Topic: 5 things you should not do with your money to get rich - page 6. (Read 2236 times)

These are all pretty good points here.  #1 of course is the most important part of it.  Working with my clients as a financial advisor, one of the worst things I see them do is not form a plan what so ever.  I see this from young people to old.  The first place to start is from a budget, and going from there once you know how much money you can invest.

Not bragging about how much money you have is another one.  I can't believe so many people on here are so willing to just spout out how much bitcoin they own.  Dont.  Don't even tell anyone you own any.  This something Andreas talks about a good amount, leaving this kind of information about your bitcoin to yourself.

Greediness is the most that kill humans. We are just almost greedy in all we do in life.

Everyone should have a plan in using the money they have, so that we know what to do.
Many people have money, but do not know where to use it, in this case we need to review again, so that decision making in the use of the money we have is truly right on target, people often do not understand that they have expertise in which field, so decisions are not perfect when choosing something.

In life we must have a concept, start a big plan but start from small things, we can do any business, if we want to learn to understand the basic concepts of the business we want to live, nothing is easy to do. Of course it takes perseverance and never give up with one, two or three failures that have been experienced, because the comfort zone will not make anyone grow if no one dares to take risks.

We have equal opportunities in different parts, when what we want to do is not realized, then it's just a hoax or a plan that we don't develop, the nature of people like this are usually only good at giving advice, but unable to implement the plans that were previously made , we often find this type of person in developing countries, although it cannot be categorized as a whole.
Anyone can give advice, but not many people are able to carry out the scenario that has been planned.

In our opinion, this is a step in maintaining the value of the currency, there is nothing wrong with bitcoin being a priority in considering investing, because Bitcoin is one of the three parts of an investment that is able to maintain value, one of which is Bitcoin, Gold and Land.
We think almost everyone agrees with these three things, although they have different patterns, both in terms of profit levels and approaches to starting investments.
These three models can hold value in the long and short term, recession and inflation do not have a major impact on all three, because indeed these three investment models can hold value in the long run, although profits can vary between the three.

We often listen to frugal advice from parents, maybe this is the basis we often hold for financial problems, when someone decides to buy something he wants, the main step that we must pay attention to is whether the item is an urgent need or not.
This is important so that our finances are not wasted on unproductive things, unlike the case if we use the money as investment capital that we have planned, finances must be controlled properly, in order to provide maximum profits in the future.

In our opinion, this is more technical in nature, before we jump into the world of investment, then the basic things that we must learn that are directly related to investment, it is important to learn first before starting. For example we invest bitcoin, then the basic things we have to learn about bitcoin, be it the annual cycle, the history of the market and the right way to enter the market, I think this little thing is quite important, because if there is a correction to bitcoin, we will not experience excessive panic, as well as other investments, but the most important thing is to be willing to take risks, because in this world there is no form of investment that does not involve risk.

I wholeheartedly concur with this thread. Before investing your money in any cause, you should always think twice or three times. However, if money is really simple to obtain, it will also be simple to spend.
We must be smart with our money even if it is hard earned or "easy earned".

A father's gene habit will be passed on to his son, I mean if a father has a business background, his child will indirectly follow his father's work, although not one hundred percent of the gene is passed on to all children whose parents are in business
For that, I think the use of money owned by anyone must be right on target, because when money is not placed in something productive, then no matter how much money we have, it can never be used for something more useful and get maximum profit.

luck factor is also there. but that's out of context I think. but because the luck factor is a factor that is beyond our understanding. or something unexpected and unpredictable. then there is also management to manage the money prepared for something unexpected. a kind of reserve fund if at any time we have to spend money outside of our financial planning. like a neighbor who wants to borrow money is an unexpected thing but we certainly can't let people ask us for help. as long as we can help him then we have to help him. and of course we will spend money unexpectedly. and to deal with things like this, if we can afford it, we should be able to save a reserve fund. because like health we can not predict. but during an economic crisis like now it might be difficult. so sometimes our savings will be used.

Yes this is what people have to learn first.
You can't just invest on anything because you can, it's not healthy in long run.

Even though they are not afraid of risks, but they consider the risks to actually determine if it's actually worth to face the risk or not. You can't just jump into that hole without actually thinking the pros and cons of that, if you think that big risks always means that you can get big return from that without any proper preparation, then you are doing something wrong there.

what I do in money management is quite simple. i.e. I only spend my money on things I really need. because sometimes we get out of control with money management. and end up buying what we want when we don't need it. So basically I prefer to prioritize needs over wants. this is a simple thing but effective enough to save and save. but doing this requires a high level of discipline. what the OP said even I think the point is the same as what I said.

Of course, it is very important to delay gratification.
If you spend all the money, then when the opportunity comes, of course, it is difficult to have a choice

Sometimes people are too tight and obedient to the theory to be rich, many things are done such as buying books, seeing YouTube to come to the seminar to become rich, from many things I understand that to be rich then the important thing is not afraid of risks, we can business , investment or anything but if you are always afraid and continue to calculate opportunities then we will never be rich.

spending money by buying something that is not important, is something in vain.

We must be able to manage finances regularly. so that the money spent is not wasted.

This is important because being rich is the principle that you lay down from beginning or early stage. Only few get rich without proper planning and those are the type classified as luck. If you want to be rich it takes planning and management which are the real factor of being rich. Example you can plan to save a dollar daily and the next year you will have $365 and you can continue, for 10 years you can have $365 x 10, that is $3,650, this takes planning.

I do agree and the same goes for beginners in the crypto market. Just because they can afford to invest, they have to invest in everything without doing any research.
They're quick to invest when they just think they will earn even if they will not spend their time doing research to know more about investing in the crypto market.
That's the wrong thinking because it's a wild type of thinking that will make their money go too soon and easily. Learn from the experience of many.

That's really a set of good advice however we should not have the mindset that doing that, it's the road to becoming rich.

The key here is proper financial management and that's necessary to avoid a financial crisis in the future.

I will rephrase it to "5 things you should consider doing with your money to avoid major financial problems".

In this case maybe talking about wealth all have their own perspective and of course everyone has a different opinion on this.
Actually, it doesn't really matter if we buy and spend money according to needs, for example as you said about smartphones.
But in this case, technological innovation is constantly being updated in a more sophisticated direction and of course we cannot compensate for that if we have to follow it by buying all the latest products because every day there are more and more renewable products.
I personally have a point of view as long as it still works, why not use it because I have a principle to always prioritize function over prestige. it doesn't really matter whether it's the latest thing or indeed the old version as long as we are comfortable and don't have problems with its function, then what are we replacing it for.

Being a consumptive is not healthy to do especially when you have money to spend. Buying everything you see could damage your finance in the long run, unless you get some additional backups of money and investment to afford your consumptive behavior in long run. It's deadly if you don't plan it properly.

You can make new friends and new enemies, as simple as that.

This is true, if you can afford your money to invest then it doesn't mean you have to invest it right away. Do some research first and act like your money as a treasure that you don't want to throw it away to some bad investment methods right there without any prior knowledge of those. Losing your money and chasing your losses when you were rich is really dangerous where you can do it several times and could make you broke.

This is very common in those which have been born rich, since they do not now what it takes to go from having little money to having a lot of money they do not understand how difficult it is and how important it is to minimize your mistakes and your losses along the way, they think they can afford to make mistakes and lose money since they have so much of it, not realizing that since their money is not limitless then eventually they will face huge problems with that careless attitude.

Sometimes, people with lots of money need to experience the worst before being responsible for how they will manage their money. There's a mindset in them that it's ok to lose some since they afford it not realizing the total amount of loses is now getting bigger because of their irresponsible actions.

They will just waken up once they now feel that their financial status is now getting into a crisis.

Good thing though that some people learned from that worst experience.

Some of the point in the OP are indeed very reasonable and it seems that these are some habits that often make people wasteful, greedy and unable to control their finances well. Personally, I somehow agree that when we have lot of money we can literally do anything and there are even a lot of people who want to be friends, while if there is no money then they will stay away. This is the dynamic of life that is always happening.

We all have our own way of managing finances to be useful for the future. Some tips and experiences of other people's success will be good to read and maybe also adopted, but our success will depend only on ourselves.

These are practical and logical things. In short you have to be responsible with what you are spending your money with. What is ideal is to invest your money into something profitable but it is also not wrong to buy things that you've dreamed of as long as there are limits. If you really want to get rich you need to plan your expenses as well as the cash in or cash flow on your account; Start 'em young as most of us are saying. Invest on knowledge as well to gain ideas on diversifying your money and not solely depending with one thing; that would generate more profit.



Balance things out. You may enjoy and be responsible at the same time just avoid being eaten by greed and materialistic. At the end of the day; that is your money so you have rights what to do with it.