Topic: 5 things you should not do with your money to get rich - page 2. (Read 2409 times)

That is undoubtedly correct, but for that income level, you either need to be a businessman or someone doing his own work like freelance, outsourcing, making money through affiliate schemes, opening restaurant or some other business that brings you money but you are the boss there because serving anybody (except you have a very high post and huge salary package) will never land you to your 'getting rich one day' goals.
Remember, you can not get rich in one day, but may reach that status one day for sure.

It could be these --^{[financial management + investment + business]}
The most important thing is financial management, why? --because when you earn a profit for example $5, don't spend too much than that, spend only the $2 and the rest is your savings or back to investment.
If someone read the book of Robert Kiyosaki ^{[Rich Dad Poor Dad]}, you will learn and will surely be inspired. But a problem is --we don't have the capital to start a business.

I have tried many of the techniques above but the result is that I am not rich yet. It is very easy to find a theory to get rich, but it seems that being rich is a mystery that is difficult to solve. I have a friend who, judging from the theory above, is not suitable, but he can be rich and I asked the thing he replied was to dare to take risks in everything.

I've seen many friends of mine reading the books with titles how to become rich, billionaires words etc. I don't know how this could make an impact over one's life. You know what you need to be and you are supposed to run for it. Maybe the words can inspire, but it is you and me to run. Set the target and run, surely one can turn rich even if he wasn't able to make himself a billionaire 

There's no such thing about perfect living on which there are mistakes and errors which people could able to commit or experience it out.Its true that you could really learn up things out of those
other peoples experience via reading up but there are ones who doesnt really believe until they would be experiencing it on themselves.On the time that you do make out some learning
then this is where things becomes more manageable or you are already that being disciplined when it comes on handling up things.
Getting rich is never been easy yet this would really be pertaining lots of mistakes and errors along the way.

While we talk about 5 things there are so many things unsaid. people should learn from other people mistake and there is so much which we don't write  and share - but they exists
There is so much which we do wrong when alone and many a time we don't share it. These are the real lessons

Do you have to always associate it with gambling? Investing and gambling the same? in fact, people who view such concepts do not really understand what the purpose of investing is. Even if you bet as much as possible, without good management, everything will be in vain. indeed there are many opportunities in crypto, but there are also many fraud opportunities. The point is when you have to know financial management, you will know what to do to invest. The important point is not to be hasty buying suddenly without planning. Buying Bitcoin also requires strategy, it doesn't mean you have to gamble by buying in a bull market.

Some things might make sense to me, of course people should avoid the 5 things you mentioned, I think they should avoid those, if they want to be rich and their economy improves financially.

Well, this is the main point, especially for those involved in crypto investment.

I think things like this, people rarely think and want to consider it, so they always fall into the abyss of losing their investment assets, many cases like this are happening right now in the crypto investment world, without any consideration without thinking well what type of crypto they are investing in, i think it's a perfect thing and it's good that you remind investors here, they are always hypnotized with cheap and new types of crypto without thinking about its origins and development in the market.

What a thought. That's how we should manage finances if we want to grow our finances in order to become rich. because saving money is more prone to deflation or inflation. namely a decrease in the value of currency and an increase in the price of goods. but by investing our money that has been invested will have the opportunity to continue to grow in value and amount by itself. But the most difficult step is determining where we should invest. For me the safest investment is investment in property or land. has a high potential for growth in the future. with low risk. but the drawback is that it takes a relatively longer time. There are other options in investing such as stocks and crypto. However, in stocks, we must be able to analyze which good projects to choose, which have low risk and high potential. and for crypto, we already know that there is a higher potential that is accompanied by a high risk.

depending on our mastery of knowledge and experience in which field. then choose what we have mastered.

I think the conditions for rich and simple conditions are dare to take risks or almost the same as gambling, as we know that cryptocurrencies provide many opportunities for speculation, if we sell assets that are not used worth $ 100k then investment bitcoin and some altcoins then we have the opportunity to get a large profit of 100% in 2 years or less

I observed that there are more people that want to just YOLO. It's like, life is too short for them so they are spending most of their regular income on kinds of stuff that make them happy but temporary and short term. They buy branded dresses, and shoes, eat at luxury restaurants, party regularly, and like to travel every now and then. They have very little to zero savings. They borrow money when emergencies happen. People have different mindsets and beliefs but I just don't understand why many of them don't care about planning for their future. I know we have different methods of how to achieve our own happiness though.

I sometimes spend money on some wants aside from basic needs but I think I am more of a conservative spender. Maybe I am paranoid but I feel happy when my savings grow big. I feel happy when I am financially secure.

If we want to get rich...then stop thinking about saving and look for an opportunity to grow our money and that is to keep investing. When I say investment, it should be put in a profitable investment, not elsewhere. Many people had fail to grow their money even though they have investments and that is because they also change their lifestyle instantly.

It is supposed to be this way;
 - more investment - the same lifestyle

Well spoken. I also disagree that we get rich by saving, but saving is not selfish, the goal of saving is for life's emergencies. In life, there are always unexpected things that happen, so we always have to have a backup plan. The current crisis is the most obvious example, a lot of people are struggling financially but if someone has already prepared some savings in the past then this is where the savings come into play. It may not give you a full life, but it will help relieve the pressure on you to make money as inflation rises and commodities skyrocket.

becoming rich is not just about gaining alot 0f increased income.
its also about not spending it all at the end of the day

if you get $2k a month or $200k a month.
if you spend it all.. both =$0 left

its about saving and accumulating

..
that said the funny part is those on low income are rated by how much fiat is left at the end of the month, whilst the rich make up their amount

most of the super rich that say they are billionaires or the first "trillionaire" do not actually have billions-trillions in accessible real fiat they can just withdraw and bathe in.
most are "paper" rich. where its based on their title making them responsible for companies where the companies are market cap rated as totalling billions/trillion although even those companies dont have billions-trillions to hand. where instead its just a share market cap multiply based on current share price x share supply

if you actually want to get truly rich. dont spend it all. accumulate value and keep it.
dont keep and hold something that loses value.

> In this current dispensation so many people spend money on many fancy things, that the value can't stand the test of time just because they want to impress some peers, associates or fans around them. For example, you hear on the news that a certain celebrity bought a car worth $50M just because a counterpart in the industry has bought one that is worth $40M and it's trending online and so the latter feel he is losing relevance if he doesn't beat the reach.
 Why not invest such money into the lives of people around you, human capital investment is one investment that last so well and the returns are unquantifiable but unfortunately this days people chase to spend on fame that is just momentary and end up going broke when they are old and out of the competition.

> On the area of not investing suddenly, on the contrary I think there a some investment that demands you invest suddenly when the opportunity surfaces. Today there are many world richest men that are rich because they invested suddenly on an opportunity that came their way when their counterparts were procrastinating and in doubt. As long as it's not a get rich quick investment I'll always invest suddenly and wisely.
Just look at bitcoin today, in it early stage many people refused to invest suddenly when the opportunity was made to them, but those that did took their chance made it profitably high when the value pumped up to the regret of those that rejected or should I say failed to invest in it.

I do not agree with the opinion that saving is selfish because they have allocated income for saving and not wasting money to spend on non-essential items, the purpose of saving for emergency needs and financial security for the future, even rich people have money and assets for savings the future because our status is not always rich and the wheel of life can change at any time when we are no longer destined to be rich.

I have a belief about bragging the things you have, you may be at your peak right now and you get to brag but things are temporary in this world. You don't know how long you're going to be at the top of your life and that's why keep yourself humble at all times because you'll never know if the fate will be against you.

I don't see savings will make you more selfish. It's essential actually to have a savings because it's where you can get your pocket deep when you've get to need some money and you need to spend it for important matters. And savings is part of the practice of the rich because it will make you responsible and be good at handling your hard earned money.

Saving will not make us wealthy, but in an emergency, you will have something to get on because it is difficult to obtain an emergency loan from a bank in that time and you will also incur debt. In saving, your goal is not to become rich, since to become rich you need to have multiple sources of income. Your main purpose in saving is so that when you really need money, you can get it. I don't think saving is a selfish act since you save for your future and for your family, so it won't be selfish at all.

Saving can save a lot of leaks to our bank account. IF I look back in my life I think I have wasted approx 10,000 USD at different point of time because of different situation and circumstances. One should save and not get trapped by the people

What you have to blame in that case is yourself not the online shopping application. Because online shopping applications were created to make it easier for everyone to shop without having to go straight to a store or to several different stores in a day. Actually, the presence of this online shopping application has saved everyone's time when they want to shop and the price is also super cheap when compared to regular stores.

However, if you feel disturbed by the presence of an online shopping application just because you often shop for items you don't need, it means that what you have to control is not the online application, but your own lust when you see so many interesting items that it makes you interested in buying them.