WHY ARE PEOPLE AFRAID OF GETTING RICH? HERE IS WHY

WHY ARE PEOPLE AFRAID OF GETTING RICH? HERE IS WHY

As many are no doubt aware, the key to financial freedom is being able to make enough money to achieve that. Your debts all paid off and you can stay on top of all the expenses that your lifestyle will bring. And while many of us dream of being a millionaire, winning the lottery and achieving that dream, not every person feels that way. In fact many who are afraid of getting rich often use the reasons we mentioned below. If you are scared of making more money, then chances are you have one of these reasons below for being anxious or scared of it.

WORRYING ABOUT THEFT AND/OR SECURITY

As the old saying goes “more money more problems” and for many, they stand by it. One of the largest issues that more money brings is the issues that some of it getting stolen. This also raises a concern for security too. The more people that know that you are rich the better odds you’ll be targeted for getting robbed or mugged. On the other hand the more wealth you have the more likely you may be targeted by scams as well.

HIGHER TAX BRACKET

Another compelling reason is taxes. While taxes are very confusing but the general rule goes the more you make, the more that you pay. This aspect can mean a lot to people if they suddenly come into money and are pushed into a tax bracket that they’re not used to. And sure you may be hiring someone to do your taxes for you, but even that can be costly. There is the cost of paying the person but they can miss things at times or write down numbers incorrectly and you may end up paying more. It might not have stung so much if you were in a lower bracket but that potential can make people afraid of earning more

MONEY REQUESTS FROM FRIENDS & FAMILY

Though if I’m being honest here, the biggest reason people avoid becoming rich is likely due to the requests they may get. Once relatives know that you are rich, many expect you to fill out their requests. The same applies to friends. They’ll bring up the fact that they’ve been loyal to you for so long, or that you’re meant to take care of your family as reasons to help them out financially. The relationships become far less personable and more of the person interested in being around you because of your money. This scenario is quite possible and why many want to avoid becoming rich.

MAINTAINING THE LIFESTYLE

If you’ve read any wealth management books some of them talk about living within your means. The problem is not many people apply this information or have even read books on money management. Instead, they rely on the habits that they’ve built. Unfortunately for many that is once you get a pay upgrade, you upgrade your standard of living.

So in the event where you are making exceedingly more money, people instinctively raise their standard of living as well. And it can be very hard to resist the temptation. So much that people are scared of getting that wealth.

It’s not out of the ordinary for people who become rich start to compare themselves to other wealthy people or families. They are then pressured into “keeping up with the Jonesses” that they run themselves into an expensive pitfall that is unavoidable. This forces the person to do only one thing: work harder at bringing more money in.