5 things you should not do with your money to get rich - page 7.

uneng

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Quote from: CryptoYar on November 04, 2022, 01:57:47 PM

If you become rich by doing all this, then what is the use of such richness? I mean colorless life

what is the use of such richness? When you can't buy a new phone while all your friends have the latest model?

what is the use of such richness? When can not change your Old car Cry

?

If someone wants to be rich by living this kind of life then good luck to him from my side.

I believe you can do all these things. There is nothing wrong in purchasing a modern new smartphone or car model, the point is that you should never waste money.

Some people are simply insatiable, and for them there is not enough of money to fulfill all their expenses and desires, because the more they have, the more they want. They never get satisfied until spending or wasting the last disponible penny, and it can get even worse, when the compulsive behavior is so extreme that these people start borrowing money and creating debt for useless reasons.

Let's say you bought the smartphone of the year: a reasonable person will take care of this good and will make it last for a long time. Consequently you won't need a new smartphone for few years at least. Considering its rating it's supposed to be a durable good.

On the other hand, an insatiable person doesn't care about it. He will buy a new smartphone every 6 months, despite the fact the previous one was working perfectly fine. This kind of behavior prejudices an individual attempting to thrive financially or keeping his financial status elevated.

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Quote from: Fara Chan on November 04, 2022, 03:22:42 AM

Quote from: EarnOnVictor on November 04, 2022, 02:08:23 AM

What you have explained are clever plans that would help anyone to succeed when they have money. There are some monies that would come unannounced, particularly in betting or trading, one should not squander them, it is all about self-restraint and a good investment plan that would make such a person rich for life. Money is volatile, but when we invest, we would always be enjoying its dividend for life.

If the use of money is not used in the right place, then no matter how much money we have will be wasted. Smart steps are needed in the use of money, both investment and other uses.
Although there are so many forms of investment available, the question is where are we more comfortable?
For some people on the forum, the answer is definitely bitcoin, besides being able to maintain value, bitcoin can also maintain assets, but it needs control, strategy and a measurable timeframe, so that investments run as desired and get maximum results.

There are so many families who got rich thanks to one person, but then their children had no idea how to run a business and then bankrupted. Sure, that rarely happens when we are talking about families with 1+ billion dollars, but if you are a family with a 10-50 million dollar business and then the kid takes over with absolutely no idea then they could bankrupt it easily.

This is a proof that you could always lose a lot of money if you have no idea what you are doing with it, you should always learn to be efficient with whatever money you have.

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Quote from: burugcrypto on October 31, 2022, 09:13:19 AM

In my PoV,

1 - Never do impulsive purchases
2- Never purchase something which you can't afford
3 - Never be greedy or foolish

I think the most important thing a living human being should do is invest their money, while you are investing your money do not forget to enjoy yourself and have a good life too, time wait for no one, invest your money and find a good way to enjoy it.

While on the journey of investing and getting rich many people have failed to live.

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Quote from: Oceat on November 04, 2022, 06:19:15 PM

Quote from: CryptoYar on November 04, 2022, 01:57:47 PM

If you become rich by doing all this, then what is the use of such richness? I mean colorless life

what is the use of such richness? When you can't buy a new phone while all your friends have the latest model?

what is the use of such richness? When can not change your Old car Cry

?

If someone wants to be rich by living this kind of life then good luck to him from my side.

There's a lot of misunderstanding here the OP, the title, and the replies.

I think the title should be "5 things you should not do with your money to if you get rich"

Although, your answer has some points though but I think it didn't mean to be this exaggerated like you are rich yet you are still using that kind of old car which is I think more expensive with the maintenance that you will do than having a new one. lol

But there are things also that you should not be buy-in just because you just wanted to belong with your group such as having a latest model of phone which is absurd if you asked me. If you have a working phone there's no need to buy a new one as long as the purpose of that phone is still intact such as making phone call/text or the camera is still working with a good quality that's that all.

The important part is you know how to keep your expenses to minimal to avoid over spending to nonsense things.

Live by your means and dont really make yourself fall into that situation where you do buy up things according on what you do see around.Making yourself rich doesnt always end up on success which does simply means

that you do all sorts of thing which it could potentially make do some advantage.If you are spending money too much on something useless then it would be understandable that you wont really be getting nowhere.

When you do get rich then diversifications would be always the key so that incase one of those things had failed, you could still be having the chance for recovery.
Just be mindful on your spendings and having proper money or financial management.

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Quote from: CryptoYar on November 04, 2022, 01:57:47 PM

If you become rich by doing all this, then what is the use of such richness? I mean colorless life

what is the use of such richness? When you can't buy a new phone while all your friends have the latest model?

what is the use of such richness? When can not change your Old car Cry

?

If someone wants to be rich by living this kind of life then good luck to him from my side.

There's a lot of misunderstanding here the OP, the title, and the replies.

I think the title should be "5 things you should not do with your money to if you get rich"

Although, your answer has some points though but I think it didn't mean to be this exaggerated like you are rich yet you are still using that kind of old car which is I think more expensive with the maintenance that you will do than having a new one. lol

But there are things also that you should not be buy-in just because you just wanted to belong with your group such as having a latest model of phone which is absurd if you asked me. If you have a working phone there's no need to buy a new one as long as the purpose of that phone is still intact such as making phone call/text or the camera is still working with a good quality that's that all.

The important part is you know how to keep your expenses to minimal to avoid over spending to nonsense things.

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Quote from: CryptoYar on November 04, 2022, 01:57:47 PM

If you become rich by doing all this, then what is the use of such richness? I mean colorless life

what is the use of such richness? When you can't buy a new phone while all your friends have the latest model?

what is the use of such richness? When can not change your Old car Cry

?

Lol, the OP stated the process or what we should do in order to get rich. Take note of the word "to get rich". If you get rich then you can do whatever you like. Somehow I think you are confused to differentiate a process from an end product.

Quote from: CryptoYar on November 04, 2022, 01:57:47 PM

If someone wants to be rich by living this kind of life then good luck to him from my side.

Well if we are not born rich, we need to sacrifice something in order to speed up the process. As the saying say, it is better to do hard work, sacrifice and save today, and enjoy the fruits later than enjoy and waste the little money we have today then suffer the consequences later.

Responsible parents often do this not for their own but for their kid's future. Others even look past their kids and plan for the abundance of the next generations.

Fortify

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Quote from: gunhell16 on October 31, 2022, 02:08:54 AM

5 things you should not do with your money to get rich or advance your lives

But I'm not saying that you shouldn't invest in crypto, I think we shouldn't make a hasty decision so that our capital doesn't go to waste.

A lot of good albeit common sense advice that will do well for many people. Avoiding or at least paying off any debt is super important as a starting point, there is good debt like mortgages and bad debt like high interest credit cards which have a reoccurring balance. Once you're starting from zero, it's probably good to have a small buffer of cash available and then slowly learn how to do some modest and conservative investing.

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Quote from: Smartvirus on November 02, 2022, 06:21:50 PM

Some of the worst ways to quote on this thread's first page. Quoting an entire OP that is this voluminous is just something that shouldn't be done. Should the whole thread be of reference, we are already in the thread and quoting might be unnecessary and should it becomes necessary, just a snip would do.

Looking at the details in the OP and the subject of the thread, I thought more about the thread describing ways of making sme false or bad investments but instead, its about bad spending habits.

Don't Invest Suddenly. This is where it makes sense. I'll say, don't invest in a trade you've got no idea about. Either you seek professional knowledge or you take the time to study the trade yourself.

Equip yourself first with basic knowledge and skills needed to invest in crypto, before you decide to jump on the next level which is investing. And always study all the background of the crypto coins, their price chart and their moves in the market, so you will know what are the promising coins to invest. And when you’re done with them, now it’s about time to take the risk in investing but always invest on an amount you can afford to lose.

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Quote from: goinmerry on November 04, 2022, 04:01:24 PM

Nice pointers you have there and I think responsible people know well how to execute those properly.

And for anyone's information, majority of rich people especially businessmen and investors are really strict when it comes on money management.

Those who are average earners are sometimes doing such reckless move that's why they ended up being busted every payday.

It all boils down to money management and any good management will produce good results too.
I agree that business people and investors have good control over their money compared to the minority of people who are arrogant because of their wealth. In fact, this arrogance and greed can't always be avoided when someone can't control their finances. This is true because unknowingly, they may forget that bad management will lead them to failure and bankruptcy.

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Nice pointers you have there and I think responsible people know well how to execute those properly.

And for anyone's information, majority of rich people especially businessmen and investors are really strict when it comes on money management.

Those who are average earners are sometimes doing such reckless move that's why they ended up being busted every payday.

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Quote from: BIT-BENDER on November 04, 2022, 02:04:59 PM

My rule is not to tell people what to do with their money, this has helped me to avoid anyone from blaming me from any lose they got.

I believe as a human being if you have the idea to make money then you are wise enough to make a good decision. I have seen many people forcing people into crypto-currency with good hope and many a times this doesn't go the way they plan.

You can teach people things but don't make your sermon seem that you are trying to force them into what they can do with their money because when it get soar you take the blame.

that is true, if they know how to earn money, certainly, they know best what to do with their money. if you are being a hard worker, you know the value of what you are earning and so you will spend it wisely.
some people don't aim to be rich but at least being a self-sufficient one. most people are at peace if they are just living simply. being rich is a subjective status and it depends on the person how he will label himself as such.

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My rule is not to tell people what to do with their money, this has helped me to avoid anyone from blaming me from any lose they got.

I believe as a human being if you have the idea to make money then you are wise enough to make a good decision. I have seen many people forcing people into crypto-currency with good hope and many a times this doesn't go the way they plan.

You can teach people things but don't make your sermon seem that you are trying to force them into what they can do with their money because when it get soar you take the blame.

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Quote from: Vaskiy on October 31, 2022, 04:34:28 PM

My list of things one should do to get rich

1. Don't borrow to spend, try to limit your spending within your earnings.

This is a wrong misconception on borrowing especially for business loan. I don't know how exactly ypu want to describe borrowing but it's really not a bad idea if the interest is not overkill because you can advance your money to spend it on business or investment opportunity while paying it slowly with just a minimal interest.

Borrowing is good too on buying necessities especially so that you can allocate some of your income on other things that can give you profit.

My comment is assuming that those borrowed money will be use on an investment since that's what I’m doing on my whole life. I use other money to fund my business and use the profit to pay it back slowly while giving me a savings from the profit. Even rich people borrow money to purchase something for investment purposes. Elon Musk is the best example here when he buys Twitter recently.

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If you become rich by doing all this, then what is the use of such richness? I mean colorless life

what is the use of such richness? When you can't buy a new phone while all your friends have the latest model?

what is the use of such richness? When can not change your Old car Cry

?

If someone wants to be rich by living this kind of life then good luck to him from my side.

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Quote from: Ani1985 on November 04, 2022, 04:14:09 AM

Quote from: gunhell16 on October 31, 2022, 02:08:54 AM

5 things you should not do with your money to get rich or advance your lives

1. Don't spend without a plan

- Many people don't care or just don't care about spending. They don't care if they have extra money or if they have money left over until
the end of the month. Then they will complain that they don't have any more money because they have no idea how and where they are
spending it. And how many times have you gone shopping or grocery shopping without a list, which ended up costing you more because
you didn't have a plan?
Because if you want to save something or have some money, you should keep having plans when it comes to what you buy.

I once tried to do this, I wrote everything I bought daily, weekly to monthly, but the facts that occur are very difficult, especially for those who have families and children, it is almost impossible to be able to do this technique.

Hahaha plans are good to help you as a guide really I think but it is just a guide nothing to say you will not over spend against your boundary or limit with the current inflation. Inflation is the current challenge that you see the world having. The value of money you have can't buy what you plan for. The cost you buy today change at the next store you visit.

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Quote from: Russlenat on November 03, 2022, 04:21:55 PM

Quote from: suzanne5223 on November 01, 2022, 06:37:53 PM

The OP makes some important points but I think what he doesn't realize is that being rich and saving money are not actually the same thing.
To be anyone can be rich he/she has to know his/her capacity, potential, and natural gift, find a problem in the space he/she specialized in, and fix the problem while he/she makes money through it.
These are the things all the Billionaires we see today did.
To prevent money wasting and increase saving ones need to be disciplined, skip some luxury life, and limit or quit ^{(alcohol, smoking, gambling, and drugs)} which are the most money waster in history.

I would also like to add that attitude is very important too if you aim to get rich in crypto investments or whatever investment you want to engage in. Aside from having discipline, an investor should also focus on having positive mindset and being an open minded person because that will help him overcome all the trials when investing. If he has a great attitude towards investing, he will most likely to succeed in the future.

By having the attitude you stated that's very important I believe you're referring to being optimistic which is among the thing that makes people achieve their goals in life no matter the challenges they may experience.
I was that optimism in the life of Elon Musk he's always been seen as a stupid person whenever he presented new ideas and something happened when he acquire Twitter a lot of people said he waste money to acquire a company that didn't worth the prize.

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Quote from: gunhell16 on October 31, 2022, 02:08:54 AM

5 things you should not do with your money to get rich or advance your lives

1. Don't spend without a plan

- Many people don't care or just don't care about spending. They don't care if they have extra money or if they have money left over until
the end of the month. Then they will complain that they don't have any more money because they have no idea how and where they are
spending it. And how many times have you gone shopping or grocery shopping without a list, which ended up costing you more because
you didn't have a plan?
Because if you want to save something or have some money, you should keep having plans when it comes to what you buy.

I once tried to do this, I wrote everything I bought daily, weekly to monthly, but the facts that occur are very difficult, especially for those who have families and children, it is almost impossible to be able to do this technique.

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Quote from: kro55 on November 03, 2022, 08:52:17 PM

Quote from: bakasabo on November 03, 2022, 06:29:21 AM

My advice to shorten the way to becoming rich is not letting money rest. Let money work all the time. Avoid situations when you economize or save money and do nothing with them. Inflation is your main enemy. Choosing cheap instead of quality is also a big no. Quality item or service will last longer give better experience.

But you should always understand, that even following each and every advice from this forum or from anywhere else, wont guaranty that you will get rich. Sometimes doing exactly opposite by that 5 things from first post will make a person rich.

OP's 5 tips as far as I understand he is simply talking about saving and I agree with you that saving does not bring wealth to anyone. If we want to be rich, we have to work non-stop, work while others are sleeping, have to get up every time we fail...and the important thing as you mentioned: use money to make money, don't let it enrich the bank.
OP's 5 tips are also quite useful, whether rich or not, don't waste too much, save or use the money to do useful things for society.

I might be wrong, but with such attitude we wont get rich, the only thing such people will get is the unstoppable feeling of being tired. People should work smart, not hard. As to savings - to me this is not a way to get rich, this is sort of a insurance for future. A pillow if you fall.

Quote from: BigBos on November 03, 2022, 10:13:45 PM

Many people say that if you want to be rich, don't just save in the bank but have to work for us all the time, but they don't explain how and what are the steps so that the circulation of money becomes like a waterwheel that keeps turning? and what business to run. and most of them answer stock or crypto investment! is there no other way to get passive income other than investing in stocks or crypto? If there is, I hope you share. anyway, I can't run the 5 suggestions in the OP's thread he suggested on the start page if I don't have any money or income

All I can say if turning rich would be easy and all we have to do is just to follow some steps, then everyone around would be rich and the value of money would drop heavily.

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Quote from: EarnOnVictor on November 04, 2022, 02:08:23 AM

What you have explained are clever plans that would help anyone to succeed when they have money. There are some monies that would come unannounced, particularly in betting or trading, one should not squander them, it is all about self-restraint and a good investment plan that would make such a person rich for life. Money is volatile, but when we invest, we would always be enjoying its dividend for life.

If the use of money is not used in the right place, then no matter how much money we have will be wasted. Smart steps are needed in the use of money, both investment and other uses.
Although there are so many forms of investment available, the question is where are we more comfortable?
For some people on the forum, the answer is definitely bitcoin, besides being able to maintain value, bitcoin can also maintain assets, but it needs control, strategy and a measurable timeframe, so that investments run as desired and get maximum results.

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What you have explained are clever plans that would help anyone to succeed when they have money. There are some monies that would come unannounced, particularly in betting or trading, one should not squander them, it is all about self-restraint and a good investment plan that would make such a person rich for life. Money is volatile, but when we invest, we would always be enjoying its dividend for life.

Topic: 5 things you should not do with your money to get rich - page 7. (Read 2409 times)