8 drawbacks of being a millionaire

Geezz so many so critical of the article...I see it not being so far off.  Typically the windfall millionaires find the transition tough as many of these issues crop up otherwise prior to their money blessings (if that's what it really is) their biggest problem was paying their bills not thinking about which country club has the richest members, unless of course they want to know that to rob them...i mean a crook isn't going to a miniature golf course to find prospective victims..unless unless you want NASCAR collectibles. 

Most millionaires have learned through time and life experiences to manage their lives around their money.  And you know what, many are miserable sacks of crap.  Most wealthy folks that became that way on their own energy didn't start out with "being rich" as their goal.  It was about passion to invent, create or build and often in many of the most mundane businesses...but they had a passion for being the best widget distributor or builder.  They worked 7 days a week, and what they did for a living wasn't a job, it was a hobby of sorts.  Love what you do for a living and you'll never work a day in your life.  Those are they people that really are rich...and not all about their money.  And for the millionaires that post their comments, WTF are you doing posting your stupid bragging comments.  Ok, we all are envious of your success.  NOT!  My guess your net worth is far less than what you tell us....and for the 4 people that are not exaggerating, congrats, you must be lacking in acceptance of your peers. 

Slicer has it right.  In my lifetime I have witnessed many folks who have come into money unexpectedly, and with the exception of one or two, all blew it and ended up in the same or worse position as they were when the got the money.

I am lucky enough to be in the 2.7% referenced in the article.  Some of what they say is true but I can attest that the availability of the money is worth the headaches - and it does come with some;  not as bad as what is portrayed in the article. 

As a person not having money all my life, to come into this money (I retired at 55 and pulled my pension and retirement savings) took a lot of planning and most of all, will power.  You can either take the money you get and spend it on those things you have always thought you wanted or you can plan and determine how you let the money work for you.  As for us, we did not spend any of the money up front except to live off some of it for 1 1/2 yrs for tax purposes.  After that it remains in the hands of a competent investor that makes sure we make as much money as possible as safely as possible.  We then can live our daily lives and do pretty much what we want.  The money has to stay invested to make us the kind of money we need each year to travel etc. so there is no spending it down with the exception of a yearly distribution.  It was all tax deferred so we only pay taxes on what we withdraw each year.  What I'm saying is, yes, it can be done; yes, dealing with the ebbs and flows of the stock market can wear you out; and yes, the pros of having the money far outweighs the cons IF you plan and exercise good judgement.

Hmmm...what a load of crap this article is. 

Maybe we should ask the likes of Warren Buffett, Bill Gates, Donald Trump or others successful men and women if being a millionaire has drawbacks.  Or should I say more drawbacks than being broke or poor.  Yes, there is a difference between broke and poor.  Broke is temporary and poor is a mindset. 

I personally would rather have the cadillac drawbacks of being a millionaire than those of the ordinary person.  At least if your a millionaire you have resources to handle these drawbacks.

In order to be rich you have to change your mindset to think like a millionaire and not like a poor person.  That is way most lottery winners are broke in less than 10 years, they never change their thinking.  I heard it described as we all have a income/money bucket.  Like everything else in life, some are bigger than others, but with the proper training and thinking one can increase the size of this bucket.  Until that happens every dollar more than your bucket can hold you will spend.  So if your bucket is small and you win the lottery, you will spend until it is all gone then wonder what happen to it all.

Your goal this year should be to increase your income bucket!

I think I'll become a millionaire just to see if these drawbacks are as bad as they say.  LOL!!!!

There is no try, there is only DO or DO NOT...which are you???

Some of you people are so ignorant to what it takes to maintain wealth. You cannot just sit on your money, counting it all day. If you try to do that, the tax man will steadily take it all. Net Worth is NOT the money that you do not spend. Net worth includes all investments and cash minus debts. Come on people, if you want to maintain wealth, you have to invest your money...and there is a difference between investing and blowing your money, for those who are also ignorant to those differences.

Now by investing, I don't mean spend your money on useless things. Maybe buy property, start a business, start a foundation of some sort, buy stocks and/or bonds, CDs, IRAs, invest in your retirement...there are many things to do with an abundance of money, but sitting on it and counting it 24/7 is not going to help you stay wealthy for very long.

Just something to think about, just incase any of you ever do become overnight millionaires....

I keep playint the PowerBall game.  Should I win "Big" then I will take all of the headaches that come with it.  I have already decided that I would have business cards made up that I would hand out to anyone with a "
Hand-out".  It would have my mailing (box) address on the front, and a message on how to apply for money on the back, along with the message (if you hound me, you will never get anything). People could apply for money that I would be willing to give to individuals.

I would love to help my Brother, and other relatives to live a better life, and to institutions to benefit people in general.  One thing that I am sure that I would not do is waste it on cars, big houses or trying to impress everyone around me that never gave a D--- about me until now.  We can all dream what it would be like to be rich and able to accomplish our goals in life.  Have fun playing, from Randy.

If--and I mean with a big fat 'IF'---I or my husband, or any other family member, won a very large amount I/we would hire and lawyer and create a 'blind trust'. That way the lawyer would be the one to go to lottery headquarters and pick up your first check (or the one check if receiving a lump sum) and your name would NOT be spewed all over the media. Some states claim they HAVE to release your name to the public. But a blind trust prevents them from doing so. Of course, your neighbors and family and friends will find out soon enough that you have won all that money--but the 'crazies' will not.