It’s hard to consider that if you’re rich, you could be anxious about money.

However, anxiety over money and financial issues can be a real problem, even if you have plenty to go around.

On one hand, some may have practical concerns about money, such as how to best utilize this resource. On the other hand, people worry about the social image of what it means to be wealthy, as well as how that wealth influences their children.

If this sounds like you, then you need to empower yourself so that you can control your money, rather than your money controlling you.

Why Do Wealthy People Worry About Money?

Those who are wealthy may often worry about money if they came from a background where money was not as accessible.

One example is working hard over the course of a career, saving your money and investing, and retiring with several million dollars. The other is when someone inherits money from a parent or other relative, and now they have this big nest egg in their lap.

Obviously, in both cases, they want to use this money correctly and not be the stereotype of the rich that we often see on TV and the media. This can cause real anxiety for these people.

Are There Reasons to Be Anxious About Money in Retirement?

Even though they may be very wealthy, a real concern for many seniors is whether they will have enough money in retirement.

“Outliving your money” can be a real cause for being anxious about money. Nobody wants to find themselves in their 70s or 80s and suddenly having to work 40 hours a week again just to get by.

And then, there is that other scenario that causes anxiety. The one where older Americans can’t work. And if they have used up their retirement money, they may be 100% dependent on Social Security.

Will Your Money Corrupt You?

Another reason for being anxious about money is the worry that being wealthy will cause you to become corrupt, insensitive, or indifferent to other people and their financial situation.

There are always stories one hears of someone rich who is being a jerk, or worse, to people who have modest means. Who wants to be that person?!

Again, if you came from a more modest background and became wealthy, you may be more sensitiv

e to this issue than someone who was born into wealth. And your sensitivity can lead to anxiety.

How Will Your Children View Money?

This is a real fear for parents who worked their whole lives to earn their wealth. Of course, they want to pass on that wealth to the next generation.

However, as their children grow up in a more privileged environment, what will their relationship be with money? Will they want to work and have a career or be content living off of the largess of their parents?

Parents in this situation may feel anxious as they want to ensure that their children won’t take their wealth for granted.

Money, Control, and You

What it all boils down to is who is in control—you or your money?

Money should be a tool and a means for enjoying life. It should not be controlling your life.

If you are being anxious about money consider these ideas:

• Make sure you are educated about your financial affairs and where you stand with your money.
• Communicate regularly with your financial advisor to ensure your money is invested in the way you want.
• Establish trusts for your children to inherit your money, but only after they have established themselves in careers of their own.
• Budget a portion of your finances for enjoyment and pleasure. (Go ahead, book that trip to Europe or take a cruise!) Remember, spending money on experiences is more rewarding than buying things.

—

It may be difficult to sympathize with those who are wealthy but are being anxious about money. However, anxiety can take many forms and, regardless of the source, can negatively affect your life. If this sounds like you take steps to address your anxiety and regain control so you are not controlled by your money.

If you would like to know more about anxiety treatment, please visit my specialty page.