Why Banks In Developed Countries Have Wealth Therapists

You would think the only people in the world who need therapy are broke and depressed people — a condition now fancily termed ‘depbtpression’ — but it appears that even people who seemingly have it all also need somebody to talk to them and get them through the ‘pains of being rich’. Pretty ironic, isn’t that?

Unlike in Nigeria where a bank’s major function is to save your money (and gladly cut part of it as Card Maintenance fee while at it), foreign banks boast a unique variety of staff called the wealth therapists — and trust me, those ones look nothing like the surly tellers who seem tired of their jobs.

After all, who would be tired of counseling the rich?

It is the specialty of wealth therapists to treat the emotional issues surrounding the accumulation of wealth that is peculiar to new millionaires and children born into wealthy homes.

It is as people often say that the rich don’t rest easy or as they say in Classic Hip Hop, ‘More Money, More Problems’. The super rich are part of a very interesting minority (often called the One Percent because they collectively own as much wealth as the other 99% of the world’s population) that share certain problems that the average man might be unable to relate to: problems including how and on what to spend so much money, how to make their children accountable, and how to exist with the underlying (but nagging) conscience that they are responsible for the impoverished nature of other people.

According to Jamie Traeger-Muney, an American psychologist and founder of the Wealth Legacy Group — a group that offers wealth therapy — many of her millionaire clients go great lengths to conceal their wealth, to act ‘normal’ and to blend into the society.

The therapists also handle the problems of new millionaires — a condition known as Sudden Wealth Syndrome which is usually marked by feelings of guilt, denial and alienation. These problems either leave the millionaires with a confliction on how to spend or push them into a wild spending spree.

It might be hard to understand these problems if you aren’t wealthy but get into the shoes of all the people who hit wealth suddenly on your street. What was the Word on the street? Would you be able to handle it?

What do you think?

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