How Does Wealth Impact Family Relationships?

How Does Wealth Impact Family Relationships?

We live in a money-based society. As a result, so many of us center our dreams and goals around attaining wealth. All the while, we recognize that the acquisition of money can often be a mixed blessing. Of course, it simplifies life in myriad ways. At the same time, wealth — inherited or suddenly acquired — shifts all your personal dynamics.

Case in point: family relationships. As much as we’d like to think we’re different, people treat each other in different ways when it comes to economic class. It may not always be obvious, but let’s take a closer look at how money changes everything.

A Few of the Ways Wealth Impacts Family Relationships

You See Each Other Differently

Money evokes an astonishingly broad range of emotions. If you or someone else in your family suddenly has more money than everyone else, well… all those emotions are now at play. Some relatives may curry favor. Others gossip behind your back. And you, the person trying to enjoy your wealth, can feel guilty that your loved ones are not successful. Needless to say, this is a recipe for conflict.

Is Anyone Happy?

While money can relieve stress and burdens, study after study shows that money, on its own, does not equate to happiness. So, there’s that. Meanwhile, family members without money are struggling and also unhappy — in their own way. In other words, regardless of your financial status, happiness is never guaranteed. Family members can therefore end up blaming each other for their negative emotions.

More, More, More

For some folks, you can never be too rich. Thus, the introduction of wealth into your life is not a source of calm contentment. Instead, it launches you into a non-stop quest for more. You might even say it’s an addiction. And speaking of addiction, there is a correlation between wealth and addiction — especially for young people.

Take a minute to ponder the toxic brew we’ve discussed so far. We blended a jolting constellation of contradictory emotions with addictions of multiple kinds. No family in the world will be unscathed when all of this is present.

Less Compassion and Empathy

In books and movies, we’ve gotten accustomed to the trope of the rich villain. Guess what? There’s sometimes truth behind the cliché. People with money may be less skilled at relating to others, especially if those others are not wealthy. People can get caught up in the status of wealth and forget what it can be like to have less or look down at those whoare not a part of their wealthy social circle. Running parallel to this unfortunate trend is the fact that wealthy people can tend to be more entitled than people without such financial security.

Reminder: It’s Obviously Not All Bad

No situation is purely black and white. Many families have been blessed with wealth and have taken active steps to avoid conflict — while helping others. What must be kept in mind is that outcomes like that don’t happen by accident.

If you don’t practice diligent self-awareness, some of the dynamics mentioned above can sneak up on you. The mere act of increasing your wealth is not, in and of itself, a moral or immoral act. You are the architect of how you manage your life — with or without wealth.

How to Avoid Some of This Drama

If you find yourself about to gain money or related to someone who has, you might want to do some work in advance. Don’t expect everything to work itself out in a healthy way. Living a balanced life is the result of self-exploration and steady effort.

Getting started with this kind of work is best accomplished with an experienced guide. If you’re curious about the benefits of therapy, reach out to Onyx today.