5 things you should not do with your money to get rich

[Davidvictorson]

5 things you should not do with your money to get rich or advance your lives

3. Don't always buy something that loses value

      - One of the major problems with what we spend over time is losing value or depreciating. Like you bought a phone or a car last year, but
      I'm not saying that it's not a necessity, I don't mean it like that of course. What I want to convey is that you don't always have to keep up
      with the trend, just because there is a new I phone that comes out, you will also buy such gadgets even if they are very expensive and it
      will be a bit difficult to buy it, but it turns out that you are just forcing your own so you can keep up with the trend.
      It's the same with the car because you'll need a down payment there, gas costs, maintenance, and other things that will be needed here
      because if you don't do it, you'll surely sell it at a low value.

I agree with this point but then in the world we live in were it is an in-group vs out-group thing. Most people who do not jump in on trends tend to be looked at as old-fashion or rather they end up being shamed for not joining the trend. In my country this is particularly the case with iPhone users  vs Andriod users. So the result is that you have a lot of broke people who may be struggling to feed using the latest iPhone just because they want to join the trend. It will be really difficult for these folks to get rich or stay rich.

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[theskillzdatklls]

If someone needs to read that list to get their financial advice, they were never going to get rich in the first place. It might help stop them from becoming poor lol but that's about it.

[harapan]

Investment helps and don't forget to diversify our investment.
Do not oppress the poor with whatever you have
Five back to the society in your little way.
Investment in stocks, Bitcoin, Real Estate and something that daily gives you profit. Don't be the type that spends 50 after you make 50
Spend 5 after you make 50, you can also save 5 after you make 5

[Vaculin]

1. Don't spend without a plan
  Because if you want to save something or have some money, you should keep having plans when it comes to what you buy.

Making plans or spending money without a budget can be very bad for your money. The rich are very meticulous with money. One of the wisest things I have heard about money discipline to get rich is also not to spend money before it comes. That is, as much as possible, you should avoid borrowing money to buy things or buy something with the promise to pay later.

Spending without a plan is like wasting your hard earned money in unnecessary things. You will never know they’re gone until you get there. The reason why a lot of responsible people do spend following their plan and spending within their budget. Otherwise, you will end up having financial breakdown just because you have spend more than your available money and might even get you in unexpected debt.

[Rengga Jati]

2. Don't brag about having a lot of money...

              "2 things when you have a lot of money"

                      a. You make a new friend.
                      b. You have a close relative.

Somehow, this is often done by people, when they have a lot of money, they want to tell others. One of the goals is for them to be recognized so that others are not demeaning, and so that they receive the respect they deserve. It is undeniable that in our current society, money can be said to be very influential in any way. It's not fair but it's the fact. The fact that people will put more honor on those who have more money. sad.

5. Don't invest suddenly

Investing in whatever the term will need certain knowledge and ability. For some people who are new to investment, they must understand at first what they are investing in. Wasting money on a fake investment will only make a bad result, moreover if deceived by the scammers, they will only lose money. That is why, every time you are going to invest, although you have much money, aways understand what you are going to invest and take a smart decision for investment.

[suzanne5223]

The OP makes some important points but I think what he doesn't realize is that being rich and saving money are not actually the same thing.
To be anyone can be rich he/she has to know his/her capacity, potential, and natural gift, find a problem in the space he/she specialized in, and fix the problem while he/she makes money through it.
These are the things all the Billionaires we see today did.
To prevent money wasting and increase saving ones need to be disciplined, skip some luxury life, and limit or quit ^{(alcohol, smoking, gambling, and drugs)} which are the most money waster in history.

[Semar Mesem]

The theories for getting rich are of course very many and varied, but the thing we must believe is that wealth is destiny, if we use 24/7 without sleep for work or business it will not guarantee that we can be rich, the proof is that many people fail in school but can have a big business, or vice versa, that is a smart person with a high IQ but poor and over 50 years old but still renting a house.

[wiss19]

My list of things one should do to get rich

1. Don't borrow to spend, try to limit your spending within your earnings.
2. Don't expect getting rich in the short term, getting rich is long process. Few might be lucky.
3. Spend on luxury investment (car, mansion etc) after making yourself rich.
4. Allocate specific percentage from the earning for investment & savings.
5. Make a spending chart which will let you identify the mistakes happening on your process.

1. Many crypto enthusiasts borrow money if they don't want to sell their valuable cryptos and they can also use their borrowed money to buy more cryptos. Borrowing money only becomes bad if you spend it in things which are not really that beneficial.

2. Those who got lucky and got rich in a short period of time do also take more risk like they burned more money in gambling in casinos or investing in shitcoins. This is not advisable as it isn't guaranteed and it will only make you more poor if you didn't get lucky.

3. I don't see anything wrong with it. You deserve your wealth anyway so why not treat yourself something better? Just don't overspend and then slack off. You still need to grind so that your wealth won't run out.

4. This is correct and can go with number 3.

5. This is also correct. It's important to track everything that we spend.

[Adbitco]

what i noticed from your write-ups' is that we shouldn't live a competitive.
concurrently most of us generally have been living a competitive live trying to please people we don't know or have came across with makes us showing up anyone who can look beyond this things can actually became successful in life. Certainly the secret of success is giving and any body who don't like giving or give to the charity doesn't make an open door to himself rather than tightening his success.

There is something you can't avoid whenever you became successful in life
Which is new friends and relatives, its then they will would show up to you and even though you tried to avoid them they will keep coming, although these things listed are absolutely correct.

[Cryptomiles1]

Riches don't come so easily it comes with lots of planning and working hard to obtain any level you could want in life many people don't get prepared for riches they have missed lot of opportunities in life due to they aren't ready to become successful in life, why? there are people who could only get rich with just a thousand dollar while those that are not prepared could spent Hundreds of thousands yet no made no income or impact in their lives. Always the lazy ones gives excuses of nothing well prepared or not having enough funds to start up something good for their selves.

[stomachgrowls]

4. Don't waste money on useless things

This would be the key.When you do have the money then its better not to consider yourself on buying off things which doesnt give out any relevance or cant be used.
For sometime there are things which we do wish for and its not bad on buying that but of course which everything should be on moderation.

Focus on buying things which would really be beneficial or something that could make you more productive and something that could be used.
Just simply have that control on buying things and avoid on those useless ones so that you wont be basically wasting your time.

[sunsilk]

About bragging money, it's becoming common these days to be showy to the public that you've got a lot of money. But usually, when someone does that, they're most likely broke.

The real rich folks don't share that they've got a lot of money and what they're sharing are their words of wisdom. Bragging comes with responsibility and it may be the reason for your harm.

Just spend money wisely and don't be like a one-day millionaire.

[Mahanton]

About bragging money, it's becoming common these days to be showy to the public that you've got a lot of money. But usually, when someone does that, they're most likely broke.

The real rich folks don't share that they've got a lot of money and what they're sharing are their words of wisdom. Bragging comes with responsibility and it may be the reason for your harm.

Just spend money wisely and don't be like a one-day millionaire.

You are right which you would really be having questions on mind on how the heck these people do really brag out that they have lots of money in public which is really a safety hazard.
You are really putting yourself in harm.Real rich people wont really be having that kind of behavior but rather then would really be just keeping silent and would continue
on what they are doing and accumulate as much as they could without the need of bragging out because they do know that it could really put them on harm on doing so.
Getting rich doesnt really able to get overnight.It is something that you would need to work hard and be wise on every decisions you would be making.

[Sanitough]

sometimes what we don't realize is that we buy goods not based on needs but desires, so there will be a lot of additional expenses that are not really needed. sometimes we find it difficult to control it because of wrong thinking without any control. The need for cigarettes in a month is indeed quite large, if we can control it then cigarette money can be more useful at least we can invest from that part, and it will be useful in the future

This happens due to the prestige that has surrounded us and this is one of the characteristics of humans that is actually difficult to change because we are always trying to appear better and more prominent than others.
Even though it's not all like that but things like this still happen for most people, it's definitely experienced this.
I personally try to buy something based on function not based on prestige because this indirectly can also train us to be able to manage finances.

I know this one is hard to avoid and even becomes unstoppable for others but if you are thinking for its long term effects, you will only suffer from having wrong management of funds that will put you on being financially broken. So if you can manage to refrain from doing it, do it now because that will only be the best way so you can manage your finances and save a good amount in the future. No need to focus on your wants and other prestiges in life, live life on its purpose and just stick to your own needs.

[lionheart78]

You can also add to not to do with money is to be generous with your friends.  if you become generous, your friend will exploit you and suck you dry, and leave when you don't have money anymore.

About bragging money, it's becoming common these days to be showy to the public that you've got a lot of money. But usually, when someone does that, they're most likely broke.

Most people who brag about money online or in public are probably a network marketer.  They need to show their assets in order to make people believe that they are earning in their networking company.  Other than that, it is normal for parents to brag about their kids earning with their friends.  Parents are proud that their kids is established.

The real rich folks don't share that they've got a lot of money and what they're sharing are their words of wisdom. Bragging comes with responsibility and it may be the reason for your harm.

Just spend money wisely and don't be like a one-day millionaire.

True rich people dont' brag their wealth, they even misdeclare their income to reduce the amount of their tax.

[eightdots]

5. Don't invest suddenly

We make hasty decisions in many areas of our lives. I generally suffered from this. I am successful when I think for a while and find wise methods and decide without haste. I see this as the most important item. Because when we suddenly decide to invest, we don't think about it enough. We only think about the result we want it to be. It usually doesn't happen. Because a sudden decision brings with it deficiencies.

[lalabotax]

1. Don't spend without a plan

This seems like the basic thing in money management. Better money management, better money condition. Money management includes the way you get the money, plan, and also spend the money. Everybody may have different money management with their own plans based on their needs and future planning. So, this will depend on how you want to make it. Here, dividing the money into several things is necessary to know how much to spend for now, for premier needs, for other needs, for urgent needs, and also for the future. This will also include free money to be used for investment or other activities.

2. Don't brag about having a lot of money

Unfortunately, this may become one of the reasons why many people become the target of robbers, and criminals because they brag about their money moreover in social media. It is needed to be calm and low profile even if we have a lot of money.

3. Don't always buy something that loses value

Exactly, if we have a lot of money, it is better to buy the premier needs first. AFter being fulfilled, we can divide the money into some necessary. You actually don't mind buying something that losses value like cars or others, but as long as we have the limitations and we have investment. We have better make it for investment that will pay you passive income.

[boyptc]

4. Don't waste money on useless things

When you've got the money and it's like an infinite supply of money on your possession. It's like that you can do everything that you can and you want to buy almost everything that you want.

Someone who can't control himself with that possession is bound to be poor again if he's from zero to hero and then don't know how to manage his money or didn't seek help from financial experts on how to handle his money properly.

[Smartvirus]

Some of the worst ways to quote on this thread's first page. Quoting an entire OP that is this voluminous is just something that shouldn't be done. Should the whole thread be of reference, we are already in the thread and quoting might be unnecessary and should it becomes necessary, just a snip would do.

Looking at the details in the OP and the subject of the thread, I thought more about the thread describing ways of making sme false or bad investments but instead, its about bad spending habits.

Don't Invest Suddenly. This is where it makes sense. I'll say, don't invest in a trade you've got no idea about. Either you seek professional knowledge or you take the time to study the trade yourself.

[RockBell]

I appreciate that everything you wrote is accurate, beginning with

Don't spend without a plan

Spending without a plan is a risky game to actually play because most people like to brag and try to impress others. You won't ever be held responsible for your spending, and as the saying goes, if you don't plan, you're preparing to fail.

Don't brag about having a lot of money

Generally speaking, bragging is not a good thing. Be humble, keep your head down, enjoy life, and assist those in need if you can.