Luxury and spending lifestyle fastest way to poverty rich kids

lixer

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Quote from: wendty on February 04, 2024, 08:58:19 AM

Anyone that has money but doesn't know how to spend it wisely may end up being poor, the worst scenario to have seen is about those who by the virtue of being lucky finds theirselves into a life changing once chance opportunity and they make money from it, but instead of them spending wisely and investing, they waste up the resources and work out nothing to make additional efforts to the source, they are the kind of poor rich kids, we must mak use of every opportunity we have for securing the future.

People who are poor and have their lives turned up all of a sudden and become rich by luck or even hard work, such people will always find it difficult to manage their finances in the best way so that their wealth keeps increasing instead of drying up. The biggest reason for that is that they have never had this much money and when they do now, they don't know how they should use it, they will buy things that aren't needed and they will spend most of it on buying luxuries instead of building assets and starting businesses.

Among such people, there might be some who have natural wisdom, which means that they might not be educated but they understand everything, especially when it comes to finances and financial management. Such are the people who might be able to make good use of the wealth that they have got.

Assface16678

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There's a saying that if you are born poor and die poor, then it's your fault, but there are exceptions. Maybe those who are born poor really don't have the capability to be successful in life for some other reasons, such as education or a lack of skills. But if you are poor with the capability to succeed and didn't succeed at all, then it's your fault. But if you are rich and die poor, then there's a big problem with that. Imagine you are at the top, having all you want in life but having wasted it because of some wrongdoing and wrong decision. Then there's a big problem and regret. As for the OP's statement, it shows that the family is irresponsible with their money and ends up losing it all. Remember, money is not infinite. Even if you are born rich because of your family and it's your turn to inherit the assets and you end up losing them, then it's your fault.

Mame89

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Quote from: erep on February 04, 2024, 01:01:56 PM

Anyone who mismanages their finances will have difficulty using the budget for priority needs and savings, even rich people can become poor if they mismanage their finances, because when their economic status worsens they don't have the savings to carry out plan B so that business losses can be recovered. The fact is that their wealth status will collapse when they pass on the business to their children because their children's lives are very pampered with luxurious services, as you said, they have no planning for their financial future and instead only focus on high levels of spending.

In essence, managing finances is very important for everyone, both rich and poor, because without good money management, whatever income you earn will not be enough to support you in the future. My parents also often advise me like this and now that I have experienced it, this knowledge is very useful and hopefully I can apply it to my children in the future. When we are still of productive age and earn income from our work, we should manage that income well so that when we are old we can enjoy a decent life as we wish. Don't let us regret when we are old because we didn't manage our finances well.

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Anyone has the opportunity to become rich as long as they work hard to increase their income and they must manage their finances as well as possible to focus on savings and investment needs.

The best way to manage finances as you said. Don't be too wasteful buying luxury items that you don't really need and you should be able to separate emergency funds, savings and investments. Without a manager like this, don't expect to achieve financial freedom in old age.

erep

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Quote from: Gladitorcomeback on February 04, 2024, 11:54:27 AM

There are lots of people who have large amount of money but they do not save any amount in this so they will one day finish this amount by saying that the amount was not enough but actually they do not know about planning and spending so they fail to save and take benefit of this opportunity.

At start everyone is not rich but people make a plan, save some amount and reduces their expenses so in such way they reduces their poverty and one day they become wealthy as other people of society are.

Anyone who mismanages their finances will have difficulty using the budget for priority needs and savings, even rich people can become poor if they mismanage their finances, because when their economic status worsens they don't have the savings to carry out plan B so that business losses can be recovered. The fact is that their wealth status will collapse when they pass on the business to their children because their children's lives are very pampered with luxurious services, as you said, they have no planning for their financial future and instead only focus on high levels of spending.

Anyone has the opportunity to become rich as long as they work hard to increase their income and they must manage their finances as well as possible to focus on savings and investment needs.

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Quote from: wendty on February 04, 2024, 08:58:19 AM

Anyone that has money but doesn't know how to spend it wisely may end up being poor, the worst scenario to have seen is about those who by the virtue of being lucky finds theirselves into a life changing once chance opportunity and they make money from it, but instead of them spending wisely and investing, they waste up the resources and work out nothing to make additional efforts to the source, they are the kind of poor rich kids, we must mak use of every opportunity we have for securing the future.

Those who have money but cannot manage it well of course the money they have will run out and they will not have anything after that, so it is very important for everyone who has money to be able to manage it well and if they cannot do it themselves it is very important for them to study it so that they can still have the money they have with proper management.

Some people are born into families who have a lot of money, of course they will never think about how to make money and they are used to having all their desires fulfilled without any effort, but this will not last long if they cannot spend money. they are wise and it would be a shame if they fell into poverty because of a lack of knowledge about financial management, while they still have a lot of money, it would be better for them to learn about this because if they can manage it well then they will still be able to experience luxury until they are old.

Gladitorcomeback

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Quote from: wendty on February 04, 2024, 08:58:19 AM

Anyone that has money but doesn't know how to spend it wisely may end up being poor, the worst scenario to have seen is about those who by the virtue of being lucky finds theirselves into a life changing once chance opportunity and they make money from it, but instead of them spending wisely and investing, they waste up the resources and work out nothing to make additional efforts to the source, they are the kind of poor rich kids, we must mak use of every opportunity we have for securing the future.

It is very much important that a person should must learn how to spend money and how to save it so if someone knows better about it then they will not see any hardship in life.

There are lots of people who have large amount of money but they do not save any amount in this so they will one day finish this amount by saying that the amount was not enough but actually they do not know about planning and spending so they fail to save and take benefit of this opportunity.

At start everyone is not rich but people make a plan, save some amount and reduces their expenses so in such way they reduces their poverty and one day they become wealthy as other people of society are.

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Quote from: sekalitas on February 01, 2024, 10:44:21 PM

Money is a finite resource, so responsible management is crucial to avoid depletion. While some might assume "rich kids" are less hardworking due to being pampered and believing their wealth is limitless, the reasons behind a family's financial decline are often more complex. While it's true many parents strive to leave a legacy and ensure their children's happiness, factors like poor financial management, risky investments, or unforeseen circumstances can lead to wealth loss.

Apart from the good points that you have mentioned that can pull a business down including unforeseen circumstances which may be no direct cause from the owners side, business owners should be able to be easy to diversify and move into another line of business where the mother business is not moving or facing both economic challenges and development challenges also. For example government policies may affect businesses but an owner who is intune with happenings can easily adjust and move on, because at the eve of government policy, some businesses die off.

Some good management move with the trend of business from analogue to digital. Such diversification is good to keep a business moving because having only analogue idea for a business isn't suitable for the modern generation with the technological advancements of the world.

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Quote from: sekalitas on February 01, 2024, 10:44:21 PM

Money is a finite resource, so responsible management is crucial to avoid depletion. While some might assume "rich kids" are less hardworking due to being pampered and believing their wealth is limitless, the reasons behind a family's financial decline are often more complex. While it's true many parents strive to leave a legacy and ensure their children's happiness, factors like poor financial management, risky investments, or unforeseen circumstances can lead to wealth loss.

It is these rich kids who still lack the ability to work hard who must be encouraged to understand that earning money is not easy so they must be willing to learn to be more frugal and better at managing it when they get money from any sector. Because any wealth will be lost more easily if it is not managed well, and it will be more difficult to get it back if children do not know how to look after it well. So what must be emphasized is that the children of rich people are still often spoiled by their parents, because they themselves usually don't want to learn to manage their money well if in their daily lives it is still easier for them to get money through their own parents.

wendty

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Anyone that has money but doesn't know how to spend it wisely may end up being poor, the worst scenario to have seen is about those who by the virtue of being lucky finds theirselves into a life changing once chance opportunity and they make money from it, but instead of them spending wisely and investing, they waste up the resources and work out nothing to make additional efforts to the source, they are the kind of poor rich kids, we must mak use of every opportunity we have for securing the future.

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Quote from: Waldorf77 on November 28, 2023, 01:56:12 PM

If you want to be rich sell to rich kids.
Now let's talk about homeless people in USA and CANADA.
The world don't know that many of those homeless people are from the rich families.
And If they been spending years no stop then even they will get a lot money they still can lose it fast.
Once the old pals will die like joe Biden who's hard working and tough guy then their kids will go broke.
Canada and USA have the same problem and Im not just talking i know personally those kids who use to have money but now they are dead homeless or drug atticts.
This is the reason why USA and Canada native race become smaller and hard working indviduals taking over the country while native people falling.
You looking from TV and see that homeless people you think they born poor but it's not case i've met with many who use to drink and Party in Europe bahamas like 100-300k easy in one year and now they are broke.
Once the guys like joe Biden will go away their kids can't handle nothing maximum will be that they easy targets for foreign sharp minded people to take advanched of the situation.

Money is a finite resource, so responsible management is crucial to avoid depletion. While some might assume "rich kids" are less hardworking due to being pampered and believing their wealth is limitless, the reasons behind a family's financial decline are often more complex. While it's true many parents strive to leave a legacy and ensure their children's happiness, factors like poor financial management, risky investments, or unforeseen circumstances can lead to wealth loss.

harapan

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Quote from: topbitcoin on November 29, 2023, 03:25:13 AM

Rich people always think that all problems will be solved with money. so that rich people continue to pursue their careers in the world of work and in the business world, with the aim of continuing to enrich themselves, but unfortunately most of them ignore their most valuable asset, namely a child.

And getting drunk and gambling is not what they (young people) want, but it is an escape for them. because when they go home they don't get happiness or warm love from their parents, because both parents are busy with work.

And that's not a small number, there are many children who lose their parents' love, so that when they grow up the child becomes someone who disobeys their parents. There is even a child who has not received parental love since he was born, because as soon as he was born he was immediately taken care of by the nanny.

So, as parents, no matter how busy we are, we spend as much time as possible directly ensuring the development of our children, because they really need the attention and love of their parents.

Yes mate,most parents have failed to inculcate the good morals and values their children needs for their upbringing.They forget that if money can give them the biggest and largest investment,and if they could consult any business professional to get or attain their expected financial status in life,money cannot give them good morals and ethical values.
So many parents have failed in this,parents are responsible for teaching thier kids moral values and being role models to them but today,the reverse is the outcome.they've simply surrendered that responsibility upon the teachers meanwhile it shouldn't be so.Some parents are just lazy and not even busy.

Qiubell5

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Quote from: uneng on December 18, 2023, 11:19:42 AM

Quote from: Qiubell5 on December 18, 2023, 09:55:54 AM

This world is spinning, what is below can become above, and what is above can become below. Likewise, a person's economic situation can definitely change. A big example is people who are very rich but become poor and this often happens. Because that's what the wheel of life is like. However, for people who were originally rich and whose fate changed to become poor, this does not mean that it just happened. But most likely, it was the result of his own actions. Such as not being able to manage money well, having fun with the lifestyle, and also not thinking long about the future. So because of his actions, his fate changed.

You are completely right. And this situation has been visible along generations during the whole story of the world. A rich family today isn't assured to remain rich if their heirs didn't develop a mindset of responsability, financial management, long term business vision and cost containment during crisis times (even the riches have to know when to reduce expenses).

Sometimes the householder is so concerned about running his businesses that he forgets or neglects the fact he should take some time to teach his children to maintain his legacy once he is gone. Then he has those children living alienated only spending and wasting money without thinking on what tomorrow will bring.

Indeed, quite a few children of rich people are indirectly neglected by their parents. This means that parents and children rarely interact because parents are busy working. And the result is that the child does not receive maximum guidance from his parents, which in the end can actually destroy the assets inherited by his parents.

Maybe the child studied, and was sent to school by his parents. But the problem is that children do not get important lessons from their parents. Like asking his parents about his career journey and how he became as successful as he is now. That is very important, because children are always quickly motivated by their parents.

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Quote from: Qiubell5 on December 18, 2023, 09:55:54 AM

This world is spinning, what is below can become above, and what is above can become below. Likewise, a person's economic situation can definitely change. A big example is people who are very rich but become poor and this often happens. Because that's what the wheel of life is like. However, for people who were originally rich and whose fate changed to become poor, this does not mean that it just happened. But most likely, it was the result of his own actions. Such as not being able to manage money well, having fun with the lifestyle, and also not thinking long about the future. So because of his actions, his fate changed.

You are completely right. And this situation has been visible along generations during the whole story of the world. A rich family today isn't assured to remain rich if their heirs didn't develop a mindset of responsability, financial management, long term business vision and cost containment during crisis times (even the riches have to know when to reduce expenses).

Sometimes the householder is so concerned about running his businesses that he forgets or neglects the fact he should take some time to teach his children to maintain his legacy once he is gone. Then he has those children living alienated only spending and wasting money without thinking on what tomorrow will bring.

Quote from: Waldorf77 on November 28, 2023, 01:56:12 PM

Once the guys like joe Biden will go away their kids can't handle nothing maximum will be that they easy targets for foreign sharp minded people to take advanched of the situation.

There are many native sharp minded americans as well, ready and willing to thrive in life. People who are working hard and looking for an opportunity, just like the foreigners who came to USA with that purpose in mind. Families rising and falling financially doesn't mean the country is going to be ran by foreigners.

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Quote from: Y3shot on December 17, 2023, 05:07:51 AM

Spending to much without any plan of investing can lead one broke. People don't understand the meaning of money when they have opportunity to own it, the purpose of money when people have it is to be able to multiply it in investment and not to spend money as if it is a leaf falling from the treas. No wealthy person gained money by just spending it without any investment. You use money to build more money, money gives birth to more money.

This is clear enough for all people to understand, because money can also be used as initial bait to attract more money from others. In other words, this money can be used as initial capital to get more money by investing it in businesses and also in projects that can benefit the owner in the future. And what you say is true that money that is just spent will always run out quickly and there will be no additional additions in the future, but if the money is used to spend on merchandise or business goods that will be used for buying and selling.

I don't think there's anything wrong with that, because it's also part of investment, even though it's quite real and the benefits can be quite clear. So spending money is also divided into several categories because those who spend it too quickly are taking it for consumption and not turning it back into business or investment as you said.

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Quote from: btc78 on November 28, 2023, 03:47:14 PM

Quote from: Waldorf77 on November 28, 2023, 01:56:12 PM

If you want to be rich sell to rich kids.

you’re saying that we should sell drugs and liquor to rich kids who are now poor because of drug addiction and alcohol abuse?

the example you used are kids partying and spending money like it’s nothing it’s true that you could have them as your target market and gain profit but this will weigh in on too much on my conscience i also don’t think we should sacrifice our own safety just to get rich

instead you’d want to sell to middle-class people sell them items that are luxury looking but are cheap i’m not saying to scam them but a lot of middle-class people buy fake goods because they want to seem rich for some reasons they’re the most expressive about their purchases

That’s literally your own interpretation to an age old quote lol. Why would you sell drugs to kids come on bro for crying out loud.

Selling to rich people if you want to be rich is a common practice.in which case you don’t sell them products nor services, so yes no drugs or whatever the fuck you just thought of with that post. What you sell to rich kids are experiences and your skills.

Some people make it out of poverty by offering something that other businesses or providers couldn’t. Once-in-a-lifetime experiences, skills that you canmt top nor replace, this is just some things that you can offer to the rich. Basically become anything that they wish their sorry and boring lives are, if you’re able to do that you won’t need to sell drugs to rich people. They’d become intoxicated from your presence.

Been seeing people who directly get funding and backing from the rich. Facilitate charitable institutions and laboratories in the rich people’s name. There’s just a lot of ways you can execute this. Make your brain work.

Qiubell5

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This world is spinning, what is below can become above, and what is above can become below. Likewise, a person's economic situation can definitely change. A big example is people who are very rich but become poor and this often happens. Because that's what the wheel of life is like. However, for people who were originally rich and whose fate changed to become poor, this does not mean that it just happened. But most likely, it was the result of his own actions. Such as not being able to manage money well, having fun with the lifestyle, and also not thinking long about the future. So because of his actions, his fate changed.

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Quote from: icalical on December 17, 2023, 04:48:08 PM

Quote from: junder on December 17, 2023, 02:00:22 AM

It's true that parents should be able to provide comfort to their children, because of course they love their children because of that they provide comfort and pleasure including by spoiling them. wise parents will educate their children well and also by spoiling them. if they are educated harshly it can make them depressed and of course this can have consequences for them later when they grow up.

There are indeed some parents who educate their children harshly, but this harshness is in the sense that they set discipline firmly, the goal is for their own children to be independent and be able to take responsibility for everything well without having to avoid problems that occur. that's what parents who educate their children firmly want.

Eventhough I agree that strict and 'harsh' parents are not fully bad, because I myself have strict and harsh parent and I turns out fine. But more modern parent tend to be less harsh and more permissive toward their children nowadays. Back on my day no one would argue if a parent beat their children once in a while, but now everyone will gone mad when they see a parent land their hand on their children, even for just a quick slap. But to be fair those children who has more modern and permissive parent, actually still grow up to be a responsible adult, maybe because the easier access for information, some of them are even more economically educated than my generation who grew up with strict and harsh parent. They know investmeant early in their youth, and have a good money management.

well that's right, even if parents educate their children firmly or harshly, they are like that not without reason, there must be certain reasons such as wanting their children to become better individuals, take full responsibility for what they do or not throw stones while hiding their hands. that's right, many parents now are not strict in educating their children, they allow all things and spoil their children, such as giving cell phones at an age when they shouldn't have cell phones, unlike the old masters who educated their children firmly so that they become children who are devoted to their parents. There is nothing wrong with spoiling children because it is a parent's obligation too, it's just that parents must be able to spoil their children with limits so as not to make them always dependent on their parents, because I myself was embarrassed when I entered college but still depended on my parents.

This is also about self-awareness, because if children have a good mindset, they will definitely not burden their parents, especially if they are adults, they must be able to be independent because it is also for their own good now and in the future.

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Quote from: junder on December 17, 2023, 02:00:22 AM

It's true that parents should be able to provide comfort to their children, because of course they love their children because of that they provide comfort and pleasure including by spoiling them. wise parents will educate their children well and also by spoiling them. if they are educated harshly it can make them depressed and of course this can have consequences for them later when they grow up.

There are indeed some parents who educate their children harshly, but this harshness is in the sense that they set discipline firmly, the goal is for their own children to be independent and be able to take responsibility for everything well without having to avoid problems that occur. that's what parents who educate their children firmly want.

Eventhough I agree that strict and 'harsh' parents are not fully bad, because I myself have strict and harsh parent and I turns out fine. But more modern parent tend to be less harsh and more permissive toward their children nowadays. Back on my day no one would argue if a parent beat their children once in a while, but now everyone will gone mad when they see a parent land their hand on their children, even for just a quick slap. But to be fair those children who has more modern and permissive parent, actually still grow up to be a responsible adult, maybe because the easier access for information, some of them are even more economically educated than my generation who grew up with strict and harsh parent. They know investmeant early in their youth, and have a good money management.

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Quote from: |MINER| on December 17, 2023, 01:34:18 AM

Money is the root of evil. There are many people who cannot hold on to money. It is a very bad vice. Spending too much will destroy you. Everyone should understand the meaning of money in time. Nobody wants to spend all their money drinking alcohol and then living the life of a beggar.

Spending to much without any plan of investing can lead one broke. People don't understand the meaning of money when they have opportunity to own it, the purpose of money when people have it is to be able to multiply it in investment and not to spend money as if it is a leaf falling from the treas. No wealthy person gained money by just spending it without any investment. You use money to build more money, money gives birth to more money.

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Quote from: icalical on December 16, 2023, 05:36:58 AM

Quote from: junder on December 14, 2023, 02:30:10 AM

So do you think spoiling children is wrong, even if it's with the intention of making them happy, is it wrong?

I think there is a border between spoiling and giving comfort, I believe we could give comfort to children without spoiling them. As for example in real case, we can send our kids to the best school with good facility and good social life, but we shouldn't interfere with his activity in the school.
Giving the best comfort is parents responsibility, but spoiling kids is not, most spoiled kids end up having bad behavior.

It's true that parents should be able to provide comfort to their children, because of course they love their children because of that they provide comfort and pleasure including by spoiling them. wise parents will educate their children well and also by spoiling them. if they are educated harshly it can make them depressed and of course this can have consequences for them later when they grow up.

There are indeed some parents who educate their children harshly, but this harshness is in the sense that they set discipline firmly, the goal is for their own children to be independent and be able to take responsibility for everything well without having to avoid problems that occur. that's what parents who educate their children firmly want.

Topic: Luxury and spending lifestyle fastest way to poverty rich kids (Read 1351 times)