Wealth Addiction

A Wealth Addiction is an behavior addiction characterized by a compulsive pursuit of financial gain (esp. money) to the detriment of personal well-being.

• Context:
  • It can (typically) manifest as a compulsive behavior towards accumulating wealth, driven by an insatiable need for more money.
  • It can (typically) involve significant psychological distress, including feelings of inadequacy, envy, and a constant comparison to others' financial success.
  • It can (often) be accompanied by other addictions, such as alcohol addiction, drug addiction, or workaholism, as individuals attempt to cope with the pressures and expectations associated with maintaining or increasing their wealth.
  • It can (often) be seen in high-pressure environments like Wall Street, where traders and financiers are immersed in a culture that glorifies wealth accumulation.
  • It can range from being a mild obsession with increasing one's financial status to a severe addiction that disrupts personal and professional life.
  • ...
• Example(s):
  • A Wall Street trader who continually seeks higher bonuses and promotions, despite the negative impact on their mental health and personal relationships.
  • A hedge fund manager who exhibits compulsive behavior in the pursuit of financial gains, leading to a significant imbalance in their life.
  • ...
• Counter-Example(s):
  • A Healthy Saving.
  • A Spendthriftness.
  • Alcohol Addiction, Sex Addiction
• See: Capitalism.

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References

2014

• (Polk, 2014) ⇒ Sam Polk. (2014). "For the Love of Money.” In: The New York Times. [1]
  • QUOTE: "IN my last year on Wall Street my bonus was $3.6 million — and I was angry because it wasn’t big enough. I was 30 years old, had no children to raise, no debts to pay, no philanthropic goal in mind. I wanted more money for exactly the same reason an alcoholic needs another drink: I was addicted."
  • NOTES:
    • It describes the personal experience of Sam Polk with wealth addiction, highlighting the psychological and societal impacts of addiction to money.
    • It discusses how Polk's early life and family influenced his views on wealth, contributing to his wealth addiction.
    • It details the high-pressure environment of Wall Street, likening the traders' behaviors to those of addicts in need of a fix.
    • It contrasts Polk's initial excitement about bonuses with his later realization of the emptiness they brought.
    • It emphasizes Polk's eventual recognition of the toxic culture on Wall Street and his decision to leave in search of a more meaningful life.

1980

• (Slater, 1980) ⇒ Philip Slater. (1980). “Wealth Addiction." Dutton. ISBN:0525477047
  • QUOTE: In my city there is a yacht harbor with hundreds of expensive boats. On the finest day of the year far less than a quarter are in use and for most of the year all but a handful sit idle, to be used once a month or even once a year. Most of them seem to be there, behind the locked fence, as a symbol to be admired and envied. They exist, in other words, to create wealth addiction in others. If so, then all wealth addicts are pushers by definition, because wealth is the only form of addiction in which the addict gets high off other people's withdrawal symptoms. Many people dream of owning their own boat and more are doing it every day, but as an investment it ranks a little below playing the slot machines. To own and moor a boat in a populated area costs so much that one would have to use it at least three times a week every week of the year to make it cheaper than renting one by the day. If all these boats were made available for rental to the public the rental rates would be driven down and usage would greatly increase, but even then many of the boats would probably lie idle. Certainly there would be enough boats for those who could afford it to sail by the day as often as they wanted or were able. The real function of owning such a boat seems to be to prevent other people from enjoying it.

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