Does money have problem or cause problem? Yes it does. In the last episode in this column, we looked at the seven money problems of the poor. Today let’s examine the seven money problems of the rich. Did I hear you ask if rich people have money problem! Of course.
- Too much money
I believe you must have heard the saying that too much of everything is bad and I know most people will not include too much money as one of the bad things. I don’t believe there is anything wrong in having too much money as long as one knows what to do with it, but managing too much money or people is a problem the rich contend with on a constant basis. It is easier to manage little money than to manage too much money.
- How to keep their money safe
Many rich people struggle with the fear of losing their money, and how to keep their money safe is a major problem for them. Labouring to build wealth and then losing it is not an experience anyone will want to go through and with the way financial institutions fold up in this part of the world coupled with the stock market problems, keeping money safe for those who have much of it is hereby a problem.
- Not knowing if people love them for their money or for real
If you have money, many people will gravitate towards you because success has many fathers but failure is an orphan. How do you know who loves you for you or loves you for your money? Big question, I must say. If you think rich people don’t have problem, here is one because the rich also cry. When you have “friends” who never call, visit or get in touch with you except they have a problem and need your help, what do you do? You give them and encourage their errors, you refuse them and you are labelled wicked. It is well o.
- Need smarter financial adviser
Everybody needs the right team around them to excel in any area of life and while it is easy to have advisers when you start out. The higher you go, the more complex it becomes to get smarter advisers. How can a man that is not financially free advise a rich man? You can’t give what you don’t have and a close look at the way things stand in our world today reveals that the word “expert” is loosely used and those who claim to be financial experts need financial advice and help themselves. Who then do I go to for advice when I am already a billionaire? That is the problem rich people face.
- Raising spoilt kids
A mail was forwarded to me recently which was an article written by a Nigerian in Diaspora titled: OVERPARENTING” and it is a commendable article that all Nigerians should read. You can send me your email details so the email can be forwarded to you. Many of us grew up in poor or average homes where “it takes a village to raise a child” but one problem rich people have is that they tend to raise spoilt kids because of over-parenting, over protection and sometimes neglect and surrogate parenting. To make all the money and raise spoilt kids is a threat to the preservation and perpetuation of your wealth. Remember, it is not what you leave FOR your kids but what you leave IN them that matters at the end.
- Estate and inheritance planning
A poor man does not need to worry about how to share his property or what will happen to his estate after death because he has nothing to share, but most rich people have to contend with that and make sure things are in place to handle their estate and plan their inheritance. It will amaze you how many cases are in court of children and families fighting each other over inheritance issue. No one will want their family to disintegrate after their demise over inheritance issue and that is why this one of the problems of the rich.
- Excessive Government Tax
While the rich who owns corporations have tax advantages over the poor or salary earners, they also face their own tax problems because they sometimes have to contend with:
- Capital gains tax
- Excessive tax
- Multiple taxation
- Witch-hunting taxation attacks etc
You have to be in their shoe to fully comprehend this and it will amaze you how much has to be spent to employ and retain tax and financial consultants to help handle this matters. Well, if you think only the poor have problems, now you know that the rich also cry.
I will advise you to order for our wealth creation pack because your financial education is an asset in today’s world. See you at the top.