Being wealthy is something that many people strive for but not everyone makes it. It is said that 5 out of every 100 people are rich. Having a good job is important but being rich shows how dedicated you are to your job or business. A rich person comprises many characteristics. Below are some bad characteristics of a rich person.
Wealthy people earned their wealth by following the right characteristics needed to become rich. They are not born with a silver spoon in their mouth. Wealthy people are self-made individuals. These are people who have overcome the odds to earn the status of being wealthy. Here are bad characteristics of a rich person.
Sudden wealth catches us unprepared
If you become wealthy suddenly, such as via a lottery jackpot, you won’t be ready for what it entails. News archives are full of stories about people who won lottery jackpots only to end up poor, in trouble, or even dead. I wrote about some lottery winners’ sad stories a few years ago. Here’s one example:
David Edwards won $27 million in a Powerball jackpot, and spent much of it on drugs, a mansion, a Learjet, and fancy new cars. With $27 million, you could live comfortably for the rest of your life without working; but Edwards spent lavishly, and ended up living in a filthy storage unit late in his life. His wife eventually left him, and he died in hospice care.
Your wealth can overshadow your other characteristics
People can focus more on your wealth than on your other traits, and that wealth tends to become your most defining characteristic. Abigail Disney, granddaughter of Roy Disney, who co-founded the Walt Disney Company, has related her own experience as a rich person: “People do say to me, straight up, ‘Oh my God, you must be really rich.’ In every interaction, you don’t get to make a first impression because they’re already thought about what they want to think about you before you even shake their hand.”
You may have given up a lot to become rich
People become wealthy in different ways, such as through winning a lottery jackpot, inheriting assets, or perhaps working hard and investing. If you achieved your wealth through lots of hard work, there’s a good chance that you sacrificed a lot along the way. You may have worked long hours at your job, or even worked two jobs — so you may have missed birthday parties, chances to take vacations, and more. You may not have developed close relationships with family members and friends because of your sacrifices and long working hours. Those are all meaningful losses.
You may have to keep a lot of secrets
Many wealthy people keep a lot more secrets than the rest of us do. You may not want your co-workers or neighbors to know that you’re wealthy, for example, perhaps because of what they’ll think or assume. You may not want to share your address on occasion, as it might reveal that you’re very well-off. If you take a lavish vacation and enjoy lots of experiences that others can’t afford, you may want to keep that to yourself in certain company.
People will treat you differently
One reason you may start being secretive when rich is because you won’t want to be treated differently. When people know you’re wealthy, you may become their go-to person when they need to borrow money, or they might expect you to pay every time you dine at a restaurant together. Some friends or relatives might expect costly gifts from you for birthdays or holidays — and might be put out if you give ordinary gifts.
While many of us get relief from venting about our problems to others, you might find that people don’t have much patience for your problems, assuming that since you’re rich, you shouldn’t have much to complain about. (Of course, often you’ll receive more attention and deference because you’re wealthy — which can be unwelcome, too.) When you’re wealthy, you may be an object of envy and even resentment.
You can develop an identity crisis
You may not realize it, but much of our identity is tied up in what we do for work. You might be a teacher or a scientist or a nurse, and devote your time and thoughts to your field and your status within it. If you’re no longer working because you’re financially independent, you might find yourself experiencing an identity crisis, with your self-esteem taking a bit of a blow.
You’ll have trouble trusting people
This is a major drawback of great wealth: You’ll have trouble trusting people. With anyone you meet, whether in a business setting or social setting, you’ll find yourself unsure whether they’re truly interested in you and what you have to offer, or they’re more interested in your money and what it might do for them. That can make dating particularly hard.
A final drawback to great wealth is this: boredom. If you don’t have to work and you choose not to, you may have trouble filling your time with meaningful activity. Consider Timothy Kim, who started investing in the stock market at the age of 19; by the time he was in his early 30s, he had more than a million dollars — and was bored: “If someone gives you $100 million and you don’t have to work anymore, you’re going to quickly find out that life feels a little meaningless and you have this hole.”
Wealthy people don’t hate money
According to the study, participants were asked questions that reflected whether or not they exhibited what the researchers called ‘money avoidance’. Money avoidance was described as beliefs such as, ‘I don’t deserve money,’ ‘money corrupts,’ or ‘rich people get where they are by taking advantage of others’. Another characteristic of money avoidance is the belief that it is morally better to live frugally.
Those who were wealthy were less likely to exhibit money avoidance, which can also be described as a dislike or distaste for money.
It certainly makes sense that wealthy individuals do not have negative feelings about money, and more importantly, that wealthy people do not view wealthy people antagonistically. The reasons for money avoidance are different for each person, and perhaps the root of such negative emotions towards money and towards wealthy people could trace back to experiences such as painful childhood incidents of exclusion, parental values about money or personal observations of wealthy people behaving dishonestly.
Wealthy people aspire to be wealthy
A more straightforward portion of the research focused on whether respondents aspired to be wealthy. And it turns out, as expected, those who were wealthy were more likely to report that they personally aimed for wealth. Perhaps those who were ambivalent about money and who held negative emotions towards wealth did not wish to be wealthy, despite the fact that they were more likely to exhibit feelings of money worship.
In general, psychologists report that negative feelings drive behaviors more than positive feelings. Thus, it appears that people who dislike rich people but think that money is empowering are less likely to work towards becoming wealthy than people who approve of the wealthy but do not necessarily think money is all that amazing.
Millionaires think differently. Not just about money, about everything. The time and energy everybody else spends attempting to conform, millionaires spend creating their own path.
Since thoughts impact actions, people who want to be wealthy should think in a way that will get them to that goal. Independent thinking doesn’t mean doing the opposite of what the rest of the world is doing; it means having the courage to follow what is important to you. So, the lesson here is to forge your own way. Let your success drive you to financial spoils rather than doing it the other way around and trying to chase the money.
For example, David Geffen is a self-made millionaire with $9.9 billion to his name in 2021, according to Forbes. This American record executive and film producer was a college dropout, but Geffen made millions by founding record agencies, including DreamWorks Animation SKG Inc., and signed some of the most prominent musicians of the ’70s and ’80s. Although he didn’t take what many assume to be the usual path to success, his tireless work ethic and sense of personal conviction about artists’ potential allowed him to rack up a sizable fortune.
Writers Dennis Kimbro and Napoleon Hill interviewed successful people to determine the traits they had in common for their book, Think and Grow Rich: A Black Choice (1992). The authors found that successful people focus on their area of excellence. Millionaires also tend to partner with others to supplement their weaker skills. If you don’t know what you are good at, poll friends and family. Use training and mentors to refine your strong skills.
Anyone who has the desire to get more money definitely start this topic. The more you want, but the less you have. There are some bad characteristics of a rich person. They are considered very useful if you read them today. Especially for those who hold themselves back in the middle of the road. Take advantage of it, move forward.