Everyone wants to get rich fast. Indeed, that is what this website and its contents are all about. Getting rich fast is also something we encourage and show you different ways to get rich.
Rightfully, nobody wants to live with money shortage. Presumably, having less money can leave you with lots of desires waiting fulfilment.
However, on the flip side, sudden financial windfall can have negative impact on your life as well.
Physical and mental wellbeing are affected
We all have heard tales about a poor person winning lottery but dying from joy after hearing about the sudden windfall. This ode comes in various variants and is found around the world.
The story itself may not be true. However, it is not false either. Psychiatrists, medical experts and psychologists are now actively studying something they call ‘Sudden Wealth Syndrome’.
Of course, you need not panic over it. Presumably, not everyone who gets rich quickly suffers from this syndrome.
The Dubai experience: Instant millionaires
A few years ago, Dubai-based English magazine interviewed a handful of expatriates from different countries. These people were winners of the ‘Mashreq Millionaire’ draw run by Mashreq Bank.
Any resident of the country could deposit UAE Dirhams 1,000 or its multiples in the bank’s Mashreq Millionaire scheme.
Customers are given a certificate number. The number features in regular, computerized draws. Winners stand a chance to win AED 1 million (about US$ 272,250).
Winnings are tax free. Respondents of the survey had surprising revelations to make.
Sudden wealth is useless: studies and research prove
Most respondents told journalists, they were back to routine life after squandering their jackpot money. Ordinary people have no inkling of what to do with their big money, research proves.
Therefore, most of them end up spending it recklessly. Further, they end up with grave emotional, physical, social and problems. Surprisingly, they also land in financial mess.
People who are financially weaker are more prone to face problems compared with those who are inherently rich, studies reveal. Poorer people tend to splurge their money without control.
On the other hand, their richer counterparts remain largely unaffected, spend or invest it wisely. People who win sweepstakes and lottery or inherit fortune are usually more prone to these problems.
Problem 1: Leaving employment after getting rich quickly
Understandably, this is the most common problem that strikes by getting rich quickly. Usually, people have grand dreams about what they will do if they strike a fortune.
Once they get it, they rush to leave their job to open a business. Sadly though, most of these quickly rich people have no clue about what business to enter. Hence, they begin investing recklessly.
A majority of such newly rich people are unable to sustain the business or meet its demands for more investments. Usually, this occurs before the business settles and begins paying dividends.
A few months down the line, they abandon the business. Unfortunately, these ordinary, hardworking citizens suddenly find themselves broke and out of business. Getting a new job can prove difficult.
Problem 2: Major relationship issues with relatives, friends
As a matter of fact, getting rich quickly can adversely affect your relationships with family and friends. Usually, all of us have relatives near and far and friends.
At some point of our life, they have given us money in emergencies. Once you get rich, your relatives and friends will look to you to bail them out of any financial problems.
Your newfound prosperity will open floodgates of demands for money from a few close relatives and friends.
Generally, relatives and friends will ask for money to solve their own problems. Knowing you are rich encourages them. Of course, they will have every good intention of repaying you.
However, when such repayment comes is anyone’s guess. Not lending money will strain your relationships. Lending will prevent you from following your dreams. This tug-of-war can leave you lonely and unpopular.
Problem 3: Loneliness due to new, better lifestyle
Undoubtedly, you have every reason to enjoy your money. Regardless, whether its source your new business, promotion at work, inheritance or winning lottery.
Subconsciously, your lifestyle will change as you buy and use expensive stuff. Newfound wealth will also compel you to seek people of similar financial status.
Merely because you are likely to feel uncomfortable with your earlier peers. You may also buy a new home and leave old, warm and friendly neighbors behind.
Sadly, gate-crashing into new company is not easy. You can become member of some exclusive club. Remember, you will be viewed as a newcomer here. You will require time to acquaint yourself with these new, would-be friends.
Your achievements might not impress them. Further, it will take some time to find out who is genuinely interested in your friendship.
Losing old friends because of their habits to find new friends to match your wealth is hard. It can leave you feeling lonely, despite your wealth.
Problem 4: Sedentary lifestyle, health problems
Interestingly, people with new found wealth leave their active lifestyle behind. They falsely believe they do not need to walk or exercise. To reflect their newfound wealth, they will avoid all types of physical activity.
These can include buying a car instead of traveling on public transport. Hiring servants of helpers to do chores you would perform is another sure road to sedentary lifestyle.
Remember, sedentary lifestyle comes with a plethora of health issues. These include high bad cholesterol levels.
Foods rich in fat and sugar are known to adversely impact blood pressure and cause diabetes. Lack of physical activity opens doors to several ailments including heart and kidney diseases.
Problem 5: Inability to cope, psychiatric disorders
Generally, people who get rich fast change their lifestyles rapidly. As discussed above, losing or moving away from old friends, money related disagreements with relatives and a sense of richness comes with bags full of psychological problems too.
Not everyone can cope with change fast. You are free to change your lifestyle and habits as fast as you like. However, adapting to the change is a different ballgame altogether.
Psychiatrists term moving home and changing lifestyle as two of the most traumatizing events in human life. Left untreated, you might end up with a psychiatric disorder that has a negative impact on both your physical wellbeing and mental health.
Problem 6: Marital problems, separation and divorce
Frankly speaking, there are no studies to prove who has larger divorce rates – the poor or rich. Marital discord seems to strike everyone.
However, research and studies amply prove that rights over money are the single largest contributor for separation and divorce. The main reasons are, one spouse believes the other is cheating over money.
The other is feeling of superiority by the spouse who earns more.
Getting rich quickly is fine. However, staying rich and maintaining newfound wealth will definitely consume your time and effort.
Further, if you have money fights at home, getting rich quickly can pose a bigger domestic problem. Obviously, the lower income spouse will feel inferior or may get bossed-over.
Enmity over sharing riches will arise. Getting rich quickly but without clear plans for family can land you in court for separation and divorce. Sadly, your kids will bear brunt of such enlarged money fights.
Problem 7: Overspending, buying unnecessary stuff
Unfortunately, overspending and shopping binges are a major attribute of the nouveau riche. You are very likely to fall into this trap unless you have an astute spending plan.
As an old saying goes: “If you buy things you do not need, you will end up selling things that you need.” Of course, everyone in your family will want to buy expensive stuff they could only dream about.
Rightfully, they can expect it from you.
However, spending on expensive and unwanted stuff will only put strain on your fortune. Stuff you buy today gets old tomorrow. Upsizing life is easy. However, downsizing your life if needed is an unpleasant experience.
It can lead to unwanted squabbles within your family and rob your mental peace. You may suddenly find you owe money to credit card issuers or moneylenders.
Problem 8: Fulfilling your dreams at great expense
We all have dreams about what we would do if we have money aplenty. Some of us would love to go on cruise. Others would enjoy a jungle safari. Further, someone else might buy a castle with newfound wealth.
Fine, as long as you can sustain the lifestyle in future. In addition, you also need to ensure that your fortune is not dwindling rapidly while you indulge in opulence.
Quite likely, you might never get that surplus money or big fortune ever again. Therefore, be prudent with your spending habits.
Problem 9: Inept handling of money and tax problems
Everyday people like you and I are fairly great at budgeting and handling money. However, dealing with a fortune can be an altogether different, harrowing experience.
Your money will seek a thousand ways to exit. Remember, you also have to pay taxes on whatever riches you have earned or inherited.
Therefore, it is advisable to seek advice from a reputable finance consultancy. Such firms show where best to invest your money and make it work to make you richer.
They also provide guidance on tax payment, amnesty schemes and government regulations.
Problem 10: Falling prey to vices and addictions
Wealth opens doors to lots of positive and negative stuff. A lot of newly rich people fall victim to addictions. Remember, addictions are not merely drugs and alcohol.
Gambling or frequenting casinos, indulging in paid sex, landing into extra-marital affairs are various types of evils that are known to attack newly rich people. Unless you are very cautious, you can fall prey to these as well.
An ancient Indian proverb speaks about buying problems with excess wealth. Truly, you might inadvertently end up buying problems like drug addiction, alcoholism, gambling and more with your newfound wealth.
No easy solutions: Seek professional help
Meanwhile, the Internet continues to open vistas for increasing number of people to get rich. Should you strike such a fortune, ensure that you seek professional help about how best to use the money.
Of course, you deserve a better, high-quality life. However, affordability is not measured by money one owns. It also takes into account the psychological, physical, social, spiritual and financial toll on a person.