Things to avoid when you earn a lot or become rich

[Volimack]

Agreed, not only business loans but not all loans if you fail to pay back on time, the problem will increase. Many times it is seen that even if the amount of loan increases, due to the lack of income, the person has to face a lot of tension in repaying the loan after the operating expenses. Business activities can be gradually expanded with one's own limited resources as planned without taking loans to meet one's goals.

[Bialke]

I just reply to the threadstarter's intro - until debt/Michael Jackson. I will read the rest later and will also reply to that.

To assume debt is bad is WRONG! To assume one person is just and can be just one LEGAL person is WRONG!

People with a little bit financial interest know: One person can be a lot of (legal) persons and debt is not a problem in certain cases!

[kuriboh]

Keeping the money is harder than making money. So I think it would be good for us if after earning money we can invest it properly in the right place. My advice to your friends who earn a lot of money.  That is, they have to calculate and spend money every month. Extra money cannot be wasted for any work. Besides, they can invest in good altcoins including good bitcoin.

Keeping money is much more complicated than making money these days. Money can't be spent as hard as it is earned. Nothing is left daily after everything is paid to meet needs. This cannot be done; we have to get out of this situation and continue the trend of investing in Bitcoin. I suggest investing in Bitcoin because it will bring something good. I will tell my friends to get married to see it as their savings; then, it will be a good saving for him through investment.

[Reatim]

Keeping money is much more complicated than making money these days. Money can't be spent as hard as it is earned. Nothing is left daily after everything is paid to meet needs. This cannot be done; we have to get out of this situation and continue the trend of investing in Bitcoin. I suggest investing in Bitcoin because it will bring something good. I will tell my friends to get married to see it as their savings; then, it will be a good saving for him through investment.

in this economy, often times it feels like we barely had time to hold our money because right before you know it it is already flying out of your hands not because we don’t know how to keep our money well but because the goods are so expensive in today’s time and age already

there are so many bills, many subscriptions, loans, insurance to pay that you soon after you earn your salary you are back to square one again

[Bialke]

A little time ago I was in Sibiria.

There for 2 USD I could buy a pound (500g) of caviar. In western europe the same amount was a 250 USD. It was common arbitrage. So what are you doing? You have to avoid transport costs. I do not transport things. So basically you have to create a market for caviar representing shares. And this is the start: You buy things and translate it into fictional goods - But: You do not buy it!

The caviar is not "Fisherman"'s good, they take from the fish! But in my mind it is not ust the fish's - the fish is mine? Why can "they" take my fish? So I make the "fishermen" fish. So you create a buying legal person, buying with credit, then you sell to another of your own legal person, who is going bankrupt - an do not pay the first legal person. And so the first legal person cannot pay the dept back and is going bankrupt.

The price of caviar in western europe is fictional. So why is the price (market position) real in Sibiria? The 2 USD/500g is also fictional. The real price is -1 USD. And I make the price! And I save fish's environment by making some of the Sibirian fishing industry bankrupt!

I think mindset is important for beeing or not beeing fish.

[kuriboh]

in this economy, often times it feels like we barely had time to hold our money because right before you know it it is already flying out of your hands not because we don’t know how to keep our money well but because the goods are so expensive in today’s time and age already

there are so many bills, many subscriptions, loans, insurance to pay that you soon after you earn your salary you are back to square one again

I agree with your assessment of the economy's state. You are correct that we had endless time to save money but didn't realize we had lost a good time.
We don't know how to manage money, but from now on, we should take care of our money. If we don't care for money, our days will be challenging and not going well.

[Cookdata]

Keeping money is much more complicated than making money these days. Money can't be spent as hard as it is earned. Nothing is left daily after everything is paid to meet needs. This cannot be done; we have to get out of this situation and continue the trend of investing in Bitcoin. I suggest investing in Bitcoin because it will bring something good. I will tell my friends to get married to see it as their savings; then, it will be a good saving for him through investment.

When you set priorities and don't go above your means, keeping money wouldn't be a problem. However, today is now a complex state where we see everything as competition, we are pressurized by the way the society looks and people see that as a class that many of us don't want to let's go even the things are not important to us, this is the main reason why it's difficult to save money today but if you are smart among the spenders, you can avoid the peer pressure, you will go far in life.

There is another thing I will like to include,  that's womanizing. If you have the means to make plentiful money, avoid women or be committed to one person, atleast you can say no when her ideas doesn't align with your financial stability but keeping much women will only draw billings on your table and if you are the type that love to please them, you will go broke and funny thing is the moment you go broke, they are going to abandoned your ass. Be wise.  

[leonair]

in this economy, often times it feels like we barely had time to hold our money because right before you know it it is already flying out of your hands not because we don’t know how to keep our money well but because the goods are so expensive in today’s time and age already

there are so many bills, many subscriptions, loans, insurance to pay that you soon after you earn your salary you are back to square one again

I agree with your assessment of the economy's state. You are correct that we had endless time to save money but didn't realize we had lost a good time.
We don't know how to manage money, but from now on, we should take care of our money. If we don't care for money, our days will be challenging and not going well.

No matter how much we earn, we have to try to keep it and spend it wisely. From now on, we have to decide to save our money for the future.  Life has to go through bad situations. So I have decided from now on to save at least a little every month and also thought of investing. I know that if we can invest at this time, we can get a lot of good returns in the future.  And we have to learn to invest to get something good.

[wmaurik]

No matter how much we earn, we have to try to keep it and spend it wisely. From now on, we have to decide to save our money for the future.  Life has to go through bad situations. So I have decided from now on to save at least a little every month and also thought of investing. I know that if we can invest at this time, we can get a lot of good returns in the future.  And we have to learn to invest to get something good.

Being able to save and invest every month is actually quite good, especially if we do this based on our own intentions and awareness through the income we have earned so far. However, it is also important not to think that we have to live in bad conditions because people who are able to save consistently enough and leave money for investments every month will find it easier to get enjoyment if this is their life goal. Because people who are able to make a change in their lives through their own income are the people who will be lucky enough in the future.

[STT]

As far as womanizing you get back when you hand out really especially in the modern context.   Elon Musk on purpose has fathered or is the father of 13 children I think including a random employee who wrote to him requesting he take part in her IFV.

  He is rich enough not to care about the 18 years of child and support payments which scale as you get more wealthy I believe.   For most of us you will never earn another penny again if you carry on like that, if you arent even seeing the children that seems a poor deal to me though being a father is a gift also tbh.

I have a friend who had to leave the country, he was about to be bankrupt in his twenties because he had 2 kids and other government debt, none of which can be avoided.  I dont even think bankruptcy could have helped him much, so he married a foreigner and has not been back since.  Quite drastic, you better really want kids if you are sleeping around because its very possible to accumulate the biggest debts from it.

[Jody.Drummer]

No matter how much we earn, we have to try to keep it and spend it wisely. From now on, we have to decide to save our money for the future.  Life has to go through bad situations. So I have decided from now on to save at least a little every month and also thought of investing. I know that if we can invest at this time, we can get a lot of good returns in the future.  And we have to learn to invest to get something good.

We really need to pay attention to the future from now on, because our future depends on how we live it now. If we are lazy now then the future may not be good. You need to know that when you have an income, of course money management is very important, even when you don't have an income, money management must be had because by having good money management, of course we can manage income and expenses. . with those who already have an income or income but are still experiencing poor financial problems, perhaps it is because they cannot manage their finances well so they often spend some money on things that are not very important, such as buying what they want, not what they need.

not everyone has to invest because of course everyone's interests are different, even though they already have income but they don't invest, in my opinion that is normal and not a problem, as long as they can save the money it will be fine. Everyone doesn't have to invest, but saving is something that must be done to prepare for our future. When your finances are very good then you can learn about investing, because of course investing requires a good understanding so that you don't experience large losses that you don't want.

[DaNNy001]

    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.

I think I would agree with the first point you made, not buying overly expensive right away shows financial wisdom and control... there's something someone once said, if you can't buy it twice you can't afford it, a lot of people hit their first millions and immediately buy a car forgetting that  there are other expenses to take care of, at the end of the day some of them end up selling that car cause they don't have the ability to keep up with the lifestyle... creating a new goal is Also a good point, your focus should be different and you must cut off unnecessary things that takes your money

[Kavelj22]

This is like a personal suggestion to anyone because it is something that has to do with the occurrence of life to the society but from my own perspective and point of view I understood that whenever you are rich you have a lot of responsibilities and it is obvious that he reaches does not have a hidden agenda or hide under things, so you must be open to people depends your current attitude so I believe that when is someone became rich it will affect the mentality of the person's characteristics but it is only a few individuals on Earth that can be able to have a control over power of Riches

Some people, including me, believe that the main difference with the rich is that they control their money and do not let money control them. If you do not care about how much money will remain in your wallet after you go shopping, you may not become rich. You should know your income and expenses at every moment. This will help you determine your budget and prepare for unpleasant surprises that may occur in your life. Often, a person tries his best to become rich, but sometimes he fails due to external circumstances, but most of the time, the problem is with ourselves.

There are precise economic factors that do not give the opportunity for everyone to be rich or for everyone to be poor. But with the development of the economic experience of human societies, it became clear that the people closest to wealth and most able to maintain it are those who have the ability to manage money in a wise way. The millionaire and the billionaire are both wealthy, but their abilities to manage money and manage types of crises are very different.

[Antotena]

No matter how much we earn, we have to try to keep it and spend it wisely. From now on, we have to decide to save our money for the future.  Life has to go through bad situations. So I have decided from now on to save at least a little every month and also thought of investing. I know that if we can invest at this time, we can get a lot of good returns in the future.  And we have to learn to invest to get something good.

In as much as I agree with your point. We need to put our financial burden into consideration, you can't be earning less and then you have more problems more than you can handle. There are some people who earn huge amount of money in the sense that the amount should give them average life to handle any bills but because they have liabilities everywhere, they end up as poor people, some people are been constrain by family problems and bills everywhere.

If you want to be comfortable and be able to pay off your bills without any burden, you really need to cut off some people. This might sound strange but to be honest with you, there is no way one will go far with wealth when you are to generous, be cautious of your spending and how you pay bills then after you make the money, you can be generous and show humanity to people who lack some basic things.

[GigaBit]

A person cannot spend his whole life in one way. Everyone has their ups and downs. There are many rich people in the world who after a one or two decade have lost their money and become poor. Not only Michael Jackson but also many wealthy businessmen have had such situations. So the most important thing we should focus on is managing our money while we are in good condition. Those who overspend needlessly will at some point live through the cost of money. If there are personal loans there is no option to repay those loans and save for retirement. So if you are rich then you need to utilize your money in such a way that it will be able to keep you at a stable level in future.

[bestcoins1]

I agree with your assessment of the economy's state. You are correct that we had endless time to save money but didn't realize we had lost a good time.
We don't know how to manage money, but from now on, we should take care of our money. If we don't care for money, our days will be challenging and not going well.

Caring about money is not making money just sit in one place, but rather using it in several places in order to be able to bring in more money in different times. This means that everyone who is able to use money wisely enough and also with more mature consideration in any business, that person will be more often far from what is called difficulty in the economic sector. Because the money that we move into the business will continue to circulate well as long as our business is still running well until it continues to bring in more profits.

So the understanding of caring about money here is to use money in sectors that can bring more benefits to ourselves, not just saving and looking at it without holding a little bit. Nowadays, we can still consider money as basic capital besides our own level of knowledge and level of expertise in various things, so using it in the right place will always be recommended by anyone because that is what we should do in order to be able to bring in more money in a certain time.

[pusaka]

I agree with your assessment of the economy's state. You are correct that we had endless time to save money but didn't realize we had lost a good time.
We don't know how to manage money, but from now on, we should take care of our money. If we don't care for money, our days will be challenging and not going well.

Caring about money is not making money just sit in one place, but rather using it in several places in order to be able to bring in more money in different times. This means that everyone who is able to use money wisely enough and also with more mature consideration in any business, that person will be more often far from what is called difficulty in the economic sector. Because the money that we move into the business will continue to circulate well as long as our business is still running well until it continues to bring in more profits.

So the understanding of caring about money here is to use money in sectors that can bring more benefits to ourselves, not just saving and looking at it without holding a little bit. Nowadays, we can still consider money as basic capital besides our own level of knowledge and level of expertise in various things, so using it in the right place will always be recommended by anyone because that is what we should do in order to be able to bring in more money in a certain time.

Well, that's right, we can't just make our money idle, but we have to think about how to make the money we have can bring in other money and can generate income. As humans, we are required to always be productive, and being productive does not only have to be interpreted as our activities but also in the things we have, we have to make them productive, one of which is money. If we only save the money, then the money is inflationary and its value will decrease from year to year, we have to be aware of that so that we don't regret it later because we don't realize things like this. If we want to think and want to do new things, there are actually many things we can do, it's just that we have to be willing to be tired to do it. It should also be remembered that we must continue to work hard even though we feel tired.

[Dewi Aries]

I think I would agree with the first point you made, not buying overly expensive right away shows financial wisdom and control... there's something someone once said, if you can't buy it twice you can't afford it, a lot of people hit their first millions and immediately buy a car forgetting that  there are other expenses to take care of, at the end of the day some of them end up selling that car cause they don't have the ability to keep up with the lifestyle... creating a new goal is Also a good point, your focus should be different and you must cut off unnecessary things that takes your money

actually it doesn't matter if it is an item that is needed, remember that it is needed not wanted. most people buy expensive items because they want them not need them this must be fixed because this is usually done by young people or those who do not have good money management or maybe they prioritize their desires over what they need, although it is a natural thing because everyone certainly has desires but it must also be considered when buying an item that does seem expensive.

with the incident of those who can get a lot of money then without thinking twice immediately buy a car and after some time they then sell it again it does indicate that usually people only prioritize what they want not what they need. this must be fixed, maybe by being able to think about our own future so when we get enough money we have to think about how the money that has been obtained can return to making money again and by doing business of course that is one thing that can be done, although there is a risk but it can be minimized by us doing everything wisely.

[Yeesha]

Lavishing is also very important that someone need to avoid when you become wealthy, no matter how wealthy you are, and you do not learn how to manage your money and your spend it purchasing unnecessary thing, it will really affect your profit, make sure that you clear all your debt, for you to know exactly how much you have earn, carrying out your fiscal responsibilities is very substantial but you need to spend it wisely.

When you have a huge amount of money, don't be impatient and spend them, you just have to carry out a good budget in a way that you will be earning a lot.

Just because you are rich doesn't mean that you will never be poor again, you must not show off because you are rich and don't be proud for the sake that you having a luxurious life, moreover it lead to envy, because it is not everyone that is blessed the way you are blessed, it will make them jealous and they will wish you bad luck, so it is not everything that you have you will post on the public.

[erep]

Well, that's right, we can't just make our money idle, but we have to think about how to make the money we have can bring in other money and can generate income. As humans, we are required to always be productive, and being productive does not only have to be interpreted as our activities but also in the things we have, we have to make them productive, one of which is money. If we only save the money, then the money is inflationary and its value will decrease from year to year, we have to be aware of that so that we don't regret it later because we don't realize things like this. If we want to think and want to do new things, there are actually many things we can do, it's just that we have to be willing to be tired to do it. It should also be remembered that we must continue to work hard even though we feel tired.

You are right, we have to use money to bring in other money and we have to have the skills to manage and plan a new business or something that produces results from your skills, don't be satisfied with your current wealth but the money you need will not be enough for your future, so be wise in managing it. finances for routine and important needs, but it is advisable to convert savings into more profitable investments rather than saving money with the negative impact of inflation and the value of the currency will be lower due to rising prices of goods and services.

Don't be opposed to the word tired because work requires hard thinking and energy. If you are still classified as low or middle class, keep your enthusiasm to realize your dream of becoming rich, because anyone has the opportunity to become rich as long as they work hard.