Imagine being so wealthy that you could take a champagne bath every morning, buy a new Lamborghini every afternoon and still have enough money to last for 4,000 years.
This is the reality for some entrepreneurs. But while this lavish lifestyle may seem like a dream come true, it turns out that a striking number of them get depressed. Even with fathomless amounts of cash on hand, their entire philosophy of money changes, and they realize that they can't possibly spend all of their fortunes in their lifetime.
Don’t Miss: The Startup Behind The Automated Future Of The Fast-Food Industry
"Money can't buy happiness" is an age-old adage heard time and again.
Despite this saying, some certainly try. The $4.8 trillion global wellness industry is home to some of the largest companies in the world with hundreds of startups looking to solve some of humanity's hardest questions. Aura Health, for example, is the world’s leading marketplace for mental wellness helping over 7 million members. Founded by Forbes 30 under 30 brothers and backed by leading venture capitalists (VC) and hundreds of retail investors, the platform is helping millions struggling with mental wellness. But despite this lavish lifestyle and endless tools at their disposal, some of the richest men on earth still struggle with mental wellness.
According to Paul Hokemeyer, a renowned clinical psychotherapist and author of “Fragile Power,” the truth may not be so cut and dried.
With a unique perspective gained from working with high-net-worth individuals in the U.S. and United Arab Emirates (UAE) for over 20 years, Hokemeyer sheds light on the complex relationship between money and mental well-being. While having money can certainly alleviate immediate stresses, such as affording basic necessities like food and shelter, it doesn't necessarily guarantee a worry-free life. As Hokemeyer explains, problems don't simply vanish with a fat bank account — they just change shape.
To stay updated with top startup news & investments, sign up for Benzinga’s Startup Investing & Equity Crowdfunding Newsletter
The problems of wealthy people aren't always what you might expect. According to Hokemeyer, the most common concerns tend to center around relationships — but not just the kind you have with others. The relationship with oneself is often the most problematic, with imposter syndrome plaguing even the most seemingly confident of clients.
"They feel unworthy of their success and fear being exposed as frauds," Hokemeyer said.
Living in this constant state of fear can have serious consequences, including the development of other mental health issues and addictive disorders. So while money can certainly buy a lot, it can't always buy peace of mind.
As if dealing with imposter syndrome wasn't enough, the wealthy also face another common relationship challenge — the parasitic connections that come with their fortunes. Hokemeyer notes that high-net-worth individuals often find themselves surrounded by leeches who expect them to provide financial support. When they try to distance themselves from these unhealthy dependencies, it can quickly turn into a messy situation. Suddenly, the person they were supporting becomes a victim, and the wealthy individual is labeled as mean-spirited and selfish. It's a tricky balance to strike, and one that can take a toll on even the most generous souls.
Read Next: Kevin O'Leary-Backed Startup Lets You Become a Venture Capitalist With $100
The relationship between wealthy individuals and their communities is often either idealized or demonized in modern pop culture. According to Hokemeyer, the wealthy face a delicate balance between using their resources for good and avoiding being seen as simply throwing money at problems. This requires careful consideration and a strong sense of social responsibility. While some may view billionaires like Elon Musk as aspirational figures, others criticize them as symbols of greed and inequality.
While being broke or wealthy is not a guarantee of emotional fulfillment, how wealth is used can make all the difference. Hokemeyer likens wealth to electricity — it has the potential to either bring happiness or cause misery.
“When used properly and channeled to productive outcomes, it makes people happy. But when it’s channeled in destructive ways or used recklessly, it screws people up and makes them miserable,” he said.
See more on startup investing from Benzinga.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
