feelings, which are often left unacknowledged.
A wealth psychologist is aware of the effects that this transition might have, and how deep an issue our relationship with money can be. Feelings of guilt or shame for example need to be shifted to an acceptance of the freedom that money can provide.
Where money and heart intersect
The idea that money is inanimate, is technically correct.
But the effect of money on the human mind and heart, either a lot or a little, becomes deeply loaded with emotions. Wealth is complicated and many, if not most, financial decisions are founded in the world of emotions. Wealth affects our psyche, but the opposite is true too.
Emotions trigger financial decisions, and financial decisions trigger an emotional response. Having someone who can provide the view from the outside can deliver a , more objective, possibly more nuanced perspective. A wealth psychologist can also help bring out the more complex underlying feelings that money can elicit. .
Who are the high-net worth people who use wealth psychologists?
Business leaders often find it difficult to confide in others, and their role may be a lonely one. A wealth psychologist offers a safe, confidential space, where the feelings, fears, and thinking around money is examined objectively.
Family dynamics may change with the introduction of large amounts of money, which often cause stress and strain within relationships. The context of Inheriting will likely include grief, and loss. It’s important for people to find a way to create their own legacy and discover self-worth through their own work and internal processes.
New wealth holding can also raise feelings of isolation, affecting relationships with others and oneself.
All of these situations place people into a transition state, or state of flux, potentially clouding decisions. Add any existing mental health issues to this and things can become really difficult. Mental health issues affect anyone and everyone, regardless of wealth, status, gender, occupation, race, etc., and a massive transition into wealth can throw a person badly off balance. In these situations, it’s important to seek help from a qualified wealth psychologist.
What concerns do wealth therapists address?
The breadth and depth of issues that wealth psychologists can tackle are immense.
Many mental health issues described here could affect anyone at any given time, but a transition into sudden wealth can either increase these issues or raise brand new ones.
Some examples of the type of concerns that a wealth psychologist can help with are:
- Feelings of depression and anxiety
- Guilt
- Learning new perspectives on wealth and gaining a new relationship to money
- Communications strategies to help with changed relationships and therefore better relationships
- Coping with stress and learning to develop tools to help with resilience
- Skills to become more adaptable to changed circumstances and healing imposter syndrome
- Dealing with inheritor stress
- Responding positively to change
Change is something we struggle with generally as humans, be it positive, or negative.
It elicits fear of the unknown and provides opportunities to confront aspects of oneself that are not always pleasant. Coming into a large amount of money through whatever means, is a platform for change. It’s a time to choose how to engage with that catalyst and within that context, how to engage with oneself. It’s important to have expertise available, to provide objectivity and clarity to navigate the complexity of a sudden large income.
Would you like to know more about wealth psychology?
Please feel free to contact me if you have any questions. I’d welcome the opportunity to chat with you and answer your questions.