Things to avoid when you earn a lot or become rich - page 8.

knowngunman

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Quote from: kryptqnick on June 05, 2024, 03:40:27 AM

I believe it's okay to buy expensive things right away, as long as we need a small share of wealth to do so and such purchases won't endanger our condition by depriving us of resources we might need for other purposes. I do agree that it's good to ask yourself about the goal, and that buying stuff to impress other people isn't smart, but if it's something you really want, and it makes sense to you, it's okay to buy it.
Of course, if you have outstanding debt, I agree that it must be the first priority to pay it off, and it's not good to take more debt.

I think we have the same opinion on this particular point. I read through the Op thread and there are valid points that need to be practiced to keep someone wealthy. Although doing these practices is not a guarantee but it will at least justify that you do the right things that should be done. However, the point that talk about buying expensive things is not convincing to me. Buying expensive things is never a problem and can not be avoided some time. What matters here is the purpose you're buying the expensive things for. Buying expensive things that are useful to you or that would probably bring in more income is a very necessary thing to do. At times, it may seem like show off to people but that should not stop one from buying expensive things when they actually need it to improve themselves.

On the other hand, debt is a disease that slow down progress. When someone becomes comfortable with debt, they hardly succeed because when you take a step forward, debt will pull you back one step. I understand that we can not entirely do away from debt due to circumstances some time but it is advisable to clear them if you can and if you can avoid it by any means, don't hesitate to avoid it.

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Quote from: Kristiyana on June 10, 2024, 11:39:18 AM

Most people who normally post there success on the social media always fail to realize the risk it will bring to there life because on a normal they will feel that they are actually helping or motivating people on the things he go through before arriving were he is and there is nothing wrong with it but in other words he is actually telling people how wealthy and rich he is and possibly he could endanger himself by doing that, though is mostly common for those people who started with nothing and become rich later.

I don't want to cut their fun when they are happily sharing their success on social media. That's what success means to them and they want to bring it out to people so that they will be recognized.

But I tell you what, real successful people, they won't be the one to proclaim that they are successful.

Instead, people who are seeing their riches and successes are the ones that will speak for them.

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Quote from: Yatsan on June 09, 2024, 11:28:18 AM

I remember an ideology which says that if you move to level three (pertaining to net worth) don't be in a rush to upgrade your lifestyle as well on the same level. For me it simply means to create a margin with how much you have and how much you would spend because if it would be equal, then nothing will change. Personally, whenever I am planning to buy new things like a new phone, I do check if I could buy it 10x first before actually making a purchase, which works for me and allows me to not be on a financial burden for the next days or months. Becoming rich indeed is a wonderful thing to happen in everyone's life and for sure it would be tempting to buy anything you would want to however if things won't be consistent you have to consider managing your cashflow still.

The journey of life is a continuous process. It means no matter what you are doing, no matter where you are. The only thing that you need is to rest at some point and then move on again. even if you seem to be the most educated person in the world, you must keep learning for you to be who you are. This means, even the richest person in the world will keep on struggling for more money for him to maintain that position of being the richest person in the world. Don't just because of the fact that you are rich already and relax.
Furthermore, keep it in mind that even if you are rich, you have to be humble and treat others with respect. Nobody is a island, everyone needs another person either directly or indirectly.

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Quote from: iv4n on June 10, 2024, 05:03:43 AM

Some people like to show off, and some people don't. Surely there are such people in all social classes, the common thing for such people is that they usually overspend on things they don't need... Ramsey said it nicely, people shouldn't do it, but many people will never stop with that, especially how modern society looks, it's all about prestige.

As always, people should be free to do what they want with their money. So it's OK if someone wants to show off and can afford it, but when it comes to all others "overspending" will get them nowhere (if they don't marry someone rich

). In the long run, this is something that can lead to serious debts, and where there are serious debts, there are also serious problems. Without going into details, a lot of things can go wrong.
The conclusion was that we should not spend too much, whatever social class we are in, it is wise to take care of finances and try not to overspend on things we don't really need.

I feel like that's a psychological thing where people who lack something, end up trying to show off in order to basically try to tell people that they do not have enough. I think it's quite clear that we are not going to end up with anything decent, we are going to end up with something much more tough if we are not careful and that's the most important part.

I believe that people should realize that if you are not happy, or if you are lacking something, trying to show off is just a way to make yourself feel better about yourself, I know a lot of people like that, one of my closest friends in the world is like that, I understand it and I love him the way he is, if it makes him feel better then I can't really judge him for his actions.

Lantind

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Quote from: rojan on June 10, 2024, 11:00:53 AM

Quote from: |MINER| on June 09, 2024, 02:31:22 PM

Most people become ostentatious after becoming rich. It means they want to show everyone that they have a lot. And this is a disaster for them. Because they get so caught up in the show-off game that they buy things beyond their means. This puts them in debt. More debt is the cause of their emotional pain. Turns out. Everyone should plan to live a normal life. Live within their means. And pay off debt and live a healthy life. If we notice, we will see that many rich people own a lot of debt. And everyone should have a plan to use it properly after earning a lot of money and arrange how to get profit from that money. Otherwise, they will sit and eat. Money will run out one day.

When some people become rich suddenly, their behavior and behavior changes a lot. People who become rich in a short period of time often try to oppress people by telling them that they have a lot of money and that they are very rich. We should No matter how much money we have, we have to treat everyone well and earn honestly. If we can live with our family with honest income, it is a big gain for us.

When someone can get their wealth easily and their behavior also changes, of course they have never experienced difficulty in making money so they think other people don't do anything to get money, really they are very arrogant about what they have managed to get and I think people like they won't be able to survive for long with what they have and other people will also dislike that person.

I agree with you, no matter how much wealth we have, we must still be able to treat other people regardless of their background and it would be better to treat everyone equally and not discriminate, by having an honest income this will certainly make life better. what we do is better and we don't have any burdens because the income we have is not in a way that violates the rules.

Kristiyana

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Quote from: 0t3p0t on June 05, 2024, 04:36:51 AM

Quote from: DeathAngel on June 05, 2024, 03:48:46 AM

If you’re lucky enough to become rich you should avoid excessive materialism, flaunting your wealth & surrounding yourself with money focused individuals. It's important to prioritise financial responsibility, seek genuine relationships & make informed investment decisions. You should avoid neglecting your personal well being & prioritise mental & physical health. By avoiding these pitfalls you can maintain a balanced & fulfilling life as a wealthy person.

That is actually the most common way most individuals from rags to riches do. I can even see people posting something they achieved in life on social media and I personally do not have any problem with that because it's their life not mine but yeah it all comes with risks we all know that.

Most people who normally post there success on the social media always fail to realize the risk it will bring to there life because on a normal they will feel that they are actually helping or motivating people on the things he go through before arriving were he is and there is nothing wrong with it but in other words he is actually telling people how wealthy and rich he is and possibly he could endanger himself by doing that, though is mostly common for those people who started with nothing and become rich later.

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Quote from: |MINER| on June 09, 2024, 02:31:22 PM

Most people become ostentatious after becoming rich. It means they want to show everyone that they have a lot. And this is a disaster for them. Because they get so caught up in the show-off game that they buy things beyond their means. This puts them in debt. More debt is the cause of their emotional pain. Turns out. Everyone should plan to live a normal life. Live within their means. And pay off debt and live a healthy life. If we notice, we will see that many rich people own a lot of debt. And everyone should have a plan to use it properly after earning a lot of money and arrange how to get profit from that money. Otherwise, they will sit and eat. Money will run out one day.

When some people become rich suddenly, their behavior and behavior changes a lot. People who become rich in a short period of time often try to oppress people by telling them that they have a lot of money and that they are very rich. We should No matter how much money we have, we have to treat everyone well and earn honestly. If we can live with our family with honest income, it is a big gain for us.

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Quote from: |MINER| on June 09, 2024, 02:31:22 PM

Most people become ostentatious after becoming rich. It means they want to show everyone that they have a lot. And this is a disaster for them. Because they get so caught up in the show-off game that they buy things beyond their means. This puts them in debt. More debt is the cause of their emotional pain. Turns out. Everyone should plan to live a normal life. Live within their means. And pay off debt and live a healthy life. If we notice, we will see that many rich people own a lot of debt. And everyone should have a plan to use it properly after earning a lot of money and arrange how to get profit from that money. Otherwise, they will sit and eat. Money will run out one day.

There is the sentence that drag my attention most which you have spoken volume in my heart and this is,
PLANNING the saying that goes failure to planing is planning to fail that has become the most order of the day when many get Rich they forget the investment and cutting of coat according to their size and leave luxurious life style that leads them into debt, but if one first plan well no matter how the money enters and leaves one hand the person will not run into debt because any money that is replaceable is hard for person to run into debt because most if the course of the debt is not just leaving a luxurious life style but failure to plan the source in which the money will bounce back to handle the debt.

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Quote from: Ben Barubal on June 05, 2024, 02:35:59 AM

~snip~

Good list, but here's my two cents regarding this topic. The thing is there's nuances when it comes to buying expensive things. To me, buying expensive shit as a form of reward every now and again, is totally good and permissible, at the end of the day, you put in the effort and the hours that lead you up to that level of wealth, you can't just work and not live your life. Buy expensive shit as a form of reward, treat yourself and your day ones to new experiences, make the most out of the money you made. Money is made to be spent, not to be hoarded after all.

And of course, protect your money-making machine. You can't just quit it or leave it hanging out in the open as soon as it served its purpose and had made you wealthy already. Keep learning new things related to that craft, become more versed, protect your income and your income-maker, and you'll go far my friend!

iv4n

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Quote from: C10H15N on June 09, 2024, 03:48:53 PM

Quote from: |MINER| on June 09, 2024, 02:31:22 PM

Most people become ostentatious after becoming rich. It means they want to show everyone that they have a lot...

No. Most wealthy people do NOT show off. Wanna bees who buy luxury items on credit to show off are the real market for such items. Real wealth is usually vastly understated.

Fake it until you make it is a lie. Faking it (debt) will stop you from making it. New Cars are the biggest wealth killer in the world.

In the words of Dave Ramsey "Don't spend money you don't have to buy things you don't need to try and impress people you don't like".

Some people like to show off, and some people don't. Surely there are such people in all social classes, the common thing for such people is that they usually overspend on things they don't need... Ramsey said it nicely, people shouldn't do it, but many people will never stop with that, especially how modern society looks, it's all about prestige.

As always, people should be free to do what they want with their money. So it's OK if someone wants to show off and can afford it, but when it comes to all others "overspending" will get them nowhere (if they don't marry someone rich

). In the long run, this is something that can lead to serious debts, and where there are serious debts, there are also serious problems. Without going into details, a lot of things can go wrong.
The conclusion was that we should not spend too much, whatever social class we are in, it is wise to take care of finances and try not to overspend on things we don't really need.

bestcoins1

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Surrounding yourself with the wrong people: It is crucial to surround yourself with positive and supportive individuals who have your best interests at heart. Avoiding toxic relationships and influences can help you maintain a healthy perspective on your newfound wealth.

I remember when I made my first hundred thousand. honestly the first thing that came to mind was friends,and the next thing was to join them in spending carelessly

Everyone who wants to be successful in any field, including business and other economic fields, must be able to see a good and positive friendship environment so that the person can find ways to increase their income. Especially passive income because when there is a rich person in our own environment, of course we have to be able to approach him and learn from him because there are definitely things that we don't know, but he knows so he has become rich and successful through his knowledge.

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Quote from: mirakal on June 08, 2024, 04:36:09 PM

People who became rich out from hardwork and sacrifices, they don’t actually stop there and just settle on their present wealth. Instead, they set and work for a new goal to achieve, not just to grow their funds, but to increase their source of income as well so that if ever one business ends up into failure, at least there are still some left that would be reliable to generate profits. That’s how open minded the rich people are, they don’t wait for opportunities to come knocking at their door, but they always look and grab every opportunity as much as possible.

Well, you are right. This time around opportunities don't even knock at the door of people again, people gat to stand on their feet and go look for the opportunity. Some of those rich people you are talking about who started from a hard way and finally made it to the top, they always seek to archive more goals and they also archive lot of diverse income streams and it also help them to retire on time and live longer because of how early they may retire to just keep on taking care of their self and eating from the fruit of their labor.

Promocodeudo

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Quote from: DeathAngel on June 05, 2024, 03:48:46 AM

If you’re lucky enough to become rich you should avoid excessive materialism, flaunting your wealth & surrounding yourself with money focused individuals. It's important to prioritise financial responsibility, seek genuine relationships & make informed investment decisions. You should avoid neglecting your personal well being & prioritise mental & physical health. By avoiding these pitfalls you can maintain a balanced & fulfilling life as a wealthy person.

I just believe that no matter how wealthy you are, your utmost concern should be the sustenance of your wealth not showup or extravagant life style, some wealthy individuals are broke today despite how rich they were just because they failed to build a good channel for the continues existence of their wealth, as a wealthy person establishing more profitable firms or companies should always be your goal, I somuch love it where you mentioned health, for me every healthy person is potentially wealthy, I said this because if you are not physically and mentally fit I don't think that you have any business with wealth even though you are wealthy and eventually you become sick, there is know guarantee that you will enjoy your wealth.

C10H15N

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Quote from: |MINER| on June 09, 2024, 02:31:22 PM

Most people become ostentatious after becoming rich. It means they want to show everyone that they have a lot...

No. Most wealthy people do NOT show off. Wanna bees who buy luxury items on credit to show off are the real market for such items. Real wealth is usually vastly understated.

Fake it until you make it is a lie. Faking it (debt) will stop you from making it. New Cars are the biggest wealth killer in the world.

In the words of Dave Ramsey "Don't spend money you don't have to buy things you don't need to try and impress people you don't like".

Fortify

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Quote from: TheUltraElite on June 05, 2024, 04:56:52 AM

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.

Warren Buffett gives very good advice on this front, although you can often sometimes find contradictions in what he says and it changes over time. Basically the only good debt is a mortgage and even that is only acceptable when offered at a decent rate. A house will likely appreciate in value but if you're borrowing to fund a new car, you are literally losing thousands as you roll it out of the dealer. If you love cars, it's your hobby and you do it with eyes wide open - there's nothing wrong with that. However you'll often find that, the younger generation in particular, are bombarded with advertising all the time and will often stretch their finances to the limits in order to buy stuff they don't really need and that is very wasteful.

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Quote from: SmartCharpa on June 09, 2024, 02:35:25 PM

Quote from: Ben Barubal on June 05, 2024, 02:35:59 AM

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.

Having a debt without paying it back is not a good behavior. Though I believe that many people are used to borrowing money, there's nothing they can do without borrowing money from others, and after getting the money they want, they become stronger than the owner. Someone who is in debt can never be satisfied with their life since any little amount of money they receive will be used to pay the person to who they owe it. Bad debt normally leads people to suffer, let's avoid debt with anyone, and if we do, borrow only what we can afford to repay because it will damage our image.

Quote from: boyptc on June 05, 2024, 04:23:52 PM

That's the sad truth about life, when they are in need and you were there, they're happy. But when the time of payment is being asked on them, they almost no care at all.

Anyway, it's not a loss for me and the lenders that have been so good to their friends and relatives when they're in need.

That's the loss of the borrower and they can never find us again with that in their condition.

That is natural in life, most of us have experienced it, some of our friends will take advantage of our good deeds to borrow money from us, but when the time comes to repay, they don't care. It's true, some of my friends borrowed money from me and refuse to repay me. So one day, I requested one of them to borrowed me some money, which was less than what he owed me. After receiving the money from him, I didn't care that he owed me money, I paid him back and he didn't think of paying me back again. They will never come to me for money again.

that's becoming generous. to which if one hears the story another friend of you will come to ask. don't be afraid to show that you are not nice. if you can say no, say it.

for me, i'd rather avoid showing that i have money, this at least will make them attempt to ask. i make sure they know i have no money and just wear the simplest clothes or just buy a second-hand car to avoid the impression that i'm rich.

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Quote from: Ben Barubal on June 05, 2024, 02:35:59 AM

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.

Having a debt without paying it back is not a good behavior. Though I believe that many people are used to borrowing money, there's nothing they can do without borrowing money from others, and after getting the money they want, they become stronger than the owner. Someone who is in debt can never be satisfied with their life since any little amount of money they receive will be used to pay the person to who they owe it. Bad debt normally leads people to suffer, let's avoid debt with anyone, and if we do, borrow only what we can afford to repay because it will damage our image.

Quote from: boyptc on June 05, 2024, 04:23:52 PM

That's the sad truth about life, when they are in need and you were there, they're happy. But when the time of payment is being asked on them, they almost no care at all.

Anyway, it's not a loss for me and the lenders that have been so good to their friends and relatives when they're in need.

That's the loss of the borrower and they can never find us again with that in their condition.

That is natural in life, most of us have experienced it, some of our friends will take advantage of our good deeds to borrow money from us, but when the time comes to repay, they don't care. It's true, some of my friends borrowed money from me and refuse to repay me. So one day, I requested one of them to borrowed me some money, which was less than what he owed me. After receiving the money from him, I didn't care that he owed me money, I paid him back and he didn't think of paying me back again. They will never come to me for money again.

|MINER|

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Most people become ostentatious after becoming rich. It means they want to show everyone that they have a lot. And this is a disaster for them. Because they get so caught up in the show-off game that they buy things beyond their means. This puts them in debt. More debt is the cause of their emotional pain. Turns out. Everyone should plan to live a normal life. Live within their means. And pay off debt and live a healthy life. If we notice, we will see that many rich people own a lot of debt. And everyone should have a plan to use it properly after earning a lot of money and arrange how to get profit from that money. Otherwise, they will sit and eat. Money will run out one day.

C10H15N

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Quote from: bitgolden on June 09, 2024, 01:20:32 PM

From what I understand by looking at all the rich people, the thing that most rich people avoid (and the most common one) is taxes. I do understand that rich people do not want to pay taxes because the amount they are paying is huge compared to anyone else, but without that money going to government, a nation can't be sustained, so nations do end up charging even higher taxes to middle income or basically any salary worker.

All in all, I believe that tax is something everyone should pay, even if you have to pay billions because you are rich, you should. Avoiding silly investments just because you want to, is the number one thing that they should avoid, we have seen how it works so far and I think it will not be all that simple for wealthy to stop being silly with their money.

It doesn't (and can't) work that way. Investors create the jobs for workers to have. Workers pay the vast majority of taxes. If you remove the incentive to invest in jobs, the wealth will simply move to another, more profitable, investment. The wealthy (investment class) have options that simply are not available to the poor (working class). Any government attempting to screw the rich will find itself broke, out of power, and dealing with a failed economy.

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From what I understand by looking at all the rich people, the thing that most rich people avoid (and the most common one) is taxes. I do understand that rich people do not want to pay taxes because the amount they are paying is huge compared to anyone else, but without that money going to government, a nation can't be sustained, so nations do end up charging even higher taxes to middle income or basically any salary worker.

All in all, I believe that tax is something everyone should pay, even if you have to pay billions because you are rich, you should. Avoiding silly investments just because you want to, is the number one thing that they should avoid, we have seen how it works so far and I think it will not be all that simple for wealthy to stop being silly with their money.

Topic: Things to avoid when you earn a lot or become rich - page 8. (Read 2171 times)