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The Challenges of Money and Success
“For a successful entrepreneur it can mean extreme wealth. But with extreme wealth comes extreme responsibility. And the responsibility for me is to invest in creating new businesses, create jobs, employ people, and to put money aside to tackle issues where we can make a difference”. (Richard Branson)
It is a known fact that trillions of dollars are passed between generations. This fact creates a great deal of responsibility for those who are at the receiving end and for those who are at the advising them. Learning about and understanding the psychological impact that money or wealth has on our state of mind is important to our well being.
Affluence, fame and wealth create challenges that particular to these situations. The advisors to affluent families experience the challenge of understanding their clients and finding ways to improve and provide successful services.
Our society is increasingly affected by the exponential increase in choices and opportunities available to make money, and thus by the many illusions and inaccuracies regarding money and wealth. In the face of our faster changing world, understanding the relationship between money and wealth and psychology, health, happiness and success is important to maintain our overall well being and peace of mind.
Research shows that money and wealth can create both positive and negative feelings for individuals and families. It is thought, for example, that the reason for loss of money is poor financial planning . However, recent evidence show that 90% of wealth is lost due to poor financial and emotional preparation and only 10% is due to poor financial planning.
Alas, only a few recognize the challenges that money or wealth presents. Not only are people generally too embarrassed to recognize the problems that they encounter, but financially independent people suffer a double stigma, since their problems are caused by money or wealth, which is supposed to make them happy!