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

[inthelongrun]

If we want to get rich...then stop thinking about saving and look for an opportunity to grow our money and that is to keep investing. When I say investment, it should be put in a profitable investment, not elsewhere. Many people had fail to grow their money even though they have investments and that is because they also change their lifestyle instantly.

It is supposed to be this way;
 - more investment - the same lifestyle

I observed that there are more people that want to just YOLO. It's like, life is too short for them so they are spending most of their regular income on kinds of stuff that make them happy but temporary and short term. They buy branded dresses, and shoes, eat at luxury restaurants, party regularly, and like to travel every now and then. They have very little to zero savings. They borrow money when emergencies happen. People have different mindsets and beliefs but I just don't understand why many of them don't care about planning for their future. I know we have different methods of how to achieve our own happiness though.

I sometimes spend money on some wants aside from basic needs but I think I am more of a conservative spender. Maybe I am paranoid but I feel happy when my savings grow big. I feel happy when I am financially secure.

[1715141591]

1715141591

[1715141591]

1715141591

[1715141591]

1715141591

[Pejoh Asu]

I think the conditions for rich and simple conditions are dare to take risks or almost the same as gambling, as we know that cryptocurrencies provide many opportunities for speculation, if we sell assets that are not used worth $ 100k then investment bitcoin and some altcoins then we have the opportunity to get a large profit of 100% in 2 years or less

[Jatiluhung]

If we want to get rich...then stop thinking about saving and look for an opportunity to grow our money and that is to keep investing. When I say investment, it should be put in a profitable investment, not elsewhere. Many people had fail to grow their money even though they have investments and that is because they also change their lifestyle instantly.

It is supposed to be this way;
 - more investment - the same lifestyle

What a thought. That's how we should manage finances if we want to grow our finances in order to become rich. because saving money is more prone to deflation or inflation. namely a decrease in the value of currency and an increase in the price of goods. but by investing our money that has been invested will have the opportunity to continue to grow in value and amount by itself. But the most difficult step is determining where we should invest. For me the safest investment is investment in property or land. has a high potential for growth in the future. with low risk. but the drawback is that it takes a relatively longer time. There are other options in investing such as stocks and crypto. However, in stocks, we must be able to analyze which good projects to choose, which have low risk and high potential. and for crypto, we already know that there is a higher potential that is accompanied by a high risk.

depending on our mastery of knowledge and experience in which field. then choose what we have mastered.

[YOSHIE]

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

Some things might make sense to me, of course people should avoid the 5 things you mentioned, I think they should avoid those, if they want to be rich and their economy improves financially.

Well, this is the main point, especially for those involved in crypto investment.

5. Don't invest suddenly

I think things like this, people rarely think and want to consider it, so they always fall into the abyss of losing their investment assets, many cases like this are happening right now in the crypto investment world, without any consideration without thinking well what type of crypto they are investing in, i think it's a perfect thing and it's good that you remind investors here, they are always hypnotized with cheap and new types of crypto without thinking about its origins and development in the market.

[hyudien]

I think the conditions for rich and simple conditions are dare to take risks or almost the same as gambling, as we know that cryptocurrencies provide many opportunities for speculation, if we sell assets that are not used worth $ 100k then investment bitcoin and some altcoins then we have the opportunity to get a large profit of 100% in 2 years or less

Do you have to always associate it with gambling? Investing and gambling the same? in fact, people who view such concepts do not really understand what the purpose of investing is. Even if you bet as much as possible, without good management, everything will be in vain. indeed there are many opportunities in crypto, but there are also many fraud opportunities. The point is when you have to know financial management, you will know what to do to invest. The important point is not to be hasty buying suddenly without planning. Buying Bitcoin also requires strategy, it doesn't mean you have to gamble by buying in a bull market.

[bitgov]

I think the conditions for rich and simple conditions are dare to take risks or almost the same as gambling, as we know that cryptocurrencies provide many opportunities for speculation, if we sell assets that are not used worth $ 100k then investment bitcoin and some altcoins then we have the opportunity to get a large profit of 100% in 2 years or less

Do you have to always associate it with gambling? Investing and gambling the same? in fact, people who view such concepts do not really understand what the purpose of investing is. Even if you bet as much as possible, without good management, everything will be in vain. indeed there are many opportunities in crypto, but there are also many fraud opportunities. The point is when you have to know financial management, you will know what to do to invest. The important point is not to be hasty buying suddenly without planning. Buying Bitcoin also requires strategy, it doesn't mean you have to gamble by buying in a bull market.

While we talk about 5 things there are so many things unsaid. people should learn from other people mistake and there is so much which we don't write  and share - but they exists
There is so much which we do wrong when alone and many a time we don't share it. These are the real lessons

[Fatunad]

I think the conditions for rich and simple conditions are dare to take risks or almost the same as gambling, as we know that cryptocurrencies provide many opportunities for speculation, if we sell assets that are not used worth $ 100k then investment bitcoin and some altcoins then we have the opportunity to get a large profit of 100% in 2 years or less

Do you have to always associate it with gambling? Investing and gambling the same? in fact, people who view such concepts do not really understand what the purpose of investing is. Even if you bet as much as possible, without good management, everything will be in vain. indeed there are many opportunities in crypto, but there are also many fraud opportunities. The point is when you have to know financial management, you will know what to do to invest. The important point is not to be hasty buying suddenly without planning. Buying Bitcoin also requires strategy, it doesn't mean you have to gamble by buying in a bull market.

While we talk about 5 things there are so many things unsaid. people should learn from other people mistake and there is so much which we don't write  and share - but they exists
There is so much which we do wrong when alone and many a time we don't share it. These are the real lessons

There's no such thing about perfect living on which there are mistakes and errors which people could able to commit or experience it out.Its true that you could really learn up things out of those
other peoples experience via reading up but there are ones who doesnt really believe until they would be experiencing it on themselves.On the time that you do make out some learning
then this is where things becomes more manageable or you are already that being disciplined when it comes on handling up things.
Getting rich is never been easy yet this would really be pertaining lots of mistakes and errors along the way.

[n0ne]

I've seen many friends of mine reading the books with titles how to become rich, billionaires words etc. I don't know how this could make an impact over one's life. You know what you need to be and you are supposed to run for it. Maybe the words can inspire, but it is you and me to run. Set the target and run, surely one can turn rich even if he wasn't able to make himself a billionaire 

[Pujangga]

I have tried many of the techniques above but the result is that I am not rich yet. It is very easy to find a theory to get rich, but it seems that being rich is a mystery that is difficult to solve. I have a friend who, judging from the theory above, is not suitable, but he can be rich and I asked the thing he replied was to dare to take risks in everything.

[Ryker1]

In theory, these 5 things are true, but if we run these 5 theories, the results are not necessarily rich, the most important factor for rich is a big income, if we only invest $ 1000, then don't expect to be $ 1 million in a year, except if you become a very lucky person.

It could be these --^{[financial management + investment + business]}
The most important thing is financial management, why? --because when you earn a profit for example $5, don't spend too much than that, spend only the $2 and the rest is your savings or back to investment.
If someone read the book of Robert Kiyosaki ^{[Rich Dad Poor Dad]}, you will learn and will surely be inspired. But a problem is --we don't have the capital to start a business.

[2double0]

In theory, these 5 things are true, but if we run these 5 theories, the results are not necessarily rich, the most important factor for rich is a big income, if we only invest $ 1000, then don't expect to be $ 1 million in a year, except if you become a very lucky person.

That is undoubtedly correct, but for that income level, you either need to be a businessman or someone doing his own work like freelance, outsourcing, making money through affiliate schemes, opening restaurant or some other business that brings you money but you are the boss there because serving anybody (except you have a very high post and huge salary package) will never land you to your 'getting rich one day' goals.
Remember, you can not get rich in one day, but may reach that status one day for sure.

[Japinat]

If we want to get rich...then stop thinking about saving and look for an opportunity to grow our money and that is to keep investing. When I say investment, it should be put in a profitable investment, not elsewhere. Many people had fail to grow their money even though they have investments and that is because they also change their lifestyle instantly.

It is supposed to be this way;
 - more investment - the same lifestyle

Yes, I'm with you on that mate. Saving in a bank or something like that is nonsense because that is already considered as dead money and there are a lot of chances that we will just tap that savings to spend on some things that we might regret later. Might as well put those same funds to a much useful way like investments so that the money will circulate and will give us passive income even we're still sleeping.

[isaac_clarke22]

~

True and people really should realize that you cannot be just rich from working 9-5. Days will come that your contract will end, get laid off and force you to find another job. If you're really looking to get rich, it should make sense that you build your own business whatever the kind and you would be able to value your services/goods to however you want.
It is risky though, but once it paid off, get ready to get your Lambo keys within few months.

[batang_bitcoin]

the most important factor for rich is a big income

Not that only about having big income but the way how you will handle and manage that income of yours. Because I've seen people made huge income but still didn't ended up with a bright future of how lack of knowledge they've got in terms of finance.
Being literate to financial matters is a big thing and that's where the rich people are intelligent are. Working hard and smart isn't enough if you want to be rich but also being good in handling your finances.

[qwertyup23]

I've seen many friends of mine reading the books with titles how to become rich, billionaires words etc. I don't know how this could make an impact over one's life. You know what you need to be and you are supposed to run for it. Maybe the words can inspire, but it is you and me to run. Set the target and run, surely one can turn rich even if he wasn't able to make himself a billionaire 

I personally think that there is nothing wrong with purchasing self-help books for tips and guides. But I do agree with some that there are tons of discussions about saving money, like this one created by OP in this thread.

Just to add what OP summarized already, always determine your wants vs your needs. The latter must be prioritized first since these are the things that are essential for your quality of life. In addition, before you invest your money, always do your research and avoid hastily investing without knowing on what you are investing on.

[kawetsriyanto]

I have tried many of the techniques above but the result is that I am not rich yet. It is very easy to find a theory to get rich, but it seems that being rich is a mystery that is difficult to solve. I have a friend who, judging from the theory above, is not suitable, but he can be rich and I asked the thing he replied was to dare to take risks in everything.

Being rich sometimes is about fortune, this is something you can't force into your life. However, making efforts is a must, we don't know the result if we don't do anything. Some people do hard work to be rich, but they still can't be rich people. But at least, we can improve a bit our economic level if we do hard efforts. I'm sure we must have progress (improvement) in our economic level although we still can't be called as "rich people".

Regarding taking risks to be rich, it is a part of efforts. Your friend does the right way, to get a big thing we must take risks. For example, we expect to gain big money from our investment. Buying Bitcoin now as an investment is surely very risky because it is very volatile and unpredictable. But it offers a possible big money if we succeed to sell it in the next bullrun. Not everyone wants to do this, it is only for a person who braves to take a risk.

[DU18]

True and people really should realize that you cannot be just rich from working 9-5. Days will come that your contract will end, get laid off and force you to find another job. If you're really looking to get rich, it should make sense that you build your own business whatever the kind and you would be able to value your services/goods to however you want.
It is risky though, but once it paid off, get ready to get your Lambo keys within few months.

Many people are rich because they have their own business that is developed from the beginning until they are successful, but the journey from personal business requires determination and effort without being discouraged, requires the support of family and friends to motivate us when trying to start our business development. But the safest work position from the risk of being laid off if we have civil servant status in the position of head of a strategic field office.

[xSkylarx]

True and people really should realize that you cannot be just rich from working 9-5. Days will come that your contract will end, get laid off and force you to find another job. If you're really looking to get rich, it should make sense that you build your own business whatever the kind and you would be able to value your services/goods to however you want.
It is risky though, but once it paid off, get ready to get your Lambo keys within few months.

Many people are rich because they have their own business that is developed from the beginning until they are successful, but the journey from personal business requires determination and effort without being discouraged, requires the support of family and friends to motivate us when trying to start our business development. But the safest work position from the risk of being laid off if we have civil servant status in the position of head of a strategic field office.

The safest work would be in government, if you got a position there. In the past, I worked as a government employee (contractual, we will be renewed every three months) and I can tell you that if you want to work less but earn more, you should work hard to get certificates and apply for positions in government. Your future will be mostly secure if you get the higher position and fewer tasks because you will only need to plan out and you will have people around you to help you. 

[Doan9269]

There are many more list of things, steps or decisions never to embark on provided that one want to make rich in life, this has to do with principles that guide and support every human acts in doing something and the mentality they approach it through, I will like to put in these down as my list of what shouldn't be done in other to het rich in life.

1. Dont forcefully acquired it
2. Dont mock others being poor
3. Help as many as you can innyour capacity
4. Invest your money to maintain being rich in profitable assets like bitcoin

[kawetsriyanto]

What OP listed are definitely 5 things you should not do with your money, in my opinion. They won't get you rich, but I'm not sure the title was to be taken literally anyway. It's mostly about managing your money, the way I understand and I have to say - good tips. When it comes to getting rich, starting your own business is a way to go, but it does take time and requires some sacrificing ("some" being an understatement in most cases).

You are right, mate. I also think it is actually the point of the topic above.
However, the title makes some people mislead the point.

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

They may assume it is the way to get rich or to gain their wealth. Whereas it is actually the way to manage money, so we don't waste money on unnecessary things.

Well, I agree that to be rich, it is not enough by having a proper way in managing money only. The first thing to do is to make efforts that can gain big money, running a business is surely one of the ways. Sure, to be successful in a bussiness, it requires hard work, patience, commitment, and trust.