Balancing the Benefit and the Burden of Wealth

According to survey conducted by CoreData Research in February and March, those that have become millionaires on their own claim that money has actually bought them a lot of happiness. The 300 people surveyed said they equated wealth first and foremost with peace of mind. Happiness came in second, with more than half of the respondents citing it.

They also felt an increased sense of responsibility that came with the wealth, and though they appreciated the freedom that came with financial satisfaction, but regretted losing the family time they had sacrificed. That regret rose to nearly two-thirds for people at the higher end of the wealth range in the study, and nearly half of all business owners felt it. These tensions between obligation and freedom were apparent in all age groups that were surveyed. 

The results of the survey, titled “The Why of Wealth,” hint at what the more sophisticated advisers already know: The days of focusing solely on investment returns are on the wane. For some younger millionaires, wealth does not equate to physical assets such as cars and multiple hourses. “Independence is the first word that comes to mind, and freedom goes hand in hand with it,” said Marc Hustvedt, 38-year-old chief executive of a digital entertainment company.

See Paul Sullivan, Balancing the Benefit and the Burden of Wealth, New York Times, June 8, 2018.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.