Topic: 5 things you should not do with your money to get rich - page 4. (Read 2409 times)

All of the suggestions above are good, it looks very easy to theory but it will be difficult for us to apply in reality, I think the most important thing to rich is to increase the source of income, no matter how much we spend or wasteful, but if our income is large then we will be rich , because what makes us rich is income not expenses.

Five things to follow to make yourself rich is good, but we can't be sure that the mentioned list works with everyone's life. Everything is a gamble, so we need to try. If things weren't working out, we should frame the next set of objectives that can help us grow good in wealth.

All the points mentioned by OP are very good points.
Everyone has their ways of finding and resolving the things. And they do it when they experience the things on their own. There are very few people who learn from other people mistake - most of the people want to do it themselves.

This also means don't trust anyone suddenly
There are scammer everywhere looking fwd to fool and grab people's wealth in the name of investment. I have recently been the victim myself and I hate myself for being fooled

I was one of the people who used to buy the stuff I want over the things that I need regardless of their usage. I used to buy what was on trend until I lost a job during that time and have to sell those useless things just to survive. Because of what happened, I realized that valuing our hard earned money is too important. We should be wise in spending so that in case of emergency, crisis, or bad situations, we'll know how to survive.

I agree that spending money on unnecessary things without a plan should be avoided. But spending money on urgent needs should be okay although you didn't plan it. Urgent needs like "spending money for medicine when you get sick" isn't planned previously, but it should be done because it is a crucial thing. Urgent needs are very possible to happen at any time, that's why we should have reserved money for this matter.

It is because of the way they are thinking. If the person even though didn't have a degree but be is extending his effort towards his works and having perseverance he is more likely to be successful in the future, the reason why someone is having an edge to another people is that they are strong enough in many emotional things since it greatly affects our behavior. Regarding the topic, all of it was correct but it all depends to everyone's behavior. I have a friend who likes to post her achievements in social media and I saw how hard it is for her before she got that all things and that's fine with me, I don't need to be bothered it is her life even though I don't want that kind of things as well.

Rich or poor is not a human choice but there is already a decisive one, I see a lot of fact that many people do not graduate from school but can be successful and have employees who graduate, or vice versa that graduating with the best grades but cannot be rich and only trapped in a routine working with a salary Just enough for living standards alone.

If you are just relying on luck to be rich instantly, I'm pretty sure you are not having a great time with your money. It's not satisfying to get your money with the luck and they just buy everything they want with their money because they considered it as free money instead of their hard-working money that they have to treat it really carefully. I have seen people gotten rich by luck and they had ended up broke or involved with criminal crimes.

OP doesn't have to be rich to give this advice.
Maybe he might also be saying all of what he said out of personal experience.
Rather than counter all he has said while not respectfully add to it or make corrections where necessary. If you actually took your time to carefully read to learn from all he said rather than reading to counter his motions, you'll understand that he was so considerate enough to accommodate the facts that it isn't easy to keep up with money and he just give us a hack that seem right to him to avoid running into dependency.

OP said something about people who have to buy the latest phones, for instance iphone just to show off without having any significant use for it, in a country like mine, I've seen a lot of people do a whole lot of things just to own the latest iphones and at the end of the day have no dedicated use for it but just to snap and edit pictures for social media that they wouldn't even have upto 100 likes.

OP also mentioned people buying cars for the sake of trends without putting into consideration the cost of fueling and maintenance and later end up selling it at a very cheap price.
I totally agree to this because early this year, an oil firm paid a huge sum of money to a neighbouring community for oil spillage on their land and the money was shared to all members of the community with each citizen having over $9k, most of them got new cars worth over $5k and now selling for less than $3k just within a year which isn't nice And i was an agent to selling two cars they bought then

All factors that hinder to be rich are certainly very many, and various things have been done by the rich, but I believe that rich is a stipulated provision, so that in real life we can see people who according to the assessment are not worthy of rich but he can be rich or vice versa , who deserves to be rich but not rich.

There are a lot of articles online that have guides on how to be rich but not always successful. Most of the time, the article writers really suggest that you invest in business, forex, stocks, and crypto. That is mostly what they say, but you still have a lot to go through if you want to take a risk on this. You are right that it is easier to spend money than to earn, but I am hoping that soon it will be balanced because we are earning a lot of money from our investments.

I agree with all that you've said, and this one is the common mistake of people who are eager to gain through investing. I've seen many investors attracted to invest their money because of hype, they want to join the trend and hoping to earn like what others do. Then they will end up losing their money because of their sudden decision to invest even without knowledge about it. It's a lesson for many of us to always be careful when it comes to investing, and do your part by filling your mind with knowledge to have a better understanding.

Because it's hard to earn money so don't blindly invest in any kind of investment if you're not certain. If your goal is to be rich then think of what you should do and what can help you to achieve it.

These are some very wise observations, unfortunately most of these are in reality only learned through trial and error. Hopefully the errors are small enough and the person is intelligent enough to assess them before they get too out of control. However things like not investing too suddenly can also be tricky to gauge - just look at crypto, many people thought they were investing early on, watched it go all the way up to $65k and are still holding it after it fell back down to earth. Knowing when to cut your losses and accept a failed investment can be very important too - many people have the opportunity to cash out over a long time but end up losing everything instead.

5. Don't invest suddenly 
Is the result of "not spending without a plan" I suppose. Before making any investment decision, you need to take an honest look at your overall financial situation, especially if you have never invested before.

sometime all the bookish knowledge remain on one side and there are new rule we have to see and experience all the time in our lifetime
life is so unpredictable and they give so many lesson at every stage of the life

Money will surely impress people, especially the opportunist and they might only take advantage of you. Not everyone around you will celebrate your success but rather wish you bad luck because of envy and jealousy. It's better to win and enjoy your success in private because you don't have to please or even prove anything to the people around you. You can inspire others because of your success but not everyone sees the good side of it.

If we read a lot of articles or writing to be rich then most will say 2 things that continue to increase income and continue to reduce expenses, in theory of course it's easy but when I want to apply all the theories that happen is different, difficult to increase income and easy to spend money .

2. Don't brag about having a lot of money

Keep and make yourself that simple on which you dont really brag your richness into public or trying out to impress everybody on what you had attained.
This is safety hazard which is something you do really need to avoid as much you could.Better to be silent and do continue to grind and
achieve that financial freedom that you are really aiming for. Dont make yourself get exposed that you do have lots of money
or else you would be risking your life.

I would suggest that smart investment is also a very key factor how to make money as well. Something that could go up in value, and also give you an income at the same time is a key way of investing. Something that you can invest and pay you dividends that is higher than the loan you may take for example is even smarter, that way you would invest, but also would pay the loan back with the dividends where the initial capital would just grow.

ETH is a great example of this, it is paying as high as 5-6% in most places if I am not wrong, and you could maybe find loans that low yearly? Maybe not. At the end of the day smart investment is always the key, otherwise we all could buy the latest iphone with our money, but it won't be smart way of spending our money.