Disadvantages of Being Rich

Ashwini Ashwini
Jun 08, 2020 4 min read
Disadvantages of Being Rich
“Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give.”
William A. Ward

Demerits of being Rich

Who doesn’t want to be rich and spend money without checking out the left balance in the pocket? You are also dreaming to be the wealthiest person so that you don’t have to worry about anything. However, have you ever thought that there are demerits of being rich? Everyone has heard a statement from friends and family member that, "Money can’t buy you the happiness”. Unfortunately, they are right about this statement. Having money can solve hundreds of problems in your life, but it also creates thousands of new problems for you.

“It’s good to have money and the things that money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money can’t buy.”
-George Lorimer

Before enumerating the problems of being rich we quickly throw some light on the definition of being rich. This would help you to understand the possible problems which you face after being wealthy and prosperous in life. Rich people are divided into two categories –

  • Self-made rich
    The person who had worked hard and given all his efforts to live life king size is the self-made wealthy people. This segment of people has utilized more than half of their life earning the wealth and another half in some luxurious farmhouse with enormous bank balance. As they spend half of their life in hardship to become rich. Thus loosens the root of their relationships.
  • Trust funded rich
    This category of rich people is sustained on their previous generation’s money. They have never hustle hard to raise money from scratch, which leaves them with no experience of work in life. They have been continuously fed by their elder’s money. Therefore, due to always fed in golden platter they never have an eager to further establish something on their own.

The above content has thrown light on the segment of rich people and provided you with the insights of rich folks.

Also Read:

Flaws of being rich

Being rich has its own advantages and you know the advantages very well but you are here to know the disadvantages of being rich and we will briefly narrate the problem you have to face if your a are a rich brat.

  • As per history most of the wealthy people have stayed alone for the lifetime. Some people choose to be alone and other stays alone because they have never found the right partner to share life with, as they are too busy to make money. All the rich people have somewhere crumbled their relationship with closest to build their career. The biggest example is Steve Jobs who abounded his daughter in the early stages of his life to focus on his career.
  • Undoubtedly, if you are rich it will be tough to find a true friend, because most of your friend will be with you for the money and power. It becomes a legit difficult situation to share your deep secrets of life and get some friendly advice.
  • You’re automatically subjected to the rumors of the town. Hungry reporters will hunt you for top news for their channel TRP. Everyone is interested in your personal life and want to know your bedroom secrets. If they don’t find any spicy news about you, then people go creative and creates rumors about you. You need to bear all the nonsense of the people and remain unaffected.
  • You will be called in 90% of your friend’s hangout to pick the tab and pay bills. As you’re rich, so you are supposed to pay the bill every time.
  • Every friend and a relative who have a startup plan will drag you to fund their plan. Otherwise, you will be considered as a rich snob.
  • Rich folks have trust syndrome. They can’t trust anyone easily and so they have to cross check every strong intention, before considering them as a friend.
  • The rich people have to get comfortable with higher taxes. In fact, taxes are an obvious downside that many millionaires and billionaires try to avoid by putting money in offshore accounts. For example, in France, the more money you have, the higher the taxes you should pay. If you have an annual income of over 150K euro, you will have to pay 45% in taxes. If you have over $500K, the taxes reach 49%.
  • Fake friends are abundant. Many men and women want to hang out with you if you are rich. When you tell them you lost all money, they will start avoiding you and disappear from your life.

Read Also :

These are few of the struggles that rich people have to face in daily life. So, the outcome is that being rich has its own demerits. So, don’t let yourself believe that the money can solve all your problems.

Great! Next, complete checkout for full access to StartupTalky.
Welcome back! You've successfully signed in.
You've successfully subscribed to StartupTalky.
Success! Your account is fully activated, you now have access to all content.
Success! Your billing info has been updated.
Your billing was not updated.