A study published in the Journal of Positive Psychology found that the children of the very rich often struggle with entitlement issues, and that they were more likely than others to believe that success was determined by factors outside of their control, such as their family's wealth and status.
Children who are from wealthy families are more likely to suffer from substance use, depression, and anxiety. Here's more on the topic. One of the biggest misconceptions in the world is that children who are from wealthy families, are free of struggles.
Issues with isolation, self-worth, and not being able to form honest connections because people are using you are very real." "Any kind of mental health struggle is a real mental health struggle, no matter what your socioeconomic status is."
Extreme wealth, especially when it comes very suddenly, can leave people feeling detached from themselves, or as if they don't quite know how to identify themselves any more. “Sometimes there are conflicts about felt identity,” says Essig.
Key Takeaways. Sudden Wealth Syndrome (SDS) refers to a psychological condition or an identity crisis in individuals who have become suddenly wealthy. Sudden Wealth Syndrome is characterized by isolation from former friends, guilt over their change in circumstances, and extreme fear of losing their money.
Researchers have found a correlation between risk-taking and being the last-born sibling. We may get rubbish hand-me-downs, but youngest children from average working families are more likely to become self-made successes, according to this study.
Children of billionaires have privileges that many will never know. Some spend their parents' money on college tuition and hobbies. Others spend their fortunes a little more lavishly — think world travels, yacht vacations, and designer clothes.
A great disadvantage of money is that its value does not remain constant which creates instability in the economy. Too much of money reduces its value and causes inflation (i.e., rise in price level) and too little of money raises its value and results in deflation (i.e., fall in price level).
Poorer health and wellbeing
Stress of living in poverty. Unhealthy lifestyles. Poorer education and employment opportunities.
People who grew up in poverty are more likely to suffer from unemployment and health problems, and are less likely to develop to their full potential later in life. Poverty and social exclusion are transmitted to their children, creating a vicious intergenerational cycle of disadvantage.
In addition to those well-documented costs, it turns out that the poor not only experience more stress than the rich on a daily basis, but it is also more likely to be “bad” stress, which can have long-term effects on the ability to plan for and invest in the future.
Money can be used to purchase certain things that make you feel more peaceful, such as a nice house and car. However, money will never be able to give you true inner peace – this comes from having strong core values, being mindful about your behavior in life, and continually working towards personal growth.
The Boston studies have consistently found respondents to be a generally dissatisfied lot, whose vast fortunes have contributed to deep anxieties involving love, work, and family. They are often even dissatisfied with the size of their fortunes.
A study published in the Journal of Youth and Adolescence found that the children of the very rich experience higher levels of pressure to succeed than their peers. The study also found that the pressure to succeed was linked to higher levels of anxiety and depression.
There are serious challenges to bringing up kids—to being kids—who have it all. Research has found that privileged kids are, as a whole, more self-centered, depressed, and self-destructive. They're more narcissistic, but struggle to develop a sense of self.
Children whose parents are authoritative tend to do better in school, are more resilient, have better coping skills, and less likely to drop out of school9. What is this? “Tough parents” often fear that kindness will allow their children to rule the house. But being kind doesn't mean being permissive.
The first born may experience certain emotions differently than the middle and youngest child or visa versa. According to Adler, the first born is more susceptible to depression because of high expectations of parents and suddenly losing the attention due to another sibling being born.
Middle siblings may not wind up as the corporate chiefs or the comedians, but whatever they do, they're likely to do it more collegially and agreeably—and, as a result, more successfully—than other siblings.
The world's 100 richest individuals earned their first $1 million at age 37, on average. The average millionaire is 57 years old.
The personality traits of the super-rich
“This can come off as cold, but they don't tend to react in the way most people would. They also tend to be extroverted, outgoing and open to new experiences. "This defies a popular stereotype of the reclusive, introverted millionaire that is often portrayed.”
Many people probably wish they had more money, but plutophobia is a fear of money or wealth. People with plutophobia may fear wealthy people or fear becoming wealthy themselves.
Rich child syndrome describes a child who is spoiled. The result of raising a child in excess. So this syndrome is not a condition associated with social class, but rather how parents raise the child and what kind of relationship they have.