5 Signs You’re Obsessed With Being Rich — and What To Do About It
Written by
Brooke Barley
Edited by
Levi Leidy
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Got money on your mind? We all do from time to time, but if it’s all-consuming, you’re probably obsessed. Being obsessed with being rich is just that: an obsession. It’s not a strategy. It’s not taking action. It’s purely ruminating.
If you find that you’re constantly focusing on how to grow your net worth, but your bank account isn’t getting any fuller, it’s a problem. Here are the signs your money obsession has gone too far, according to experts, and how you can curb it to be something more healthy and productive.
You’re Hyper-Focused on Your Balance
Is your bank account your most visited website? Todd Stearn, the founder and CEO of The Money Manual, said checking it too much could mean you’re obsessed.
“It’s a good idea to check your bank account regularly to make sure everything is as it should be,” Stearn said. “But if you’re checking your balance frequently just to watch the numbers grow, you may be a little obsessed.”
One idea is to set time limits on your bank website or even block the website if it’s taking up too much of your time. Of course, you can always make it password protected, so you can still access your bank site, but there is an obstacle to keep you from doing it without thinking about it. You can also wait to check it until days when you know you’ve earned money, so you’re not just checking it absentmindedly.
You’re Tying Your Self-Worth to Your Net Worth
If you consider your greatest strength to be how much money you have, you might be too caught up in your cash flow. Alec Kellzi, a CPA at IRS Extension Online, and said that in order to be fulfilled, you need to draw self-satisfaction from other sources besides your bank account.
“If you find yourself willfully passing up precious moments with loved ones, neglecting your health or eschewing hobbies that once brought you joy, all for the sake of chasing another dollar, that’s a surefire symptom of putting lucre on too lofty a pedestal.”
Kellzi recommended looking for other ways to bring happiness into your life that don’t involve earning money.
“Redefine what wealth means by including dimensions like emotional wellness, spiritual contentment and cherished memories. Remember, money serves as a tool to experience the fullness of life, not the purpose of life itself.”
You’re Hoarding Money
“Some people hoard as much money as possible to feel safe from ever running out of it. If you’ve crossed the line from frugal to cheap by trying not to spend money so you can keep watching your balance grow, it may be time to rethink your relationship with money,” Stearn said. “This could look like wearing and holding onto things that are starting to wear out rather than replacing them even though you can afford it.”
Instead of never spending money, Stearn said it’s best to set a budget that allows you to spend some money every month, so you know you’re still saving, but aren’t holding on to your cash too tightly.
“Setting and sticking to a clear budget can be a great way to feel fully in control of your finances, and that may help alleviate those concerns,” Stearn suggested.
You’re Working Too Much
Are you only working late nights to add to your bottom line or do you really need the money? Stearn said this is an important question to ask.
“If you’re putting in a lot of overtime or taking on a part-time job or side gig in addition to your full-time job despite your full-time job being more than enough to pay the bills and save well for retirement, you may be too obsessed with making money.”
Instead, work until you make enough to save each month, then save some time for yourself. Otherwise, you could burn out and have to quit working altogether, which would drastically reduce your income.
You Have Terrible Time Management
“One sure way to identify if you’re obsessed with making money is to look at how you divide and split your time among your family, rest and work,” said Nojan Rahimi, a finance expert and mortgage broker. “Most people obsessed with money are workaholics and they will work themselves to the ground, not giving time to friends or family.”
Rahimi said that it’s crucial to split your time between your money-making ventures and your family and friends, otherwise, they might leave you behind.
“Time management is extremely important for a healthy life, however, if money is all you think about then the value of friends or family is lost to you!”
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