Daniel Jossen is a seasoned figure in the finance sector who is keenly aware that success often comes at a price. The pursuit of profit and the pressure to outperform the competition can lead to an industry-wide affliction. As financial professionals push boundaries to secure gains, they inadvertently expose themselves to significant mental health challenges. In the following article, Daniel Jossen discusses the correlation between unfettered competition and mental health issues, shedding light on a critical aspect of an industry that drives global economies.
The finance industry’s hidden problem is no longer a secret. As some are aware, bankers, investors, and traders are no strangers to alcohol and drug use – or other forms of unhealthy medicating through excessive pursuits that can become addictions.
Drug and alcohol addiction have been rampant in the financial world for decades. Recently, Dr. Sam Glazer revealed in the
Wall Street Journal that several of his patients work in this field.
But why are addictions and other mental health problems still common in finance moguls?
Moreover, what else can therapists do to mitigate this?
Below, Daniel Jossen discusses why mental health problems are prevalent in the financial field, why the issue is difficult to solve, and other worthy inputs on the topic.
Daniel Jossen Explains That a Toxic Workplace Environment Leads to a Toxic Lifestyle
Dr. Sam Glazer told the WSJ that banking tycoons are challenging to treat. He noted that most of the time, other people knowing about one’s addiction will affect their reputation.
Furthermore, Dr. Glazer also added that there’s a perception that successful individuals often don’t have to deal with problems – as they won’t be convincing if they are perceived to personally struggle.
Daniel Jossen questions, why do they even become involved with substances and addictive pursuits at all?
It’s Their Mental Health Fix
As valid as successful entrepreneurs’ problems are, their subordinates encounter challenges as well. According to Dr. Glazer, to those in the finance industry, money is the root cause of the problem.
Daniel Jossen explains that wealthy executives can easily afford
band-aid solutions
to their mental health problems – by distracting themselves with more luxuries, expensive vacations, and other casual partners. In the addiction world, medicating through other solutions is called “whack-a-mole,” a reference to the constant shifting of attention from one addiction/distraction to another without attending to the root cause.
Dr. Glazer was also right when he mentioned that bankers’, investors’, and traders' loved ones have often had to force them to seek help – as the executives feel too intoxicated by what their money can buy to notice there’s a problem.
Until they run out of money: that’s the only time they might seek help from a therapist or psychiatrist.
What Dr. Glazer didn’t mention in the WSJ is that successful employers aren’t the only ones suffering from mental health crises – their subordinates suffer as well.
Banking on Banknotes, Pills, and Booze for Stress-Relief
Daniel Jossen suggests picturing this situation – a junior accountant walks into his office on his first day at a brokerage firm.
They’re greeted by employers who just walked out of a limousine together, wearing expensive suits. After they welcome the junior accountant, the bosses walk away and continue discussing their multimillion-dollar earnings.
To the new employee, that screams success. But, of course, success takes hard work.
Before the employee can possibly get to that level, they’ll have to work extremely hard. Hence the temptation to medicate – for relieving stress.
However, before attaining success, they might have already developed an addiction or two. Once they do start making a fortune, they will again turn to the same substances to celebrate.
But why is it so hard to discourage them from falling into this harmful cycle?
The Financial World’s Real Addiction
Daniel Jossen says that when Dr. Glazer recalled how his patient tried to send him a limousine (so he could conduct his therapy sessions at the patient’s workplace), it highlighted perhaps the root cause of the problem: money and the power some think it brings.
The patient seemed to think that just because he could easily afford a limo, Dr. Glazer would go out of his way to treat the patient – instead of the patient interrupting his day to seek help from a psychiatrist.
Moreover, some professionals allow money to consume their lives because they think having millions can fix everything. As stated, they may end up spending money to purchase substances or distractions – and if those don’t work, again, they may eventually spend money for a therapist.
Daniel Jossen notes come the next workday, however, they’ll be tempted to relapse – as they are confronted with the usual situation in the office, which is hectic and stressful. Hence the reason why some people need to seek residential treatment for their addictions, giving them the opportunity to separate from their busy lives to pursue healing.
But what if they want to leave the financial world?
Their employer will likely offer them even more money just to stay. From there, the cycle simply continues.
What needs to be established is how this can be prevented.
Investing in the Most Valuable Asset: Mental Health
These days, discussing mental health issues is no longer taboo. However, to some, it’s still difficult to put aside the stereotype of what a psychologically compromised person looks like – and people in the finance industry strive to be trustworthy and admired.
These are people with high-paying jobs, big houses, and brand-new luxury cars. Therefore, they’re often afraid to open up about their problems – they think their problems won’t be seen as valid.
But they don’t have to journey alone.
Sometimes, it’s the people around them who can reach out – their family, colleagues, and the whole industry.
Daniel Jossen says that if a person in the financial sector is suffering from a mental health crisis, they may need someone to remind them that their addictions are far more likely to kill them than the inconvenience of earning less money.
And the finance industry won't collapse if they take a break from work – but their body and mind will if they keep up such a harmful lifestyle.
Conclusion
The finance industry is dealing with a crisis: mental health problems medicated through addictions, substances, and distractions. Fortunately, psychiatrists like Dr. Glazer are helping these respectable individuals with their issues.
However, until there’s a change in how the financial field works, many will continue returning to their self-destructive lifestyles – there’s only so much therapists can do for their patients.
