Can You Be Addicted to Money? Experts Explain the Warning Signs
Written by
Chris Adam
Edited by
Brendan McGinley
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When you think of money addiction, your mind may first go to the picture of someone who enjoys spending and will go to great lengths to do so.
While spendaholics may suffer one form of addictive financial behavior, several money experts told GOBankingRates the warning signs of its opposite: addiction to money itself.
Constantly Working
Brandon Gregg, CFP, advisor with BBK Wealth Management, said a sign of being addicted to money could be that someone is constantly working.
“It’s not because they like to work, but they like the idea of more income,” he said. “Where this is an issue is that they overwork and get burnout and exhaustion. It also leads to less family or time for yourself and eventually may lead to health issues, especially if the job is overdemanding.”
Unethical Steps To Acquire It
Another thought, according to Gregg, is that someone may actually lose personal values or morals as the idea of making money outweighs the consequences. It might even take someone down the path to illegal activity, he cautioned.
“Money addiction is real, but it may be the pursuit of money that is the problem or the route taken to get the money,” said Marcus Sturdivant Sr., managing member of The ABC Squared.
Seeking Validation Through Money
Andrew Lokenauth, from Fluent in Finance, said a pattern he sees is people who tie their identity to being the “successful one” in their family or friend group.
“They’re not building wealth for lifestyle or freedom,” he said. “They’re building it for status validation. Remove the ability to tell people about their success and the drive disappears.”
Hoarding Money
According to Melanie Musson, a finance expert with Quote.com, being addicted to money doesn’t always mean you spend lavishly. In fact, it may be the opposite.
“If you have a healthy financial life, robust savings and little or no debt, but you live as if you’re poor, you may be addicted to money,” she said. “You want more and more and more, and your plenty is not enough. You’re afraid to spend because you’re hoarding your assets.”
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