4. Don't waste money on useless things
This would be the key.When you do have the money then its better not to consider yourself on buying off things which doesnt give out any relevance or cant be used.
For sometime there are things which we do wish for and its not bad on buying that but of course which everything should be on moderation.
Focus on buying things which would really be beneficial or something that could make you more productive and something that could be used.
Just simply have that control on buying things and avoid on those useless ones so that you wont be basically wasting your time.
Topic: 5 things you should not do with your money to get rich - page 9. (Read 1902 times)
Riches don't come so easily it comes with lots of planning and working hard to obtain any level you could want in life many people don't get prepared for riches they have missed lot of opportunities in life due to they aren't ready to become successful in life, why? there are people who could only get rich with just a thousand dollar while those that are not prepared could spent Hundreds of thousands yet no made no income or impact in their lives. Always the lazy ones gives excuses of nothing well prepared or not having enough funds to start up something good for their selves.
what i noticed from your write-ups' is that we shouldn't live a competitive.
concurrently most of us generally have been living a competitive live trying to please people we don't know or have came across with makes us showing up anyone who can look beyond this things can actually became successful in life. Certainly the secret of success is giving and any body who don't like giving or give to the charity doesn't make an open door to himself rather than tightening his success.
There is something you can't avoid whenever you became successful in life
Which is new friends and relatives, its then they will would show up to you and even though you tried to avoid them they will keep coming, although these things listed are absolutely correct.
concurrently most of us generally have been living a competitive live trying to please people we don't know or have came across with makes us showing up anyone who can look beyond this things can actually became successful in life. Certainly the secret of success is giving and any body who don't like giving or give to the charity doesn't make an open door to himself rather than tightening his success.
There is something you can't avoid whenever you became successful in life
Which is new friends and relatives, its then they will would show up to you and even though you tried to avoid them they will keep coming, although these things listed are absolutely correct.
My list of things one should do to get rich
1. Don't borrow to spend, try to limit your spending within your earnings.
2. Don't expect getting rich in the short term, getting rich is long process. Few might be lucky.
3. Spend on luxury investment (car, mansion etc) after making yourself rich.
4. Allocate specific percentage from the earning for investment & savings.
5. Make a spending chart which will let you identify the mistakes happening on your process.
1. Many crypto enthusiasts borrow money if they don't want to sell their valuable cryptos and they can also use their borrowed money to buy more cryptos. Borrowing money only becomes bad if you spend it in things which are not really that beneficial.1. Don't borrow to spend, try to limit your spending within your earnings.
2. Don't expect getting rich in the short term, getting rich is long process. Few might be lucky.
3. Spend on luxury investment (car, mansion etc) after making yourself rich.
4. Allocate specific percentage from the earning for investment & savings.
5. Make a spending chart which will let you identify the mistakes happening on your process.
2. Those who got lucky and got rich in a short period of time do also take more risk like they burned more money in gambling in casinos or investing in shitcoins. This is not advisable as it isn't guaranteed and it will only make you more poor if you didn't get lucky.
3. I don't see anything wrong with it. You deserve your wealth anyway so why not treat yourself something better? Just don't overspend and then slack off. You still need to grind so that your wealth won't run out.
4. This is correct and can go with number 3.
5. This is also correct. It's important to track everything that we spend.
The theories for getting rich are of course very many and varied, but the thing we must believe is that wealth is destiny, if we use 24/7 without sleep for work or business it will not guarantee that we can be rich, the proof is that many people fail in school but can have a big business, or vice versa, that is a smart person with a high IQ but poor and over 50 years old but still renting a house.
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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.
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.
2. Don't brag about having a lot of money...
"2 things when you have a lot of money"
a. You make a new friend.
b. You have a close relative.
5. Don't invest suddenly
Investing in whatever the term will need certain knowledge and ability. For some people who are new to investment, they must understand at first what they are investing in. Wasting money on a fake investment will only make a bad result, moreover if deceived by the scammers, they will only lose money. That is why, every time you are going to invest, although you have much money, aways understand what you are going to invest and take a smart decision for investment. 1. Don't spend without 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.
Making plans or spending money without a budget can be very bad for your money. The rich are very meticulous with money. One of the wisest things I have heard about money discipline to get rich is also not to spend money before it comes. That is, as much as possible, you should avoid borrowing money to buy things or buy something with the promise to pay later. Because if you want to save something or have some money, you should keep having plans when it comes to what you buy.
Investment helps and don't forget to diversify our investment.
Do not oppress the poor with whatever you have
Five back to the society in your little way.
Investment in stocks, Bitcoin, Real Estate and something that daily gives you profit. Don't be the type that spends 50 after you make 50
Spend 5 after you make 50, you can also save 5 after you make 5
Do not oppress the poor with whatever you have
Five back to the society in your little way.
Investment in stocks, Bitcoin, Real Estate and something that daily gives you profit. Don't be the type that spends 50 after you make 50
Spend 5 after you make 50, you can also save 5 after you make 5
If someone needs to read that list to get their financial advice, they were never going to get rich in the first place. It might help stop them from becoming poor lol but that's about it.
5 things you should not do with your money to get rich or advance your lives
3. Don't always buy something that loses value
- One of the major problems with what we spend over time is losing value or depreciating. Like you bought a phone or a car last year, but
I'm not saying that it's not a necessity, I don't mean it like that of course. What I want to convey is that you don't always have to keep up
with the trend, just because there is a new I phone that comes out, you will also buy such gadgets even if they are very expensive and it
will be a bit difficult to buy it, but it turns out that you are just forcing your own so you can keep up with the trend.
It's the same with the car because you'll need a down payment there, gas costs, maintenance, and other things that will be needed here
because if you don't do it, you'll surely sell it at a low value.
I agree with this point but then in the world we live in were it is an in-group vs out-group thing. Most people who do not jump in on trends tend to be looked at as old-fashion or rather they end up being shamed for not joining the trend. In my country this is particularly the case with iPhone users vs Andriod users. So the result is that you have a lot of broke people who may be struggling to feed using the latest iPhone just because they want to join the trend. It will be really difficult for these folks to get rich or stay rich. 3. Don't always buy something that loses value
- One of the major problems with what we spend over time is losing value or depreciating. Like you bought a phone or a car last year, but
I'm not saying that it's not a necessity, I don't mean it like that of course. What I want to convey is that you don't always have to keep up
with the trend, just because there is a new I phone that comes out, you will also buy such gadgets even if they are very expensive and it
will be a bit difficult to buy it, but it turns out that you are just forcing your own so you can keep up with the trend.
It's the same with the car because you'll need a down payment there, gas costs, maintenance, and other things that will be needed here
because if you don't do it, you'll surely sell it at a low value.
sometimes what we don't realize is that we buy goods not based on needs but desires, so there will be a lot of additional expenses that are not really needed. sometimes we find it difficult to control it because of wrong thinking without any control. The need for cigarettes in a month is indeed quite large, if we can control it then cigarette money can be more useful at least we can invest from that part, and it will be useful in the future
This happens due to the prestige that has surrounded us and this is one of the characteristics of humans that is actually difficult to change because we are always trying to appear better and more prominent than others.Even though it's not all like that but things like this still happen for most people, it's definitely experienced this.
I personally try to buy something based on function not based on prestige because this indirectly can also train us to be able to manage finances.
Money is hard to get but a lot easy to spend, and this becomes bad if there's no laid out plan of how much one aims to spend. There's a part the op mentioned which is quite true of money; it has the tendency to get you a new friend or a close relative as of course, you're valuable when you have something to offer.
Applying frugality in spending helps to curb unnecessary waste and helps save money as spending unnecessarily would quickly run one into a lifestyle of dependency and debt.
It’s not bad to spend sometimes especially if you know it would be useful to you but in most cases, learn to spend mostly on your budget so you will never be financially broken in the end. Although there are times you get influenced with your friends to spend on luxury things like they do, that’s fine as long as you never adopt it and you stay low key and frugal in all your expenses. That way, you will get to save and earn more especially if you insert doing some good and profitable investments like crypto do.Applying frugality in spending helps to curb unnecessary waste and helps save money as spending unnecessarily would quickly run one into a lifestyle of dependency and debt.
You can not control your fate. Sometimes we get into situations when we have to think out of our budget. Most people spend their money thinking about a few months ahead of them. They are still broke financially. It is not overspending or carelessness about our money that makes people broke financially. It is a lack of economical knowledge. If you do not know how to manage your money then hire a professional for that. Never keep your money ideal in the bank or in your home. Always reinvest in different assets. That's the way of getting out of the rate race.
If you do a home work before purchase - it will save time - money and energy all
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.
2. Don't brag about having a lot of money
- This is correct because it is your money where you can do whatever you want to do with your money. But whether we admit it or not,
being arrogant is also the reason for handling or mishandling our money.
"2 things when you have a lot of money"
a. You make a new friend.
b. You have a close relative.
- What do these two mean? When people know you have a lot of money, you are usually the one they turn to when it comes to financial matters such as borrowing, asking for help, and freeing up where you are always the best so on and so forth. But after all, there is nothing wrong if you are not forced and it springs from your will. In short, there is nothing wrong with helping, lending, or freeing.
It's just that others who approach become abusive because it's not their own money and they don't care about the money you spend or use, Because they think it's okay not to pay you. After all, you have a lot of money based on their thinking, this is a reality that is happening in our time today. But they don't know that you were forced to do that and they don't know how hard you worked for it before you got it. Then in the end you will realize that the money you lent just went to nothing and just went to useless things or vices. There are also people to whom you give money who don't care about you, what is your current situation, or something else. Because these people only think about themselves and their interests.
But you don't need to be greedy or selfish, as long as you always reach for a spring inside and from the heart so that it is not heavy on your will. And it doesn't hurt to be simple all the time. Also, you don't need to flaunt or show people that you have a lot of money because successful businessmen don't show off piles of money, they are just simple people with heavy pockets.
3. Don't always buy something that loses value
- One of the major problems with what we spend over time is losing value or depreciating. Like you bought a phone or a car last year, but
I'm not saying that it's not a necessity, I don't mean it like that of course. What I want to convey is that you don't always have to keep up
with the trend, just because there is a new I phone that comes out, you will also buy such gadgets even if they are very expensive and it
will be a bit difficult to buy it, but it turns out that you are just forcing your own so you can keep up with the trend.
It's the same with the car because you'll need a down payment there, gas costs, maintenance, and other things that will be needed here
because if you don't do it, you'll surely sell it at a low value.
4. Don't waste money on useless things
- Like most of us, there are still many addicted to spending on useless things. One of the good examples of this is that others may be
inclined to go with friends who only do happenings and you keep up with your troops knowing that they have a lot of money unlike you or
us which is not like that. Just like buying a high brand of coffee to drink in coffee shops just to be able to socialize and have a big time,
you might not lose or die if you reduce the time you buy this kind of expensive coffee brand. Because you know that your budget is also
hurting your pocket. And we know that there is also one that is cheaper and it's the same coffee, so let's just be practical for now. And
there are many other things that we can reduce the things that we spend money on for nothing.
5. Don't invest suddenly
- In my experience, I have also participated in this type of investment without thinking immediately or doing research because I was just
carried away by the hype. It's just like the "Get rich quick" where your 1k$ will turn into 10k$ after 3 days, things like that. Just like before
the rise of cryptocurrency projects, there were a lot of them but in the end, they turned out to be scams, but I don't blame them all
because there are legit crypto projects and there are others that are just scams or shitcoins, this is just an example.
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.
Sad to say but been there done that,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.
2. Don't brag about having a lot of money
- This is correct because it is your money where you can do whatever you want to do with your money. But whether we admit it or not,
being arrogant is also the reason for handling or mishandling our money.
"2 things when you have a lot of money"
a. You make a new friend.
b. You have a close relative.
- What do these two mean? When people know you have a lot of money, you are usually the one they turn to when it comes to financial matters such as borrowing, asking for help, and freeing up where you are always the best so on and so forth. But after all, there is nothing wrong if you are not forced and it springs from your will. In short, there is nothing wrong with helping, lending, or freeing.
It's just that others who approach become abusive because it's not their own money and they don't care about the money you spend or use, Because they think it's okay not to pay you. After all, you have a lot of money based on their thinking, this is a reality that is happening in our time today. But they don't know that you were forced to do that and they don't know how hard you worked for it before you got it. Then in the end you will realize that the money you lent just went to nothing and just went to useless things or vices. There are also people to whom you give money who don't care about you, what is your current situation, or something else. Because these people only think about themselves and their interests.
But you don't need to be greedy or selfish, as long as you always reach for a spring inside and from the heart so that it is not heavy on your will. And it doesn't hurt to be simple all the time. Also, you don't need to flaunt or show people that you have a lot of money because successful businessmen don't show off piles of money, they are just simple people with heavy pockets.
3. Don't always buy something that loses value
- One of the major problems with what we spend over time is losing value or depreciating. Like you bought a phone or a car last year, but
I'm not saying that it's not a necessity, I don't mean it like that of course. What I want to convey is that you don't always have to keep up
with the trend, just because there is a new I phone that comes out, you will also buy such gadgets even if they are very expensive and it
will be a bit difficult to buy it, but it turns out that you are just forcing your own so you can keep up with the trend.
It's the same with the car because you'll need a down payment there, gas costs, maintenance, and other things that will be needed here
because if you don't do it, you'll surely sell it at a low value.
4. Don't waste money on useless things
- Like most of us, there are still many addicted to spending on useless things. One of the good examples of this is that others may be
inclined to go with friends who only do happenings and you keep up with your troops knowing that they have a lot of money unlike you or
us which is not like that. Just like buying a high brand of coffee to drink in coffee shops just to be able to socialize and have a big time,
you might not lose or die if you reduce the time you buy this kind of expensive coffee brand. Because you know that your budget is also
hurting your pocket. And we know that there is also one that is cheaper and it's the same coffee, so let's just be practical for now. And
there are many other things that we can reduce the things that we spend money on for nothing.
5. Don't invest suddenly
- In my experience, I have also participated in this type of investment without thinking immediately or doing research because I was just
carried away by the hype. It's just like the "Get rich quick" where your 1k$ will turn into 10k$ after 3 days, things like that. Just like before
the rise of cryptocurrency projects, there were a lot of them but in the end, they turned out to be scams, but I don't blame them all
because there are legit crypto projects and there are others that are just scams or shitcoins, this is just an example.
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.
And experience is really the best teacher I would make sure to avoid those things again in the future.
This post kind a hit me hard hope that I've read this a couple of years before maybe this could have change me somehow.
Money is hard to get but a lot easy to spend, and this becomes bad if there's no laid out plan of how much one aims to spend. There's a part the op mentioned which is quite true of money; it has the tendency to get you a new friend or a close relative as of course, you're valuable when you have something to offer.
Applying frugality in spending helps to curb unnecessary waste and helps save money as spending unnecessarily would quickly run one into a lifestyle of dependency and debt.
It’s not bad to spend sometimes especially if you know it would be useful to you but in most cases, learn to spend mostly on your budget so you will never be financially broken in the end. Although there are times you get influenced with your friends to spend on luxury things like they do, that’s fine as long as you never adopt it and you stay low key and frugal in all your expenses. That way, you will get to save and earn more especially if you insert doing some good and profitable investments like crypto do.Applying frugality in spending helps to curb unnecessary waste and helps save money as spending unnecessarily would quickly run one into a lifestyle of dependency and debt.
You can not control your fate. Sometimes we get into situations when we have to think out of our budget. Most people spend their money thinking about a few months ahead of them. They are still broke financially. It is not overspending or carelessness about our money that makes people broke financially. It is a lack of economical knowledge. If you do not know how to manage your money then hire a professional for that. Never keep your money ideal in the bank or in your home. Always reinvest in different assets. That's the way of getting out of the rate race.
If you do a home work before purchase - it will save time - money and energy all
And this hit me hard. I am the consumer who does a grocery without a list and doesn't care if it will go over the budget as I think it is only once a month, and I end up buying irrelevant things. Last month hit us hard since we overspent on things, and we had to borrow money from others which is a very big lesson learned. This month I will practice making a list before going to the store. In addition to your list, spending money on alcoholic drinks and cigarettes could impact your budget; if you can stop or minimize it, that would be better.
- Like you Sir, I was also struck by what OP said about going grocery shopping without a list, there is some truth in what he said that I often end up buying things I didn't plan when I go to the grocery store, and my wife often fights and scolds me for not it's necessary, I just buy it, as long as it's in my mind because it will be needed unexpectedly but eventually it won't be used and it's just stored.
So thanks for OP's reminder on that, knowing that most of us here on this forum experience something like that, maybe I should start training myself to carry a list so I can maximize grocery shopping.
Money is hard to get but a lot easy to spend, and this becomes bad if there's no laid out plan of how much one aims to spend. There's a part the op mentioned which is quite true of money; it has the tendency to get you a new friend or a close relative as of course, you're valuable when you have something to offer.
Applying frugality in spending helps to curb unnecessary waste and helps save money as spending unnecessarily would quickly run one into a lifestyle of dependency and debt.
It’s not bad to spend sometimes especially if you know it would be useful to you but in most cases, learn to spend mostly on your budget so you will never be financially broken in the end. Although there are times you get influenced with your friends to spend on luxury things like they do, that’s fine as long as you never adopt it and you stay low key and frugal in all your expenses. That way, you will get to save and earn more especially if you insert doing some good and profitable investments like crypto do.Applying frugality in spending helps to curb unnecessary waste and helps save money as spending unnecessarily would quickly run one into a lifestyle of dependency and debt.
You can not control your fate. Sometimes we get into situations when we have to think out of our budget. Most people spend their money thinking about a few months ahead of them. They are still broke financially. It is not overspending or carelessness about our money that makes people broke financially. It is a lack of economical knowledge. If you do not know how to manage your money then hire a professional for that. Never keep your money ideal in the bank or in your home. Always reinvest in different assets. That's the way of getting out of the rate race.
If you do a home work before purchase - it will save time - money and energy all
And this hit me hard. I am the consumer who does a grocery without a list and doesn't care if it will go over the budget as I think it is only once a month, and I end up buying irrelevant things. Last month hit us hard since we overspent on things, and we had to borrow money from others which is a very big lesson learned. This month I will practice making a list before going to the store. In addition to your list, spending money on alcoholic drinks and cigarettes could impact your budget; if you can stop or minimize it, that would be better.
My list of things one should do to get rich
1. Don't borrow to spend, try to limit your spending within your earnings.
2. Don't expect getting rich in the short term, getting rich is long process. Few might be lucky.
3. Spend on luxury investment (car, mansion etc) after making yourself rich.
4. Allocate specific percentage from the earning for investment & savings.
5. Make a spending chart which will let you identify the mistakes happening on your process.
1. Don't borrow to spend, try to limit your spending within your earnings.
2. Don't expect getting rich in the short term, getting rich is long process. Few might be lucky.
3. Spend on luxury investment (car, mansion etc) after making yourself rich.
4. Allocate specific percentage from the earning for investment & savings.
5. Make a spending chart which will let you identify the mistakes happening on your process.
Money is hard to get but a lot easy to spend, and this becomes bad if there's no laid out plan of how much one aims to spend. There's a part the op mentioned which is quite true of money; it has the tendency to get you a new friend or a close relative as of course, you're valuable when you have something to offer.
Applying frugality in spending helps to curb unnecessary waste and helps save money as spending unnecessarily would quickly run one into a lifestyle of dependency and debt.
It’s not bad to spend sometimes especially if you know it would be useful to you but in most cases, learn to spend mostly on your budget so you will never be financially broken in the end. Although there are times you get influenced with your friends to spend on luxury things like they do, that’s fine as long as you never adopt it and you stay low key and frugal in all your expenses. That way, you will get to save and earn more especially if you insert doing some good and profitable investments like crypto do.Applying frugality in spending helps to curb unnecessary waste and helps save money as spending unnecessarily would quickly run one into a lifestyle of dependency and debt.
You can not control your fate. Sometimes we get into situations when we have to think out of our budget. Most people spend their money thinking about a few months ahead of them. They are still broke financially. It is not overspending or carelessness about our money that makes people broke financially. It is a lack of economical knowledge. If you do not know how to manage your money then hire a professional for that. Never keep your money ideal in the bank or in your home. Always reinvest in different assets. That's the way of getting out of the rate race.
Nope, I don't agree with all these 5 things that one should do to become rich.
For the first, third, and fourth things that you've listed there doesn't really make you rich if you do it. It's not always a matter of saving but rather being able to find ways to earn more is much more important to focus on. If you can afford it then you should buy it and if ever you can't then try to find ways for you to do so. Having much more income coming in rather than just saving and being able to buy things that you want is better.
For the second as well as the fifth thing, it depends. Yes, you should not flaunt your money publicly however having publicity being known for having enough funds would likely provide you more clients as well as potential partners. Also, time is important in most investment and you should not always wait too much before investing, sometimes it is much more profitable if you will be able to invest early.
For the first, third, and fourth things that you've listed there doesn't really make you rich if you do it. It's not always a matter of saving but rather being able to find ways to earn more is much more important to focus on. If you can afford it then you should buy it and if ever you can't then try to find ways for you to do so. Having much more income coming in rather than just saving and being able to buy things that you want is better.
For the second as well as the fifth thing, it depends. Yes, you should not flaunt your money publicly however having publicity being known for having enough funds would likely provide you more clients as well as potential partners. Also, time is important in most investment and you should not always wait too much before investing, sometimes it is much more profitable if you will be able to invest early.
I doubt even if you do these 5 things religiously you will still get rich 
Richness doesn't come with excessive strictness, it comes with being smart and having the right opportunity.
1. Don't spend without a plan - as much as people want to live by their budget it is not that easy because of the unexpected issues that will come that will require spending money that you didn't plan for.
2. Don't brag about having a lot of money - this is kind of both side imo, some people brag about their wealth and keeps making money, while others brag and find themselves in a tight situation, so I don't think this directly affect you from being rich.
3. Don't always buy something that loses value - I have different views on this, except you want to only buy branded and designer items I don't know what else you will be buying that will always have value. Any other item you will buy that is not a designer with a name tag will definitely lose value because it becomes a used item and the value will not be as that of new.
4. Don't waste money on useless things - only when you don't have the money you will see it as useless, if you do your views will be different. E.g some people will perceive going to a club and having a great time with friends useless way of spending money, while others will see it as a very important aspect of their life, likewise, someone will see buying a vintage bottle of wine for $300 (for example) wastage of money, someone else sees the important because of the value attached to it.
5. Don't invest suddenly - I do agree but do not waste too much time waiting for a divine sign before investing because then it will be too late.
Richness doesn't come with excessive strictness, it comes with being smart and having the right opportunity.1. Don't spend without a plan - as much as people want to live by their budget it is not that easy because of the unexpected issues that will come that will require spending money that you didn't plan for.
2. Don't brag about having a lot of money - this is kind of both side imo, some people brag about their wealth and keeps making money, while others brag and find themselves in a tight situation, so I don't think this directly affect you from being rich.
3. Don't always buy something that loses value - I have different views on this, except you want to only buy branded and designer items I don't know what else you will be buying that will always have value. Any other item you will buy that is not a designer with a name tag will definitely lose value because it becomes a used item and the value will not be as that of new.
4. Don't waste money on useless things - only when you don't have the money you will see it as useless, if you do your views will be different. E.g some people will perceive going to a club and having a great time with friends useless way of spending money, while others will see it as a very important aspect of their life, likewise, someone will see buying a vintage bottle of wine for $300 (for example) wastage of money, someone else sees the important because of the value attached to it.
5. Don't invest suddenly - I do agree but do not waste too much time waiting for a divine sign before investing because then it will be too late.
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