Money Shrinks Soothe Souls Of The Tragically Rich

The affluent "watch what's going on on television and read about things in the paper, and without thinking, they believe that they're part of that group that's suffering," said Michael Glowacki, a financial planner based in Los Angeles, who blends counseling techniques with running the numbers. "They fail to realize that they may be in the top half of the 1 percent population in the country with that kind of money."

Some panicky clients could actually triple their spending and not run out of money, said Glowacki, who has seen his coaching business double. One of Gottfurcht's clients who still had a $100 million net worth after losing half his fortune became so worried that he cut his spending across the board — including $250-an-hour sessions with the shrink.

Others forced to live less lavishly may keep the counseling but scale back on their charitable contributions. They're also threatening to cut off relatives who fail to rein in their spending habits, with psychologists at the ready to ease families through the resulting friction.

Elspeth Gilmore belongs to Resource Generation, a New York City-based group of 18- to 35-years-olds with wealth whose aim is to use their money and connections to help the not-so-fortunate. Gilmore knows it sounds ridiculous to most people, but she said money creates complications.