Things to avoid when you earn a lot or become rich

[atookz]

1. Don't buy expensive things right away.

Maybe not only expensive things but also avoiding expensive habits continuously, such as buying expensive coffee, eating at expensive places, or something like that. Because surely we can also buy such things at a cheaper price. It is better to prioritize spending that provides long-term value. This can also prevent us from becoming impulsive buyers.

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.

Moreover, having consumptive debt that has high interest, this must be avoided because it can threaten finances to become worse. Someone with high consumptive debt tends to have difficulty owning and adding assets, this will hinder finances. Maybe if you have debt for business activities or something that has benefits, it could be better.

[jaberwock]

To be sincere with you, debt is just like demotion. It is as if you are going forward, but something is dragging you back. When you are owing money, you will not be able to plan another thing that will benefit your life until you clear such debt, and you will be like some one who is not even getting the money at all. Although I know that some conditions require you to collect debt, sometimes it is not really to set some financial problems that come your way, but the real thing is to pay it back. 

To most, debt is a trap.  It's like being in a hole that the sides keep caving in - you have to expend effort just to keep even and even more of you want to get ahead.

In the United States, the biggest debt traps are student loans, new car loans, and credit cards.  Collectively, these will keep most people poor their entire lives. 

The problem is that most people do not realize how much they can pay back, and that causes their trouble. It's the same with me, thankfully my boss gave me a bonus this month, but I am near my entire salary for my debt, not because of luxury or anything, it's medical bills I am paying, but it is still terrible calculation on my behalf, I should have taken long term loan, I just wanted to pay it and be done with it quickly, so that was my mistake, but after a few more months of terrible period, I will be done in a couple of months.

In the end, calculate how much you can pay back, you can always get a loan there is nothing wrong with debt, just realize if you can pay it fine or not, if you can pay it fine without trouble then getting debt is fine.

[wiss19]

To most, debt is a trap.  It's like being in a hole that the sides keep caving in - you have to expend effort just to keep even and even more of you want to get ahead.

I think the ones who said that debt is a trap, are only the people who also don't take loans. Maybe there are still people who thinks that debt is risky or can give them a headache, though they have no choice but to still continue availing it because they also need the money for something important. I think this isn't totally wrong, and maybe if we are on their shoes, we will also do the same thing.

In the United States, the biggest debt traps are student loans, new car loans, and credit cards.  Collectively, these will keep most people poor their entire lives. 

Not only in the United States but I think it is also the same as other countries. Maybe they will struggle financially afterwards but they can say that at least, they are now enrolled and can study on their chosen school or courses, they can now drive that new car that they have been dreaming of, and they can now have that other items with the help of their credit cards.

[beerlover]

I feel like that is something I can't really guarantee at all, I try to avoid saying stuff that has never happened. Like right now, if you ask me would you look at people differently if you had millions and millions of dollars? Then I would say of course not, but it has never happened and maybe I would change with money? I wouldn't know, it never happened. Of course sometimes you know what will happen, like if I am thrown from a flying airplane, I know I would be screaming, parachute or not .

But, some stuff are not know and usually a little bit more detailed. I spent my whole college years saying I do not care about the diploma or the grades, because I really didn't, I went to college to learn, for business purposes, not for diploma, and it has been more than a decade since I graduated and never used my diploma for once, not even a single time. But do you know what happened when I was given that diploma? I started to cry, would haven ever guessed, some stuff are shock to you too.

I feel like you would know a bit, okay maybe you do not know the whole 100% thing, but I think you know a bit. I have always been kind to waiters and any other service worker for my entire life, just because I make some money doesn't mean that I am going to change 180 degrees, I am going to be just fine. I may get a little bit more paranoid and try to act a little differently, but not entirely and I think it will not become a problem at all, it should be something that would be easy to handle.

All in all I believe that people can change, just not that much, like you said, you didn't care about diploma and you never used it, just a small teary eye moment isn't a huge change, that type of small things could happen but not great changes.

[wtsimis]

Avoiding certain pitfalls is critical to maintaining personal wellness and financial health when owning more asssets or earning more . Overspending in life should be avoided as lifestyles inflation can quickly deplete assets. Also , stay away from investing without due diligence. Maintain genuine relationships. Moreover , avoid complacency and negligence in long term planning , including savings and retirement funds. Hold on to personal values ​​and ethics that will benefit you in your pursuit of new wealth.

[Silberman]

The problem is that most people do not realize how much they can pay back, and that causes their trouble. It's the same with me, thankfully my boss gave me a bonus this month, but I am near my entire salary for my debt, not because of luxury or anything, it's medical bills I am paying, but it is still terrible calculation on my behalf, I should have taken long term loan, I just wanted to pay it and be done with it quickly, so that was my mistake, but after a few more months of terrible period, I will be done in a couple of months.

In the end, calculate how much you can pay back, you can always get a loan there is nothing wrong with debt, just realize if you can pay it fine or not, if you can pay it fine without trouble then getting debt is fine.

Another problem is that people cannot distinguish between good debt and bad debt, a loan that you can get for a low interest rate, that you use to create a new source of income for yourself or in your health is a good debt, but most of the debt taken today by people is bad debt, as they have to pay high interest rates on it and they take it just to mindlessly consume things they do not even need or want, and yet they keep taking that kind of debt as they believe this is the way people are supposed to live their life.

[Pi-network314159]

Things to avoid when I become rich is as follows:
1. Pretend as if you are not yet rich to avoid people around you looking up to you as if they can't do without you.

2. Don't carry all responsibility of your family otherwise they will pull you down.

3. You'll learn to control yourself in expenses because when you upgrade in financial status your level of expenses also increases. Maybe if you normally spend $50 a week when you aim $500 a month you may not longer manage $50 a week when you start aiming $1500 in a month. The ability of maintaining the old strategy of spending even why you have upgraded will allow you save more money for other important things.

4. Of course paying loan is very important if actually you are owing there is need to pay in Oder for it not to keep increasing.

[Dzwaafu11]

The problem is that most people do not realize how much they can pay back, and that causes their trouble. It's the same with me, thankfully my boss gave me a bonus this month, but I am near my entire salary for my debt, not because of luxury or anything, it's medical bills I am paying, but it is still terrible calculation on my behalf, I should have taken long term loan, I just wanted to pay it and be done with it quickly, so that was my mistake, but after a few more months of terrible period, I will be done in a couple of months.

In the end, calculate how much you can pay back, you can always get a loan there is nothing wrong with debt, just realize if you can pay it fine or not, if you can pay it fine without trouble then getting debt is fine.

If you enter debt due to sickness it is another terrible problem someone can get himself into. although I know that some debt is just that there is not any other way than to take the loan, but the main thing is paying back. But you see your own problem is the medication, you know with the way things are going now maybe the loan will not even enough to get the medication you want to buy base one how expensive drugs are now. furthermore, the sickness may not be as one expect, so all this emergency stuffs are things that make someone go broke even if you are earning money.

[bakasabo]

1. Don't buy expensive things right away.

Maybe not only expensive things but also avoiding expensive habits continuously, such as buying expensive coffee, eating at expensive places, or something like that. Because surely we can also buy such things at a cheaper price. It is better to prioritize spending that provides long-term value.

Something does not make sense. An item can not be simultaneously cheap and have a long-term value. From my experience, cheap things does not last long. But expensive ones are made with better quality and better materials. I would suggest to make a small research before making a purchase and plan how long and where you are going to use "thing".

For example you have mentioned coffee. Cheap coffee making machine wont work for a long time before breaking, however, if you dont drink coffee often, you might consider buying a cheaper one. However, cheapest coffee machines use coffee capsules, and 1 cup of coffee made with it will cost more than a coffee from beans. Also consider options of a coffee machine. Touch screen models are more expensive than the one with buttons.

So before buying something, always think how you are going to use it.

[Smack That Ace]

1. Don't buy expensive things right away.

Maybe not only expensive things but also avoiding expensive habits continuously, such as buying expensive coffee, eating at expensive places, or something like that. Because surely we can also buy such things at a cheaper price. It is better to prioritize spending that provides long-term value.

Something does not make sense. An item can not be simultaneously cheap and have a long-term value. From my experience, cheap things does not last long. But expensive ones are made with better quality and better materials. I would suggest to make a small research before making a purchase and plan how long and where you are going to use "thing".

For example you have mentioned coffee. Cheap coffee making machine wont work for a long time before breaking, however, if you dont drink coffee often, you might consider buying a cheaper one. However, cheapest coffee machines use coffee capsules, and 1 cup of coffee made with it will cost more than a coffee from beans. Also consider options of a coffee machine. Touch screen models are more expensive than the one with buttons.

So before buying something, always think how you are going to use it.

Everything has its price, nothing is cheap but of high quality, this sounds absurd. Especially when it comes to food, there will be no food that is nutritious and clean but also cheap, which is not true in today's society.

Furthermore, why do we try to make a lot of money and become rich? What is the purpose of getting rich? Is it so we can have a better life? Therefore, it would be bad advice and idea when we become rich but do not dare to spend money on good food, beautiful clothes...or things that make our lives better. Instead of thinking of thousands of solutions to save money, why don't we think of ways to make more money and become richer?

[Xcode7]

1. Don't buy expensive things right away.

Maybe not only expensive things but also avoiding expensive habits continuously, such as buying expensive coffee, eating at expensive places, or something like that. Because surely we can also buy such things at a cheaper price. It is better to prioritize spending that provides long-term value.

Something does not make sense. An item can not be simultaneously cheap and have a long-term value. From my experience, cheap things does not last long. But expensive ones are made with better quality and better materials. I would suggest to make a small research before making a purchase and plan how long and where you are going to use "thing".

For example you have mentioned coffee. Cheap coffee making machine wont work for a long time before breaking, however, if you dont drink coffee often, you might consider buying a cheaper one. However, cheapest coffee machines use coffee capsules, and 1 cup of coffee made with it will cost more than a coffee from beans. Also consider options of a coffee machine. Touch screen models are more expensive than the one with buttons.

So before buying something, always think how you are going to use it.

The point is, what we need is quality, regardless of whether the price is expensive or cheap, especially when you already have a lot of income or are already rich.
I think we don't need to be too thrifty or restrain ourselves from necessities except for buying useless things as long as we have money then we have to fulfill all our needs and desires with the best things.

When we are rich or have a large income it doesn't mean we have to save excessively, that's what we have to remember, giving the best things is also an appreciation for ourselves after being able to do many things, so I think it should be done for yourself.

[bittraffic]

Buying expensive things is like bragging to the public. You have to remember that every person today is affected by inflation, if they see you getting richer instead, the criminals will be watching you.

Always remember that Norwegian guy who owns a crypto business and brags about it on social media and one day the robbers learn where he lives.  He jumps out the window from the 2nd floor.  https://www.independent.co.uk/tech/bitcoin-cryptocurrency-robbery-norway-millionaire-gun-a9097576.html

[Roseline492]

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.

You are right because investing all your money in one assets could be sometimes be very wrong considering the fact that if something should happen to the investment you will not have something to fall back on because that's actually what most people failed to understand, so perhaps in as much as a particular investment may seem very promising but shouldn't be enough reason for someone to put everything on the investment, perhaps if we check very well most failure was as a result of someone not being able to diversify most of his investment into other things so that if in case the first one did not work out the second investment will help them to regain there fit, and also another thing that's not good when someone has money is bragging or trying to leave a luxurious life because no matter how rich someone would be but the moment they failed to manage there money well there is every chance of losing everything.

[slapper]

~snip~

Everything has its price, nothing is cheap but of high quality, this sounds absurd. Especially when it comes to food, there will be no food that is nutritious and clean but also cheap, which is not true in today's society.

Furthermore, why do we try to make a lot of money and become rich? What is the purpose of getting rich? Is it so we can have a better life? Therefore, it would be bad advice and idea when we become rich but do not dare to spend money on good food, beautiful clothes...or things that make our lives better. Instead of thinking of thousands of solutions to save money, why don't we think of ways to make more money and become richer?

Yeah, everything costs something, but does that mean expensive always equals better? Fuck no

Look at the organic food craze: sure, some of it's legit, but a lot of it's just fancy branding with a higher price tag. You want real quality? Talk to your local farmers' market, talk to the folks growing your food. You'll get more for your buck and probably learn something. Don't get sucked into the FOMO, think for yourself

Everyone wants a better life, right? But what does that mean? Does it involve new tech, showy cars, or better food? Or enjoying a proud, financially-free life? Think about it, man. Instead of buying the next big thing, invest in yourself. Maintain your health, learn something new, and spend time with loved ones. That's the real shit. And most of us aren't rolling in dough. Therefore, you must spend your money wisely. Don't buy goods to impress. Invest in things that add value to your life, that make you a better human being

[Finestream]

Lots of people make such mistake of living an extravagante lifestyle when they finally stumbled on a big bag, that's very wrong. To them they'll feel like, I've been poor or broke for too long and now the world needs to see I've made it. No, that's wrong you don't live to impress anyone cause when you go broke again those people you're trying  to impress might not help you rise up again, they'll probably laugh at you or mock you for being foolish. A wise man once told me that the first thing i should think of, when i start earning is to invest my earnings into a good business or investment and that has really helped me in life, I'll always calculate before spending and it's help me to differentiate between my needs and wants. Another point i picked from the Op is paying of debt, it's very important for people to pay off debts when they've finally made money, the best thing that could happen to a man is being debt free, it saves one from unnecessary embarrassement and public disgrace.

It’s not wrong to reward yourself after an achievement like living a luxury life even just for a day, but keeping the luxury while you have money, that’s a very wrong mindset. Money will be easily used up in just a couple of days or months.  Instead, continue living a simple life and stay low key. Maintain your expenses so you can increase your savings and investments. That way, you will consistently prosper all throughout. However, if you keep increasing your expenses even without any investment just to experience a luxury life, you will find it hard to save your spare money but will eventually struggle with your finances in the long run.

[Russlenat]

1. Don't buy expensive things right away.

Maybe not only expensive things but also avoiding expensive habits continuously, such as buying expensive coffee, eating at expensive places, or something like that. Because surely we can also buy such things at a cheaper price. It is better to prioritize spending that provides long-term value.

Something does not make sense. An item can not be simultaneously cheap and have a long-term value. From my experience, cheap things does not last long. But expensive ones are made with better quality and better materials. I would suggest to make a small research before making a purchase and plan how long and where you are going to use "thing".

For example you have mentioned coffee. Cheap coffee making machine wont work for a long time before breaking, however, if you dont drink coffee often, you might consider buying a cheaper one. However, cheapest coffee machines use coffee capsules, and 1 cup of coffee made with it will cost more than a coffee from beans. Also consider options of a coffee machine. Touch screen models are more expensive than the one with buttons.

So before buying something, always think how you are going to use it.

Most expensive things comes with great quality indeed. However, I don’t think buying an expensive stuff that you think will be of great use to you will still be an issue. One should not matter on the price, but on the quality itself that he will be able to use it for a longer period, and that definitely saves money and time.

However, I would go instead sorting out your needs from your wants. If you can prioritize your basic necessities more than your luxurious wants, you can actually save more money for your future investment. Just don’t overspend, but still stick to your budget. With that, you can avoid future problems.

[Promocodeudo]

Riches comes with different mindset, as far as you are rich and can conveniently afford some certain things that you want those will look like nothing to you hence you can buy them but unknowingly to you that those are lavishing habits that can get you into being broke, i dont want to be misunderstood, is not as if am against rich people spending their money in what they desire, am just making a point that excess of everything is not good, expenses should be curtailed, what makes you rich is the investment you own not how much you spent on things that you want.
Once I become Rich or start earning higher amount, I will avoid unnecessary expenses because it can lead me into debt, maintaining my level and upgrading to a higher side should be my priority and for me to do that I must learn how to invest in meaningful long term profitable assets.

[~speedx~]

After owning money, everyone wants to show it. For this, many people want to buy or do a lot of things beyond their ability. Which has a very bad effect on their money. Because you should always keep your needs within your ability.. And by borrowing.Nothing should be done.I think that after owning the money, one should pay off the previous debts in such a way that one does not have to be in debt again.If you suddenly become rich, you will have to adapt yourself to the fact that there will be many changes in life.

[C10H15N]

After owning money, everyone wants to show it.

Incorrect. Most with wealth are very understated and have no desire to draw attention to themselves.  Most flashing the trappings of wealth are faking it. 

[Mr.sprin]

Riches comes with different mindset, as far as you are rich and can conveniently afford some certain things that you want those will look like nothing to you hence you can buy them but unknowingly to you that those are lavishing habits that can get you into being broke, i dont want to be misunderstood, is not as if am against rich people spending their money in what they desire, am just making a point that excess of everything is not good, expenses should be curtailed, what makes you rich is the investment you own not how much you spent on things that you want.
Once I become Rich or start earning higher amount, I will avoid unnecessary expenses because it can lead me into debt, maintaining my level and upgrading to a higher side should be my priority and for me to do that I must learn how to invest in meaningful long term profitable assets.

Yes bro, I agree with your point of view, when we have a lot of assets and savings, it is better to increase the number of moving assets to generate profits for us, where the moving assets will always produce large profits every month, instead of buying goods that useless because mere lust can only make us run out of savings.

We don't need to show our wealth to other people, it's enough for us to know where we have wealth and to use it well and not waste money without knowing where it's going, by investing as much as possible we have kept our savings in a good place, and Our advantage is that we can help our brothers and sisters who need it without expecting help from the government, set aside a little of our wealth for our brothers and sisters who need it out there, in my opinion that is better than buying useless things just to show them off without any use.