The Never-ending Pursuit of Money
What would it be like to be ultra-wealthy? Would it mean homes in Hawaii and Paris?
Do you envision sailing a luxury yacht across the Mediterranean? What about chartering a trip to space? While it’s fun to imagine, this isn’t the reality for most of us.
You might have heard the term “Ultra High Net Worth” (UHNW) before. It’s a term for those who have north of $30 million in net worth. There are currently 142,990 UHNW individuals in North America1 out of 369 million in total. That’s less than one-tenth of 1% (.03% to be exact).
Not many people fly on private jets, sit in the front row at sports events, or own private islands. This is different from what we often see on TV or social media. So why do we sometimes feel the desire for more, even though we’re doing just fine financially?
Mindset of Accumulating Wealth
The mindset of accumulating wealth is deeply ingrained in most of our psyches. It’s important in the sense that we all have goals and want to retire comfortably, but it can be dangerous in its extremes. Let’s take a moment to understand some of the psychology behind why this happens:
Social Conditioning: From a young age, we’re bombarded with messages that equate success with material wealth. This fosters a mindset where financial achievement is seen as the ultimate marker of success.
Comparison Culture: Social media and the digital age have amplified our exposure to the lives of the affluent, often presenting a skewed reality that glamorizes wealth and luxury. This constant comparison feeds into the desire for more.
Economic Insecurity: For some, the pursuit of wealth stems from a place of economic insecurity during their upbringing. This drive, while initially motivated by a quest for stability, can evolve into an endless chase for more.
The Illusion of Happiness: There’s a widespread misconception that more money directly correlates with more happiness. This can lead people to prioritize wealth accumulation, often at the expense of other aspects of well-being.
Fear of Missing Out (FOMO): Witnessing peers or counterparts achieve financial milestones can trigger a sense of FOMO, propelling the urge to amass wealth in order not to feel left behind.
Seeking Validation: Accumulating wealth is often viewed as a means of garnering respect, admiration, and validation from others. This external affirmation becomes a driving force, overshadowing intrinsic motivations and self-worth.
The Hedonic Treadmill: As people acquire more wealth, their expectations and desires adjust upward. In the past, sitting in first class may have been a goal for you. Now, after experiencing it many times, your goal is to fly on a private jet.
Habits to Practice Contentment
You’ve probably heard that additional wealth does not equate to increased happiness. It’s so true, but we can all use a reminder from time to time. The same holds true for habits that help us practice contentment. Here are a few to get you started:
Cultivate Gratitude: Regularly acknowledging what you’re thankful for can shift your focus from what’s missing to what’s present.
Embrace Simplicity: Simplifying your life can help clarify what truly matters, reducing the noise of material desires and fostering a deeper appreciation for the essentials.
Invest in Relationships: Strong connections with family and friends are a cornerstone of happiness. Invest time and energy in nurturing these bonds.
Pursue Passion: Engaging in activities that resonate with your interests and values brings intrinsic joy and satisfaction.
Give Back: Contributing to the well-being of others through acts of kindness, volunteering, or philanthropy can provide a sense of purpose and happiness.
Bottom Line
It's important to remember that true wealth comes from being healthy and happy, not just from having lots of money. Managing our money is important.
Being healthy and happy is more valuable than having lots of money. The moments of connection, the pursuit of passions, and the acts of generosity are what truly enrich our lives. We can be happy by being content with what we have and who we are, instead of always chasing money. This leads to a fulfilling and joyful life.
Sources:
https://oechsli.com/my-account/us/library/89694/
Disclosures:
This information is an overview and should not be considered as specific guidance or recommendations for any individual or business.
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This material is provided as a courtesy and for educational purposes only. Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation.
These are the views of the author, not the named Representative or Advisory Services Network, LLC, and should not be construed as investment advice. Neither the named Representative nor Advisory Services Network, LLC gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information.