Money is a very impactful commodity. It has the power to change lives, especially when you come to it suddenly or from nothing. It can impact you in many positive ways, and if you are not careful, then negatively too. It may change your identity, your sense of self, your morality, thoughts and actions. Here’s a closer look at what money can cost us and how it can skew our perception of the world.

Empathy and Money

It is easier to empathise with someone when you are aware of what they are going through, and it is believed that people with money find it hard to relate and associate themselves with others. This leads to a lack of empathy, indifference towards others and arrogance.

Moral Behaviour and Money

Money can change how you perceive things in life, you may not intentionally do anything wrong, but you may feel that you can get away with small things. Others also perceive that people with money tend to indulge in unethical ways to earn or spend it. It is believed that the more money one has, the less concerned they are going to be about the welfare of others.

Money and Addiction

Children from affluent families are victims of substance abuse compared to other families. This could be because of the high expectation and pressure to achieve like their parents, loneliness, as parents are absent due to their demanding careers or easy access (money) to purchase. Money may not be a chemical addiction like substance abuse but is an addiction nonetheless. The hunger to accumulate wealth can lead to addiction which is widely said as behavioural or process addiction. Addiction forces you to engage in activities stimulating your brain and giving you a high.

Children and Money

Children surrounded by affluence may find it difficult to survive in the real world without the support of their families. They are also susceptible to quickly succumbing to substance abuse, drinking, anxiety, depression, etc., possibly due to high pressure and expectation.

Happiness and Money

Once you have met your basic needs and saved for emergencies and retirement, the amount of money you have won’t change much. Happiness cannot be purchased by money, though it may appear so. Having money makes you want more, and you work hard to achieve it. As a result, you may miss out on family time, important family events, and relationships.

Keep yourself grounded despite how much you earn. Money will come and go, but the values will remain with you, and you can earn more money with those values. Don’t allow the power of money to take over your life. It will cost you a heavy price if you fail to do so. By working with a good, team of the best financial planners, you will be able to navigate your money matters while keeping an eye on your behaviour, thoughts, feelings, attitude and habits. Financial planning, wealth creation, retirement planning, estate planning, and more will be tailored to ensure you are aware of your money matters and able to efficiently manage them with agility.