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How does money shape a person?

In particular, if you're not careful, money may start to change your identity or sense of self. Having a lot of money can influence the way you think about yourself. It can change your sense of morality, and it can even have an impact on your relationships with other people.

reneespencermft.com - The Hidden Cost of Wealth: How Does Money Change Your Sense of Self?

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But there are some drawbacks that come with being affluent your whole life. Many children who grow up in exceedingly wealthy families have a harder time learning responsibility and becoming independent adults. Money tends to create a lot of pressure. Indulgent behavior isn’t uncommon, which can lead to problematic issues like addiction down the road. There are many struggles wealthy families face, and they have more to do with internal problems rather than financial ones. If you have money from the moment you’re born, you may not be able to handle life’s “everyday tasks” as well as someone who has had to work for their successes.

The Trauma of Coming Into Money

There are many reasons people experience sudden wealth. Perhaps they came into a financial windfall when their company went public. Or they inherited money after the death of a loved one. Some people may have even won a contest or the lottery. It doesn’t matter how you come into money quickly, it matters how you handle it. Having a lot of money all of a sudden will force you to change some things in your life. For example, you’ll have to think more about money than you may ever have before. How are you going to save it? How are you going to protect it? Money can quickly consume your thoughts when you have a lot of it. Others may also start to look at you differently. Some might automatically assume you think you’re “better” than they are because you're affluent now. Some may also treat you better in the hopes of getting a piece of your wealth. People aren’t inherently “bad” when it comes to money, but there are stereotypes in place about wealth for a reason. Because money creates a lot of pressure on a person’s life, it can also create a lot of stress. That’s one factor among several that can contribute to higher rates of addiction in the wealthy. Even wealth itself can become addicting—if you have a lot of money, you might start to crave more. When money becomes your focal point, you also may be more inclined to act immorally. Studies have shown that people with an extreme amount of money are more likely to do unethical things. Wealth tends to endow a sense of power. You might feel as though you’re “untouchable,” so you try to get away with more than you normally would.

Keeping Yourself Grounded

Money will significantly impact you emotionally if you become extremely wealthy. There’s no getting around that. But, as noted above, it’s how you handle this impact that can make a difference in your mental and emotional well-being.

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What is the highest power of money?

1. Kuwaiti dinar. Known as the strongest currency in the world, the Kuwaiti dinar or KWD was introduced in 1960 and was initially equivalent to one pound sterling. Kuwait is a small country that is nestled between Iraq and Saudi Arabia whose wealth has been driven largely by its large global exports of oil.

cmcmarkets.com - Top 16 Strongest Currencies in the World - CMC Markets

The Australian dollar (AUD) is the national currency of Australia; it is also used by its external territories and some pacific island states. Although it is not the most expensive currency in the world, it is extremely valuable and one of the most stable currencies on this list. 1 US dollar will get you around 1.45 Australian dollar, making it one of the most expensive currencies available. The Australian dollar is also the 5th most traded currency on the forex market and accounts for around 6.8% of daily trades. The reasons the AU dollar is so popular is the currencies stability, its high-interest rates and the view that it holds diversification benefits. Do you think the AUD will climb the rankings or drop off the list? You can trade the Australian dollar based on your speculations with a risk-free forex trading demo account, where the AU dollar and many other currencies are available to trade with virtual currency.

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