Reason why you will never become rich - page 8.

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Quote from: Y3shot on July 30, 2023, 06:42:58 AM

The first reason why you can never be rich is too much responsibilities, carrying family problems on your head which we all know family problems are always around the corners and can't be totally eliminated. The best help to offer family is to put yourself in a better financial position, don't struggle to help family, struggle to put yourself in a better financial position then take away your from dependency. How do you take them away from dependency? If you have a company or business you are running or a connection, you can connect your family members to your friends let them work for them so that they can earn their own money or you have a business you are running, they can work for you to earn their own money. As long as their is still dependency they will continue to depend on you and demand from you.

The second reason why you can never become rich is not knowing how to use money. There are several ways money can be use : spending, savings, and investing. Many of us already know about spending and even when we spend we spend on things that are not really needed but just to impress people who don't care about you.

Buying liabilities, things that doesn't have value five years from now. Many save but even when money is saved, it is done to spend and not to invest and the only way to become rich is to invest and not by savings. So , invest in assets and not liabilities.

Don't say no to helping people, stay in between, because you might decide to stay away from your family thinking they will be the cause of your downfall and in the end you will still remain poor, help with what you can and do not overdo it.

Let them know that they also need to struggle, if you are asked for a 100 you can give them 30 and tell them that they don't need to pay you back, that's all you can afford, think trick makes some stay away from me because they feel it's wrong asking me for help.

Not helping won't get you rich either, this is my main point to you, and the hand that giveth always find open doors easier in their struggle, it's in the Bible if you are religious, help some and don't help some.

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I think the second reason that most people experience and myself included, when I feel a lot of money then I think about doing things that I like like changing cars, traveling abroad and even buying things that are not important like household furniture that doesn't deserve to be replaced.

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Quote from: Y3shot on July 30, 2023, 06:42:58 AM

The first reason why you can never be rich is too much responsibilities, carrying family problems on your head which we all know family problems are always around the corners and can't be totally eliminated. The best help to offer family is to put yourself in a better financial position, don't struggle to help family, struggle to put yourself in a better financial position then take away your from dependency. How do you take them away from dependency? If you have a company or business you are running or a connection, you can connect your family members to your friends let them work for them so that they can earn their own money or you have a business you are running, they can work for you to earn their own money. As long as their is still dependency they will continue to depend on you and demand from you.

The second reason why you can never become rich is not knowing how to use money. There are several ways money can be use : spending, savings, and investing. Many of us already know about spending and even when we spend we spend on things that are not really needed but just to impress people who don't care about you.

Buying liabilities, things that doesn't have value five years from now. Many save but even when money is saved, it is done to spend and not to invest and the only way to become rich is to invest and not by savings. So , invest in assets and not liabilities.

The first reason may vary from person to person. It all depends on the family structure and the ability of that person to find a job. If he is an old person and cannot find a job, this item disappears. We must always support our family. This is not an obligation, it is a condition of being a family member.

For the second reason you are correct. We need to make the best use of money. Among the many methods, the most effective is investing.

And most importantly, saving may be important for emergencies, but investing is important for our future.

isaac_clarke22

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Quote from: Gulttam2a2 on July 31, 2023, 05:06:54 AM

Those who are rich must have families. Can anyone succeed without the help of family? Everyone has a little problem in the family. There are many ways to become rich. You have to try to keep accounts properly otherwise you will not get success in life. I have seen many rich people who are very money wise. You should always use your intelligence because if you get rich with one thing you will fail. You should always keep your intelligence straight so that you can come up with something new in the future. No one should ever be looked down upon. Expenditure should be reduced from income. You must be diligent. You must not only work hard,but you must have intelligence. You must always show intelligence. For example,a lion in the forest sleeps for 18 hours and a donkey works for 18 hours. Finally the lion is the king of the forest,so I would say that instead of being wise like a donkey,be wise like a lion. I agree with you that investing is the main way to get rich. But investing at once becomes dangerous. If you invest little by little,you will get success in life.

Families could either make your wealth worse or the opposite depending on what kind of family you were born at and hell this is where the that luck comes into place. It kinda sucks for some other people that their money gets pulled down the drain just because their money milks the crap out of their ATM balance.

How come can we prove that those rich people around the internet are "money wise"? That's at least what they could claim, but I call BS on that one. Being intelligent alone, depending on how you interpret what "intelligent" means, won't just generate money for you. It's a good headstart, since you'll likely land in a well-paid job, but that alone in the long-term isn't just going to cut it.

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Quote from: Y3shot on July 30, 2023, 06:42:58 AM

The first reason why you can never be rich is too much responsibilities, carrying family problems on your head which we all know family problems are always around the corners and can't be totally eliminated. The best help to offer family is to put yourself in a better financial position, don't struggle to help family, struggle to put yourself in a better financial position then take away your from dependency. How do you take them away from dependency? If you have a company or business you are running or a connection, you can connect your family members to your friends let them work for them so that they can earn their own money or you have a business you are running, they can work for you to earn their own money. As long as their is still dependency they will continue to depend on you and demand from you.

This one is easier said than done. When you try to employ your family member to your closest connections, that is where conflicts between this connections will start. Because, you will going to have a hard time weighting things out on who's side your going to take when misunderstandings between them arises. It's always better to keep your family member away from company that is closely related to you.
Also, if you come from a country that puts his family first over anything else, you'll probably going to understand why we always choose not to be rich than abandoning our own blood.

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Quote from: Mauser on July 31, 2023, 05:05:44 AM

That's the main point why so many people are struggling today, using our income for consumption and not investing. Saving is good as long as its don't properly and with a goal. In case we save money today only to use it for unnecessary purchases next month or next year it was a bad investment. We need to have a longterm plan for our savings and not give into short-term desires to spend our savings. The main argument for investing our money is that high inflation will make the normal savings account a wealth trap. Even though we might get 2-3% risk free interest, the value is declining with inflation rates at 6-9%. The best approach to saving and investing in my opinion is to only take out interest and profit, but never touch the initial investments. Like that we make sure our investment keep working for us and we can enjoy the rewards for many years to come.

If there were investments that could last forever, that would be great, but we often have to adjust our investments so that they bring optimal returns.

If you focus on a yield of 2% - 3%, then the average person will never become rich, this is impossible due to high inflation. Probably even a 10% yield will not be very successful, or it will take a lot of years for this and the investor will become wealthy only in old age, and this is taking into account the fact that the investment will be successful in the long run.

Achieving wealth is not easy, it requires taking certain risks, using more risky investments and investing more than you can afford to lose. That is why not many people agree to this, but no one said that it would be easy.

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Quote from: Y3shot on July 30, 2023, 06:42:58 AM

The first reason why you can never be rich is too much responsibilities, carrying family problems on your head which we all know family problems are always around the corners and can't be totally eliminated. The best help to offer family is to put yourself in a better financial position, don't struggle to help family, struggle to put yourself in a better financial position then take away your from dependency. How do you take them away from dependency? If you have a company or business you are running or a connection, you can connect your family members to your friends let them work for them so that they can earn their own money or you have a business you are running, they can work for you to earn their own money. As long as their is still dependency they will continue to depend on you and demand from you.

The second reason why you can never become rich is not knowing how to use money. There are several ways money can be use : spending, savings, and investing. Many of us already know about spending and even when we spend we spend on things that are not really needed but just to impress people who don't care about you.

Buying liabilities, things that doesn't have value five years from now. Many save but even when money is saved, it is done to spend and not to invest and the only way to become rich is to invest and not by savings. So , invest in assets and not liabilities.

Those who are rich must have families. Can anyone succeed without the help of family? Everyone has a little problem in the family. There are many ways to become rich. You have to try to keep accounts properly otherwise you will not get success in life. I have seen many rich people who are very money wise. You should always use your intelligence because if you get rich with one thing you will fail. You should always keep your intelligence straight so that you can come up with something new in the future. No one should ever be looked down upon. Expenditure should be reduced from income. You must be diligent. You must not only work hard,but you must have intelligence. You must always show intelligence. For example,a lion in the forest sleeps for 18 hours and a donkey works for 18 hours. Finally the lion is the king of the forest,so I would say that instead of being wise like a donkey,be wise like a lion. I agree with you that investing is the main way to get rich. But investing at once becomes dangerous. If you invest little by little,you will get success in life.

Mauser

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Quote from: Y3shot on July 30, 2023, 06:42:58 AM

Buying liabilities, things that doesn't have value five years from now. Many save but even when money is saved, it is done to spend and not to invest and the only way to become rich is to invest and not by savings. So , invest in assets and not liabilities.

That's the main point why so many people are struggling today, using our income for consumption and not investing. Saving is good as long as its don't properly and with a goal. In case we save money today only to use it for unnecessary purchases next month or next year it was a bad investment. We need to have a longterm plan for our savings and not give into short-term desires to spend our savings. The main argument for investing our money is that high inflation will make the normal savings account a wealth trap. Even though we might get 2-3% risk free interest, the value is declining with inflation rates at 6-9%. The best approach to saving and investing in my opinion is to only take out interest and profit, but never touch the initial investments. Like that we make sure our investment keep working for us and we can enjoy the rewards for many years to come.

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Quote from: Dzwaafu11 on July 31, 2023, 01:31:43 AM

If I understand you correctly, you mean if someone has money, he should not allow his family members to depend on him? I don't think it is appropriate that way, but I want you to understand that these same family members were with you when you didn't have the money. Now that you do, you want to tell them that they should find their own money. Or you want to find them a way to get their own money, I don't think this is the way you need to treat them. If it's like this, then why are you working to get the money? Is it not because of the family you have at home? I don't know yours, but I'm working because of my family members and myself, as usual.

OP was trying to list some situations that might make an individual not become financially stable. And he mentioned family responsibilities as on of them. His point is that you might not be able to save or invest if some of your family members depend on you for survival. The money you would have used to start a business or invest in other sectors will be diverted to pay maybe school fees, hospital bills, house rent, and even feeding expenses for parents, siblings, and other relatives. He never said it I good to ignore family members when one is rich.

Quote from: Y3shot on July 30, 2023, 06:42:58 AM

The first reason why you can never be rich is too much responsibilities, carrying family problems on your head which we all know family problems are always around the corners and can't be totally eliminated. The best help to offer family is to put yourself in a better financial position, don't struggle to help family, struggle to put yourself in a better financial position then take away your from dependency. How do you take them away from dependency? If you have a company or business you are running or a connection, you can connect your family members to your friends let them work for them so that they can earn their own money or you have a business you are running, they can work for you to earn their own money. As long as their is still dependency they will continue to depend on you and demand from you.

It is not a bad idea to assist your family members that need help. But you should do this knowing that you have to also plan for your future because you cannot predict the economy. There is a need to plan how to use your income. You should have a budget for each month and if you exceed your money put aside for your family for the month, stop giving. Don't exceed your budget or take a loan because of the need of any family member. If you build a better or more sustaining income base, you will have more capacity to offer more help. But you need to be financially prudent to build viable multiple streams of income. After all some of these relatives will not give you any assistance when you need it.

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Quote from: Dzwaafu11 on July 31, 2023, 01:31:43 AM

Quote from: Y3shot on July 30, 2023, 06:42:58 AM

The first reason why you can never be rich is too much responsibilities, carrying family problems on your head which we all know family problems are always around the corners and can't be totally eliminated. The best help to offer family is to put yourself in a better financial position, don't struggle to help family, struggle to put yourself in a better financial position then take away your from dependency. How do you take them away from dependency? If you have a company or business you are running or a connection, you can connect your family members to your friends let them work for them so that they can earn their own money or you have a business you are running, they can work for you to earn their own money. As long as their is still dependency they will continue to depend on you and demand from you.

If I understand you correctly, you mean if someone has money, he should not allow his family members to depend on him? I don't think it is appropriate that way, but I want you to understand that these same family members were with you when you didn't have the money. Now that you do, you want to tell them that they should find their own money. Or you want to find them a way to get their own money, I don't think this is the way you need to treat them. If it's like this, then why are you working to get the money? Is it not because of the family you have at home? I don't know yours, but I'm working because of my family members and myself, as usual.

I take it the other way around, he's not saying that we should give up on our family. What he meant was that we should create jobs for all those who are able to work instead of being lazy and just putting the responsibility on one family member. If family members really love each other, they should share the burden with each other, instead of just placing the responsibility on one person. It is not acceptable for one person to go to work to feed 5 others while those 5 are healthy and able to work. That's what I understand and I see nothing wrong with OP's statement.

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Quote from: DanWalker on July 30, 2023, 07:12:12 AM

And I want to ask you one thing, did you become rich after getting rid of your family and after you knew how to use money? I don't know what family relationship you're talking about, if it's between your siblings, your spouse, your parents, and your loved ones. I would object to your first reason. Because we work hard, finding ways to be financially free is also taking care of them, not just ourselves. Furthermore, without those people, I bet you wouldn't be where you are today, so it's not right to consider them a burden. It's a responsibility that everyone has to shoulder, you can't selfishly deny them. Many people can still become rich but still be with their loved ones, so I disagree with your reasoning.

How is finding ways to become financially free mean taking care of others? I am sure you know how it is when coming from having nothing to having something, you won't even remember that some family is somewhere, not until things start getting better for you, I believe OP do make some sense here, sometimes, family members will drag you back from your goal, you trying to change your life is when they will come asking for your help.

You can open a business today and it's not even booming yet, you are still trying to find more steady customers and that's when family will text you that they need something, see man, many people have gone down through this step before, there are too many examples like this in this world right now.

It's a problem growing up from a poor background, and if you say no to poverty it's going to be a bigger problem because you have a lot of poor people around you, and it look like you are the only one with hope, they will haunt you will problems that need to be solve and that will bring you down to their level, you will end up becoming like them.

stadus

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You will not become rich if you are not educated about financial literacy.

It's not just about how much you make, but more about how you will be able to grow your funds. This can be achieved by managing your income and expenses effectively. Also, it should be in your mindset that no one gets rich by working alone. Not only will it limit your earning capability, but it will also not give you freedom in managing your time. When you are in business, you are your own boss, so you are in control of your time.

Maybe for some, it's hard because they don't want to get out of their comfort zone. But believe me, if we don't take the risk, we will never get rich. So there's only one way to reach the goal, and that is to take a "risk".

Good luck to those who are strong enough to get out of their comfort zone. May you succeed with your endeavors.

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Quote from: Xampeuu on July 31, 2023, 12:53:38 AM

income is indeed the main factor for people to become rich, but besides that financial management is also very important to manage income so that it can be in accordance with the target, on the other hand lifestyle affects our financial arrangements, so that a simple lifestyle can be applied, so the remaining income we can divert it to invest or carry out other business activities, I suggest that diversification is needed, because we do not know every business whether it will always be successful or not

Exactly. No matter how big your income is, if you don't manage it smartly then it will still be a waste. You will still find yourself losing most of your money. You will notice that you are barely saving anything. Being a smart money handler is probably the most significant key to ensure that you are making progress when it comes to your financial aspects.

Dzwaafu11

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Quote from: Y3shot on July 30, 2023, 06:42:58 AM

The first reason why you can never be rich is too much responsibilities, carrying family problems on your head which we all know family problems are always around the corners and can't be totally eliminated. The best help to offer family is to put yourself in a better financial position, don't struggle to help family, struggle to put yourself in a better financial position then take away your from dependency. How do you take them away from dependency? If you have a company or business you are running or a connection, you can connect your family members to your friends let them work for them so that they can earn their own money or you have a business you are running, they can work for you to earn their own money. As long as their is still dependency they will continue to depend on you and demand from you.

If I understand you correctly, you mean if someone has money, he should not allow his family members to depend on him? I don't think it is appropriate that way, but I want you to understand that these same family members were with you when you didn't have the money. Now that you do, you want to tell them that they should find their own money. Or you want to find them a way to get their own money, I don't think this is the way you need to treat them. If it's like this, then why are you working to get the money? Is it not because of the family you have at home? I don't know yours, but I'm working because of my family members and myself, as usual.

Jawhead999

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Excellent write up, it means you're rich since you're giving advice how to become rich and a rich people will not join a signature campaign because the payment is like a peanut for the rich. See you later when you've ranked up to full member rank Roll Eyes

Quote from: DanWalker on July 31, 2023, 12:21:19 AM

Maybe I misunderstood what the OP meant, but what I meant was that we shouldn't leave our families no matter how heavy and stressful it might be. You are right, everything must have a boundary, we can't let them completely depend and put all the responsibility on our shoulders, but don't see them as a burden that we have to throw away. As I said, no matter how bad they are, they are the ones who gave birth to us, our loved ones and without them we wouldn't be where we are today.

Yep, I mean there's nothing wrong to become a mediocre as long as you're live in full of peace and happy. If someone really want to become rich, just sell your nude photo or porn video on onlyfans. Scam everyone and try to steal anything as long as you have an opportunity.

Xampeuu

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income is indeed the main factor for people to become rich, but besides that financial management is also very important to manage income so that it can be in accordance with the target, on the other hand lifestyle affects our financial arrangements, so that a simple lifestyle can be applied, so the remaining income we can divert it to invest or carry out other business activities, I suggest that diversification is needed, because we do not know every business whether it will always be successful or not

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Quote from: panganib999 on July 30, 2023, 01:04:09 PM

Quote from: DanWalker on July 30, 2023, 07:12:12 AM

And I want to ask you one thing, did you become rich after getting rid of your family and after you knew how to use money? I don't know what family relationship you're talking about, if it's between your siblings, your spouse, your parents, and your loved ones. I would object to your first reason. Because we work hard, finding ways to be financially free is also taking care of them, not just ourselves. Furthermore, without those people, I bet you wouldn't be where you are today, so it's not right to consider them a burden. It's a responsibility that everyone has to shoulder, you can't selfishly deny them. Many people can still become rich but still be with their loved ones, so I disagree with your reasoning.

It's good that you think of helping your family first and foremost, and it's something that I appreciate especially since in some ways I'm a breadwinner too. But I gotta take OP's side on this one only because there's certain instances where your family's overdependence is becoming a massive toll to your financial, physical, and mental health. So much so that it's causing you anguish and sickness aside from an empty pocket. Remember that you're not born into this world to be your family's financial investment for when they can't move their asses out and go to work for themselves. And if you're going to throw me the "you wouldn't be here where you are today if not for them" then I'll speak for those who had trouble dealing with their family by saying that "they would definitely not be here if not for their family, cause then they'd be in a better financial state!"

It's good to help, but sometimes you gotta draw the line.

Maybe I misunderstood what the OP meant, but what I meant was that we shouldn't leave our families no matter how heavy and stressful it might be. You are right, everything must have a boundary, we can't let them completely depend and put all the responsibility on our shoulders, but don't see them as a burden that we have to throw away. As I said, no matter how bad they are, they are the ones who gave birth to us, our loved ones and without them we wouldn't be where we are today.

STT

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The only possible way to become rich is redirect resources unrequired spending into otherwise unused capacity to produce better in the future. For most people that will be to invest their time wisely to have a well paying job. Its always about investing time and/or capital and deploying it in a way which has a unique advantage and regular demand, people have great skills usually thats enough to do well. Rich only comes from regular success which is hard to do, self made business people tend to be pretty serious people because of that, any mistake can set them back a decade.

Smartvirus

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Quote from: Y3shot on July 30, 2023, 06:42:58 AM

Your second reason is wholesomely agreed with but, not as much as I would say for the first. Yeah, one has to understand that money not invested does go away and you ain’t getting that back but money invested yields you profit. Even still, you’ve got to know just how to utilize this money so you don’t end up not making plans for the rainy days when it comes.

The first point is one which I don’t completely agree with. Some of the points there yes but, some others sounded a little sketchy. One thing you must understand is that, our world is beseeched with problems and everyone now and then, you’re going to have one come around. Be it yours, that of a family member or even a friend. It’s just normal and can’t be totally avoided but, could be reduced and part of that is by empowerment. On this, you got them right but, on the part where you get to have family work with you;
This has or poses a challenge of its own. You get a little soft in handling serious affairs while dealing with family than other staff. This makes the business to get affected and you wouldn’t want that.

Asuspawer09

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Quote from: Y3shot on July 30, 2023, 06:42:58 AM

The first reason why you can never be rich is too much responsibilities, carrying family problems on your head which we all know family problems are always around the corners and can't be totally eliminated. The best help to offer family is to put yourself in a better financial position, don't struggle to help family, struggle to put yourself in a better financial position then take away your from dependency. How do you take them away from dependency? If you have a company or business you are running or a connection, you can connect your family members to your friends let them work for them so that they can earn their own money or you have a business you are running, they can work for you to earn their own money. As long as their is still dependency they will continue to depend on you and demand from you.

The second reason why you can never become rich is not knowing how to use money. There are several ways money can be use : spending, savings, and investing. Many of us already know about spending and even when we spend we spend on things that are not really needed but just to impress people who don't care about you.

Buying liabilities, things that doesn't have value five years from now. Many save but even when money is saved, it is done to spend and not to invest and the only way to become rich is to invest and not by savings. So , invest in assets and not liabilities.

I know a lot of people who are the breadwinner in their family they are the only one that has a source of income on their family, I mean its already pretty common in my country I guess it is just a big problem here because early pregnancy here is just high so most of the families here doesn't have enough to have a stable income before even starting to have a child. One of my workmates as well have this problem I mean there's nothing he can do because his siblings are still young so they can't work yet because they are still in school, his mother and father only have a small store but it wasn't enough, He shares to me that it was really difficult because his salary was just for paying Bills and expenses and there's nothing left for him.

I mean it would also depend on your situation like what I've said even though you really wanted to save and invest your money but there is just nothing left it is going to be really difficult for you. It is still possible just having the right mindset but its harder, I mean i just trying to avoid every possible mistake that i can do because i already doing great on my financial.

Topic: Reason why you will never become rich - page 8. (Read 1230 times)