Things to avoid when you earn a lot or become rich

[C10H15N]

It's not not what you make that makes you rich, it's what you keep. 

[Baki202]

People always want to look rich because they feel they need to satisfy their self since they already have money. Looking rich is not a bad idea because sometimes you need to look rich to get the attention of rich people because if you have an idea to share and you want them to look rich then you must be prepared to give a convincing appearance that you also have money but this only applies to those that have an idea that they want people to invest in.

Because they’re people that want to look rich just for oppression. And they will even buy things they don’t need and that is not a reasonable thing to do. I love the fact that the person should pay their debt and the same time avoiding debt it’s a good habit to maintain and also get ideas of investing not just spending alone have big investments idea won’t get you broke. Everyone have to plan now in other to survive in this economy.

[boyptc]

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.

That is true.

One thing I've in my life is to pay debts. Whether they're the old ones or those new ones. As long as you remember them and you didn't intend to default and run away from the person you've borrowed to, you have to pay your obligation.

Those people that have borrowed money from me and never paid at forgotten even telling hi or hello to me and talk about their debt, they always have a shortcoming.

I don't know but that's probably how fair life is for those that are taken advantaged to.

[Mr. Magkaisa]

           -   Perhaps I'm referring about clearing your debt and setting a new objective. Naturally, you are really wealthy, so there's no reason why you can't pay the debts we owe others.
This way, at least, they will realize that you respect their confidence in addition to your reputation.

Since this is a new chapter in our life, it makes sense to set or consider a new objective that you believe will help you develop and improve as a person while also changing your character.

[dunfida]

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.

That is true.

One thing I've in my life is to pay debts. Whether they're the old ones or those new ones. As long as you remember them and you didn't intend to default and run away from the person you've borrowed to, you have to pay your obligation.

Those people that have borrowed money from me and never paid at forgotten even telling hi or hello to me and talk about their debt, they always have a shortcoming.

I don't know but that's probably how fair life is for those that are taken advantaged to.

We do know that each person is really that different on which there are ones who do really mind about their obligations but there are ones who dont really care and just simply defaulted out the loan or they dont play simply.
Even if its your close friend or someone, they wont really be showing any care at all and thats indeed the reality but we do know that there's karma for those who dont pay up their debts or taking advantage into those people who had helped them specially on the time that they do ask out some loan or borrowing some money. Debts are something that should really be avoided but we do know that there are indeed times in our life
that we are really that in short in terms of finances or money on which it would really be causing up that borrowing money on which it would really be something that you would be doing.
Debts would really be only significant on the moment that you would really be tending to make some business or investment but on the moment that you would be making use of those debts into some useless
things like travelling or having that lavish life then this is where problems do really start.

As much as possible you should really be knowing on how to save up because on the moment that you do want on buying something then you could really be able to do so without any issues since
you do have the money that you could really be able to purchase on.

[el kaka22]

I would say these are not what to avoid but like what to be careful about instead? In the end, I think it's quite easy to just lose it all if you are not careful and that is why I believe that we are going to end up with more, and we should be careful. I believe that we do not have to worry about being rich and facing issues when we are not rich, it's really not that much of a big trouble.

Even if you just end up putting all your money into savings account and just live a good life, it would be enough and you should not be worried about how to handle it beforehand. The thing we need to worry about is not being rich, or at least facing financial situations, I have been on my worst economical year ever so far, so who cares about rich peoples problems.

[Cryptomultiplier]

I would say these are not what to avoid but like what to be careful about instead? In the end, I think it's quite easy to just lose it all if you are not careful and that is why I believe that we are going to end up with more, and we should be careful. I believe that we do not have to worry about being rich and facing issues when we are not rich, it's really not that much of a big trouble.

Even if you just end up putting all your money into savings account and just live a good life, it would be enough and you should not be worried about how to handle it beforehand. The thing we need to worry about is not being rich, or at least facing financial situations, I have been on my worst economical year ever so far, so who cares about rich peoples problems.

Of course what OP stated are just points to be careful about when one suddenly comes into huge amount of money and one major thing to note is that money that is not invested properly would grow wings and fly away.
Even if the money just sits in the bank, if it isn't for a good plan, then some kind of misadventure or mishap may just be lurking in the corner to claim some of the funds for itself.

The discipline is what counts and that is what will determine how well the money is utilized both in fulfilling dreams and making investments that is bound to increase the income value that has been received .

[boyptc]

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.

That is true.

One thing I've in my life is to pay debts. Whether they're the old ones or those new ones. As long as you remember them and you didn't intend to default and run away from the person you've borrowed to, you have to pay your obligation.

Those people that have borrowed money from me and never paid at forgotten even telling hi or hello to me and talk about their debt, they always have a shortcoming.

I don't know but that's probably how fair life is for those that are taken advantaged to.

We do know that each person is really that different on which there are ones who do really mind about their obligations but there are ones who dont really care and just simply defaulted out the loan or they dont play simply.
Even if its your close friend or someone, they wont really be showing any care at all and thats indeed the reality but we do know that there's karma for those who dont pay up their debts or taking advantage into those people who had helped them specially on the time that they do ask out some loan or borrowing some money. Debts are something that should really be avoided but we do know that there are indeed times in our life
that we are really that in short in terms of finances or money on which it would really be causing up that borrowing money on which it would really be something that you would be doing.
Debts would really be only significant on the moment that you would really be tending to make some business or investment but on the moment that you would be making use of those debts into some useless
things like travelling or having that lavish life then this is where problems do really start.

As much as possible you should really be knowing on how to save up because on the moment that you do want on buying something then you could really be able to do so without any issues since
you do have the money that you could really be able to purchase on.

That's the sad truth about life, when they are in need and you were there, they're happy. But when the time of payment is being asked on them, they almost no care at all.

Anyway, it's not a loss for me and the lenders that have been so good to their friends and relatives when they're in need.

That's the loss of the borrower and they can never find us again with that in their condition.

[Wexnident]

~

Agree with the change. It can definitely be overwhelming when you suddenly have a lot of money all of a sudden. Even if you consider it took a year or two to earn a life-changing amount, that's still pretty damn fast imo and can change a lot of how you view things. Personally, that's how I felt when I turned from some random college kid to a guy who earns about 600 USD per month (due to crypto). I had no concept of money and wasn't really greedy back then, but money changed me pretty badly lol. Luckily I managed to stop myself before going overboard, but it definitely was a bad experience imo.

And avoid subscriptions! #1 thing I hate lol.

[AYOBA]

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?

Seriously it's very important for those that have already bless with so much money which are the richest people is good for them very careful with how they spend their or given child money to go and spend they like. Because no conditions is permanent and he/she who knows today don't know what tomorrow can born it's good advise for rich man to know there people's by the time they have, since it might happen that those poor you help today they might be the one help back tomorrow that's all about life

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.

Yes is good to know the type of people we're living with sometimes some only good in physical but have bad characters some are very selfish interest and that they type of people's that will only know you by the time have money they will be always request something from all the time. But the time that this you have yesterday has been taken away from you they will be the first people's that will far away from you, so in this case is good to know the type of person or people with grow with.

[uchegod-21]

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.

You have actually summarized all that is needed by someone who became rich from the poor background. But we need to understand something, and that is the ability to change a lifestyle. Someone who has not experienced luxury life before would behave somehow experiencing the luxury life. While some people will approach their new style of living in a mannered way, others will just rush into their new life of extravagant living which will later cost them in the future. If you are spending a lot, it should be related to your well-being and comfortability and not buying things that are not necessary for your comfortability and well-being in order to impress the unknown audience.
In summary, when you become rich you need to avoid things that will make you return to poverty lifestyle. And one of those things is spending more than you earn.

[goaldigger]

It's not not what you make that makes you rich, it's what you keep. 

Many said making Millions is easy but keeping it is very hard so you must be prepared when your time comes after all your hard work you must prioritize protecting your wealth. Becoming rich is the goal and staying rich should be the top goal, its not easy but its possible with the right discipline. Financial literacy is a must, so you must not forget to be more knowledgeable about how to handle your finances the right way and you should not rush making investments when you have already the money, always seek for guidance.

[Winterfrost]

You are in no way wrong from all you listed, becoming rich is everyone's dream and we all are working towards achieving such wealth, as we likely are aware of the benefits attached to being rich. It is very bad to be once known to be rich and then further in life due to lacking some personal qualities goes back  to being poor. Many people have been into same condition due to falling short for some of the points you listed especially that of not buying expensive things instead a person should be focused on growing more wealth rather than spending lavishly.

[ringgo96]

You are in no way wrong from all you listed, becoming rich is everyone's dream and we all are working towards achieving such wealth, as we likely are aware of the benefits attached to being rich. It is very bad to be once known to be rich and then further in life due to lacking some personal qualities goes back  to being poor. Many people have been into same condition due to falling short for some of the points you listed especially that of not buying expensive things instead a person should be focused on growing more wealth rather than spending lavishly.

In this life everyone wants to live a luxurious life and have a fantastic income to be able to own luxury goods, but some people use the wrong way to meet their living needs and they only look rich but all the goods they own are already in debt, so when the point in the example it is always the opposite so that the flow of life is full of ups and downs and you never feel happiness even though you have lots of luxury items, so in this life we ​​have to know each other's levels so that we don't feel difficulties in living this life.

[STT]

MJ bought a great music catalogue for example including the Beatles tunes with good royalty revenues but his big problem was overspending and it almost literally killed him trying to service that debt with his own labor while being too ill to perform at the level of his peak years.    Overspending is the easiest way to lose it all including your health, spend to your own level and it will be a far happier experience then trying to own everything; you cannot possibly enjoy all the expensive products all at once anyway.

[tabas]

It's not not what you make that makes you rich, it's what you keep.  

True. It's the same with how much we earn and how much we keep, and the way we spend our money. On this thread, OP listed a lot of factors that can be a good guide for someone who's going to be overwhelmed with his crypto profits and then don't know how to manage it.
One that I can add is to have delayed gratifications. Not because you've earned a lot, you'll spend them wholly like a one day millionaire. It won't make you richer for having that mindset. I just find almost every factor when you're telling things to avoid and that's about creating a new goal and such. Or just change the title about "things to do when you earn a lot" and remove the "avoid".

[Distinctin]

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.

Buying yourself a reward after all your hardwork has paid off is never wrong. As long as you are capable to provide it for yourself by not putting your finances at risk, then that would be fine. But more than that, if you have unfinished business like paying your debt first or helping your parents with some financial assistance, then give more priority to that. Luxury can wait and you can buy a lot more when you are more capable to buy in the future.

[sekalitas]

   
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.

Thanks for sharing! I have a different take on a few things, though.

Here's a simple question that might help decide between wants and needs: "Is there a cheaper option that does the same thing?" That way, we're focused on what we actually need the item for.  Also, before buying anything pricey, I like to wait a few days. Sometimes the urge goes away, and I realize I didn't really need it.

With luxury items,sometimes there's no cheaper swap because it's all about the brand. But even then, spending on luxury  can be kind of like an investment. A fancy car might open doors to business deals or connections you wouldn't have otherwise.

   
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.

 I think it's smart to pay down debt, but being completely debt-free isn't always the goal. Some debt can be a good thing, like when it's for a business, education, or a home. That kind of debt can help you earn more money or improve your life overall. So,it's all about managing your debt, not just getting rid of it.

[Maus0728]

I find the last part, finding a new goal tiresome. What I mean is that I'm already well off financially and I can afford to just sleep without any worries, why would I need to strive for something more when there's already enough for me and that enough is already plenty in terms of how someone should live their life?

[dezoel]

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.

Sharing is caring, so it's always better no matter what. Don't be scared about the bad ones because you still can do something with them like report them. It is possible to enjoy from start to finish, as long as you are well prepared and organized. Also, we must be faithful and pray that negativities will stay away from us.

This is one of the secrets of enjoying a good life, that can last a life-time. Indeed it's funny or crazy that it was usually the poor who also have a poor mindset like that, in terms of finances. But, I guess this is the reason on why they have that status. Not all of them though and then there are still rich who are like this and many of them have turned to be poor.