Things to avoid when you earn a lot or become rich

[wmaurik]

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.

Now there are many people who have realized about inflation and the increasing prices of goods and services every year so that most people are aware of investing in some assets by relying on their own money rather than keeping it in the form of money itself. I think the advice you say here is also quite right for everyone to do because at this time everyone must have the effort to bring in more money by relying on the money that already exists, either through business or through any investment that can have the potential to be profitable.

[Mahanton]

The primary that comes up into my mind on the moment i do get rich is this;
2.Pay your Debt

One of the things i will really be clearing up is to pay up my debt on which this is something that makes me suffer through ages and really getting me stressed.
If i do really have that kind of chance on being rich then pretty sure this one would be coming up into my priority. Next is to established business and investment on which this is
also your main consideration on the time that you are financially free on which it would really be that understandable that you would really be needing up to sustain because nothing could be
permanent. There's no such thing about assurance that you would be rich forever, it would really be just  depending on how you would be sustaining.

Making up some buying some expensive items then make it sure that you could really be able to afford and never ever make yourself that be that spending too much.
Control and moderation would really be everything because buying impulsively which would really be that leading into such waste on the money and could
potentially lead into disaster.

[dansus021]

I mean based on your thread yes we need to manager our money properly but basically human is never enough no matter how rich are you, like you have said Michael Jackson and nicolas cage earn million of dollar but still have debt and never enough it is true because its human nature.

Things to avoid when you earn a lot or become rich are simple as be grateful and don't be greedy but both of these are hard to achieve and easy to say. If I rich like right now one thing I do is buy dividend stock or something similar that basically give me money in monthly basis without work after that I can surely enjoy the rest of money

[DaNNy001]

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.

Your point is absolutely valid, poverty is a mindset that's why a lot of people have been given some financial opportunities but end up coming back to square one because having the money isn't what makes you rich alone but your state of mind is what can maintain that wealth...a lot of poor people think that once they get some millions they can just stay on top and live the life of their dreams forever without a plan, if your money doesn't make more money for you sooner or later that money is going to get exhausted..if you have a prepared mindset and targets when wealth comes you will be able to utilize it properly

[Sebas.tian]

Things to avoid when you earn a lot or become rich are simple as be grateful and don't be greedy but both of these are hard to achieve and easy to say. If I rich like right now one thing I do is buy dividend stock or something similar that basically give me money in monthly basis without work after that I can surely enjoy the rest of money

If you want to improve in your wealth, I don't think it will be difficult for you to eliminate greedy in your life, because greedy has destroyed many investors and if you refuse to eliminate it, it will make you not to pay your debt, it will make you not to stay long in your wealth before you will go down to poverty level again. You mean investing your funds in different investments right, I think it will boost your financial status but if you invest wrongly, it will make you to return back to zero level in your investment, because there are some investment you must avoid if you don't want to lose your capital. Avoid storing your funds in the bank, because it will not going to add income to your saving and you need to avoid such decision, because it will not boost your financial status but if you invest funds in decentralized currency or estate investment, I think you will continue to enjoy your wealth in the nearest future.

[wmaurik]

Your point is absolutely valid, poverty is a mindset that's why a lot of people have been given some financial opportunities but end up coming back to square one because having the money isn't what makes you rich alone but your state of mind is what can maintain that wealth...a lot of poor people think that once they get some millions they can just stay on top and live the life of their dreams forever without a plan, if your money doesn't make more money for you sooner or later that money is going to get exhausted..if you have a prepared mindset and targets when wealth comes you will be able to utilize it properly

More precisely, it is to have a mindset that can make more money by relying on the money that already exists, because the mindset of a rich person is a mindset that can bring more money after using some of the money in any business or job. And what you said is also true that people who already have money but do not have a mindset in using money based on a good plan will also become poor in the end because they cannot produce because they are only busy spending the money that already exists.

[Agbe]

Everyone lifestyle is not the same and what happened to Michael Jackson is different from others. If the expensive thing can last longer then it is better for me to have it and use it. But whereby I bought the expensive thing and still use money to maintaining it every day then I would not buy that one. But inferior things are not good at all. Africa is a dumping ground and China substandard products are shipped to African. And the average persons to waste their money.