Why being rich makes people anxious
Coming into a lot of money, especially through the lottery or inheritance, leaves many worried about wealth management and being taken advantage of.
When Thomas Gallagher was 17, he worked as a clerk on the floor of the New York Stock Exchange and put $10 a week into an account at Irving Bank. “That was my discipline, my savings,” Gallagher said. “Back then, the goal was to have enough money to buy Christmas presents.”
Gallagher, who is retired from his position as vice chairman of Canadian Imperial Bank of Commerce World Markets, is a member of Tiger 21, a network of over 570 members who collectively manage more than $50 billion worth of personal investable assets.
At age 72, he is a multimillionaire. Even so, “I still feel, to some extent, that I don’t have enough money,” he said. “Emotionally, I don’t come from money; I got very lucky on Wall Street. I’ve been dealing with a myriad of psychological issues since I retired. I have more money than I had ever imagined, but I still worry — do I have enough, if I live longer than I thought?”
When Thomas Gallagher was 17, he worked as a clerk on the floor of the New York Stock Exchange and put $10 a week into an account at Irving Bank. “That was my discipline, my savings,” Gallagher said. “Back then, the goal was to have enough money to buy Christmas presents.”
Gallagher, who is retired from his position as vice chairman of Canadian Imperial Bank of Commerce World Markets, is a member of Tiger 21, a network of over 570 members who collectively manage more than $50 billion worth of personal investable assets.
At age 72, he is a multimillionaire. Even so, “I still feel, to some extent, that I don’t have enough money,” he said. “Emotionally, I don’t come from money; I got very lucky on Wall Street. I’ve been dealing with a myriad of psychological issues since I retired. I have more money than I had ever imagined, but I still worry — do I have enough, if I live longer than I thought?”
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