Saving for Retirement

BUILDING WEALTH FROM THE GROUND UP

BUILDING WEALTH FROM THE GROUND UP

During the day, the next generation of wealth is busy building startups or running projects for major corporations. If you are an individual coming into wealth for the first time from a low- to a middle-income background, a unique set of challenges presents itself as you attempt to both manage and enjoy your hard earned wealth.

One of these challenges may be student loan debt. Besides navigating yourself out of debt, it can be tough to navigate relationship dynamics and commitments when you are new to wealth. You may feel an understandable pull to give back to your family and community, but have a hard time balancing these commitments with those of your own self-care and personal investment.

As your financial position improves, it is common to experience guilt and overwhelming feelings as you notice your improved position relative to your family and friends. These feelings can have an impact on how you relate to your family and community and how you understand your role and function in those relationships.

Couple these feelings with others' new perception of you as a “wealthy" person, and it can be easy to fall prey to a perceived responsibility for others that exhausts your emotional and financial resources.