There is no downside to having more money or a higher salary. The downside comes from being bad at managing it and letting it run your life. Basically lack of financial education and common sense. You ever hear about those people who won the lottery and then their whole family was destroyed by drug addiction, dying in super-car crashes, becoming alcoholics, etc. Based on that one would be foolish to conclude that its bad to win the lottery. Its not the money, its the ignorance of governing it that destroys you.
1. Demand much of your time
Don’t expect to work 9–5 or have protected weekends. This is even more true with technology today, as you’ll essentially be “on call” 24/7. You’ll have less personal time and may have to miss social events due to pending deadlines.
2.More Money More Expense
The natural progression is that you’re happy about your new high salary, so you go out and spend money to treat yourself. Maybe you upgrade your car or buy a nice house or apartment. The money continues to come in and you continue to upgrade your lifestyle.
3.Difficult to maintain Lifestyle
If you ever wanted to make a career change and move into a position with a lower salary, it will be more and more difficult since you’ll have to “downgrade” your standard of living.
4.Pressure to maintain High Salary
This becomes even more relevant if you get married and have children. Your spouse and children are likely relying on your high salary, so you’ll feel even more pressure to maintain your salary, even if you had dreams of doing something else.
With high Salary comes high Taxes. It comes under your attention that you are essentially working for the government for 4 months, and the government actually expects more bribe from you to get even simple stuff done. Not to mention indirect taxes levied on entertainment, food, cinema, etc. It’s heavily demotivating.
6.Being Judged all Time and People will be Jealous of you
People will start judging you by what you wear, which car you ride/drive, etc. For eg. : Some people are comfortable wearing flippers, so questions are like “Hey! why are you wearing flippers, and why not shoes?”They will envy you and be jealous all the time.
7.End up Paying Bills Every time
Friends, family will always expect you to pay off their bills when you’re together. Parents will start expecting more from you.
8.Increase in Charity
People starts eyeing you for a higher share in donations, contributions as such.
9.No Place for Drama/Sentiments
Thinks he/she is a modern person of their family/friends and gives no space in the life for human emotions.
People don’t realize that being a millionaire (typically) requires individuals to solve million dollar problems.If you are being paid a high salary by a company you work for, then you are likely going to be responsible for a lot of other people, clients, and contracts.
High paid job pertaining to higher work hours and . Always work and no play make Jack a dull boy.
12.Fear of not performing
A fear of not performing to the mark always haunts the mind of a person engaged in a high paying jobs.
13. Health ruins
As a high pay promises you a dearth of time, running behind work deadlines, it ruins your health as well. You would not get time at all. Daily stress, tension and restless hours, sleepless nights will result in degradation of health without doubts.
14. Hedonic Treadmill
Wikipedia describes this as “the observed tendency of humans to quickly return to a relatively stable level of happiness despite major positive or negative events or life changes. According to this theory, as a person makes more money, expectations and desires rise in tandem, which results in no permanent gain in happiness.”
15.Limiting the Growth opportunity
In a highly paid job there remains very less opportunity to grow. The career becomes stagnant in one point. High paying jobs are mostly top of any portfolio so you have become pro at a particular thing.