Morgan Housel thinks "there's an 'ideal' net worth for everyone, when money not only stops bringing pleasure but becomes a social liability. And that number is probably lower than most people think."
He looks at reports about lottery winners and highly paid athletes and finds they don't go broke for the reason people think: spending all the money on jewelry, cars, and mansions. It's buying a modest house for their fifth cousin who they'd never met but felt obligated to help. It's all the friends, family, and strangers who feel entitled to ask, beg, and steal in a way that leaves the winners broke.
"When you grow up in poverty and then you're making $10 million when you're 22, that's not your money. That's mom's money, dad's money, grandma's money, cousin's money, friends' money. You can't just tell them 'I got mine, good luck to you all."
You lose your privacy and are left with nagging doubt that some friends only like you for your money.
