The Downside To Becoming Wealthy: 
Is It Worth It?

It seems as if everybody is consumed with making lots of money and with the least amount of effort possible. This is why there are some who follow politics and are afraid of the system known as socialism, because it is known for making those who live under it to have a lower economic status than they were accustomed to.  With regard to personal growth, this article will examine if making lots of money is really worth the stress and anxiety that most people put themselves through to get it.

To start off, everyone knows that success has its price. First, in order to make money you have to have something to invest. It goes without saying that any investment carries a certain degree of risk. For example, people wonder if they will get a good enough job when they finish college to make all the time, money, and effort they put into all those years even worth it. Also when you launch a business venture, there is always the possibility of having to close up shop and file bankruptcy.

The Disadvantages of Wealth

Everyone wants money but people want to make it in the least amount of time possible. This is why you see late night infomercials about how to get rich by simply working part-time.  In the real world you end up working more hours to keep the higher income.  In addition to longer hours, your taxes will become more complicated. You will be thrown into a higher tax bracket and have to keep up with more write-offs so as to reduce your taxes.  Also if/when you make an error in your budgeting, it will likely cost more money and possible become a major setback. The best part about being rich is you have all the friends your pocketbook can by. You will have no problem making friends once people know you have money. The problem is you will never know who really likes you for you unless you lose your fortune. This is where many people discovered what was more important in life. 

The Advantages of Wealth

Despite its dark side, being wealthy also has many perks. The first one is you have more freedom.  Although since freedom has its costs, you will likely need to spend money on vacations more frequently to get away from the stress and adversity that so often goes with wealth.  

If you can live within your means, aka not going into debt, you can set aside money for financial disasters; such as layoffs, major surgeries, etc. Unfortunately many people can’t do this because they go out and finance everything under the son, from cars to real estate. It’s not in human nature to live within your means but if you can do it then you can reduce the stress significantly.  

People love being charitable.  One of the best things about having money is you can use it for good to help people in need. This works if you can’t donate your time to charitable causes, which you probably won’t be able to if you work a lot.  It also goes without saying that charitable contributions are a tax write-off.

Personal Growth As A Path to Happiness

By incorporating a personal growth plan into your life, you get to know who you are, what you want out of life, and why you do what you do. By applying this to your business interests you can better determine the risk factor before you take a leap of faith and jump into a venture. Even Dave Ramsey once said that anybody who makes $34,000 a year, or median income in the United States, is actually in the highest 1% of income earners in the world.  That is the poverty line for a family of six; Mom, Dad, and four kids. It is by far better to make your money work for you than to spend your life chasing after it. And the poverty line is set at what a person actually needs to survive.  For the most part, managing your money well is the same as making money.

It is quite possible for someone making close to minimum wage to have more money than someone making close to six figures if he pays cash for everything is knows how to fix things.  It can also be noted that some of the most rewarding jobs are among the lowest paying; i.e., nonprofit work and jobs in the public sector and manual labor jobs that have been around since history begin.  The people that work in this capacity are often more focused on making a life and not just a living.  Sometimes a measure of personal growth is simply learning how to live on less so you have more time to make a difference in the world around you through volunteer activities.

- Erwin Wooten

http://www.ebishopwooten.com