When Wealth Divides Friends with Psychotherapist Clay Cockrell

Why does new money so often strain old friendships? Research shows 39% of wealthy people have let a friendship with someone of lesser financial means fade because their lifestyles became incompatible. Today my guest is psychotherapist to the mega-rich, Clay Cockrell who helps us navigate the sometimes-awkward interactions and options when there’s wealth disparity between friends. We go deep into questions like: If I am generous with my friends, will this create dependence? Envy?  Or embarrassment? How should I handle requests for money? And are the new people who are coming into my life there for the right reasons?

As economic and financial conditions worsen around the world, honesty and sensitivity are needed more than ever and Clay gives us some ideas about how to broach the subject with our closest friends and family members. An expert in the subject, Clay is founder of Walk and Talk Therapy in New York City serving a clientele of multi-millionaires and billionaires, many of whom are new to wealth themselves.  Clay is a frequent media spokesperson on the subject of mental health and wealth. He’s been featured in the Wall Street Journal, The Times of UK, The New York Times and Good Morning America.