Money Isn't Only Thing of Value Lost in Volatile Times.

It can be a wild, rough ride to the top - and to the bottom.

And plenty of Angelenos are finding that out first-hand, as their paper wealth gets jerked up and down to the tune of multiple millions on a daily basis. It's enough to make one's head spin, psychologically speaking.

"When you lose your wealth, for some, it becomes the loss of one's self-esteem," said Dr. Gerald Rozansky, a psychiatrist. "When you suddenly have all this money, there is also a loss of who you are and how you fit in, and how life will go on."

Counseling wealthy people who have lost it all, or at least a lot of it, has become something of a growth industry as high-flying chief executives get ousted after failing to meet market demands, and instant stock market millionaires learn the hard way that markets go down as well as up.

The key issue facing these people, according to Kevin Hand, a psychiatrist who specializes in helping executives cope with fluctuations in their careers, is the blow to the ego rather than the loss of income. After all, few of them are in jeopardy of starving; most top executives have been well paid for years and have golden parachutes upon their departure, like former Mattel Inc. chief Jill Barad, who got more than $50 million upon leaving the toy company.

"It's the loss of position that hurts the most," Hand said. "If you don't have position in a town like Los Angeles, you are nobody. It's a nasty town when you don't have power. You have to crawl back to get it."

Richard Rogg, who inns Promises Malibu, a high-priced drag and alcohol rehab center, said the first step in recovering from adversity is to identify the emotional stages involved in a fall from power.

"First there is depression, then comes denial and anger," he said. "It's a grieving process. If you have a healthy ego structure, you will be able to make the shift. Some people kill themselves; others reinvent themselves."

Losing huge sums isn't the only phenomenon that can have a bruising effect on the psyche. Sudden success, while exhilarating, can also cause trouble.

Dr. Andrew Leuchter, head of adult psychiatry at UCLA's Neuropsychiatric Institute, said such sudden changes - either making or losing large sums in a short span - spin many people out of control.

"Sudden, unpredictable change creates anxiety," he said. "When something negative happens, it's a tremendous blow to self-esteem. Sudden wealth or sudden success means change, too, and that means stress. You can suddenly think, 'If I can do this, I can do anything.' People can horribly extend themselves and begin discarding their way of life - divorce, treating friends badly - and then suddenly there is a loss of support that leaves them high and dry."

The dramatic changes, plus or minus, have a ripple effect on families.

"Marriages break up," Hand said. "The family is in a crisis, and it comes to the forefront. You are also looking at drinking and drugs and extramarital affairs. You see it all."

For those who suddenly come into dramatic wealth, there are other issues to face.

"If your self-worth matches your achievements that's fine," said Barbara Bienstock, a psychotherapist with a West Los Angeles clientele. "if it isn't, then that can lead to destructive behavior."

To cope with dramatic shifts, up or down, mental health specialists say that talking with friends and family helps. So does counseling. Depression can be treated with medication. And for those who find themselves on a dramatic financial upturn, sound financial advisors become extremely important.

So can finding a new purpose in life. Most people spend their careers chasing after success, always seeking to reach a certain goal. People who have already made it, particularly those who become highly wealthy at a young age, suddenly find themselves without any real purpose in life.

It is not uncommon today to find young millionaires quitting at the age of 35. While many people would see that as a wonderful thing, successful entrepreneurs tend to be highly energetic, driven people. Filling all that time can become a challenge, and ennui often sets in.

"They are retired, but they still want to feel productive," Bienstock said. "It's an issue. How much golf can they play?"