12 Downsides of Being Rich

Ashwini Ashwini
Apr 12, 2022 4 min read
12 Downsides of Being Rich

Money is the most important thing in this whole world, without it, humans cannot survive. There is hardly anyone in this world, who doesnโ€™t want to be rich and spend money without checking out the left balance in their pocket. Everyone is dreaming to be the wealthiest person so that they donโ€™t have to worry about anything.

However, we also have the demerits of being rich. Every one of us has heard the statement that "Money canโ€™t buy you happinessโ€. Unfortunately, it is the correct statement. Having money can solve hundreds of problems in your life, but it also creates thousands of new problems for you.

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 โ€“

  • Self-made rich
    The person who had worked hard and given all their efforts to live life like they own the world are 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 balances.
  • Trust-funded rich
    This category of rich people is sustained by their previous generationโ€™s money. They didn't have to hustle hard to raise money from scratch, which leaves them with no experience of work in life. They only had to look for ways to make it bigger and sustain the wealth.

Being rich might seem like every problem of your will get solved in just a snap of your finger. However, the reality is far from that. In this article, we will talk about the disadvantages faced by people, while being rich. So let's get started.

โ€œItโ€™s good to have money and the things that money can buy, but itโ€™s good, too, to check up once in a while and make sure that you havenโ€™t lost the things that money canโ€™t buy.โ€
-George Lorimer

Disadvantages 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 you are wealthy.

  • As per history, most wealthy people have stayed alone for a 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 relationships with their closest to build their careers.
  • Wealthy people are not able to spend personal time socialising with people. As per a report, people with higher income spend 90.6 evenings with their family, 60.6 evenings with their neighbours and 65.6 evenings with friends. While people with lower income spend 96.4 evenings with family, 64.9 with neighbours and 61.1 with friends.
  • Undoubtedly, if you are rich it will be tough to find a true friend because most of your friends 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.
  • Youโ€™re automatically subjected to the rumours of the town. Hungry reporters will hunt you for top news for their channel TRP. Everyone is interested in your personal life and wants to know your secrets. If they donโ€™t find any spicy news, then people go creative and create rumours about you. You need to bear all the nonsense of the people and remain unaffected.
  • People focuses on your wealth more than your characteristics.
  • You will be called in 90% of your friendโ€™s hangout to pick the tab and pay bills. As youโ€™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 a rich snob.
  • Rich folks have trust syndrome. They canโ€™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.
  • 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 your money, they will start avoiding you and disappear from your life.
  • While becoming rich, you had to sacrifice a lot. Birthday parties, vacation and many other important events of your closed ones. This do take a toll on your personal relationships.
  • Criticim is part of wealthy, you'll find people disliking you and criticising when they don't even know you.
  • People will treat you differently, they might thing that just because you're rich, you can't have anymoreproblems.

Conclusion

Being rich may come up with lots of benefits but there are a few the struggles that rich people also have to face in their daily life. Sometimes, even money cannot solve your problems, even though it solves most of them. We cannot ignore the new problem that accompanies wealth.

FAQs

Who is the richest person in the world?

Elon Musk is the richest person in the world, with a net worth of $274.3 billion.

Who is the richest person in Asia?

Gautam Adani is currently the richest person in Asia.

What are the disadvantages of being rich?

Rich people become addicted to money, ignore close relationships with friends and families and often buy unnecessary expensive things.

Who is the richest woman in the world?

Francoise Bettencourt Meyers is the richest woman in the world.

Must have tools for startups - Recommended by StartupTalky

Subscribe to StartupTalky

Get the latest insights delivered to you right in your inbox

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.