Topic: Do you have Same problem or you know someone who got same problem?To spend money - page 3. (Read 761 times)

Money is volatile, we should spend it wisely irrespective of whether we can afford what we are spending it on or not. Luxury is a want, it will never be a necessity, I love to moderate everything no matter how rich I am. I can do the luxury once in a while, but I tell you, I will limit it to the bearers minimum because most of these luxury goods and services are ostentatious, they can't change who you are or hand you the ticket to the best health and other important aspect of life.

Even as we think of luxury, we should think of the future as well, money stays with those who are wise and who use it well, or else, you will be a yesterday rich man. Perhaps the luxury will save you at that time. By the way, I was referring to the middle-class people who would always want to feel wealthy without prioritizing the better use of the money. But if the person is truly wealthy, luxury is a must, and by then, it will happen naturally without coughing one's last card out.

Very often those problems go hand in hand, so if the amount of money that you are earning is not very high, then it is easier for you to spend more money than what you should, as you try to compensate this by using your credit card or a loan, however a person that is earning a lot of money will be able to satisfy all their needs, buy several luxury items and still save some money they can later use to invest in an asset they may like.

It's rare for people to have a problem spending their money, most of the time it's how they get the money itself, which is even a big problem for some people.

I was once in that position when I was young with a salary that was more than enough that I could get per month, and thought that I could already buy what I ever wanted, since then my money was more and I was quite confused about what to spend it on, until at the stage of knowing investment, I always feel less, especially when I know bitcoin, a salary that is considered sufficient feels still quite lacking because I want to always invest in crypto assets.

The confusion is where we still don't know much so it will make our eyes blind to use it.

I believe that luxury is in the eyes of the beholder, that is a person that values the item. The rich prioritize some goods in the luxury class so that they can lavish their money on it, feeling satisfied that what they're buying is out of reach of the average income earners. I sometimes see a designer watch that costs a fortune to buy and I wonder what makes them so special, I realize that it's because the makers has prioritized it strictly for the rich. But a person that doesn't know the value that is attached to the watch will not value it, infact they'll rather pick a bicycle that they feel is more valuable to them than the very expensive watch. People should not feel intimidated by luxury items, that is somebody's business to reap off from the ego of the rich.

I don't think that's a problem, because when someone has a clear income and makes them have a lot of money or become rich, of course their lifestyle will also improve. That is a natural law which in my opinion will indeed happen, in fact I think all people who were previously in the lower class, but when they become rich, their tastes and lifestyle will tend to rise. But what you have to pay attention to is managing your money. We must be able to manage our finances well by considering carefully when spending a certain amount of money on something.

Many young people nowadays have a mindset with a perception of life only once, so they do things that sometimes don't make sense or are even beyond their abilities, this is something that must be paid attention to. It's true that we only live once, but that doesn't mean we have to do everything just like that, of course there must be good consideration so that we don't regret it in the end. People who have a lot of money in a short time usually buy what they want, not what they need, that's absolute, because I think everyone feels that way.

You have just nailed it man. Yea most people have money to spend on luxury but chose not to because they see that those item don't worth it. I feel same thing too that luxury item are overhyped to suppress the poor. If you check properly all luxury materials sold in the market also have the casual that can be affordable to the low class people and someone who is rich may chose to purchase it and pretend to be a usual guy. But that doesn't mean he is usual except a need to show up arises. Just like @ Franky made a reference .

I equally watch such movie yesterday, when a restaurant owner who has not been around for many years came around to see how his manager and workers are treating people in his restaurant, he decides to appear simple and he was treated bad due to his appearance and he was angry at them and decide to fire his workers who didn't know it was the boss and it was their first time meeting their boss. So it's fun how people act by trying to switch immediately they noticed you are not what they think you are.

there are times where some people who gain the mindset of investing their excess cash(after bills), become frugal in the early years of wealth building. that even when those investments flourish/boom/create more wealth than their life requires.. they then dont know what to do with that money and fear spending it as they feel they could have reinvested it ALL again to x-factor their wealth further.. getting stuck in the frugal lifestyle even when they are at generational wealth standard of more money then they can ever spend on their own life

the trick here is to not think 'which do i do: hoard coin forever or spend frivolously?'(one or the other).. the trick is, do both
by this i mean dont remove all cash when coin reaches a ATH and then splurge on extravagant luxury until its all gone.
by this i mean dont hold onto all coin forever even at a ATH
 instead set yourself some guilt free spending limit (keep some coin, sell some at ATH) and then spend some of the cash on life stuff and reinvest the rest when the price corrects after the ATH

by setting yourself a keep coin amount. a sell coin amount..a spend amount and a reinvest amount you then are allowing yourself that guilt free power to spend money fearlessly and not have that 'what if i reinvested that vacation money, i could have netted xx'(regret)

usually the first step in the early years is to pay off your bills, for instance putting yourself ahead and into a position where you have put a whole X month/years worth of housing and utility costs into those bill accounts so that you no longer have any ongoing monthly costs/demands. freeing you from the monotonous monthly obligations of life. this is usually done in the earlier parts of wealth building. to get ahead of the monotony of life and give you a buffer while investing to not have bills/costs thrown at you regularly.. slowly adding on more buffer to build more bill-less months/years of freedom whilst investing
financial independence is not just about having enough cash to pay bills and enjoy life. its also having bills paid ahead of X time to not worry about the next bill for X time

then when the coin accumulates more wealth per market cycle you continue to set % of hold/sell coin  and also % of spend/reinvest cash
this then gives you the mental freedom of not doing anything wrong, freeing you from worries of losing it all

Personally I don't know anyone who has a problem spending money but I know a lot of people who have a problem getting money. 

Joking aside, yes I have this problem. I remember when I got some money and it became more than I needed. I did not know what to do or how to spend the money exactly. I was still in my old thinking that I should only spend money on necessary things, and sometimes I would buy some Luxury things that have no real value in my eyes but I regret afterwards.

what most dont realise is when most people see celebrities/rich, they see them through the lens of the tv/red carpet events, where the rich guy is doing a commercial or a speech and has a whole dressing room and make-up artist behind the scenes sprucing them up an hour before the camera switches on..

however life without the camera is pretty casual. its not all red carpet/stage/screen events.

same goes for social media influencers that just rent a luxury car for 2 days and spend 16 hours making enough footage to stretch out enough photos and videos they can publish over a year to appear like they are driving around all year. yet most of the year they are actually just sofa surfing friends and relatives and borrowing lifts

most of the "rich etiquette" is an illusion. done only for others. take even things like trump. he is known for wearing his red tie, collared white pressed formal shirt and a suit jacket when he knows he has to do speeches to the public.. but then off camera he is in a standard polo shirt

..
yes many businesses try to set a bar where they do not want to even have patrons enter whom look dishevelled or cheap. yes some businesses do it to give an air of exclusivity. and yes they have their business psychology reasons to do that. but in the end its all just an illusion. dont fall for it. dont buy things to impress others. at most buy what you want and if it makes others swallow their tongues, so be it. a fun bonus

i see many businesses/groups try to be exclusive. such as the FIRE and 3comma groups. and once in. you see how its all pompus 'im better than you' attitudes.. even within the rich, they try making it a competition within themselves. its like even when Financially Independent you then enter a new level of arrogance of ok you are FI but your not yet a billionaire like so and so is

so just dont enter the never ending competition of trying to prove something to appease others. just enjoy your wealth on things that make YOU happy and if you can get some entertainment value out of it then its a bonus. just dont waste money on the proving part.

There is nothing like because you now have money, you should class yourself being different, we all may need the help of each other from time to time, pride is what is killing most people, if you think you have the money and you're rich, then there is a poor man out there that will work out his energy and strength in farming or producing what you will use your money to buy, they need the money while the rich need the service or product and we are both depending on each other for sustainability.

This is one of the best pieces of information I have read in many months. People want to dress to look rich because they want to please people around. Some of them are indebted because they want to live a life they cannot afford. But just like you have said I love to live the low-key life. Sadly, people are treated by others by their physical appearance which is not right. I hear some motivational speakers teach that you will be addressed by the way you dress. But I see these teachings as faulty because they make people give preferential treatment to expensively dressed individuals and also promote false appearance.

Dressing casually is a good way of reading people's behavior. It will make you know people who are interested in you not for how much you are worth but who you are. If you cannot treat me nicely because I am not well dressed you are not qualified to be a friend or business partner. Looking simple has also saved me from unnecessary attention that can attract the wrong people. Criminals will always target people who look rich even when they have nothing. This also also why I like Bitcoin. Keeping your money in Bitcoin will make even bank staff not know how much you are worth.

My wife owns the latest iphone, and the airpods to go along with it, and the apple watch as well. All of those costed me thousands of dollars, money that I do not have, I am not making nearly enough for any of that, I was paying medical bills as well.

But she was going through some rough time, she was very upset, and buying those made her very happy, so I obliged and happy to see her happy of course. Whereas, I just saw an image of a wealthy person in my nation, someone who has like 500 million dollars worth of company, and that person was waiting for a plane, they can afford to charter a private plane, but they got an economy class ticket instead from an ordinary plane, and was waiting like anyone else. Do you know what I saw in that image? That person had normal wired phone, not wireless like airpods, and an ordinary cheap Samsung phone as well.

Wealth doesn't equal to luxury items, if you have true wealth, you do not feel the need to show that off to people with buying expensive phones, watches, suits etc. You could just let your accounting do the talking, we know that person is rich, we do not need to be reminded of it, we can just accept how rich they are and that's fine for us.

There's a saying which goes "fake it till you make it" and when you do make it, you still have to fake it until you make it.

What I'm trying to say is that learning how to act sophisticated doesn't stop at earning the money. As what franky1 said, part of the fun is kind of learning how to work your way into the society that you now grew into. You could walk into a tailor wearing cargo shorts and the ugliest shirt you have but if you have the money to boot and the attitude/the politeness of an upper classman, you'll have no trouble being served and provided into such fine establishments.

I had a similar thing happen to me once. Coming from a poor-to-middle class background I never had the chance to really enjoy fine dining, so when I took my girlfriend for the first time in one of those fancy shmancy restaurants, my sweatbeads are visible as I anxiously think that either my money's not enough here, or they may find out I just got into the money game recently. Thankfully enough no people who have been in that echelon ever thought about noveau riche people that way, and unless these people are acting crass against other people's expense they wouldn't go out of their way to call people out.

So yeah, enjoy your money the way you want it. But don't forget about attitude adjustment and your values.

It is their right when they are able to spend the money they have earned from their hard work. The problem is when you push yourself too hard and want to appear capable of getting top class service but the reality of life and the economy is not balanced, your income is very minimal but you prioritize your lifestyle for recognition from society. the people around you. So as long as the income can afford any service with just 1% then it's normal.
There are times when once in a lifetime you fulfill an ambition or desire that was previously unfulfilled now that you have the opportunity to buy something luxurious. This is like fulfilling a satisfaction that must be realized, for example, when you were little you wanted to be able to sit back and relax on a cruise ship, specifically renting one, but because you couldn't earn an income, that dream was postponed. After struggling, there comes a time when you have the opportunity to make it happen because in crypto anything can happen as a means of getting unexpected profits that can ultimately fulfill past ambitions. Fulfilling a wish that has been granted for a long time brings satisfaction in itself.

Someone said to me that it's a trick by the luxury shop employees to buy their egos.

When someone with normal clothes walking into a luxury shop, the employees will not serve them nicely to encourage this person to buy many stuffs or the most expensive stuff in order to impress the employees if he/she afford to buy that.

Because these Old Money already know the life of being wealthy, we as a human being, will search or find something that we don't have or lack of. So they will act like normal people or poor people in order to know how the life in this class and how other people treat them.

It's a sad generation that many people nowadays are living to impress other people rather than to check themselves out if there's progress in their lives.

Social media's influence made them to be like that.

Well, they've got progress and that's why they're availing these luxury things that they think will uplift them. I'm not against to it if they are able to afford it without any having difficulties in life.

Because emotional satisfaction is hard to please and if that's how they are taking this challenge to themselves, I'll let them be.

Well, everyone has their life, but there is a saying that money changes people, and I believe that money can only change some people in some aspects of their lives, but not completely. Some people are wealthy, but they don't act it; even in their mode of dressing, you cannot tell that the person is so rich, and for me, it's cool like that; there's no need to show off when it's not actually necessary. 

There was a day one man came to my office to buy a set of dining chairs and a royal sofa. When he arrived, I actually thought he just came to make an inquiry because he kept asking about the price of different sofas and dining sets, and when he finally picked his choice, he said he was going to make payment via bank transfer. I agreed, and he made the payment. Everything he bought that day was about $5k. He did the transfer, and while he was trying to show me the receipt from his bank app, I peeped and saw his account balance. Oh boy, I couldn't pronounce the figure I saw because I didn't see it well, but the money in that man's account was millions of dollars. 

Some people just love to live a simple lifestyle, even when they are so wealthy. 

Real wealthy people don't buy designer clothes or Luxury branded items mostly people who pretends to be buying them and others who really feel it's just a penny spend on every dollar they made for them any such luxury spend is nothing concerning.

Spending money and making profits are two different things so don't get confused with people getting wealthy by investing in cryptos and the same person not likely go in blindly spend all the money he made, investors look at the future not the current, once they feel they have enough wealth to live their remaining life sophisticated then there's nothing to stop them.

I have been following quit a lot of rich/wealthy people and from what I learned, they don't have the luxury to dress so elaborately and flamboyantly, as in, they just feel comfortable in their skin dressing simple except for those that are celebrities and by virtue of their career want to stay trendy as a part of their lifestyle.

It's actually the poor and average people that loves dressing luxuriously and they do this by spending the only money they have to just impress, to feel among, trying to fit into a class they are not found going by their real networth. I think I prefer living that life where I have to take people by surprise about what they think about me different from what I really worth.

Most of the luxurious products are overpriced sh*t, that is sold under a big price tag, only because it is associated with a big brand.
I've heard many stories about luxurious clothes, that are manufactured in Bangladesh for 50 USD being sold in Western Europe/USA for 2K USD. We live in a clown world. When you buy and wear premium products from "luxurious" brands, this manifests social status. The rich idiots always have to brag about their wealth and show their high social status to everyone. I really hope that most of the crypto bros stay away from this fake BS. Everything in the luxury industry is vanity plus good marketing.