Things to avoid when you earn a lot or become rich

[Ben Barubal]

     What should you do when you have a lot of money? This is one of the most important questions that we must give an important answer to. No matter how much money a person can earn, it is still possible for everyone to use it up if it is not managed properly. Just like what happened to the king of pop, Michael Jackson, even though he earned a lot of money in his career, it was still not enough because he had a lot of debt. As big as it is, it almost reached 500 million dollars in debt. And even the famous actor Nicholas Cage is also like that; there is a report that he reached 150 million dollars in net income, but it was still not enough; it also reached the point that it was all used up, and he also had a debt. And what we can learn from these events is that if you want to stay rich, you have to keep being humble. "Hard-earned money should be protected."

     We are both consumers and producers, and when we say producers, we mean that we provide services to people in exchange for money. As for employees, they receive wages from their work. Because they help the business owner's goal be executed. As for business owners, they make money from their businesses. Because they can help their customers with their products and services. In other words, [The more value you can produce, the more value you will get back."

    But the opposite of this is being a consumer. Yes, it's true that we will spend; it's normal because we have needs. There is also nothing wrong if we want to buy or acquire things. But if you always spend money, that's why, in this topic, I want to share here the things that should be done when we have a lot of money or income. Because since we are here with cryptocurrency or bitcoin, it is not really far for this to happen to us. Actually, even if we are not rich or earn a lot, we can do it because at least when the time comes when you become rich because of this cryptocurrency or bitcoin, you already know what to do.

And the following is what we should do:

1. Don't buy expensive things right away.

Most of us want to buy expensive things when we receive a lot of money. Because aside from the convenience and the fact that the fact that we can benefit from it for a long time, we also want to get the attention of other people. We also cannot deny when we can afford something that an ordinary person cannot afford. But sometimes, because we can afford something, we just end up spending it, and we forget to ask ourselves if we really need it. Or we just want to buy it because we want to impress other people. And due to a lack of spending awareness, we become impulse buyers. Until this habit becomes our second nature or the worst, we base our spending on what we want other people to see in us.

But the question is, what is our goal? to get rich to impress, or to get rich to have freedom? When you have a lot of money, you have nothing to prove to other people. Since you know that you are rich, it is a better idea not to let other people know that you are rich. One should just choose the simple life and live with a purpose.

2.Pay your Debt

Having debt or bad debt is why most of us continue to suffer because it's like a weed that, if you don't cut the root, will grow again. And the debt, when you don't pay it, has interest compounding. So your number one expense is to pay off the debt when it earns a lot of money. Be responsible not to ignore the people we owe money to, talk to them, say thank you, and pay all the debt.

We should also know that our reputation also depends on it, and when we know how to pay, many people will trust you. And when you know how to pay off debt, you also show that we are not only thinking about ourselves.

3. Be prepared for big changes.

When you have a lot of money and you have changed the quality of your life, whether it is poor or rich, you need to be doubly careful because you can lose a lot of things. So it is very good that you are ready for this big change. And the preparation that you should do is the preparation of our new life. Let's design our new goal that we want to achieve, and what lifestyle do you want and what kind of person do you want to be with?

We need to do it more when you're rich, because you shouldn't settle for what we have achieved now. We still need to move on and pursue other meaningful things. We also need to grow, and we shouldn't be naïve in our behavior because many people will suddenly show up when they know they can get something from you.

4. Create a new goal.

Let's be grateful for our achievements and also be thankful that they came to you, but don't be satisfied that if you earn a lot of money now, be thankful. We should not be as greedy as possible. If we achieve our first goal, we make another goal, and so on.

Success is like cleaning; if you clean your house today, you will have to clean again tomorrow. And we'll do it every day, so we can keep a clean house, right? So, when we are living a rich life, we have to set a new target.

[Plaguedeath]

Most of nouveau riche are raised from poor or middle class people, they want to show everyone if they're successful and rich, unlike old money where their parents already teach money when they were young and they've enjoyed rich lifestyle.

It's why new money are in debt or back become poor, they don't high knowledge about money.

Even people have told them to invest their money and how to earn high amount money in the future, they don't realize it.

[bluebit25]

Experience lets us know what mistakes/rights are appropriate for the life we ​​are living, I once saw a saying "poor people have money" yes in this situation I think it reflects this. there.

Lack of knowledge, skills... even if you have a lot of money but don't know how to spend it properly, you are no different from a poor person. But in essence, I see that most of us cannot avoid the seduction that money brings, it governs our behavior so that we have many choices that we have never satisfied, but at a certain point. that will also realize that it is just a means to help us find a fulfilling life.

[kryptqnick]

I believe it's okay to buy expensive things right away, as long as we need a small share of wealth to do so and such purchases won't endanger our condition by depriving us of resources we might need for other purposes. I do agree that it's good to ask yourself about the goal, and that buying stuff to impress other people isn't smart, but if it's something you really want, and it makes sense to you, it's okay to buy it.
Of course, if you have outstanding debt, I agree that it must be the first priority to pay it off, and it's not good to take more debt.

[DeathAngel]

If you’re lucky enough to become rich you should avoid excessive materialism, flaunting your wealth & surrounding yourself with money focused individuals. It's important to prioritise financial responsibility, seek genuine relationships & make informed investment decisions. You should avoid neglecting your personal well being & prioritise mental & physical health. By avoiding these pitfalls you can maintain a balanced & fulfilling life as a wealthy person.

[0t3p0t]

If you’re lucky enough to become rich you should avoid excessive materialism, flaunting your wealth & surrounding yourself with money focused individuals. It's important to prioritise financial responsibility, seek genuine relationships & make informed investment decisions. You should avoid neglecting your personal well being & prioritise mental & physical health. By avoiding these pitfalls you can maintain a balanced & fulfilling life as a wealthy person.

That is actually the most common way most individuals from rags to riches do. I can even see people posting something they achieved in life on social media and I personally do not have any problem with that because it's their life not mine but yeah it all comes with risks we all know that. Lavish lifestyle could make us down again and showing off all of your wealth on social media could also pose threat to you and your family's safety so beware of it.

[serjent05]

To continue being rich one must make sure that his income is way more than his expenditures.  This way his cash flow won't be in negative and avoid reverting back to being poor. One should not be complacent when he suddenly becomes rich, instead should prioritize learning financial management while at looking for profitable investment ventures to produce more wealth.

I believe it's okay to buy expensive things right away, as long as we need a small share of wealth to do so and such purchases won't endanger our condition by depriving us of resources we might need for other purposes. I do agree that it's good to ask yourself about the goal, and that buying stuff to impress other people isn't smart, but if it's something you really want, and it makes sense to you, it's okay to buy it.
Of course, if you have outstanding debt, I agree that it must be the first priority to pay it off, and it's not good to take more debt.

I also agree that it is ok to buy expensive things but on the condition that the money spent does not exceed the profit.  This way the financial capability of a person won't be affected negatively, that is if the person wanted to maintaining its status of being rich.

[TheUltraElite]

Getting all the debts or as much as possible should be the first objective, because debts inject a sense of panic and restlessness in the borrower and this leads to diseases. Next should be savings to be able to plan for the future if possible in a bank and some for buying bitcoin at the lower prices.

Next should be daily necessities and leading a humble life because you dont want to show the world you are rich and gain attention, that leads to disastrous results but continue in your lifestyle and gradually upgrade it.

Savings are very important, most people forget this and they instead spend more than they can afford.

[lovesmayfamilis]

OP, you should also take into account that the people you cited as examples should not be compared with ordinary, average people. Public people who earn money simply by coming somewhere have a completely different way of thinking and attitude towards money. All the debts committed by Nicolas Cage are not the amount you imagine.
As for ordinary people, if you have the money to buy an expensive thing that will still be much superior in quality to a cheap one, then it’s worth buying. It will serve you longer than dozens of its fakes. However, as in everything else. If possible, you need to buy quality things, eat quality food, and live in good conditions. I think any normal person strives for this.
Constantly depriving yourself of everything, but at the same time having the opportunity to live better, you will turn into a miser who will completely lose all zest for life. Agree, that even poor people like to pamper themselves with expensive things.

[davis196]

Are you rich, OP? If you are not rich, what makes you think that you could give advice to rich people(or to poor people, who suddenly become rich)? Poor people giving advice to other poor people about becoming rich seems like a joke to me. How many rich people are using this forum? I really don't know the exact number, but I can assume that the truly rich people won't waste their time posting in a forum.
Rich people usually buy lots of real estate(expensive houses, etc.) which can be sold when they have financial difficulties.
I remember Nicolas Cage having problems paying his taxes in the USA, but Johnny Dep stepped in and paid Cage's taxes.
If you ever become rich, do whatever you can to find rich friends.

[WillyAp]

create your goal comes first.
The biggest issue in making money is the spending site. You spend too much and you won't make it.
Spend too little and you never get off.
Wealth needs financial instruments. No business, less a digital, has all ($?)in one place.   

[angrybirdy]

Most of nouveau riche are raised from poor or middle class people, they want to show everyone if they're successful and rich, unlike old money where their parents already teach money when they were young and they've enjoyed rich lifestyle.

It's why new money are in debt or back become poor, they don't high knowledge about money.

Even people have told them to invest their money and how to earn high amount money in the future, they don't realize it.

maybe they just want to share with others what they have achieved now, there is nothing wrong with sharing them but for me it is better if we keep it to ourselves so that we can also stay away from other people who have bad intentions to us and of course it's valid if we enjoy the things we achieved in the beginning but we should be ready for the next things to do and that is the wise handling of the money we got, so that it doesn't run out quickly, let's avoid the one time big time mindset especially if we know that the money we have is limited.

[ultrloa]

The common problem why people got broke when they experience a extravagant life is they usually buy those unnecessary things just to flex that they have money and to make theirselves in to the latest trend. If they have this attitude and waste their money for nonsense thing then for sure that getting to much problem financially will come on their way especially if they can't handle their situation especially if they don't have savings anymore.

Paying debts is I think not a problem anymore since for sure those guys would think about doing that at first since they have a lot of money to use. Maybe the common concern is the number 3 which is the big changes since for sure that those people who start from scratch might get overwhelmed on their situation and might they can't handle well the big changes happening on their life. Instead of they save more because they earn a lot of money know they became extravagant and buy luxurious things which exceed on what they earn. I don't mean everyone became like this but there are people just get surprise of what they are experience and spend a lot of things because they think that they are earning good and nothing can stop them anymore.

Some may forget to create new goal since they are earning good and fine with it that's why if their main source collapsed they get back to get broke and hunt again a opportunity again. To avoid this situation each of us should create new goal to improve more their current situation since we need something new to achieve so that we will be consistent on everything especially for getting multiple profits for ourselves to have more better life and future.

[Yucky]

The urge to upgrade your lifestyle is one major issue that comes along with being wealthy and most people end up being stagnant at that point become of this urge. When you've not heard money, it's easy to assume that ones the money comes you would be able to guide yourself into being cautious with your spending but it's a totally different ball game when you start seeing the money.

If you're unable to moderate and work on your mindset to becoming matured and capable of managing wealth, you will only end up being a rascal that got wealthy and squandered all his wealth out. The need to live below your means and make plans on how much you're to spend at your ach month can't be overemphasized caus the moment you get it wrong with that, you will mismanage your wealth which might almost take you back to square one.

[btc78]

   
1. Don't buy expensive things right away.

Most of us want to buy expensive things when we receive a lot of money.

It’s also a possibility that people buy things the moment they have money because they reward themselves. Which I am not at all against however we need to look forward and see whether a little reward now would hurt or not in the future?

Like they say Happiness comes to those who wait , there will be a time where you can finally buy everything you want without repercussions.

4. Create a new goal.

Let's be grateful for our achievements and also be thankful that they came to you, but don't be satisfied that if you earn a lot of money now, be thankful. We should not be as greedy as possible. If we achieve our first goal, we make another goal, and so on.

Success is like cleaning; if you clean your house today, you will have to clean again tomorrow. And we'll do it every day, so we can keep a clean house, right? So, when we are living a rich life, we have to set a new target.

What really differentiates a rich person from a poor one is their ability to create more money after being given a handsome amount of it. Once they earn money, what can they do with it to ensure more money in the future? Investing is the key, here.

[DYOR+BTC]

Some people today believe the moment the became rich that they are on top of the world. They think who so ever that get rich today will always remain rich for ever. No matter how rich you are, you most always avoid putting your mind or thinking of how you can always acquire expensive or costly things. Avoid living a luxurious life. A life that you will always want to get anything that comes your way. Weather those things are important to you or not.
Avoid spending without investing. So people are ever ready to spend millions of naira everyday without thinking about investing. It is very necessary we know how to manage our resources to avoid be broke.
Some people today because they believe they earn lot of money any time they don't have money at the moment they go borrowing simply because they want to meet up with their standard of living. Please we should avoid borrowing without any genuine reason why we are borrowing.

[Peanutswar]

If you came from the life that you can atleast sustain yourself into a daily routine and then come up when you have now a budget possible you might experience a lifestyle inflation that even all of your expenses increases too the same of the number of the money you earn now compare before one of the factor too. But if you are just quite neutral still struggling to have an earning seems you have a trouble with your financial budgeting if you have a debts ideally to make settle this if you have bills need no settle it's ideal so your other money will be use for your savings, self expendes and etc. it's better to have nothing if you need to buy something that doesn't necessarily it's ideal to think a week to consider to yourself to decide.

[C10H15N]

Lifestyle creep and debt. 

[alastantiger]

Once I start earning a lot or become rich the first thing I would avoid a putting all my investment eggs in one basket. That is to say that rather than investing in one asset or one industry alone I would avoid it and rather diversified my investment portfolio to include assets and investment that I understand and would you have return money investment there by multiplying, protecting my wealth and minimizing the risk involved. The higher you earn, the higher your risk.

[slapper]

Many people get distracted by bright goods and forget what important. Consider Michael Jackson and Nicolas Cage. They spent their money on disposable items. Wealth doesn't mean possessing a lot of expensive automobiles or trendy clothes. It takes a mindset to produce something lasting. Imagine marathon training. You wouldn't overdo the first mile, right? You'd pace, preserve energy, and think long-term. Same technique to build wealth

Instead of buying depreciating items like automobiles or clothes, invest in long-term assets. Bitcoin goes beyond digital currency. It hedges inflation and may produce generational wealth. Think about it. Investors in Bitcoin a few years ago would be rich now. Despite missing out, there are lots of other options. Be patient, research, and make good choices