Topic: Things to avoid when you earn a lot or become rich - page 12. (Read 2171 times)

Of course what OP stated are just points to be careful about when one suddenly comes into huge amount of money and one major thing to note is that money that is not invested properly would grow wings and fly away.
Even if the money just sits in the bank, if it isn't for a good plan, then some kind of misadventure or mishap may just be lurking in the corner to claim some of the funds for itself.

The discipline is what counts and that is what will determine how well the money is utilized both in fulfilling dreams and making investments that is bound to increase the income value that has been received .

I would say these are not what to avoid but like what to be careful about instead? In the end, I think it's quite easy to just lose it all if you are not careful and that is why I believe that we are going to end up with more, and we should be careful. I believe that we do not have to worry about being rich and facing issues when we are not rich, it's really not that much of a big trouble.

Even if you just end up putting all your money into savings account and just live a good life, it would be enough and you should not be worried about how to handle it beforehand. The thing we need to worry about is not being rich, or at least facing financial situations, I have been on my worst economical year ever so far, so who cares about rich peoples problems.

We do know that each person is really that different on which there are ones who do really mind about their obligations but there are ones who dont really care and just simply defaulted out the loan or they dont play simply.
Even if its your close friend or someone, they wont really be showing any care at all and thats indeed the reality but we do know that there's karma for those who dont pay up their debts or taking advantage into those people who had helped them specially on the time that they do ask out some loan or borrowing some money. Debts are something that should really be avoided but we do know that there are indeed times in our life
that we are really that in short in terms of finances or money on which it would really be causing up that borrowing money on which it would really be something that you would be doing.
Debts would really be only significant on the moment that you would really be tending to make some business or investment but on the moment that you would be making use of those debts into some useless
things like travelling or having that lavish life then this is where problems do really start.

As much as possible you should really be knowing on how to save up because on the moment that you do want on buying something then you could really be able to do so without any issues since
you do have the money that you could really be able to purchase on.

           -   Perhaps I'm referring about clearing your debt and setting a new objective. Naturally, you are really wealthy, so there's no reason why you can't pay the debts we owe others.
This way, at least, they will realize that you respect their confidence in addition to your reputation.

Since this is a new chapter in our life, it makes sense to set or consider a new objective that you believe will help you develop and improve as a person while also changing your character.

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.

People always want to look rich because they feel they need to satisfy their self since they already have money. Looking rich is not a bad idea because sometimes you need to look rich to get the attention of rich people because if you have an idea to share and you want them to look rich then you must be prepared to give a convincing appearance that you also have money but this only applies to those that have an idea that they want people to invest in.

Because they’re people that want to look rich just for oppression. And they will even buy things they don’t need and that is not a reasonable thing to do. I love the fact that the person should pay their debt and the same time avoiding debt it’s a good habit to maintain and also get ideas of investing not just spending alone have big investments idea won’t get you broke. Everyone have to plan now in other to survive in this economy.

It's not not what you make that makes you rich, it's what you keep. 

Many people get distracted by bright goods and forget what important. Consider Michael Jackson and Nicolas Cage. They spent their money on disposable items. Wealth doesn't mean possessing a lot of expensive automobiles or trendy clothes. It takes a mindset to produce something lasting. Imagine marathon training. You wouldn't overdo the first mile, right? You'd pace, preserve energy, and think long-term. Same technique to build wealth

Instead of buying depreciating items like automobiles or clothes, invest in long-term assets. Bitcoin goes beyond digital currency. It hedges inflation and may produce generational wealth. Think about it. Investors in Bitcoin a few years ago would be rich now. Despite missing out, there are lots of other options. Be patient, research, and make good choices

Once I start earning a lot or become rich the first thing I would avoid a putting all my investment eggs in one basket. That is to say that rather than investing in one asset or one industry alone I would avoid it and rather diversified my investment portfolio to include assets and investment that I understand and would you have return money investment there by multiplying, protecting my wealth and minimizing the risk involved. The higher you earn, the higher your risk.

Lifestyle creep and debt. 

If you came from the life that you can atleast sustain yourself into a daily routine and then come up when you have now a budget possible you might experience a lifestyle inflation that even all of your expenses increases too the same of the number of the money you earn now compare before one of the factor too. But if you are just quite neutral still struggling to have an earning seems you have a trouble with your financial budgeting if you have a debts ideally to make settle this if you have bills need no settle it's ideal so your other money will be use for your savings, self expendes and etc. it's better to have nothing if you need to buy something that doesn't necessarily it's ideal to think a week to consider to yourself to decide.

Some people today believe the moment the became rich that they are on top of the world. They think who so ever that get rich today will always remain rich for ever. No matter how rich you are, you most always avoid putting your mind or thinking of how you can always acquire expensive or costly things. Avoid living a luxurious life. A life that you will always want to get anything that comes your way. Weather those things are important to you or not.
Avoid spending without investing. So people are ever ready to spend millions of naira everyday without thinking about investing. It is very necessary we know how to manage our resources to avoid be broke.
Some people today because they believe they earn lot of money any time they don't have money at the moment they go borrowing simply because they want to meet up with their standard of living. Please we should avoid borrowing without any genuine reason why we are borrowing.

It’s also a possibility that people buy things the moment they have money because they reward themselves. Which I am not at all against however we need to look forward and see whether a little reward now would hurt or not in the future?

Like they say Happiness comes to those who wait , there will be a time where you can finally buy everything you want without repercussions.

What really differentiates a rich person from a poor one is their ability to create more money after being given a handsome amount of it. Once they earn money, what can they do with it to ensure more money in the future? Investing is the key, here.

The urge to upgrade your lifestyle is one major issue that comes along with being wealthy and most people end up being stagnant at that point become of this urge. When you've not heard money, it's easy to assume that ones the money comes you would be able to guide yourself into being cautious with your spending but it's a totally different ball game when you start seeing the money.

If you're unable to moderate and work on your mindset to becoming matured and capable of managing wealth, you will only end up being a rascal that got wealthy and squandered all his wealth out. The need to live below your means and make plans on how much you're to spend at your ach month can't be overemphasized caus the moment you get it wrong with that, you will mismanage your wealth which might almost take you back to square one.

The common problem why people got broke when they experience a extravagant life is they usually buy those unnecessary things just to flex that they have money and to make theirselves in to the latest trend. If they have this attitude and waste their money for nonsense thing then for sure that getting to much problem financially will come on their way especially if they can't handle their situation especially if they don't have savings anymore.

Paying debts is I think not a problem anymore since for sure those guys would think about doing that at first since they have a lot of money to use. Maybe the common concern is the number 3 which is the big changes since for sure that those people who start from scratch might get overwhelmed on their situation and might they can't handle well the big changes happening on their life. Instead of they save more because they earn a lot of money know they became extravagant and buy luxurious things which exceed on what they earn. I don't mean everyone became like this but there are people just get surprise of what they are experience and spend a lot of things because they think that they are earning good and nothing can stop them anymore.

Some may forget to create new goal since they are earning good and fine with it that's why if their main source collapsed they get back to get broke and hunt again a opportunity again. To avoid this situation each of us should create new goal to improve more their current situation since we need something new to achieve so that we will be consistent on everything especially for getting multiple profits for ourselves to have more better life and future.

maybe they just want to share with others what they have achieved now, there is nothing wrong with sharing them but for me it is better if we keep it to ourselves so that we can also stay away from other people who have bad intentions to us and of course it's valid if we enjoy the things we achieved in the beginning but we should be ready for the next things to do and that is the wise handling of the money we got, so that it doesn't run out quickly, let's avoid the one time big time mindset especially if we know that the money we have is limited.

create your goal comes first.
The biggest issue in making money is the spending site. You spend too much and you won't make it.
Spend too little and you never get off.
Wealth needs financial instruments. No business, less a digital, has all ($?)in one place.   

Are you rich, OP? If you are not rich, what makes you think that you could give advice to rich people(or to poor people, who suddenly become rich)? Poor people giving advice to other poor people about becoming rich seems like a joke to me. How many rich people are using this forum? I really don't know the exact number, but I can assume that the truly rich people won't waste their time posting in a forum.
Rich people usually buy lots of real estate(expensive houses, etc.) which can be sold when they have financial difficulties.
I remember Nicolas Cage having problems paying his taxes in the USA, but Johnny Dep stepped in and paid Cage's taxes.
If you ever become rich, do whatever you can to find rich friends.

OP, you should also take into account that the people you cited as examples should not be compared with ordinary, average people. Public people who earn money simply by coming somewhere have a completely different way of thinking and attitude towards money. All the debts committed by Nicolas Cage are not the amount you imagine.
As for ordinary people, if you have the money to buy an expensive thing that will still be much superior in quality to a cheap one, then it’s worth buying. It will serve you longer than dozens of its fakes. However, as in everything else. If possible, you need to buy quality things, eat quality food, and live in good conditions. I think any normal person strives for this.
Constantly depriving yourself of everything, but at the same time having the opportunity to live better, you will turn into a miser who will completely lose all zest for life. Agree, that even poor people like to pamper themselves with expensive things.

Getting all the debts or as much as possible should be the first objective, because debts inject a sense of panic and restlessness in the borrower and this leads to diseases. Next should be savings to be able to plan for the future if possible in a bank and some for buying bitcoin at the lower prices.

Next should be daily necessities and leading a humble life because you dont want to show the world you are rich and gain attention, that leads to disastrous results but continue in your lifestyle and gradually upgrade it.

Savings are very important, most people forget this and they instead spend more than they can afford.