If you don’t know how to watch your money carefully, being a millionaire can be an overrated experience.
You have to be financially disciplined, weed out needy friends, and beware strangers.
Here are four reasons being a millionaire is stressful.
No one becomes a millionaire or billionaire by accident unless they are born that way. You must have a different mindset about money and time if you want to become a millionaire.
For example, the average age of a millionaire is about 55. That means you will have to sacrifice years if not decades of your life in the service of this goal.
You may have to work strategically smarter and for 12-hour workdays or longer.
Millionaires sacrifice a lot of recreational time over years to achieve their goals.
Even after becoming a millionaire, you have to sacrifice your time carefully to maintain your fortune. Every second, more money could be made, or wasted.
Being viewed as a miser
Bill Gates and Warren Buffett are the least stylish people on earth. And that is because rich people pinch pennies, save money as much as possible, and never waste money on expensive trinkets.
The wealthy save money, generate money, and keep money in the family. Wasting money is anathema, an unforgivable sin to the 1%.
It’s a mindset. Usually, it’s the most financially illiterate and irresponsible people who waste money on new jewelry, cars, and other pricey items just to impress strangers.
Because of this mindset, the rich are usually called cheap and miserly, although it is this mindset that helped them to become rich.
Never knowing who to trust
When you are broke and have few options in life, then you truly know who your friends are. The second that you become rich and notable, everyone wants to be your friend.
Rich people are inundated with pleas and nagging from family, friends, and complete strangers for financial help, loans, and gifts. And if you gave all of your money away, these same people would abandon you.
A big rule of becoming a celebrity or millionaire is that you must make new friends thereafter and vet them properly. And there should only be a few that you trust implicitly. Everyone else will want something from you for nothing.
Unfortunately, rich people are often not seen as human; they are seen as walking and talking ATMs to the people close to them.
One perpetually creepy occurrence that you may have to deal with after becoming a millionaire is being served with lawsuits.
Get into a car accident? Once the other party finds out you are rich, you will more likely be sued than not. You might get sued by former friends, families, and business partners.
You may end up winning these lawsuits, but not without headaches and having to pay legal fees. In the world’s most litigious country, anyone who knows you or meets you for the first time may feel entitled to sue you for an easy payday.