@Mathews · Posted 03 Sep. 2021
Debbie Katz Free Spirit
@debkatz78 · Posted 03 Sep. 2021
Oh yes. I think one of the biggest risks is drug addiction. Time and time again, teens and young adults who come into money be it through acting, singing, or online fame end up with some sort of drug problem. I think this is because the wealthy scene for younger adults is often filled with bad choices and drug abuse. You have to not allow yourself to be easily influenced by others.
@pritika98 · Updated 03 Sep. 2021
When a person gets wealthy at a young age after putting in a lot of effort, it can all seem a little too quick. I'm afraid there will be management issues because it will most likely be their first time. Some other downsides could be, for example, their mindset for growth can go astray, their viewpoints may be skewed, and their grasp of things in general may become limited as a result of their socioeconomic status. They may build their identity or measure their worth around their wealth. It's also possible to make a lot of flakes as friends and not be able to establish deeper ties with them.
@RyanM · Posted 03 Sep. 2021
There are some risks. Being young, you're not necessarily going to be smart with the money. Keep in mind, if you're rich already at a young age, you need to keep paying taxes yearly on what you make. Also, people who get rich, feel they can spend a ton of it. But, that money dwindles down after a while of mass spending.
The best thing to do, is not spend right away. Hire a financial advisor or someone to help you keep track of your money. Because if you're rich, it may be tough to keep track of your earnings. As well, you want to make sure you're not spending too much either. I suggest putting a limit to the amount you can spend a day, week or month.
I've heard horror stories of people losing all of their money. Most of the time it's lottery winners, because they think the money they won will never go down. But it does, because they don't slow down on spending.
Godwin Oladele I write content
@Writelord · Posted 03 Sep. 2021
I agree with Debbie on this.
Drug abuse is a major concern. A notable example is Justin Bieber who blew up, as we all know, pretty young. As he grew, he became somewhat entitled to his fame, and started to abuse drugs. He was forced into Rehab.
Another example is macaulay culkin, who almost had a heroin addiction. No wonder, celebrities shield their children from the fame; it can be toxic for a young person.