The Psychology of Hating the Rich

Bradley T. Klontz, Psy.D., CFP® is a Founder of the Financial Psychology Institute™, an Associate Professor of Practice in Financial Psychology at Creighton University Heider College of Business and a Managing Principal of Your Mental Wealth Advisors. Dr. Klontz has written five books on the psychology of money and sits with Carol to talk about why so many people hate rich people and how it is affecting envy politics. They also cover the psychology of wealth and what separates the ultra-wealthy from the middle class, stereotypes of the rich and how it holds people back and the psychological barriers to climbing the socioeconomic ladder.

You can connect with Dr. Klontz on Twitter and take a quiz to test your own money psychology on his website here. You can view his YouTube channel with videos about the psychology of wealth and money here.

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  1. Full Size Tabby Member
    Full Size Tabby

    I was greatly influenced reading the book The Millionaire Next Door by Stanley and Danko about 20 years ago. They were looking at the moderately wealthy (net worth a few million dollars) rather than the “ultra wealthy,” and they weren’t looking at psychology. But they had observations that I found fascinating.

    Their subjects tended to be owners of local or regional businesses (machine shops, restaurants, construction, etc.), owners of residential real estate for rental, and professionals (doctors, lawyers, accountants, insurance).

    One thing that turned up was that many of them did not necessarily have super-high incomes, but did not spend to their income levels (they lived in the same house they bought 30 years earlier, they bought used and/or modest cars, they ate at modest restaurants, etc.).

    The title of the book was based on their conclusion that a lot of moderately wealthy people look just like their less wealthy neighbors.

    • #1
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