I’m young and my net worth just hit $11M. I have a big house, nice cars and two good kids in a private school, but I’m bored. What do I do with my money?
When you've got an $11 million net worth and a happy, thriving family, most people would assume you have it all. However, if you find yourself bored or unsatisfied with your situation despite all you have, you may not have fully achieved that elusive American Dream.
While it's easy to say you should just be happy with your wealth, the reality is that money can't buy happiness or guarantee fulfillment. The good news is that with such a big pot of cash, you can learn to use your wealth in ways that will bring you joy. You just have to figure out how to do that.
One of the great benefits of having money is ability to eliminate everyday hassles. Research from the University of British Columbia and Harvard Business School shows that hiring help to do unwanted chores significantly boosts happiness compared to spending on material items.
Whether it's yard work, house cleaning, filing your taxes or cooking dinner, hiring someone to take care of the tasks you don't enjoy can free up time for meaningful activities. You'll probably be surprised to find how much eliminating these minor hassles improves your overall outlook.
Spending time and money to help others has proven to have a significant positive impact on the giver’s well-being. Consider using your wealth to enhance others’ lives — this can improve your own mental health and happiness.
Treat loved ones to nice dinners or even a shared vacation. Help family members and friends with financial challenges, or engage in meaningful charitable giving. Seeing the positive difference your money and time make in others’ lives can foster a deep sense of fulfillment.
Invest in experiences
Research has also shown that spending on experiences rather than things can have a greater impact on improving happiness. With your resources, consider planning memorable family trips, attending concerts with your kids, learning new skills or embarking on adventures.
Experiences provide joy at multiple stages: the anticipation, the actual event and the memories you create. Stepping out of your comfort zone can break monotonous routines and give you a new lease on life.
Finally, you can pursue different kinds of success by stepping outside your comfort zone. Challenge yourself to run a marathon, start a new business or return to college. Since you've already achieved so much financial success, pushing yourself to accomplish new goals can reignite your vim and vigor.
Taking any or all of these steps could make a big difference in your overall happiness and bring renewed excitement to your life. Since you have plenty of financial resources, it's worth giving them a try for personal growth and fulfillment.
Christy Bieber has 15 years of experience as a personal finance and legal writer. She has written for many publications including Forbes, Kilplinger, CNN, WSJ, Credit Karma, Insurify and more.
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