While Kelly Willis Green says her life has remained “remarkably unchanged” since her marriage to a real-estate executive in 2016, she has interviewed many guests on her podcast whose sudden wealth changed a great deal about their lives. And not always for the better.
Consider Greig Clark, the founder of College Pro Painters. Shortly after selling his 500-franchise Canadian company in 1989, he recalls on Green’s podcast Serious Coin, he found himself wandering the streets of Aix-en-Provence in southern France late at night, consumed by a single question: “Who am I now?”
The sale had severed his connection to how he defined his life, says Willis Green, who also leads a Toronto-based money coaching practice. Those who come into wealth suddenly can grapple with a profound loss of identity, she adds. “In our interview, he told me that it left him feeling unmoored and searching for purpose, for a period of time.”
This sensation, known as “loss of self,” is commonly experienced by people who acquire significant wealth through inheritances, marriages, windfalls and major financial exits.
In the 1990s, psychologist Stephen Goldbart introduced the concept of “sudden wealth syndrome,” which can result in identity crises, depression, anxiety and insomnia.

According to Sandra Primiano, a psychologist and vice-president of research, quality and clinical practice at Guelph, Ont.-based Homewood Health, acquiring great wealth “can create friction, leaving individuals grappling with a sense of inauthenticity, or imposter syndrome.”
For those who have spent decades building wealth, the adjustment may still be disorienting, but it can be tempered by preparation and anticipation, Primiano adds. “Those who come into wealth suddenly often face a different challenge: the wealth feels like it isn’t truly theirs.”
The guilt this produces often leads to a vicious cycle fuelled by further guilt and the concealment of an individual’s true self, says Francesco Lombardo, the founder and CEO of Veritage, which offers wealth coaching in Canada and elsewhere in the world.
“People think, ‘I’m part of the wealthiest percentage of society, why should I feel this way?’ This guilt about guilt creates further isolation,” he says.
Isolation and disconnection can also be exacerbated by feeling judged or treated differently by friends and family, Primiano says. Or, as Willis Green puts it, “many describe it as feeling like a guest in your own life.”
At the same time, societal expectations of wealth can diverge sharply from reality.
Jennifer Risher, author of We Need to Talk: A Memoir About Wealth, describes the gap between the fantasy of wealth—supposedly solving every problem—and the truth that insecurities and challenges persist and can even worsen.
This mismatch, combined with how others perceive the wealthy, often deepens feelings of disorientation.
Symptoms of a crisis

French philosopher René Girard’s concept of mimetic desire explains how individuals unconsciously adopt desires based on their environment. In affluent social circles, this can translate into chasing luxury items or status symbols simply because they’re normalized.
Rooted in unresolved feelings about money, this behaviour often becomes destructive, says Veritage COO Thomas Clark. “Without addressing these deeper emotional issues tied to beliefs about money, wealth can easily become a source of anxiety rather than empowerment.”
Lombardo goes one step further: “Unexamined beliefs about money affect every decision and relationship tied to wealth. For instance, if someone believes that money equals social acceptance, they may overspend to fit in. These beliefs can become addictive and lead to conflict or disconnection if not addressed.”
From a clinical perspective, the psychological toll of sudden wealth often manifests as anxiety or depression or both, Primiano says. Common symptoms are social disconnection, purposelessness, strained relationships and even physical symptoms such as tension or trouble sleeping.
The road to self-rediscovery
Regaining a sense of self starts with acknowledgment, Lombardo says. To that end, Veritage has developed a framework called ACT (Acknowledge, Choose, Transform). “Acknowledging emotions like guilt or shame allows you to consciously choose how to respond, paving the way for transformation,” he explains.
Other practical steps:
- Engage in self-reflection through practices such as journaling, mindfulness and therapy.
- Build purpose by redirecting energy toward meaningful activities, such as philanthropy or creative pursuits.
- Strengthen relationships, especially with those outside the “bubble” of wealth.
- Seek professional guidance from therapists, coaches or other advisors who can provide tools for managing transitions and aligning financial decisions with personal values.
Preparing for wealth’s challenges
Anticipating a major financial shift provides an opportunity for planning. Primiano suggests that open discussions with family or counselors about the emotional and practical implications of wealth can normalize the experience. She likens this preparation to retirement planning: envisioning not just financial stability, but also how one’s sense of purpose and community will evolve.
Lombardo emphasizes the importance of self-awareness in these conversations. Understanding one’s relationship with money—which is often rooted in family dynamics and one’s upbringing—provides a foundation for healthier attitudes and behaviors.
By examining their “money stories,” Lombardo says, individuals can identify patterns of control, entitlement or guilt that might otherwise hinder their growth.
“Breaking this cycle involves openness,” Willis Green says. “Honest conversations about the emotional realities of wealth, combined with a commitment to living in alignment with personal values, can alleviate these burdens.”
The key role of community and legacy
The good news: by building self-awareness, maintaining down-to-earth relationships and anchoring decisions in purpose, individuals can use their wealth as a tool for personal growth and external benevolence.
“Acknowledging your feelings about wealth allows you to choose behaviors that transform both your life and the lives of those around you,” Clark says. “Navigating sudden wealth calls for introspection, courage and support. The journey isn’t always easy, but it offers a unique opportunity for self-discovery and reinvention.”
In other words, finding oneself within wealth may be the most valuable treasure of all.
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