Topic: Things to avoid when you earn a lot or become rich - page 10. (Read 2171 times)

Most rich people did not just become rich overnight; they started from scratch, so they understand the power of starting small and know how to grow their financial well so that they don't run dry. Those people who became rich with a little start always know how to grow their wealth, but those who got huge amounts of money in an abrupt manner are the ones that find it difficult to maintain and sustain the money.

In my area, even rich people do not dare to give advice to others including poor people, because they know that each person has different circumstances and challenges in life. What the poor are going through, the rich may have never experienced, so giving advice is not easy or arbitrary.

Furthermore, if we really want to help the poor by giving advice, we should share what we have experienced. Not the experiences we copy online and share with everyone saying they are our experiences. Like OP's advice, I don't see anything unique or feel like it's his experience and I guess we can easily find that advice online.

That's true and I also feel this is very funny because basically we can only comment on things we haven't experienced, whereas if we have experienced them then these things will flow by themselves in their respective portions.
I think people who suggest a lot of things in that place then the person hasn't felt it.

Rich people advise poor people while they never feel it, as well as for some people who are not rich who try to give advice on saving and saving, this is very funny. 

We will experience or do wherever we are and I think everyone will be different with different conditions.

Most of nouveau riche are raised from poor or middle class people, they want to show everyone if they're successful and rich, unlike old money where their parents already teach money when they were young and they've enjoyed rich lifestyle.

It's why new money are in debt or back become poor, they don't high knowledge about money.

Even people have told them to invest their money and how to earn high amount money in the future, they don't realize it.

This is one of the most important thing to take note of when one achieves a level of financial independence because when someone becomes too satisfied and comfortable with their current financial position, there will not be enough motivation to push you to be better. The rich people who become wealthy are those that did not fail to set new financial targets for themselves each time they achieved one financial goal. The target is to keep going, and setting new goal is a means to achieving that.

    What should you do when you have a lot of money? This is one of the most important questions that we must give an important answer to. No matter how much money a person can earn, it is still possible for everyone to use it up if it is not managed properly. Just like what happened to the king of pop, Michael Jackson, even though he earned a lot of money in his career, it was still not enough because he had a lot of debt. As big as it is, it almost reached 500 million dollars in debt. And even the famous actor Nicholas Cage is also like that; there is a report that he reached 150 million dollars in net income, but it was still not enough; it also reached the point that it was all used up, and he also had a debt. And what we can learn from these events is that if you want to stay rich, you have to keep being humble. "Hard-earned money should be protected."

     We are both consumers and producers, and when we say producers, we mean that we provide services to people in exchange for money. As for employees, they receive wages from their work. Because they help the business owner's goal be executed. As for business owners, they make money from their businesses. Because they can help their customers with their products and services. In other words, [The more value you can produce, the more value you will get back."

    But the opposite of this is being a consumer. Yes, it's true that we will spend; it's normal because we have needs. There is also nothing wrong if we want to buy or acquire things. But if you always spend money, that's why, in this topic, I want to share here the things that should be done when we have a lot of money or income. Because since we are here with cryptocurrency or bitcoin, it is not really far for this to happen to us. Actually, even if we are not rich or earn a lot, we can do it because at least when the time comes when you become rich because of this cryptocurrency or bitcoin, you already know what to do.

And the following is what we should do:

1. Don't buy expensive things right away.

Most of us want to buy expensive things when we receive a lot of money. Because aside from the convenience and the fact that the fact that we can benefit from it for a long time, we also want to get the attention of other people. We also cannot deny when we can afford something that an ordinary person cannot afford. But sometimes, because we can afford something, we just end up spending it, and we forget to ask ourselves if we really need it. Or we just want to buy it because we want to impress other people. And due to a lack of spending awareness, we become impulse buyers. Until this habit becomes our second nature or the worst, we base our spending on what we want other people to see in us.

But the question is, what is our goal? to get rich to impress, or to get rich to have freedom? When you have a lot of money, you have nothing to prove to other people. Since you know that you are rich, it is a better idea not to let other people know that you are rich. One should just choose the simple life and live with a purpose.

2.Pay your Debt

Having debt or bad debt is why most of us continue to suffer because it's like a weed that, if you don't cut the root, will grow again. And the debt, when you don't pay it, has interest compounding. So your number one expense is to pay off the debt when it earns a lot of money. Be responsible not to ignore the people we owe money to, talk to them, say thank you, and pay all the debt.

We should also know that our reputation also depends on it, and when we know how to pay, many people will trust you. And when you know how to pay off debt, you also show that we are not only thinking about ourselves.

3. Be prepared for big changes.

When you have a lot of money and you have changed the quality of your life, whether it is poor or rich, you need to be doubly careful because you can lose a lot of things. So it is very good that you are ready for this big change. And the preparation that you should do is the preparation of our new life. Let's design our new goal that we want to achieve, and what lifestyle do you want and what kind of person do you want to be with?

We need to do it more when you're rich, because you shouldn't settle for what we have achieved now. We still need to move on and pursue other meaningful things. We also need to grow, and we shouldn't be naïve in our behavior because many people will suddenly show up when they know they can get something from you.

4. Create a new goal.

Let's be grateful for our achievements and also be thankful that they came to you, but don't be satisfied that if you earn a lot of money now, be thankful. We should not be as greedy as possible. If we achieve our first goal, we make another goal, and so on.

Success is like cleaning; if you clean your house today, you will have to clean again tomorrow. And we'll do it every day, so we can keep a clean house, right? So, when we are living a rich life, we have to set a new target.

This is one of the most important thing to take note of when one achieves a level of financial independence because when someone becomes too satisfied and comfortable with their current financial position, there will not be enough motivation to push you to be better.

The rich people who become wealthy are those that did not fail to set new financial targets for themselves each time they achieved one financial goal. The target is to keep going, and setting new goal is a means to achieving that.

This is one of the most important thing to take note of when one achieves a level of financial independence because when someone becomes too satisfied and comfortable with their current financial position, there will not be enough motivation to push you to be better. The rich people who become wealthy are those that did not fail to set new financial targets for themselves each time they achieved one financial goal. The target is to keep going, and setting new goal is a means to achieving that.

So, when we are living a rich life, we have to set a new target.

Paying debt is always an obligation, and not just something that you can easily forget and leave. Otherwise, you are no longer different from scammers who just walk away after they have taken advantage from their target. While a lot of people ignore their debts and act like they’re not accountable for it, but it’s still a big impact if you care paying your debt voluntarily even if the one you borrowed is not talking about it anymore. Reputation cannot be bought, but its deeply earned and merited.

     What should you do when you have a lot of money?

The most difficult thing is when you can earn more money but still live like when you were still earning little, that's why people who earn a lot will start to change their lives because they want more, especially if their life cycle also changes so that they are now friends with other people. -people with the same economic level end up spending the same as what they earn, sometimes even more, for example by going into debt because they think their income will be sufficient to pay their debts even though they are starting to have difficulty paying. If you earn more then start investing and investing is not to make you rich so you can go on a spree but to make your life calmer.

That is true.

One thing I've in my life is to pay debts. Whether they're the old ones or those new ones. As long as you remember them and you didn't intend to default and run away from the person you've borrowed to, you have to pay your obligation.

Those people that have borrowed money from me and never paid at forgotten even telling hi or hello to me and talk about their debt, they always have a shortcoming.

I don't know but that's probably how fair life is for those that are taken advantaged to.