Luxury and spending lifestyle fastest way to poverty rich kids

[AmoreJaz]

parenting is not an easy thing to do, there are many rich parents who actually want to make their children happy but in reality, it actually makes their children become spoiled and unable to be independent, i often scold my little sister because she always buys luxury things that she didn't really need but when reminded she actually scolded me for taking care of her money lol.  wrongly educating children is the root of poverty, rich children who are not given good moral education by their parents will only become useless people in the future while those born from poor families continue to work hard to change their lives and eventually become rich, life is like a spinning wheel.

this is why it is better for the kids to experience hardships in life because they will be more attentive with how they will spend money. they will also understand early how to take care of their money and how to invest it in worthwhile things or assets.
and also, if a poor person becomes rich and goes back to being poor. it won't be much of a problem for him because he knows how to handle such situation.

[1715120763]

1715120763

[1715120763]

1715120763

[Dr.Bitcoin_Strange]

It's not only the US and Canada that have some homeless people; even in some other countries around the world, there are also homeless people. For example, in my country too, there are people who are home as a result of the irresponsible lifestyle they have lived, like sleeping in a hotel where you have to spend like $300 for a night or even more. Some of them too are taking hard drugs, which require a lot of money, and they end up spending all their money on drugs until they have nothing left to their name, not even shelter. It's just like a general thing (problem) that happens to some people who feel that enjoyment is only what they have to be doing all their life; they don't want to work and reflesniah their pocket from which they are spending, probably because they have people they are relying on or dependent on.

[demonica]

Definitely not a case for every rich kids but it do happen. Since they are so used to abundance in life, they don't value the money their parents have worked hard in order for them to be in that lifestyle. Since kids don't work for that money, sometimes they become reckless and tend to overspent. Just because your parents have enough money, doesn't mean that you'll be impulsive when buying luxurious stuff. That's why even if you are rich, parents should teach their kids how to value even a small amount of money as they grow up.

As for cases where they used to be rich but became homeless, I think the common cause for that is addiction like drugs, liquor, or gambling. It made them use their assets on theses things that they end up being in the street, homeless.

[cryptoknightt]

I think those who teach their children well will not be affected by this.
Usually a businessman will teach his children not to waste money, but to take advantage of existing facilities instead of spending money blindly, although not all teach them like that. Rich people actually always inherit their wealth to the next generation.

[slapper]

~snipo~

Some are practive and some aren't and since people are different when it comes to spending then its their own choice since its their money. It is always been that recommendable that we should really be spending up wisely specially that today which there's crisis and if you are just an average earner then it would be just that normal that you should be making some budgeting or else you would get overdropped.
People would be only realizing when they are experiencing hardship but into those times that they are abundant then they dont really care.

Live according into your means and not with your wants. It nots bad to buy up something on which we do hope or like for but everything should really be in moderation because if you do find yourself
not to be able to getting in line with wise spending then sooner or later you would be ending up on sleeping on the streets. Leisure and unwise spending should be controlled.
People do easily switch up or enhanced their way of living on the time that they will be experiencing some raise in salary or getting promoted etc..

Financial discipline is important, but don't humans want to balance saving and enjoying life? We support living within means, but don't neglect psychology. Don't occasional indulgences bring joy and financial health? Finding balance between saving and spending may be crucial. Spending less and investing in things that make you happy and valuable is important. Isn't personal finance about knowing your priorities and spending accordingly? If done mindfully, even wants can fit into a budget without causing financial devastation.

Lifestyle inflation is a trap many fall into with more incomes. How do we develop a long-term financial health attitude over short-term gratification? Building financial resiliency, right? This requires budgeting and analyzing our spending impulses and emotions. By understanding why we spend, can we better balance saving for future and living for today? Personal finance seems to be more about self-awareness and adaptability than restrictions.

[angrybirdy]

I think those who teach their children well will not be affected by this.
Usually a businessman will teach his children not to waste money, but to take advantage of existing facilities instead of spending money blindly, although not all teach them like that. Rich people actually always inherit their wealth to the next generation.

I agree, Businessman teach their children how to do some chores in their own wihout asking for help from some of their house mates. This kind of training are usually doing by a chinese businessman wherein they always tesch  their child how to save money and invest it at their young age,They didn't tolerate a child being spoiled so that they can get along other people as well as their own employee.

[Davian144]

I think those who teach their children well will not be affected by this.
Usually a businessman will teach his children not to waste money, but to take advantage of existing facilities instead of spending money blindly, although not all teach them like that. Rich people actually always inherit their wealth to the next generation.

This is indeed quite appropriate to do because it makes perfect sense for rich people to pass on their knowledge and wealth to the next generation, and in this case their own children. I am also quite sure that rich people will teach their children about good things and also about how to use money well for everything that is needed. This is quite common for everyone, especially rich people whose souls are business people who have been successful in that field for a long time.

I agree, Businessman teach their children how to do some chores in their own wihout asking for help from some of their house mates. This kind of training are usually doing by a chinese businessman wherein they always tesch  their child how to save money and invest it at their young age,They didn't tolerate a child being spoiled so that they can get along other people as well as their own employee.

Chinese business people have a better concept in this regard because they really want to see their children be able to live independently and want to save for the future and be able to run their own business with direction from their own parents. Successful business people usually really value the time and money they have so they will not allow their children to spend excessive amounts of money on unnecessary things. And we can take this as a pretty good example for our own lives.

[rat03gopoh]

Usually a businessman will teach his children not to waste money, but to take advantage of existing facilities instead of spending money blindly, although not all teach them like that.

Even having special time with family is a challenge for rich people, I don't think they can teach their children anything you say well. On the other hand, rich people spend more time with business than average people, so environmental influences are actually more dominant in shaping the characteristics of their children.

[barisbilgili]

I think those who teach their children well will not be affected by this.
Usually a businessman will teach his children not to waste money, but to take advantage of existing facilities instead of spending money blindly, although not all teach them like that. Rich people actually always inherit their wealth to the next generation.

Every parent has a lot of income, even though I think they still teach their children to make good use of the money they have and don't teach them to spend their money on things they don't need, and it comes back to whether the child listens to their parents. or don't care about it because they feel that their parents have enough wealth that they can use for their own satisfaction and if children think like that of course they won't be able to be like their parents, of course there will come a time when they don't have more money and they can't make money for the needs they need.

[lizarder]

Even having special time with family is a challenge for rich people, I don't think they can teach their children anything you say well. On the other hand, rich people spend more time with business than average people, so environmental influences are actually more dominant in shaping the characteristics of their children.

People who are just starting out will definitely have little time with their children and family, at this stage parents will spend more time outside developing their business and come home late at night when the house is quiet. I have seen a number of parents like this in my environment and children are more dominantly taught by circumstances, so that when the mother neglects to educate the child has a good chance of going down the wrong path. Previous parents may have had little wealth influence on their children but they spent more time with their families.

Parental control will be much greater than the environment because when parents can look after their children, no matter how bad their environment is, it will not be affected. Remember one piece of advice, that most fish in fresh water cannot live in salt water and vice versa, we apply this parable to children.

[el kaka22]

We REALLY need to have a spam filter, this is getting ludacris, I am seriously considering blocking every single newbie at this stage. Is this a joke, just make newbies not open a new topic please, I beg of you, otherwise this forum will die a very quick and yet still very painful death for all of us.

We care about this forum, and we do not want someone who goes "if you want to be rich sell to rich kids LET'S TALK ABOUT HOMELESSNESS!", dude is crazy, he keeps starting up topics like eh wants to ruin this forum, he has been around for a while too, I am not going to make allegations here, but I am sure that he has multiple accounts and has been doing this for a while, look at his writing style, sentence by sentence clicking enter, that's a method multiple accounts who are newbies that start topics uses. This is disgusting.

[dothebeats]

Key lesson here is to not spend money faster than you make it. Due to capitalism and consumerism, a lot of people tend to overindulge and overspend on things that aren't really a necessity. One good example is coffee. You can make one at home for less than a dollar, but the younger generation tend to buy from huge coffee chains for the aesthetic appeal and to 'belong' to a certain trend. Imagine spending $5 to $10 for a coffee that you will only post on social media but not really drink it. How pathetic is that?

Those who are frugal and only spend when necessary tend to do better long-term, as they can manage to save and invest even with a small paycheck, though the investment part is another topic that can be had for this one.

And that is one of the main problems we have with our culture, spending our money is fine as that is the main reason we work so hard to get it, however many people now spend it in stuff that is useless or that it could be had very cheaply almost effortlessly, and the example you give about coffee is spot on, as this is not only about the cost, as making a good coffee is very easy as well, and yet we have a lot of people spending a lot of money over something they could have made inexpensively at their own homes.

One main reason I think that this is happening is because the power of subliminal advertising that is prevalent in the internet nowadays. Corporations get to lure you in buying their products without you ever knowing it, perhaps through the testimonial of other people or through the content that you are consuming. Something will click inside you to buy the said product because you think it will be a good buy just because other people are enjoying it.

Another reason is our concept of 'sales' in malls and stores. We think that we are getting a huge value when we buy during a sale, when in reality those are just the actual prices of the item without the markup of the store to recoup their losses. We may be getting the item at a cheaper price, but do we really need what we bought?

The mind conditioning that the media and huge corporations have imposed towards the populace is really effective in pushing us to mindlessly consume everything they produce.

[n0ne]

USA and Canada have got lot of homeless people and this is due to drugs and the government have made several plans and programs to recover those people and provide life. In a documentary I saw a person who is using his tricycle to have his things packed and he's homeless for more than 45 years. To those people how can we say it is all because of the drugs. The reality is being homeless drives them to drugs. It is true, when they have no shelter it is really painful to cross everyday and to keep themselves in sedation they go for different kinds of drugs. It is not the right way to make ourselves rich selling to the rich kids.

[carlfebz2]

Key lesson here is to not spend money faster than you make it. Due to capitalism and consumerism, a lot of people tend to overindulge and overspend on things that aren't really a necessity. One good example is coffee. You can make one at home for less than a dollar, but the younger generation tend to buy from huge coffee chains for the aesthetic appeal and to 'belong' to a certain trend. Imagine spending $5 to $10 for a coffee that you will only post on social media but not really drink it. How pathetic is that?

Those who are frugal and only spend when necessary tend to do better long-term, as they can manage to save and invest even with a small paycheck, though the investment part is another topic that can be had for this one.

And that is one of the main problems we have with our culture, spending our money is fine as that is the main reason we work so hard to get it, however many people now spend it in stuff that is useless or that it could be had very cheaply almost effortlessly, and the example you give about coffee is spot on, as this is not only about the cost, as making a good coffee is very easy as well, and yet we have a lot of people spending a lot of money over something they could have made inexpensively at their own homes.

One main reason I think that this is happening is because the power of subliminal advertising that is prevalent in the internet nowadays. Corporations get to lure you in buying their products without you ever knowing it, perhaps through the testimonial of other people or through the content that you are consuming. Something will click inside you to buy the said product because you think it will be a good buy just because other people are enjoying it.

Another reason is our concept of 'sales' in malls and stores. We think that we are getting a huge value when we buy during a sale, when in reality those are just the actual prices of the item without the markup of the store to recoup their losses. We may be getting the item at a cheaper price, but do we really need what we bought?

The mind conditioning that the media and huge corporations have imposed towards the populace is really effective in pushing us to mindlessly consume everything they produce.

Well, this is actually true on which on the era or years that we do have today on which tons of things that are new and been on sale on which in every trend then there would really be a specific price and since we do know that we do have the money then we would really be buying immediately and this is really something a very common and you would really be tempted on buying if you do have the capability.
For those people or kids who have a family which do struggle on daily needs or something that doesnt have the capacity on purchasing then they are really that in exemption but for those kids
who have a family that could be able to afford almost everything the for sure they would really be spending like a mad man.

Those kids doesnt care on what would be their tomorrow since they are really that confident that their parents would really be able to afford on buying the things that they do like.
We know that spending too much is never been good because sooner or later they would become that bankrupt but we know that there rich people or family who doesnt really
easily get go the floor despite of that mad spending just because they could really be able to sustain.

[redsun114]

Getting rich from poor is difficult because it requires years of hard work and dedication, only a few people manage to get rich by luck and that number is extremely tiny, however, getting poor from rich is pretty easy, all it takes is mismanagement of the wealth and resources. So, it's true that even if the father is rich, the kids don't necessarily have to stay rich forever if the father is gone because they might not be able to maintain the wealth and grow it but instead, just waste it and then have nothing at the end.

I'm not sure about the USA and Canada or the homeless population of these countries and how they have become homeless, but I know that people, all around the world, witness such things where some rich people become poor in no time only because they aren't able to maintain the wealth and eventually lose it all.

[MegameSama]

I think this is a global problem, spending (lifestyle, debt, branded goods, luxury goods) that is not commensurate with income is a quick way to become poor. I also encountered several cases like what you said above, many children were born rich, but after their parents died they became homeless. Chaotic financial management is the reason why they fall into poverty. If the philosophy I forget the name of says, difficult times will produce a strong generation, a strong generation will produce a comfortable place, a comfortable place will produce a crybaby generation.

[AnonBitCoiner]

Every parent has a lot of income, even though I think they still teach their children to make good use of the money they have and don't teach them to spend their money on things they don't need, and it comes back to whether the child listens to their parents. or don't care about it because they feel that their parents have enough wealth that they can use for their own satisfaction and if children think like that of course they won't be able to be like their parents, of course there will come a time when they don't have more money and they can't make money for the needs they need.

Rich people are continuously completing wishes of their children so their children does not learn how to earn money and how to spend. They spend money in all useless activities because their parents have not teach them about spending method and saving money. I saw many poor children whose habit are more better than those of rich child because poor child from start learn everything about life whereas rich children are just learning to spend money on useless activities as they think that their parents possess large sum money which cannot end ever. A day come when rich children turn into poor and poor children turn into rich because both have different concept therefore always remember that lack of money can teach you lots of things but richness cannot guide you anything.

[kentrolla]

From your topic I don't think one can become rich only by selling to rich kids as the ratio of rich kids and working class or middle class kid is pretty imbalanced but the following are the takeaway I have got:

1. Rich people should ensure that they plan the finance not only for them but for their children as well and it should be in such a way that they shouldn't get all the money at one go but once in a month or so.
2. Point 1 will help ensuring rich kids when they go broke don't just exhaust the funds saved by their parents as they will get it in installments not lump sum.
 3. Rich should train and breed their children to be self dependent to avoid ending up miserably as homeless or drug addict.

[Bananington]

From your topic I don't think one can become rich only by selling to rich kids as the ratio of rich kids and working class or middle class kid is pretty imbalanced but the following are the takeaway I have got:

1. Rich people should ensure that they plan the finance not only for them but for their children as well and it should be in such a way that they shouldn't get all the money at one go but once in a month or so.
2. Point 1 will help ensuring rich kids when they go broke don't just exhaust the funds saved by their parents as they will get it in installments not lump sum.
 3. Rich should train and breed their children to be self dependent to avoid ending up miserably as homeless or drug addict.

Well put. The rich didn't get rich by slacking off on fun and drinking hub. They did so by working hard or working smart.and so their income rose to afford them certain luxury items and lifestyle.
The education of kids is one that must involves financial teachings and best monetary practices that will enable them take hold of their future. The parents do alot in making kids rich by planning ahead of their arrival into this world and that's the best way to secure a bright future for the kids.

Also children learn best from watching what their parents do in different scenarios. So a rich kid will learn how to remain so if they had the opportunity to watch the parents closely and studied their spending habits and preference.

[Juse14]

A high lifestyle will only complicate our lives and make us miserable. Human nature is to always want to look better than others, which is why most children of rich people choose to spend their parents' money on luxury goods and other useless items. Without realizing that he is impoverishing himself.

So this is where we must be wiser in sorting and choosing associations. Because the name of a high lifestyle (prestige) whether we realize it or not, environmental factors greatly influence and encourage a person to have a high lifestyle. Where when they are together, they often show off and compare the luxury goods they have. And when there is someone who participates in hanging out but he does not bring luxury onions, the person is often ridiculed and considered incapable, which in the end when the young person returns home, he complains about it to his parents and asks for more money so he can buy luxury goods like those owned by his friends.