Topic: Things to avoid when you earn a lot or become rich (Read 1499 times)

Those who think buying expensive things is a waste are people who are not really rich because that is the dream of any poor person, and when we are really rich there is no reason why we should not buy them. We try to earn more money every day and becoming rich is to make our lives better so there is no reason we have to continue living in poverty when our accounts are already too much money.
Personally, I will not hesitate to spend on expensive things, delicious food...when I am rich and I will find ways to make more money instead of saving and continuing the life of a poor person.


Once one is called rich, I think that person no longer has any debt, if someone still owes a large amount of money, I don't call them truly rich, they are just fake rich.

Having the thought that money will never run out is a big mistake someone can make, every day there are needs that must be met which drain the pockets. If expenses are not balanced with income, slowly the wealth owned will continue to decrease and over time the wealth will run out. The first thing that needs to be done is to balance income with expenses, it is necessary to innovate with his wealth to generate profits such as building a business and investing.

Next, always prioritize needs over desires, this method will prevent overspending and indirectly build good financial management. There are so many ways you can increase your wealth, every daily expense or weekly expense will be covered from business profits and investments, in this way you can meet every need without having to disturb the wealth you have so far.

I will buy expensive things that I truly need. When I am rich and money is not a problem, I will spoil myself and my family.

That is what I am going to do when life my so tough before and we cannot avoid things that we want and need years ago.

I do not have a lot of debt so I am spared with that one and I can easily move with the next step of life when I have become wealthy and rich.

That is the reason why people should plan ahead of time when they are expecting money or if they have started earning huge amount of money because there are times when you will just become so confused on the kind of investment you want to venture into but if you had plan earlier before the money starts coming it will help you to direct your finances on that useful projects instead of spending extravagantly while still contemplating on the kind of business to venture into and before you know it the money must have reduced so much such that you can even lose interest in starting up an investment.
There's one thing about getting money before planning, it makes you become confused on where to invest the money and you can begin to think of living some luxurious lifestyle that will end up eating your money because at that stage your taste of material things will increase and you begin to seek for pleasures because you will feel that the money will continue to be there but a day will come when you will realize that you have made a terrible mistake of which you may not completely heal for life. I have seen people make money and live larvish lifestyle without investment but at the end they return back to square one.

The rate of shopping done to show off to others is quite high. Most of the expenses are made just to buy something, not out of necessity. This madness must stop. Making such purchases also causes prices to increase.

Spending does not indicate whether a person is poor or rich. This is more a matter of habit. Trying to live like the rich without being rich will cause both debt and a negative situation for the future. Everything we have said can be improved if we become conscious individuals and our economic habits can become better.

For what I see there are many people that want to enjoy the lifestyle of the rich but without the wealth that this requires, so while for the rich buying a luxury item is something they can do without thinking too much about it, someone that does not have that level of wealth should not even think about acquiring such items, but they do and they do so to a great cost to themselves, as they have to get a massive amount of debt in order to sustain that lifestyle, but the problem comes when it is the time to pay and they have to spend decades doing so.

Some people are spendthrift and there is nothing any one can say or do about it. Those spending doesn't really mean that they are rich but it is just there life style and that is the way they will be without changing, except they have someone maybe a couple who can balance it off for them. But to spend isn't about being rich or poor but the way people live there life. So therefore, there are rich people who are not good spenders, they are not wired that way while some poor people or average people live the life as if they have all the resources that supports the way they spend money. It is a lifestyle though can be balanced and curtailed.

To be honest, we are not rich yet and none of us has any experience managing huge assets nor any experience in managing a business. So the fact that we give people advice to the rich, is that right? We should give advice from our own experiences and experiences instead of just experiences collected from the internet or movies.

In addition, rich families have very good financial management experience, so even if their children inherit, I think they have passed on all their experience or have made arrangements for their children. We should not give advice indiscriminately when we have never experienced similar things.

Yes, indeed a person who cannot keep his own secret cannot be kept by anyone else.
There are some things that you don't have to tell everyone, there are some secrets that you just have to keep to yourself, especially when you get older and you start earning, then your friendships, you have to think about everything you share so that nothing gets you into trouble later.

Suppose we are very rich and our friend needs money or our relatives and we make a strategy that where and how we should spend our money and how to make money from money at that time. If someone asks us for help, we will become a player if we help him, and if we do not help, we will be cut off from everyone and become bad in the eyes of everyone. That is, from the very beginning, our secrets should be kept to ourselves. How much we earn, where we earn, where we spend, all this should be limited to us.

What you say makes perfect sense, because logically when they become rich it can be said that they are successful in managing their finances, unless it is said that they are rich because of an inheritance or winning a lottery which suddenly makes them very rich.
But I think what we're talking about here has to do with something that makes someone suddenly rich, and in the OP's question on his first page, with the question "What should you do when you have a lot of money?". So in my opinion, this is a situation where we are invited to speculate about when we will become very rich in the future.
However, what I see is that some people are rich because they are rich because they inherited their parents' property or are rich because of inheritance, be it companies or other things. So perhaps this is also advice to those with very wealthy families that they will likely inherit their parents' wealth.
The important point is that we don't need to question who this advice is for, but we have to take the positive side.

Except for those who suddenly become rich through inheritance or winning the lottery, the remaining people are rich thanks to their tireless efforts. Do you think they won't know how to manage finances and money? If they don't know the basics of finance, do you think they will become rich? Just like you, you are not rich yet but when you become rich, do you think you will be stupid enough to waste money on useless things without a plan? So I think we should stop giving advice to rich people or stop thinking that they are bad at financial management because if they were that bad then they wouldn't be rich.

Excessive materialism is something that most people will face when you are getting rich, specially if you are married. No matter how much money you have, there are always things that you can see online and want to buy, and your spouse may want to just keep on buying more and more the more money you make. I can make a million dollars a month right now, and my wife would still find a way to spend all of it, even make some debt.

This is why I think it's basically a thirst that you need to squash for a while before you could continue. That goes on for a while, but after a while you just realize that materialistic approach doesn't really help all that much and you stop. That initial part is your whole life if you never get rich enough to go beyond that.

You should also learn to keep quiet sometime about your progress in life, it's not everything you do you must tell people that you want to do or you are trying to achieve. When people get to know your plans, they may feel jealous and may do something that will stop you from reaching success. Some friends have killed eachother because they refused to keep somethings to their self, been a private person save you from a lot of things.

If we ensure good use of income we will get financial liberation along with mental liberation. So first of all we have to plan income and expenditure patterns which will protect the balance of our life and livelihood as well as our human liberation will be possible. If we can ensure our peace of mind our income path will be more smooth.

Those are the people who are used to hardship and then suddenly become rich because they hit the lottery or any other game that can make them instantly rich. And when they become rich, it's like they themselves are shocked, so whatever they can think of to buy, they buy immediately without thinking if it will help them in the long term or just temporarily.

They don't immediately think of what financial management is called, and then they feel like they will never run out of money, but they don't notice that they are wasting a lot of money that just goes to useless things instead of being smart about spending.

The style you are referring to is more about a person's appearance when they meet and encounter any relationship in their life, which will have its own assessment from the person who sees it. I quite understand this because a simple appearance and keeping it clean is the key to attracting the attention of many people and can also make our trustworthiness better in the eyes of other people as long as it is not excessive and does not seek recognition from many people.

Because some people still really want to be recognized as rich and recognized as smart by other people by wearing whatever other people like, even though they themselves don't like the item. For business people who want to open more networks and better relationships, of course they must still appear excellent and clean in front of everyone so that they can be considered important by other people without having to hunt for recognition from other people. Because basically everyone can judge from their own glasses when they see someone who is important to them, unless that person is really stupid in judging other people.

If they already have a lot of money and cannot use it properly, of course this is very unfortunate and it is also important for them to be able to learn about financial management so that they can use the money they have well and also think about investing for the future. their future because by preparing investments for the future of course this will be able to prevent them from having financial problems.

If you have held large amounts of money and can use it well, of course you have a good understanding of financial management. Of course, not everyone can do that and most people who have just held large amounts of money will usually spend it all. their desires and very few people think about investing, so you are very lucky to have a good understanding of financial management.

Well, sometimes new rich people or people who have just gotten a lot of money, don't know what they are going to do with that money, and think that it will continue to be there. Many people buy expensive things, or don't pay attention to the investment or business they are building, so they spend the money for nothing. This is usually realized when their income starts to decrease, or their money will soon run out.
However, I have also felt this way, when holding quite a lot of money, but I was lucky that I had time to pay attention to several investments which currently still continue to provide me with income, although not that much.

At least now we got an idea on what are those things we need to avoid so that we can maintain our earned wealth.

Since there are people who change immediately their lifestyle then live an extravagant life that's why majority of those people who already experience to get rich got broke because they spend a lot exceed which exceed to their earnings.

So to avoid getting into this situation people still need to have.

1. Proper budgeting this is basic but most effective method which people could able to use and for sure if they know how to properly execute this they will not exceed to their monthly budget and will have a lot of extra money to use for savings or investment.

2. Don't buy expensive unnecessary things because if we always want to show up or flaunt our wealth for sure there would be a time that we will get broke because of those habit for buying nonsense things.

3. Spend a lot of money for vices and engage with a lot of girls. This is sinful act and for sure we cannot get any positive impact on this since with those thigs for sure we will spend a lot of money just to satisfy those people we meet.

This is few reasons to avoid but for sure we can get a learnings from this since this is common distractor of people.

Living a simple life is cool and for sure that we can make our earned wealth last long and if we became more strategic in terms of our financial gains for sure we will live a more happier life.

Yeah your points are very clear. Some young people who see money at their early age barely think of something reasonable to do with it because they believe they still have a long way to go but forgetting that opportunity may just come but once, just as you have listed paying your debt and buying of expensive things young people today see expensive things as another means to show that you are wealthy not even thinking of investing. I have someone I call a boss this man has shops a hotel and many more investment but still die of hunger why because he misuses the money when ever it is available it is also wise to be wise in your spending.