Why Wealth Therapy is Necessary for Wealthy People

0

By Amanda Falkson, Director of Psychotherapy City

Money.

In an age where you can shake a stick at a number of divisive topics, the topic of money comes with same Following charged feelings.

As a psychotherapist, I’ve watched with interest how people open up about their sex lives, addictions, and family dynamics, but never mention finances.

The reason is clear.

The world is filled with inequality and research shows us that HNWIs are afraid of being judged.

A large bank account makes a lot of things easier.

But that doesn’t mean wealth doesn’t come with very real challenges that can be overwhelming for the individual facing them.

The two sides of wealth

As a society, we are fed social media-worthy clichés.

Extravagant travels, luxury clothes, beautiful interiors, sparkling jewelry and watches.

However, wealth can also be isolating and difficult to manage.

In 2015, The Wall Street Journal reported on a number of problems that wealth can exacerbate.

One particularly poignant case study referenced in the article involved a tech founder in his 30s.

At the time of this writing, he had created and sold a company for millions of dollars.

Until then, he had been on par with his network of peers.

They had gone to school together, and their university years. Then they all entered the working world at the same time and built successful careers while earning similar incomes.

With his lucrative release, that group dynamic was suddenly shattered.

While his friends were delighted with his success, they no longer knew how to identify with him. And neither he to them.

He began to feel like he was losing the close contacts he had had for most of his life.

It’s not hard to see how this experience could lead to overwhelming feelings of loneliness for someone.

It can, and has had, a severe impact on a person’s mental health.

Old money and new money both come with challenges

Wealth does not remove our human needs. And having meaning and purpose in life are very important needs.

Wanting to create a life that has meaning and purpose is not limited to one group or one community.

Whether someone comes from a family rich in heritage or has recently made a lot of money, the fact remains that we humans are driven to lead a purposeful life.

Wealth does not necessarily prevent it.

But it would also be naive to think that wealth has no impact on how we can create a life of purpose.

It might be fun to dream about not having to work.

In truth, work often gives a lot of meaning to our lives. Or, at least, tells us where we might find it.

With a lot of wealth, the need to work might not be there.

And that means all the accompanying elements of labor disappear too. Self-discovery, the opportunity to build self-esteem, a valuable arena in which to feel proud, camaraderie… work gives us so much.

Trust is another problem that can arise frequently.

Many of my clients have expressed how wealth can become a barrier to building honest relationships with others.

When the elephant in the room is a fortune, how can you know for sure that people looking to befriend you for you?

Money and human being

Our relationship with money is rarely about money.

In a therapeutic setting with my Wealth Advisor clients, I have seen how having money can negatively impact their self-esteem, no more than heirs or someone receiving a gift. substantial for life.

A wealth advisor can really help in this scenario. And in the other areas, I shared in the article.

The financial advisory and wealth management industries will of course help people plan, invest, manage and grow their wealth.

Wealth advice consists in considering the human being in the equation.

The fact that it’s ‘wealth advice’ means wealth, of course, is in the spotlight.

However, my client and I will explore the intersections between their wealth and difficult areas of their lives. It can be relationships, purpose, adapting to a new way of life, raising their children with a certain set of values, etc.

Far from the shame the world might bestow on the “1%,” a category that many wealthy people fall into, whether or not they belong to this segment, customers feel safe to truly understand themselves as a person. fully fledged.

The result is that the individual finds ways to integrate their wealth into their life in a healthier way, build more trusting relationships, and define their life the way they want.

Amanda is a highly experienced psychotherapist, counselor and coach specializing in wealth management consulting. She worked remotely even before the pandemic and her clients come from the UK, US and other countries. More information can be found on its website here.

Share.

Comments are closed.