The Money with Katie Show When Earning More Makes Your Financial Anxiety…Worse?
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Nov 6, 2024 In this engaging talk, therapist Clay Cockrell, who specializes in ultra high-net-worth individuals, dives into the surprising connection between higher income and increased financial anxiety. He reveals how societal pressures and expectations can overshadow true contentment. The discussion touches on the emotional challenges that accompany wealth, suggesting that more money doesn't always mean more happiness. Cockrell emphasizes the importance of reevaluating one's relationship with money and finding fulfillment beyond financial status.
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Money Anxiety Increases With Income
- Financial anxiety can increase with income, not decrease as commonly thought.
- Pressure and backlog of guilt from under-earning can overwhelm when income rises.
Higher Income Brings Higher Pressure
- Increasing income raises expectations and lifestyle costs, causing pressure to maintain new standards.
- Higher earnings are often paired with fear of losing gained ground, adding anxiety.
Fear and Comparison Fuel Anxiety
- Fear of losing financial stability creates intense anxiety and overthinking of decisions.
- Awareness of wealthier peers leads to constant, difficult comparisons and dissatisfaction.