Consider the number of physicians and business owners in the top 1-2% income bracket in the U.S., especially those who didn’t come from such affluent families. It’s estimated that about 20%+ of physicians were raised in the top 5% of U.S. incomes. This implies that approximately 80% were not used to earning hundreds of thousands of dollars annually. The transition is more than just about income; it encompasses a complete lifestyle change, affecting self-perception, social circles, communication, vacations, relationships, parenting, and retirement concepts, all amidst a high-demand career.
In wealth psychology, a model aligns this experience with cultural psychology[^1^]. It compares class status shift to a major cultural adaptation, not based on race, ethnicity, or location, but on wealth status. There are implications for intellectual status as well, but this notion of being a “native” or “immigrant” to wealth provides a powerful metaphor for understanding these life changes and their unique challenges.
There are three typical responses to this life experience:
- Complete adoption of the new lifestyle called assimilation,
- Outright rejection of the new life is called avoidance, or
- An integrated approach that blends the old and new in a way that improves the quality of life for oneself and others.
This model helps physicians and other successful individuals understand and optimize their life transitions and achievements.
Footnote: [^1^] Grubman, J. (2008). Strangers in Paradise: How Families Adapt to Wealth Across Generations. Coventry, CT: FFI Press.
