Many people think that money is the answer to a greater assurance of security and well-being. But is this always true?
There is a widespread perception that people who enjoy financial comfort are happier than others, but this is not always the case. There is evidence to show that external achievements can create both positive and negative feelings for individuals and families. As successful people are not sheltered from the hurt and pain of life, such as health issues, relationship problems or loss and grief. Moreover, many successful people find that their status creates other problems – both social and emotional – which few understand or empathize with. Not only they are generally too embarrassed to recognize the challenges that they encounter, but they also suffer a double stigma since money or wealth is supposed to make them happier!
““Growing up in a wealthy family, we are taught not to talk about money and society expects us not to have problems or challenges because we have money. This is so untrue. We have the same emotions and feelings like everyone else. We get hurt, we grief, we have our own relationship issues. However, it is more difficult to admit to ourselves that we have difficulties because of all the money we have. But people, regardless of how much they have, share the same desires and have the same personal and emotional challenges, and it has nothing to do with one’s wealth.””
Client of Dr. Lami
Money, therefore, is not the answer to all our life’s experiences, since it cannot replace our innate desire for love, appreciation, acceptance and growth.
There is no shortage of people who can advise on investments or ways to save money. However, as the needs of successful individuals have become more complex, financial advisors have been challenged to adjust their services in order to satisfy those needs. As a result, some financial advisors have started to take a “therapeutic” approach to financial planning. They have recognized the importance of not only providing clients with sound financial advice, but also having a professional on hand to help them understand their relationship with money and how their feelings and beliefs about it influence their financial decisions.
During my career working with UHNW, it has become apparent that many successful and intelligent people – who have almost everything money can buy – experience set of challenges not many can relate to or understand. It was clear that many highly accomplished people experienced challenges caused by their success due to an unhealthy relationship with it.
As our society is increasingly affected by the exponential increase in choices and opportunities available to make money, and thus by the many illusions and inaccuracies regarding money and wealth, it is important to learn and understand the impact it has on our state of mind and our overall wellbeing.
In the face of our fast-changing world, understanding ourselves, our relationship with money, success, or achievements, and how it affects our happiness is key in maintaining our emotional, mental and physical wellbeing as well as our peace of mind.