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The Daily Mag -->


Tuesday, March 19, 2019

Does instant wealth ruin you?

Do you know how hard it is to get a high ranking position?
You have to put in years of work. You have to wake up over and over, go through the corporate grind, add a few wrinkles to your face.
You have to deal with people you don’t particularly like. Some of you will have a boss that makes your blood boil.
All of us, and by god I mean all of us, will have to do mountains of things we don’t feel like doing.
But one thing leads to another, you get a couple good performance reviews.
They pull you into a room.
They say, “We are giving you a $5,000 raise.”
You are stoked for an extra 5K.
Some part of your brain sees an instant $5000 toy in your driveway.
Then you spread that across the 26 paychecks, you dock the taxes out.
And you are looking at less than $200 per paycheck.
This is the slow, incremental path to wealth that most people take.
Raise after raise. You watch each paycheck go up by a few bucks. You still watch the money leave with bills each month.
It is a slow, stable, productive path to becoming wealthy. It keeps you humble. You respect each dollar.
Now imagine you wake up and there’s pile of gold in your living room.
Or $20 million in your bank account.
All yours.
There is a major disconnect from that money.
With instant wealth, people balloon their spending (lifestyle inflation). They are buying big toys and homes.
Increased property taxes, high insurance fees, Low asset management, income taxes, upkeep of new homes, cars, and toys.
Family and friends come out of the woodwork asking for help.
They make a few ill-advised, high-risk investments because they have wiggle room.
They lose sight of their purpose in life. They become unhappy.
Their marriage goes south. The marriage goes away. So does half the money.
They swore they’d never blow the money if they got the money.
And then they got the money and, sure enough, they blew the money. It left as quickly as it arrived.
Money seems great. But sometimes the price of money is everything.

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