Topic: Things to avoid when you earn a lot or become rich - page 6. (Read 2171 times)

If you enter debt due to sickness it is another terrible problem someone can get himself into. although I know that some debt is just that there is not any other way than to take the loan, but the main thing is paying back. But you see your own problem is the medication, you know with the way things are going now maybe the loan will not even enough to get the medication you want to buy base one how expensive drugs are now. furthermore, the sickness may not be as one expect, so all this emergency stuffs are things that make someone go broke even if you are earning money.

Things to avoid when I become rich is as follows:
1. Pretend as if you are not yet rich to avoid people around you looking up to you as if they can't do without you.

2. Don't carry all responsibility of your family otherwise they will pull you down.

3. You'll learn to control yourself in expenses because when you upgrade in financial status your level of expenses also increases. Maybe if you normally spend $50 a week when you aim $500 a month you may not longer manage $50 a week when you start aiming $1500 in a month. The ability of maintaining the old strategy of spending even why you have upgraded will allow you save more money for other important things.

4. Of course paying loan is very important if actually you are owing there is need to pay in Oder for it not to keep increasing.

Another problem is that people cannot distinguish between good debt and bad debt, a loan that you can get for a low interest rate, that you use to create a new source of income for yourself or in your health is a good debt, but most of the debt taken today by people is bad debt, as they have to pay high interest rates on it and they take it just to mindlessly consume things they do not even need or want, and yet they keep taking that kind of debt as they believe this is the way people are supposed to live their life.

Avoiding certain pitfalls is critical to maintaining personal wellness and financial health when owning more asssets or earning more . Overspending in life should be avoided as lifestyles inflation can quickly deplete assets. Also , stay away from investing without due diligence. Maintain genuine relationships. Moreover , avoid complacency and negligence in long term planning , including savings and retirement funds. Hold on to personal values ​​and ethics that will benefit you in your pursuit of new wealth.

I feel like you would know a bit, okay maybe you do not know the whole 100% thing, but I think you know a bit. I have always been kind to waiters and any other service worker for my entire life, just because I make some money doesn't mean that I am going to change 180 degrees, I am going to be just fine. I may get a little bit more paranoid and try to act a little differently, but not entirely and I think it will not become a problem at all, it should be something that would be easy to handle.

All in all I believe that people can change, just not that much, like you said, you didn't care about diploma and you never used it, just a small teary eye moment isn't a huge change, that type of small things could happen but not great changes.

I think the ones who said that debt is a trap, are only the people who also don't take loans. Maybe there are still people who thinks that debt is risky or can give them a headache, though they have no choice but to still continue availing it because they also need the money for something important. I think this isn't totally wrong, and maybe if we are on their shoes, we will also do the same thing.

Not only in the United States but I think it is also the same as other countries. Maybe they will struggle financially afterwards but they can say that at least, they are now enrolled and can study on their chosen school or courses, they can now drive that new car that they have been dreaming of, and they can now have that other items with the help of their credit cards.

The problem is that most people do not realize how much they can pay back, and that causes their trouble. It's the same with me, thankfully my boss gave me a bonus this month, but I am near my entire salary for my debt, not because of luxury or anything, it's medical bills I am paying, but it is still terrible calculation on my behalf, I should have taken long term loan, I just wanted to pay it and be done with it quickly, so that was my mistake, but after a few more months of terrible period, I will be done in a couple of months.

In the end, calculate how much you can pay back, you can always get a loan there is nothing wrong with debt, just realize if you can pay it fine or not, if you can pay it fine without trouble then getting debt is fine.

Maybe not only expensive things but also avoiding expensive habits continuously, such as buying expensive coffee, eating at expensive places, or something like that. Because surely we can also buy such things at a cheaper price. It is better to prioritize spending that provides long-term value. This can also prevent us from becoming impulsive buyers.

Moreover, having consumptive debt that has high interest, this must be avoided because it can threaten finances to become worse. Someone with high consumptive debt tends to have difficulty owning and adding assets, this will hinder finances. Maybe if you have debt for business activities or something that has benefits, it could be better.

There are many things that fall man from achieving their goals in life but I think we ignore this ones a lot of the time even when it's obvious is the reason why many men don't make it in life. It's womanizing and spending money on Alcohol, these two might be subjective but if you are the kind of person that loves women a lot, you can't do a day without womanizing, you will remain where you are and probably make nothing your life because most often you will be spending money on them trying to impress them.

Another one that hinder men from making it is gambling, so many people are where they are today because they have wasted all their money into gambling trying to double the money they have worked so hard to get and sometimes they get influence because of friends and the money they don't see as money actually matter after you do the accumulation of the money they have spent in gambling. Not saying gambling is bad but it should be done moderately with amount that is nothing to you, not your savings until you remain broke.

Indeed, as we get richer, our tastes will increase, and that applies to many things. for example, with food styles where when finances are mediocre, of course we will only buy food that adjusts to the financial situation, as well as with style. but sometimes there are people who impose a rich and luxurious style but in reality their financial situation is very bad. Also when wealth increases, of course it will affect lifestyle, for example, with the beginning who usually does not usually use watches, but because finances increase we can follow the increase by buying and owning watches and because it is a habit, of course, it will feel something is missing when not using watches.

Of course, the increasing financial structure will make lifestyle or others become expensive, apart from the economy also with the lifestyle will increase. When finances increase, having a plan is certainly important not to make unimportant expenses, things that must be avoided when finances increase are unimportant expenses that can make finances run out irregularly.

As time goes by, our needs are always met with a high income, that's a very good stage for us to do useful things. It's really important to have good financial management, with self-appreciation, use the money to do things we like but with certain limits. Naturally, that's much better, by not being wasteful with expenses, at least you are saving for the long term, so you can avoid going crazy about the wealth you have worked so hard to obtain so far.

It will be good if he can assure that there's a good return on where he spend his money and there's nothing will be stagnant or dead investment since everything will be fine. But if he used the money to buy luxurious things or cars or houses which cannot generate him an income then the problem will start their since for sure he would have a liability that can also drain his finances. That's why we need to be smart on choosing on where to spend our money so that we can make sure that everything we do is good and we could ask some advices to the people we trust especially if they are good on handling their money or even businesses since provably we can also get an idea on how to improve more our lives with the advices we get from good people.

Indeed, there is nothing wrong with someone who already has a lot of money to spend it on things they really need and the most important thing is that they can make good use of the income they have. You are right. Those who cannot manage their finances well will certainly spend their income on things they really need. not needed, of course it will be very detrimental to ourselves because after working hard to make money, and I agree with you in being able to avoid being crazy about wealth which makes us tired of doing work.

Yes, that's right, there's no other choice. Man, I think that people who work hard in their youth, rotate above the salary base if they don't save and invest for their old age. So when they get old, they can't work, how do they live? Everyone has done some planning for their old age, and those who say that saving is useless to do and invest. They are the same people who, after getting old, are seen begging on the streets or staying in old-age homes, because I don't understand what other option there is.

The biggest difference between humans and animals is consciousness. The creator has blessed humans with intelligence. Humans need to think and those humans also think about what they will do tomorrow and how their tomorrow can be better. Those who walk in their life as planned are never disgraced in time and never turn to be recognized. Those who only think of today and say tomorrow what will happen will be seen I have seen them struggle. While doing so, their lives and their families get into trouble because of their decisions.

When people earn more money, their needs increase day by day and people become more expensive. Being expensive is not a bad thing from my point of view as long as it doesn't lead to bad things. Because money has the power to slowly lead people down a bad path. Therefore if money can be used for self-expenditure in a controlled manner then there is nothing wrong with it and if some of it can be spent in the work of humanity, it will be able to bring about the spiritual liberation of people. So not getting infatuated with wealth is the main thing that we should avoid.

As for bragging, I think we don't need to post pictures of ourselves holding a bunch of money, or showing off our bank account balance for everyone to see, or ridiculous pictures. We just need to post a little simpler photos to let everyone know that our lives are changing for the better after many hard days without having to brag too much. I think we won't face any risks, people are just exaggerating things more than necessary.
There is nothing wrong with us being proud and wanting everyone to know that our efforts have paid off, our choice was the right one.

In addition, our success is also the pride and honor of our parents, so it is not bad when our parents proudly talk about how successful we have been. Just like in the future, if our children are successful, we will show them off to our friends and be proud of them, which is a great joy for any parent.

It is obvious that the more we become rich continuously, we become expensive and we don't eating or wearing those things that are quite common to us. Change is quite constant and everyone do dance to the music so it is a normal thing for us to become more expensive when money keeps flowing in. Planning is an important aspect we need to consider for us to keep making money from what we do so we don't go bankruptcy. Pride is a major factor that has made a lot to be so big before everyone since they felt like they are now rich and no one could talk to them or challenge especially in their own level or below. Money is a spirit that could make us go astray.

I felt like that when I first made a lot of money. I wanted to show off, prove that I'm worth more now, that I'm successful. I wanted people to envy me... and then I slept on it, spent a few days doing nothing, thinking of next steps and came to the conclusion I would still be worthless to them. People who don't respect me wouldn't start to respect me because I made some money. They'd rather belittle my achievement to try to show themselves as more successful in comparison. People who like me could turn away from me because they'd see me as fake, trying to show the extravagant side of me that isn't real.
So I did nothing. I waited, just begun to save up less than I used to, spend my income instead of investing it because I had so much profit from investing I no longer needed to do that. My life improved, but my friends did not turn away from me because it was a slow and gradual improvement.

I admit that the majority of people's habits are like wasting money, it is fun when you buy various things or whatever you want using the money you earn from work, and I would say that this is a habit that people have. - a person who will dedicate himself to always working all his life until he dies. Health is the most important thing, but everyone will enter an elderly phase in their life which is a phase of decreasing personal fitness, I am sure that most people want financial freedom in their old age, everything that will happen in the future depends on how and what actions do you take nowadays, meaning that if you don't want to enjoy old age by always having to work then that means you have to do something that people in their youth didn't usually do.

Differentiate yourself from other people your age, when other people buy something they want and don't need, you have to allocate some money outside of your needs for something that has the potential to produce greater profits in the future as provisions for your old age. like investments or whatever. I'm not criticizing it, but it's quite worrying when I see people who have low incomes but spend their money blindly on something they don't really need. Management is the main thing that must be prioritized over satisfaction.

This means that we have to be wise in using money, not to maintain prestige.

Because it cannot be denied that when someone has a lot of money, what does that person think, what can he buy with that much money? and it often happens that he just buys something luxurious just to show off to other people that we have money.

Surely everyone likes luxury goods? But we also have to think first, can you take good care of these luxury items? It must be admitted that this is not the way to get rich, because you will only spend more money to maintain it.

So what the OP said is good, apart from that maybe don't think about or prioritize prestige if you have a lot of money because it's better to be wise. Use the money you have for things that are much more important, use that money for things that suit your needs. There are many things to avoid when we become rich, and usually rich people are wise in using their money. Their mindset is that money will work for him, not him working for money.