When Earning More Makes Your Financial Anxiety…Worse?

The Money with Katie Show

Money with Katie

Self-improvement, Education, Business, Investing, How To

4.8 • 1.3K Ratings

🗓️ 6 November 2024

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

In our "money dysmorphia" episode, a theme emerged that I wanted to revisit: Money anxiety increasing with income, not decreasing. While most of us are probably familiar with the law of diminishing marginal returns and accept that after a certain point, money won’t make us any happier, the idea that money could make us actively unhappier is pretty antithetical to the entire capitalist enterprise. So to get the inside track, we invited Clay Cockrell, a therapist for the ultra high-net worth, to talk through some theories about why someone might experience enhanced anxiety as they ascend the income ladder—and what it might mean you need to do next. Transcripts, show notes, production credits, and more can be found at: https://moneywithkatie.com/more-money-more-anxiety. Money with Katie’s mission is to be the intersection where the economic, cultural, and political meet the tactical, practical, personal finance education everyone needs. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:28.3	Bachelor life varies with you switching settings. Listen to me, because I work with these people. I work with many of them.
0:38.4	Money is not going to bring you happiness.
0:41.2	A certain level of money is going to alleviate some stresses,
0:45.2	remove some challenges,
0:46.8	allow you to experience life on a higher level.
0:50.9	But you have to understand what is enough.
0:54.2	Enough is an incredibly difficult concept because I work with people who have
0:58.6	a hundred million dollars in the bank and say, I almost feel safe.
1:06.9	In one of the listener interviews that I did for our financial dysmorphia episode, someone
1:12.7	mentioned rather casually that they noticed their money anxiety got worse as they proceeded
1:19.4	up the income ladder.
	...

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