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

[AmoreJaz]

My rule is not to tell people what to do with their money, this has helped me to avoid anyone from blaming me from any lose they got.

I believe as a human being if you have the idea to make money then you are wise enough to make a good decision. I have seen many people forcing people into crypto-currency with good hope and many a times this doesn't go the way they plan.

You can teach people things but don't make your sermon seem that you are trying to force them into what they can do with their money because when it get soar you take the blame.

that is true, if they know how to earn money, certainly, they know best what to do with their money. if you are being a hard worker, you know the value of what you are earning and so you will spend it wisely.
some people don't aim to be rich but at least being a self-sufficient one. most people are at peace if they are just living simply. being rich is a subjective status and it depends on the person how he will label himself as such.

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[goinmerry]

Nice pointers you have there and I think responsible people know well how to execute those properly.

And for anyone's information, majority of rich people especially businessmen and investors are really strict when it comes on money management.

Those who are average earners are sometimes doing such reckless move that's why they ended up being busted every payday.

[BITCOIN4X]

Nice pointers you have there and I think responsible people know well how to execute those properly.

And for anyone's information, majority of rich people especially businessmen and investors are really strict when it comes on money management.

Those who are average earners are sometimes doing such reckless move that's why they ended up being busted every payday.

It all boils down to money management and any good management will produce good results too.
I agree that business people and investors have good control over their money compared to the minority of people who are arrogant because of their wealth. In fact, this arrogance and greed can't always be avoided when someone can't control their finances. This is true because unknowingly, they may forget that bad management will lead them to failure and bankruptcy.

[Viscore]

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.

Equip yourself first with basic knowledge and skills needed to invest in crypto, before you decide to jump on the next level which is investing. And always study all the background of the crypto coins, their price chart and their moves in the market, so you will know what are the promising coins to invest. And when you’re done with them, now it’s about time to take the risk in investing but always invest on an amount you can afford to lose.

[Fortify]

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

     But I'm not saying that you shouldn't invest in crypto, I think we shouldn't make a hasty decision so that our capital doesn't go to waste.

A lot of good albeit common sense advice that will do well for many people. Avoiding or at least paying off any debt is super important as a starting point, there is good debt like mortgages and bad debt like high interest credit cards which have a reoccurring balance. Once you're starting from zero, it's probably good to have a small buffer of cash available and then slowly learn how to do some modest and conservative investing.

[serjent05]

If you become rich by doing all this, then what is the use of such richness? I mean colorless life

what is the use of such richness? When you can't buy a new phone while all your friends have the latest model?

what is the use of such richness? When can not change your Old car  ?

Lol, the OP stated the process or what we should do in order to get rich.  Take note of the word "to get rich".  If you get rich then you can do whatever you like.  Somehow I think you are confused to differentiate a process from an end product.  

If someone wants to be rich by living this kind of life then good luck to him from my side.

Well if we are not born rich, we need to sacrifice something in order to speed up the process.  As the saying say, it is better to do hard work, sacrifice and save today, and enjoy the fruits later than enjoy and waste the little money we have today then suffer the consequences later.  

Responsible parents often do this not for their own but for their kid's future. Others even look past their kids and plan for the abundance of the next generations.

[Oceat]

If you become rich by doing all this, then what is the use of such richness? I mean colorless life

what is the use of such richness? When you can't buy a new phone while all your friends have the latest model?

what is the use of such richness? When can not change your Old car  ?

If someone wants to be rich by living this kind of life then good luck to him from my side.

There's a lot of misunderstanding here the OP, the title, and the replies.

I think the title should be "5 things you should not do with your money to if you get rich"

Although, your answer has some points though but I think it didn't mean to be this exaggerated like you are rich yet you are still using that kind of old car which is I think more expensive with the maintenance that you will do than having a new one. lol

But there are things also that you should not be buy-in just because you just wanted to belong with your group such as having a latest model of phone which is absurd if you asked me. If you have a working phone there's no need to buy a new one as long as the purpose of that phone is still intact such as making phone call/text or the camera is still working with a good quality that's that all.

The important part is you know how to keep your expenses to minimal to avoid over spending to nonsense things.

[stomachgrowls]

If you become rich by doing all this, then what is the use of such richness? I mean colorless life

what is the use of such richness? When you can't buy a new phone while all your friends have the latest model?

what is the use of such richness? When can not change your Old car  ?

If someone wants to be rich by living this kind of life then good luck to him from my side.

There's a lot of misunderstanding here the OP, the title, and the replies.

I think the title should be "5 things you should not do with your money to if you get rich"

Although, your answer has some points though but I think it didn't mean to be this exaggerated like you are rich yet you are still using that kind of old car which is I think more expensive with the maintenance that you will do than having a new one. lol

But there are things also that you should not be buy-in just because you just wanted to belong with your group such as having a latest model of phone which is absurd if you asked me. If you have a working phone there's no need to buy a new one as long as the purpose of that phone is still intact such as making phone call/text or the camera is still working with a good quality that's that all.

The important part is you know how to keep your expenses to minimal to avoid over spending to nonsense things.

Live by your means and dont really make yourself fall into that situation where you do buy up things according on what you do see around.Making yourself rich doesnt always end up on success which does simply means

that you do all sorts of thing which it could potentially make do some advantage.If you are spending money too much on something useless then it would be understandable that you wont really be getting nowhere.

When you do get rich then diversifications would be always the key so that incase one of those things had failed, you could still be having the chance for recovery.
Just be mindful on your spendings and having proper money or financial management.

[S3300]

In my PoV,

1 - Never do impulsive purchases
2-  Never purchase something which you can't afford
3 - Never be greedy or foolish

I think the most important thing a living human being should do is invest their money, while you are investing your money do not forget to enjoy yourself and have a good life too, time wait for no one, invest your money and find a good way to enjoy it.

While on the journey of investing and getting rich many people have failed to live.

[sana54210]

What you have explained are clever plans that would help anyone to succeed when they have money. There are some monies that would come unannounced, particularly in betting or trading, one should not squander them, it is all about self-restraint and a good investment plan that would make such a person rich for life. Money is volatile, but when we invest, we would always be enjoying its dividend for life.

If the use of money is not used in the right place, then no matter how much money we have will be wasted. Smart steps are needed in the use of money, both investment and other uses.
Although there are so many forms of investment available, the question is where are we more comfortable?
For some people on the forum, the answer is definitely bitcoin, besides being able to maintain value, bitcoin can also maintain assets, but it needs control, strategy and a measurable timeframe, so that investments run as desired and get maximum results.

There are so many families who got rich thanks to one person, but then their children had no idea how to run a business and then bankrupted. Sure, that rarely happens when we are talking about families with 1+ billion dollars, but if you are a family with a 10-50 million dollar business and then the kid takes over with absolutely no idea then they could bankrupt it easily.

This is a proof that you could always lose a lot of money if you have no idea what you are doing with it, you should always learn to be efficient with whatever money you have.

[uneng]

If you become rich by doing all this, then what is the use of such richness? I mean colorless life

what is the use of such richness? When you can't buy a new phone while all your friends have the latest model?

what is the use of such richness? When can not change your Old car  ?

If someone wants to be rich by living this kind of life then good luck to him from my side.

I believe you can do all these things. There is nothing wrong in purchasing a modern new smartphone or car model, the point is that you should never waste money.

Some people are simply insatiable, and for them there is not enough of money to fulfill all their expenses and desires, because the more they have, the more they want. They never get satisfied until spending or wasting the last disponible penny, and it can get even worse, when the compulsive behavior is so extreme that these people start borrowing money and creating debt for useless reasons.

Let's say you bought the smartphone of the year: a reasonable person will take care of this good and will make it last for a long time. Consequently you won't need a new smartphone for few years at least. Considering its rating it's supposed to be a durable good.

On the other hand, an insatiable person doesn't care about it. He will buy a new smartphone every 6 months, despite the fact the previous one was working perfectly fine. This kind of behavior prejudices an individual attempting to thrive financially or keeping his financial status elevated.

[Yatsan]

These are practical and logical things. In short you have to be responsible with what you are spending your money with. What is ideal is to invest your money into something profitable but it is also not wrong to buy things that you've dreamed of as long as there are limits. If you really want to get rich you need to plan your expenses as well as the cash in or cash flow on your account; Start 'em young as most of us are saying. Invest on knowledge as well to gain ideas on diversifying your money and not solely depending with one thing; that would generate more profit.

In my PoV,

1 - Never do impulsive purchases
2-  Never purchase something which you can't afford
3 - Never be greedy or foolish

I think the most important thing a living human being should do is invest their money, while you are investing your money do not forget to enjoy yourself and have a good life too, time wait for no one, invest your money and find a good way to enjoy it.

While on the journey of investing and getting rich many people have failed to live.

Balance things out. You may enjoy and be responsible at the same time just avoid being eaten by greed and materialistic. At the end of the day; that is your money so you have rights what to do with it.

[Falconer]

Some of the point in the OP are indeed very reasonable and it seems that these are some habits that often make people wasteful, greedy and unable to control their finances well. Personally, I somehow agree that when we have lot of money we can literally do anything and there are even a lot of people who want to be friends, while if there is no money then they will stay away. This is the dynamic of life that is always happening.

We all have our own way of managing finances to be useful for the future. Some tips and experiences of other people's success will be good to read and maybe also adopted, but our success will depend only on ourselves.

[chaser15]

Sometimes, people with lots of money need to experience the worst before being responsible for how they will manage their money. There's a mindset in them that it's ok to lose some since they afford it not realizing the total amount of loses is now getting bigger because of their irresponsible actions.

They will just waken up once they now feel that their financial status is now getting into a crisis.

Good thing though that some people learned from that worst experience.

[South Park]

Sometimes, people with lots of money need to experience the worst before being responsible for how they will manage their money. There's a mindset in them that it's ok to lose some since they afford it not realizing the total amount of loses is now getting bigger because of their irresponsible actions.

They will just waken up once they now feel that their financial status is now getting into a crisis.

Good thing though that some people learned from that worst experience.

This is very common in those which have been born rich, since they do not now what it takes to go from having little money to having a lot of money they do not understand how difficult it is and how important it is to minimize your mistakes and your losses along the way, they think they can afford to make mistakes and lose money since they have so much of it, not realizing that since their money is not limitless then eventually they will face huge problems with that careless attitude.

[sulendra12]

5 things you should not do with your money to get rich or advance your lives
1. Don't spend without a plan

Being a consumptive is not healthy to do especially when you have money to spend. Buying everything you see could damage your finance in the long run, unless you get some additional backups of money and investment to afford your consumptive behavior in long run. It's deadly if you don't plan it properly.

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

You can make new friends and new enemies, as simple as that.

5. Don't invest suddenly

This is true, if you can afford your money to invest then it doesn't mean you have to invest it right away. Do some research first and act like your money as a treasure that you don't want to throw it away to some bad investment methods right there without any prior knowledge of those. Losing your money and chasing your losses when you were rich is really dangerous where you can do it several times and could make you broke.

[Furious 7]

If you become rich by doing all this, then what is the use of such richness? I mean colorless life

what is the use of such richness? When you can't buy a new phone while all your friends have the latest model?

what is the use of such richness? When can not change your Old car  ?

If someone wants to be rich by living this kind of life then good luck to him from my side.

In this case maybe talking about wealth all have their own perspective and of course everyone has a different opinion on this.
Actually, it doesn't really matter if we buy and spend money according to needs, for example as you said about smartphones.
But in this case, technological innovation is constantly being updated in a more sophisticated direction and of course we cannot compensate for that if we have to follow it by buying all the latest products because every day there are more and more renewable products.
I personally have a point of view as long as it still works, why not use it because I have a principle to always prioritize function over prestige. it doesn't really matter whether it's the latest thing or indeed the old version as long as we are comfortable and don't have problems with its function, then what are we replacing it for.

[harizen]

That's really a set of good advice however we should not have the mindset that doing that, it's the road to becoming rich.

The key here is proper financial management and that's necessary to avoid a financial crisis in the future.

I will rephrase it to "5 things you should consider doing with your money to avoid major financial problems".

[blockman]

5. Don't invest suddenly

This is true, if you can afford your money to invest then it doesn't mean you have to invest it right away. Do some research first and act like your money as a treasure that you don't want to throw it away to some bad investment methods right there without any prior knowledge of those. Losing your money and chasing your losses when you were rich is really dangerous where you can do it several times and could make you broke.

I do agree and the same goes for beginners in the crypto market. Just because they can afford to invest, they have to invest in everything without doing any research.
They're quick to invest when they just think they will earn even if they will not spend their time doing research to know more about investing in the crypto market.
That's the wrong thinking because it's a wild type of thinking that will make their money go too soon and easily. Learn from the experience of many.

[Gozie51]

The key here is proper financial management and that's necessary to avoid a financial crisis in the future.

This is important because being rich is the principle that you lay down from beginning or early stage. Only few get rich without proper planning and those are the type classified as luck. If you want to be rich it takes planning and management which are the real factor of being rich. Example you can plan to save a dollar daily and the next year you will have $365 and you can continue, for 10 years you can have $365 x 10, that is $3,650, this takes planning.