10 reasons being rich is harder than it looks

We see you rolling your eyes right now. But it’s true: Being rich isn’t all wine and roses. Lazy kids, needy friends, constant lawsuit threats and other concerns plague wealthy people on the regular. Here are the top reasons being rich is harder than it looks — straight from the mouths of people who make millions, or billions, or manage those who do.

1. Your Kids Might Grow Up to Be Spoiled

Being wealthy can have a downside for your kids. One wealthy respondent to a study conducted by Boston College’s Center on Wealth and Philanthropy worried, “Money could mess them up — give them a sense of entitlement, prevent them from developing a strong sense of empathy and compassion.”

“From my experience, the worst consequence for a wealthy family are the inept, non-self-reliant adult children,” said a wealth advisor* from a large and well-known national financial services company. “Many are not contributors to the betterment of society, and are entirely dependent on their family’s money for their survival and that of their offspring. It’s an unending vicious cycle.”

“In one case, we have a client with adult kids who are all living off of his investments,” added the advisor. “This man is up early every morning and trades stocks to cover his kids’ — who are all adults with families of their own — rents, luxury travel and living expenses.”

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