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Author Topic: 5 things you should not do with your money to get rich  (Read 2197 times)
Tallupooh
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November 06, 2022, 03:56:25 AM
 #81

spending money by buying something that is not important, is something in vain.

We must be able to manage finances regularly. so that the money spent is not wasted.
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November 06, 2022, 04:22:04 AM
 #82

Sometimes people are too tight and obedient to the theory to be rich, many things are done such as buying books, seeing YouTube to come to the seminar to become rich, from many things I understand that to be rich then the important thing is not afraid of risks, we can business , investment or anything but if you are always afraid and continue to calculate opportunities then we will never be rich.


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November 06, 2022, 01:22:16 PM
 #83

Of course, it is very important to delay gratification.
If you spend all the money, then when the opportunity comes, of course, it is difficult to have a choice
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November 06, 2022, 01:37:37 PM
 #84

what I do in money management is quite simple. i.e. I only spend my money on things I really need. because sometimes we get out of control with money management. and end up buying what we want when we don't need it. So basically I prefer to prioritize needs over wants. this is a simple thing but effective enough to save and save. but doing this requires a high level of discipline. what the OP said even I think the point is the same as what I said.

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November 06, 2022, 11:54:18 PM
 #85

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.
Yes this is what people have to learn first.
You can't just invest on anything because you can, it's not healthy in long run.

Sometimes people are too tight and obedient to the theory to be rich, many things are done such as buying books, seeing YouTube to come to the seminar to become rich, from many things I understand that to be rich then the important thing is not afraid of risks, we can business , investment or anything but if you are always afraid and continue to calculate opportunities then we will never be rich.
Even though they are not afraid of risks, but they consider the risks to actually determine if it's actually worth to face the risk or not. You can't just jump into that hole without actually thinking the pros and cons of that, if you think that big risks always means that you can get big return from that without any proper preparation, then you are doing something wrong there.

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November 07, 2022, 08:03:38 AM
 #86

what I do in money management is quite simple. i.e. I only spend my money on things I really need. because sometimes we get out of control with money management. and end up buying what we want when we don't need it. So basically I prefer to prioritize needs over wants. this is a simple thing but effective enough to save and save. but doing this requires a high level of discipline. what the OP said even I think the point is the same as what I said.
apart from everything there is  a very important factor which is called luck
sometime you don't expect and money fall in your lap and sometime you don't want to make a mistake but it is done
luck factor is also there. but that's out of context I think. but because the luck factor is a factor that is beyond our understanding. or something unexpected and unpredictable. then there is also management to manage the money prepared for something unexpected. a kind of reserve fund if at any time we have to spend money outside of our financial planning. like a neighbor who wants to borrow money is an unexpected thing but we certainly can't let people ask us for help. as long as we can help him then we have to help him. and of course we will spend money unexpectedly. and to deal with things like this, if we can afford it, we should be able to save a reserve fund. because like health we can not predict. but during an economic crisis like now it might be difficult. so sometimes our savings will be used.

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November 07, 2022, 01:48:53 PM
 #87

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.
A father's gene habit will be passed on to his son, I mean if a father has a business background, his child will indirectly follow his father's work, although not one hundred percent of the gene is passed on to all children whose parents are in business
For that, I think the use of money owned by anyone must be right on target, because when money is not placed in something productive, then no matter how much money we have, it can never be used for something more useful and get maximum profit.

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November 07, 2022, 02:06:33 PM
 #88

I wholeheartedly concur with this thread. Before investing your money in any cause, you should always think twice or three times. However, if money is really simple to obtain, it will also be simple to spend.
We must be smart with our money even if it is hard earned or "easy earned".
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November 07, 2022, 08:25:16 PM
Merited by The Sceptical Chymist (7), Fara Chan (1)
 #89

Everyone should have a plan in using the money they have, so that we know what to do.
Many people have money, but do not know where to use it, in this case we need to review again, so that decision making in the use of the money we have is truly right on target, people often do not understand that they have expertise in which field, so decisions are not perfect when choosing something.

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1. Don't spend without a plan
In life we must have a concept, start a big plan but start from small things, we can do any business, if we want to learn to understand the basic concepts of the business we want to live, nothing is easy to do. Of course it takes perseverance and never give up with one, two or three failures that have been experienced, because the comfort zone will not make anyone grow if no one dares to take risks.

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2. Don't brag about having a lot of money
We have equal opportunities in different parts, when what we want to do is not realized, then it's just a hoax or a plan that we don't develop, the nature of people like this are usually only good at giving advice, but unable to implement the plans that were previously made , we often find this type of person in developing countries, although it cannot be categorized as a whole.
Anyone can give advice, but not many people are able to carry out the scenario that has been planned.

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3. Don't always buy something that loses value
In our opinion, this is a step in maintaining the value of the currency, there is nothing wrong with bitcoin being a priority in considering investing, because Bitcoin is one of the three parts of an investment that is able to maintain value, one of which is Bitcoin, Gold and Land.
We think almost everyone agrees with these three things, although they have different patterns, both in terms of profit levels and approaches to starting investments.
These three models can hold value in the long and short term, recession and inflation do not have a major impact on all three, because indeed these three investment models can hold value in the long run, although profits can vary between the three.

Quote
4. Don't waste money on useless things
We often listen to frugal advice from parents, maybe this is the basis we often hold for financial problems, when someone decides to buy something he wants, the main step that we must pay attention to is whether the item is an urgent need or not.
This is important so that our finances are not wasted on unproductive things, unlike the case if we use the money as investment capital that we have planned, finances must be controlled properly, in order to provide maximum profits in the future.

Quote
5. Don't invest suddenly
In our opinion, this is more technical in nature, before we jump into the world of investment, then the basic things that we must learn that are directly related to investment, it is important to learn first before starting. For example we invest bitcoin, then the basic things we have to learn about bitcoin, be it the annual cycle, the history of the market and the right way to enter the market, I think this little thing is quite important, because if there is a correction to bitcoin, we will not experience excessive panic, as well as other investments, but the most important thing is to be willing to take risks, because in this world there is no form of investment that does not involve risk.

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Finally we can conclude, that an individual can encourage to do things that are more useful, because input and suggestions from others, only a small part can motivate us or can change individual desires.
For that we need an approach, creativity and a way to see one's potential, when people begin to understand which side is inside of him, this will make it easier for a person to get out of his comfort zone, therefore it is important to motivate himself to continue to grow and become more productive.

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November 07, 2022, 11:42:12 PM
 #90

In my PoV,
 
3 - Never be greedy or foolish

Greediness is the most that kill humans. We are just almost greedy in all we do in life.

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November 07, 2022, 11:48:46 PM
 #91

These are all pretty good points here.  #1 of course is the most important part of it.  Working with my clients as a financial advisor, one of the worst things I see them do is not form a plan what so ever.  I see this from young people to old.  The first place to start is from a budget, and going from there once you know how much money you can invest.

Not bragging about how much money you have is another one.  I can't believe so many people on here are so willing to just spout out how much bitcoin they own.  Dont.  Don't even tell anyone you own any.  This something Andreas talks about a good amount, leaving this kind of information about your bitcoin to yourself.

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November 08, 2022, 01:31:49 AM
 #92

5. Don't invest suddenly

     - In my experience, I have also participated in this type of investment without thinking immediately or doing research because I was just
     carried away by the hype. It's just like the "Get rich quick" where your 1k$ will turn into 10k$ after 3 days, things like that. Just like before
     the rise of cryptocurrency projects, there were a lot of them but in the end, they turned out to be scams, but I don't blame them all
     because there are legit crypto projects and there are others that are just scams or shitcoins, this is just an example.

     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.

ah ah it's called FOMO

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November 08, 2022, 03:10:33 AM
 #93


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".

Yes, the title may not be very accurate, the advice is very helpful but to become rich we need a plan and constant effort, saving is not enough. Not wasting money on useless things is good but cannot make us rich.


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.
I want to add one more point to the OP - and that is don't trust anyone and never lend your money
I have suffered so much because of this...
i still repent and curse myself for the mistake i have made.

I don't completely agree with you on this, you can't succeed alone, you need to have everyone's help, I mean we need to help each other so that we can be successful. Lending money to others is part of managing your capital, you need to determine who is trustworthy and who should not be approached.

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November 08, 2022, 09:41:44 AM
 #94

4. Don't waste money on useless things
Not many will do this because people who work for money like us understand how difficult it is to save money from working.
We do not deny that there are some people who do this because they forget the preparations that will be prepared for the future such as getting married, owning a house, medical expenses and other needs.

Whoever "remembers" then he will be saved.

 
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November 08, 2022, 09:54:29 AM
 #95

4. Don't waste money on useless things
Not many will do this because people who work for money like us understand how difficult it is to save money from working.
We do not deny that there are some people who do this because they forget the preparations that will be prepared for the future such as getting married, owning a house, medical expenses and other needs.

Whoever "remembers" then he will be saved.

Some people live as one day millionaire so even if they are earnings still they exceed because they buy useless things and want to be in on what is latest on current trend so this also make their life miserable because they cannot save for their selves which they can use in times of emergency or other things more useful like what you mention above.

I will add Don't lend money if you don't really need it and don't lend money to people who will not pay you this traits could make us drain because if we cannot control this for sure people will abuse us or we will depend by lending money to others.


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November 08, 2022, 10:47:14 AM
 #96

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  Cry?

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

Well spoken, It is true that the OP's advice is not completely useless, but if we think that we can get rich by saving then becoming rich is not in our favor. We try every day, finding wealth is so that we have a life without worrying about money, without thinking when buying the things we love, it is a tasteless life. If I become rich but I can't eat good food, can't buy expensive clothes, I would rather be poor than rich, rich without spending money comfortably is useless.

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November 08, 2022, 11:07:17 AM
 #97



I will rephrase it to "5 things you should consider doing with your money to avoid major financial problems".
This is determined if we arrive at an accurate definition of what "wealthy" is. Getting rich does this mean achieving large financial surpluses? But to what extent exactly? It is assumed that there are limits to this ambition so that it can be achieved, otherwise we will enter into a state of mental illness for a person whose priority is to earn more money.
Too many lucky people would not have been able to make profitable surpluses if there were no fools who mismanaged their money at a certain time to make others deserve it.

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November 10, 2022, 06:00:01 AM
 #98

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

Overall the points you say are basically true. however, despite all that. the question is, can you be consistent with the points you say in this long list.  these points are the basic things to be applied to each individual, if you want to develop. however, to get to that point.
One needs practice, knowledge, guidance and experience. Patterns such as these examples can be applied from a young age.  you have to get used to it to that point. if you already have good management and are trained, especially regarding how to manage money properly and correctly. as you said in this thread, then, you should already be a rich person.

5. Don't invest suddenly

     - In my experience, I have also participated in this type of investment without thinking immediately or doing research because I was just
     carried away by the hype. It's just like the "Get rich quick" where your 1k$ will turn into 10k$ after 3 days, things like that. Just like before
     the rise of cryptocurrency projects, there were a lot of them but in the end, they turned out to be scams, but I don't blame them all
     because there are legit crypto projects and there are others that are just scams or shitcoins, this is just an example.

     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.

yes, that's what one should do if you want to invest. especially investing in new coins which are prone to big risks. at least, before someone starts investing. he must understand what he will do, he must learn things related to what he will invest.
Having basic knowledge is very important, rather than just being carried away by hype or market sentiment. someone needs learning, especially from people who are more competent.

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November 10, 2022, 06:35:35 AM
 #99

Well I also think that 'good things come to those that wait'. I do believe the good things come to those that wait even if it is about waiting for bitcoin to start another 'bull run' and not to panic sell but just hodl your coins.

For example, being patient and holding onto a great investment can be difficult but if you are patient you will see the biggest returns on your investment. Patience is absolutely one of the most valuable virtues.

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November 10, 2022, 07:39:24 AM
 #100

5. Don't invest suddenly

     - In my experience, I have also participated in this type of investment without thinking immediately or doing research because I was just
     carried away by the hype. It's just like the "Get rich quick" where your 1k$ will turn into 10k$ after 3 days, things like that. Just like before
     the rise of cryptocurrency projects, there were a lot of them but in the end, they turned out to be scams, but I don't blame them all
     because there are legit crypto projects and there are others that are just scams or shitcoins, this is just an example.

     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.

I recommend learning before investing. In cryptocurrency, most new investors invest without proper knowledge; they base their decisions on the hype and the vloggers who introduce it. Agree with this, jumping to the conclusion that you can earn once you invest, even without knowledge. Also, be wary of scams; always conduct a background check and search for everything about the projects you want to invest in. Perform your research before getting your funds.
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