Topic: Things to avoid when you earn a lot or become rich - page 4. (Read 2171 times)

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.

I think style is also needed to balance relationships, of course this is to increase self-confidence to build relationships and can also make other people believe in our abilities so that many orders will come to us, but a simple personality is really needed to maintain personal stability. So we must be able to position ourselves according to our use, so that other people look at us with reluctance, and if that happens, we wear whatever clothes other people will still respect us.

every person have it on Theory and its own way of operation so I believe that in this theory every person must go have a a definition to present, so for my own Theory people out the way they feel like when they are rich based on the character that is embedded in them through a genetic information so with that it is how people process information to control whenever they are rich, so avoiding people it is a personal character that is already in you it is not something that you emulate from someone else so it is written all over you from the genetic transmission

If you look at billionaires they don't dress all that simple because they need to show some appearance he other to get the attention of other rich people, as a rich person you will need to do business with other rich people so their is no way you won't look rich. Money on its own will push you to do things, you will want to have a good ranking for your self. So that you can have business deals come your way. The problem is even if you don’t want to get recognized their is now way they won't recognize you, even as simple as people might think mark is a simple i bet he as a lots of luxurious items maybe a yacht becomes billionaires love yacht when they go for holiday or even vacations.
People that are rich are also human and just because of of those attentions so times criminals start to look for ways to want to rob them, so they have to even provide their self with extra security for the safety of them and their families. Been rich comes with a lot of responsibility. Despite the responsibility it is far better than been poor.

Investment is good but when you become rich, the first thing you need to do is to cut off the liabilities that you have on you, remove anything that you don't need for that moment and cut down your expenses then you can now start investment. If you don't do this and run into investment, you will be destabilize financially and you will begin to take from your investment because you don't have anything to use as alternative because your liability is more than your account balance.

If you are going to invest, make sure you are giving all into it and if possible look for external source of income because for business to succeed, it takes time. This is the problem many new investors and business people don't understand, just because you made an investment doesn't mean you will succeed in it. It's a risk and its either it favour you or it doesn't go as plan, this is why you must be prepared before you start invest.

Some of the rich people we have today are doing these things you're saying the rich shouldn't do but still they don't go dry, they invest to keep the money coming and buy expensive things to show how rich they are and they don't lose in any way, the money keeps coming from all angles.
Is it that they're lucky to always stay rich no matter how they spend? Does staying rich has to do with both the idea of managing your wealth and luck at the same time?
The whole thing to me has to do with luck if you ask me, while investing some might fall in the wrong hands while trying to do business that will be profitable and they lose everything while some get it right by doing business with legit business men and things will be cool with them.

Rich people who are smart and wise usually will not use money carelessly on things that are not important, so they will only consider important things to use their money, such as in business and also in investments that can give them more money in the future. Your advice is good enough for everyone even though the point is for rich people, because I am also not surprised when I see there are rich people who are still wasteful in their lives by not considering anything when using their own money.

However, this also needs to be seen as a bad option by poor people who are struggling to become rich in their lives, that they must be able to make the right decision when they want to spend money on something. And the most important thing is that there must be a business and also an investment for the future that can help himself when he is old.

When someone becomes a billionaire and is very rich, he will no longer care about appearance and must follow market trends. Someone who just wants to look rich will try any way to get people to see him as rich. But someone who is truly very rich does not need recognition from others. He will appear as himself. He wouldn't care about other people's judgments. You can see someone who is on the Forbes list and they only wear plain t-shirts.

But I think there is nothing wrong if a billionaire shows his wealth by posting photos on a luxury yacht or villa. As I said before, when someone becomes super rich they won't care about other people's judgments and only care about their own personality.

At least we must try to save money and not spend a lot of money in unnecessary places. Buying expensive goods will make our finances reduced, especially if we just build financial power in business and investment. Most people are too pursuing a luxurious life without thinking about the adjustment between income and expenses. To achieve a better life we must have a plan and develop financial to be more productive.

Be this life as a step to achieve the stage of financial freedom and try to live more efficiently in order to reduce unnecessary expenses. There is no easy life without being prepared and make a target to achieve success as we want.

I feel like buying one expensive high quality thing, is better than buying ten cheap low quality thing. Because if you buy once, and keep using it for many years, then you are actually getting cheaper per usage from it.

For example I have one item of clothing, that I owned for ten years now, still as good as brand new, and yet we are talking about something that is so expensive, it was nearly like one month salary back in those days, probably worths around the same now as well. If I had bought something else, something very cheap, then I would have probably ruin it by now, and would have to end up buying many more times, which is why I think it is smarter to just one high quality thing for once and not repeat it again.

You are correct. The rich people understand how to control their money and how to live with a life style that will generate more money. Those who claim to rich focuses on how to get flashy and luxurious things to give people the impression that they have the money but the real rich people are very simple in the of doing things, they only think of way how they can be able to generate more money that is why they keep on become rich because they understand how to obtain wealth and they know living a luxurious lifestyle is just a way of spending money on things that won't bring any good value .

Avoiding expensive and luxurious lifestyle truly sustain wealth, people who live the luxurious lifestyle would always want to give people the impression that they have money to spend even if the money is not their to be spend.