Some Americans have taken to keeping their wealth secret. “There are a lot of people that are hiding their wealth because they are concerned about negative judgment,” said Traeger-Muney. “If wealthy Americans talk about the unique challenges that come with their wealth, people often dismiss their experience. People say ‘Oh, poor you.’ There is not a lot of sympathy there,” she said. “Wealth is still one of our last taboos.” Cockrell said that a common mistake that many of his wealthy clients make is letting their money define them. “I don’t think it’s healthy to discount your problems. If you are part of the 1%, you still have problems and they are legitimate to you. Even when you say, ‘I don’t have to struggle for money’, there are other parts of your life. Money is not the only thing that defines you,” he said. “Your problems are real.”
What does Cockrell say is true if someone is part of the 1%?
Even if they don't have problems with money, they may grapple with other issues They still occasionally face problems with money They don’t pay attention to negative judgement from others They tend to spoil their children