Wealth accumulation disorder! Is it possible for one to have disorder while accumulating wealth? Well, for one to have wealth accumulation disorder, the signs will show first and from that point the symptoms will become obvious. I believe you will have your financial goals. Even if you don’t have a short-term financial goal to achieve now, but I think you will have long term goal. The ultimate goal is to accumulate wealth for yourself and your family. A good wealth accumulation plan will allow your hard-earned money works better for you in achieving your financial goals.
What then is wealth accumulation?
Wealth accumulation is one be able to build up their net worth and wealth over time. United States has some of the most wealthy people in the world, with 7.7 million households said to have at least one million in assets.
But you need to understand that building wealth doesn’t happen overnight. Trust me, there is nothing like a get rich quick scheme. Believe me, these schemes are often scams to get your hard-earned money. So, if you really want to be among the 7 million households who are wealthy. Then, you need to take steps to be able to accumulate your wealth. Wealth accumulation disorder is a predictable, persistent, often rigid patterns of self-destructive financial behaviours that causes significant stress. As well as anxiety, emotional distress, and impairment in key areas of one’s life. So, when you are feeling like this about wealth, then you certainly need help.
Table of contents
- Signs that shows you’re obsessed wealth
- Symptoms of wealth disorder
- Danger of wealth disorder
- How to get over it
Signs that shows you’re obsessed wealth
For most people, although their wealth, especially money is a regular part of their daily life, they won’t think about it unless they want to. They don’t check their bank account except when they need to make sure that they can be able to cover a particular expense. They don’t look at their bills unless there’s a discrepancy somewhere. For the wealth-obsessed, however, much of their daily life do revolves around money and its impact on their life. Let’s consider some warning signs.
Denying yourself basic essentials
No matter what, we are still human, meaning we have needs, such as
- Toiletries
- Food
- Water
- Shelter
All these are important for your survival, and each one will cost money. While you shouldn’t be your wasting money on irrelevant things, you need to pay close attention if you are forgoing certain items because of their cost.
Where you may really tell if you’re suffering from wealth accumulation disorder is when you avoid paying for a basic necessity even when you could afford it. Skipping your meals or trying to save on little items such as toothbrushes and floss might be a sign of a wealth-based disorder.
To this end, the expenses don’t even need to be that little. For most people, forgoing their health insurance is a way to cut down on their monthly costs. But unfortunately, you can never know what the future holds for you, and just one trip to the emergency room might set you back hundreds or thousands of dollars. It might seem like the smart move right now, but you are just trading short-term benefits for a long-term loss. Think twice!
Avoiding social interactions
Obviously, to throw around a few hundred bucks just to party every weekend is financially irresponsible. However, you should understand that to go out to eat or to the movies with your friend or partner is a perfect way to relax and have fun. When you find yourself avoiding these social interactions because of the dollar value, you might be somewhat obsessed. And that’s wealth accumulation disorder.
Saving as a goal, not a process
Well, to save money regularly is a good habit to have. However, there need to be a reason for it. While your reason doesn’t have to be specific, like trying to buy a new car. At least it should have some kind of endpoint.
For instance, if you’re saving for your retirement. You should be able to know the minimum balance that will be necessary to be stable when you stop working. Or, saving for your rainy day fund, there’s need for a target goal to reach. Overall, having these financial objectives might help you stay on track and also enable you to be able to reward yourself from time to time. If your goal is to save $400 monthly and you are able to reach your goal early. Then you can go out with some of the excess to relax and have fun with friends.
Well, on the other hand, saving is your objective and you don’t have any specific amount in mind, then you’re likely starting to get wealth obsessed. Just like a dragon hoarding gold it never plans to spend, what’s then is the point of saving money when you won’t use it?
Haggling over little expenses
Unless you’re struggling to make ends meet, probably you aren’t trying to save every of your last penny. When you are comparing prices, are trying to save five or ten cents? Well, while these savings might add up, obsessing over them all the time will only lead to worry and anxiety. When you find yourself scrutinizing the smallest amount and then regretting the purchases later. You might be obsessed with your wealth, especially money.
Replacing your cheap items regularly
There is an old saying, “you get what you pay for.” For the wealth-obsessed, the quality of a particular item is not as critical as the price. In many situations, the cheaper alternative will be seen as a better value, even when it doesn’t last ong. If you find yourself replacing your items regularly because they keep breaking or wearing out. It’s better you upgrade to a higher-quality version, even though it will cost more. On the flip side of this, reusing your products well after you should is another sign of wealth accumulation disorder.
Symptoms of wealth disorder
Wealth avoidance disorder
Denial
It is known to be a classic defence mechanism, designed to reduce your anxiety and shame over your troubles. Financial denial is when you minimise your money problems or even try your best not to even think about them at all, instead to face financial reality. In other words: you are having your head in the sand and there’s a problem piling up ahead.
Extreme underspending
This might simply keep you just as poor as overspending. You may a lot plenty of assets that gives you room to spend. But you refuse to use and even enjoy the wealth you have because you have a compulsive need to be self-sacrificing. So, you’re extremely tight with your own wealth and it even makes you unhappy.
Excessive risk aversion
This is an irrational unwillingness for you to take any risks with your assets or even money. For instance, you are keeping your savings in an interest-bearing account and at the same time shy away from investing in growth assets. This could easily be you, believe me. You need to be able to take on some investment risk to build your wealth.
Wealth worshipping disorder
Excessive risk-taking
Here let’s define excessive as one putting their financial well-being at unnecessary risk just in the pursuit of large, but unlikely gain. Like you taking your rent money or your children college fund to the race track, or even the (stock) broker’s office. This doesn’t sound sensible, but it do happen.
Pathological gambling
This is an addictive variety, like on the same level as drug and alcohol addiction. This is when you are gambling just to make yourself feel better or even escape from your problems. And the need for you to keep gambling with more and more money to keep it exciting.
Workaholism
This is when you are so much involved with your work that you have just little time to spend with your family, leisure or even sleep. This will get you into a state of depression, anxiety and you even suffer health problems. Obviously, this is not talking about people who work long hours to make ends meet.
Overspending
There are a lot of people with a compulsive buying disorder in your local shopping mall. When overspenders are worried about money, compulsive shoppers are always consumed by their money worries. Ironically, their escape is just the act of shopping itself and so they are obsessed about it. They do experience irresistible impulses to do it, and end up losing control of their spending.
Relational wealth disorder
Financial infidelity
When you deliberately and surreptitiously keep secrets about your spending or finances from your partner. This may lead to the end of your relationship. Bear in mind, too, when your partner hides money facts from you, this might be because you are being unfair to them in the financial department. Most times, financial cheaters always feel the need to lie about or even hide perfectly reasonable expenditures. Because they know that are married to a financial bully, that’s someone who uses their money to control and intimidate their partner.
Financial enabling
You find it impossible to say no to requests from your children or even your grandchildren for money. Trust me, you do have a problem and the person you are enabling is becoming more dependent on you. The classic instance is parents who are financially taking care of their adult children who are suppose to support themselves. This is often done to the detriment of both parents and children. Financial enablers are using money in an attempt to remove guilt over their past wrongs or slights. They do this to feel close to others, and for them to continue feeling important and useful.
Prince charming syndrome
Do you find yourself waiting for a knight in their shining armour, the government. As well as the lottery or a benevolent universe to provide for your own financial needs and dreams. If yes, then you’re probably suffering from this one. Most people just choose to remain financially dependent on others. Because it will protect them from taking care of their own financial education, preparedness as well as planning.
Dangers of wealth disorder
Hopefully, looking at the warning signs of wealth accumulation disorder. It should be able to give you a reason to understand why you need to take a much healthier approach to your wealth and money. However, let’s understand the reason to break down the top reasons why you need to recognize your obsession. And stop it as soon as possible, before it becomes too late.
Harmful to your health
When you avoid going to the doctor simply because you don’t want to pay for medicine or even a copay. Trust me you will be getting sicker and sicker. Eventually, you’ll end up going no matter what, but by then, it might be too late for you.
Beyond this typical aversion to clinics and health, wealth accumulation disorder, especially when comes to money could cause you to purchase cheaper products and food. Which might lead to poorer health. If you’re busy eating the most inexpensive meals possible, because you want to save. There are chances that you will be facing a variety of problems. And this might include diabetes, high blood pressure, and obesity.
Harmful to your relationships
For many people, money might be a relatively touchy subject. Discussions about how much someone is making and what one is spending his or her paycheck on are basically off-limits. For the wealth-obsessed, however, most conversations might be about money, which may even lead to strained relationships.
As we also discussed, when your wealth obsession is directly correlated to a particular person that’s significant other. You could simply be ruining your relationship by lying about your money or even withholding funds for personal reasons.
Added stress
For those suffering from wealth aversion, their obsession will definitely cause severe depression and/or anxiety. When you are always worrying about your financial situation or even scrutinizing every aspect of it will certainly lead you to more problems down the road. As we all know, high amounts of stress can literally send someone to his or her early grave. So, wealth accumulation disorder could be more damaging than you can even imagine.
Financial insecurity
When your wealth obsession is causing you to purchase things you don’t even need. As well as giving money to friends when you don’t have it, or even gambling too much. Eventually tese habits will catch up with you. Wealth accumulation diorder might wven lead to massive debt, which might cause a myriad of problems for you. If you notice that your life is just one missed paycheck away from been financially ruined. There is need for you to figure out how to bring yourself back from the brink. And you need to do this pretty fast before it becomes too late.
How to get over it
Depending on your particular situation, overcoming an obsession with wealth is easier said than done. Believe me on this. In some cases, you might simply be able to change your mindset and start thinking of wealth more positively. In some other instances, you might even have to get some professional help. Let’s consider some of our few top suggestions.
Talk with a friend or you partner
Wealth, especially money is a very sensitive subject for most people. So, individuals will instead avoid discussing about money than addressing the problem and getting through it as soon as possible. Well, in most cases, talking to someone you truly trust about your situation may provide some fresh perspective to it. Also, your ability to open up about your problem will help you alleviate the pressure and stress that do come with wealth accumulation disorder.
Seek counseling
If find yourself suffering from compulsive behaviors such as excessive gambling and many others. Then there is a need for you to reach out to a professional because it is likely the only solution. Fortunately, there are different hotlines and resources available to help you get back on track. Best of all, you may even research them on the internet and reach out whenever you feel comfortable doing so.
Have someone else manage your wealth for you
In some cases, you might not be able to handle your wealth, especially money decisions at all. Or, at least until you are able to figure out how to manage your obsession very well. In these situations, you need to find a trustworthy partner that will help to manage your wealth (money and assets). This will give you the breathing room you need and also help you in avoiding your worst impulses. It’s time to make the needed decision to save you from any tragedy.