The issue of Poor Rich men in our society.

[El_Tammy]

In our modern society, the phrase "a poor rich man" is a powerful explanation for a very specific group among the wealthy. People who are rich and have so many assets but suffer from a poverty of financial acumen and strategic vision. This dynamic is a critical yet overlooked challenge faced by many affluent people, resulting not because they lack funds, but from a low level investment mentality that ultimately drains their capital. The primary problem of this "poor rich man" is wealthy stagnation. While they possess substantial wealth, their conservative and most times fearful approach to capital management prevents their money from performing its fundamental economic function which is growth.

After a careful examination, I have gotten the observation that there are certainly, behavioral Roots of Financial Poverty. This behaviors are rooted in what can be called "scarcity mindset" despite the fact that they have abundance of resources. If you carefully take a good look at some wealthy people in our society, you'll see this scarcity mindset manifested in two different ways which can be;

1.The Fear of Loss: Having successfully generated and gathered a large sum, the most important agenda becomes capital preservation rather than capital appreciation. This often translates into an excessive aversion to market volatility and risk, leading them to choose safety over necessary growth. The fear of losing everything they've made over the years, pushes them to keep their wealth saved or stored which causes it to be rather stagnant than producing more wealth.

2. Lack of Financial Education: Many wealthy individuals are experts in the field that created their wealth (e.g. manufacturing, law, medicine) but are amateurs in wealth management. They delegate investment decisions entirely or, conversely, make impulsive, uneducated choices, lacking a disciplined, long-term strategic framework.

For the poor rich man, the high societal expectations associated with their status adds even more to their distress. They are expected to maintain an expensive lifestyle but their wealth is not generating the income necessary to sustain it without drawing down the principal. This leads to a gradual, self-inflicted decline, where a fear of financial loss ironically leads to its eventual realization.
Ultimately, the phrase underscores a critical lesson in financial stewardship: true wealth is not merely about the quantity of assets, but the quality of the strategy applied to manage and grow that capital. A large fortune without investment acumen is merely a large target for erosion.

For you to gather wealth and even gather more, you have to learn to invest.

[franky1]

i normally consider a "rich" man someone that loves to show it off, wastes money on glamour for the appearance of wealth/lavishness
i normally consider a "wealthy" man someone that loves to invest and grow their money, living frugal or more subtly. ensuring sustainability

in the richman scenario.. for me a "poor richman" means to me someone who has wasted the earned/inherited money due to bad decisions
- they have all the glamour assets for appearances, but no money left to upgrade, maintain, keep the glamour alive

in the richman scenario.. for me a "rich poorman" means to me someone has borrowed his way upto the appearance of lavishness
- they have all the glamour assets for appearances, but now suffers with debts due, the monthly payments, the interest. things they cant fund


financial education is more key than just having the bank balance/portfolio total
controlling your emotions is more key than the dreams of a happy/fun/exciting future
financial and social goals for own prosperity are more important than the emotion/presentation for others benefit

if you are making rash/rushed decisions because your too keen on impressing others you will never succeed.
Eg 'if i sell at X and the market turns, everyone will call me trade-king and celebrate me for my 'perfect prediction skills'

[Mhizlove]

The fear of losing everything they've made over the years, pushes them to keep their wealth saved or stored which causes it to be rather stagnant than producing more wealth

There's this saying that goes "the biggest or greatest risk in life is not taking risk at all." If you think you are scared of taking risks because you don't want to lose, then you're doing more harm to yourself because a money that isn't invested on can never make profit. It's more like the biblical story of a master that gave talents to his faithful servants before embarking on a journey. After sometime, he came back and asked the servants how they managed what was given to them. Out of the three that were given talents, two worked on it and made double of what was given to them but the last one went to hid his talent and brought back the same thing that was given to him. The master was disappointed and took back that which was given to the slave. It's as easy as these, if you think you don't want to work on yourself or what you have out of being scared of losing it, then you're doing yourself more greater harm. The amount of wealth you as a man have will not increase itself rather it will reduce because you are making payments, sorting out bills, debited and spending. So you should not expect it to be the same amount you left just as you can't eat your cake and have it back.

[franky1]

The fear of losing everything they've made over the years, pushes them to keep their wealth saved or stored which causes it to be rather stagnant than producing more wealth

There's this saying that goes "the biggest or greatest risk in life is not taking risk at all." If you think you are scared of taking risks because you don't want to lose, then you're doing more harm to yourself because a money that isn't invested on can never make profit. It's more like the biblical story of a master that gave talents to his faithful servants before embarking on a journey. After sometime, he came back and asked the servants how they managed what was given to them. Out of the three that were given talents, two worked on it and made double of what was given to them but the last one went to hid his talent and brought back the same thing that was given to him. The master was disappointed and took back that which was given to the slave. It's as easy as these, if you think you don't want to work on yourself or what you have out of being scared of losing it, then you're doing yourself more greater harm. The amount of wealth you as a man have will not increase itself rather it will reduce because you are making payments, sorting out bills, debited and spending. So you should not expect it to be the same amount you left just as you can't eat your cake and have it back.

if you are afraid of taking risks, afraid of losing everything.. then dont.
instead realise you dont need to go "all-in".. instead just try a small sample size trial/pilot. a small amount of money or small amount of time to learn, and build from that in a risk free version

imagine you want to start a branded t-shirt company. you dont need to re-mortgage your home to finance a $200k start-up
instead:
get some $2 shirts, slap your logo on it. sell them for $20
buy just 10 shirts($20) using disposable income that would have been wasted on fast food
try to turn the 10x $2 shirts into $200
try to turn the 100x $2 shirts into $2k
try to turn the 1,000x $2 shirts into $20k
try to turn the 10,000x $2 shirts into $200k

..
the issue arises though.. which shows the difference between rich vs wealth
a rich person when getting to $200k from starting small.. would then waste it buying a house. thinking its ok to spend all that $200k capital because they can start again from broke
rich people dont care about going bankrupt, infact it becomes part of their plan to repeatedly go bankrupt to wipe off debt. they dont try to remain sustainably wealthy the rich prefer to repeatedly go broke by putting their assets into other family members names, or trusts, and then declaring poverty/bankruptcy

[Hewlet]

For you to gather wealth and even gather more, you have to learn to invest.

every wealthy person that got his wealth legitimately knows the important of investment and quite an handful of them always invest in one or two things. as a matter of fact, the edge a rich man has over the poor is that the availability of funds in the hands of the rich helps him to invest into any asset that he finds around him that even if the poor man sees it, they can not cease such opportunity because of lack of funds.

Not taking any risk is a risk on it own because in a time as this when the economy is not stable at all, if you do not have asset of different kinds, things can go wrong and the single asset you are holding unto for instance can go down and lead you to poverty in the process. the best way to remain at the top is to ensure that you make you money work for you and the only way your money can work for you is when you invest it into an asset.

[Findingnemo]

If someone made their wealth then I would say they are equipped with enough knowledge about everything related to finance and sometimes even preserving the wealth is a challenge because there are many rich parents who gave everything to their kids and they just wiped all their wealth that took generations to build.

However the ideal thing to do is also focus on the increasing the wealth or just buy the asset that appreciates over time such as gold and bitcoin.

[El_Tammy]

sometimes even preserving the wealth is a challenge because there are many rich parents who gave everything to their kids and they just wiped all their wealth that took generations to build.

That is one thing people don't know or fail to realize. They think saving the wealth will be much safer not knowing they are endangering their legacy. You know what you went through to build your wealth so why hesitate when it finally comes? Certain wealthy people would rather dig a pit or hole and have their money stored there than putting it into use by making or laying investments which ought to help them in the future. This act is all of the result of fear of losing what have already been made and going back to the years filled with stress and overthinking.

[DYOR+BTC]

If someone made their wealth then I would say they are equipped with enough knowledge about everything related to finance and sometimes even preserving the wealth is a challenge because there are many rich parents who gave everything to their kids and they just wiped all their wealth that took generations to build.

However the ideal thing to do is also focus on the increasing the wealth or just buy the asset that appreciates over time such as gold and bitcoin.

 The challenges faced by some people now is how there wealth can be controlled or managed at last. Wealth is something that is never supposed to remain stagnant but moves with constant velocity so as to keep it moving. Some rich men and women ends up losing every single asset all because of mismanagement either from his side or that of his children, so  to avoid going back there should be proper management pattern which involves cutting down unnecessary expense and other useful methods which can perform the same functions.

[Accardo]

in the richman scenario.. for me a "poor richman" means to me someone who has wasted the earned/inherited money due to bad decisions
- they have all the glamour assets for appearances, but no money left to upgrade, maintain, keep the glamour alive

On the personal perception of themselves that would be right, but on the side of the people, such a man would still be seen as a rich man. Hence, a poor rich man in the view of the life around him, should be seen as one who is actually rich but chooses to stay around the poor, live like them, drink and dine with them in same neighborhood, with none of his friends knowing how wealthy the man is across the state.

When a 'poor rich man' with the definition you have given shows up they may be given more respect than this kind of poor rich man I've defined. Because people love to see them cars, jewelries, and shiney clothes to judge. While the actual rich man in their means has chosen to lie low and leave a segregated lifestyle. And because he has picked this side of living, they think his just poor or average, but on his personal perception he is rich and comfortable.

[Findingnemo]

sometimes even preserving the wealth is a challenge because there are many rich parents who gave everything to their kids and they just wiped all their wealth that took generations to build.

That is one thing people don't know or fail to realize. They think saving the wealth will be much safer not knowing they are endangering their legacy. You know what you went through to build your wealth so why hesitate when it finally comes? Certain wealthy people would rather dig a pit or hole and have their money stored there than putting it into use by making or laying investments which ought to help them in the future. This act is all of the result of fear of losing what have already been made and going back to the years filled with stress and overthinking.

It is because no one wants to see their legacy fall so they just settle with stay where they are instead of making more and it is not wrong either but they should atleast pass on the knowledge they inherited and learned in their own life so that their kids can make it even better. Most parents don't and their spoiled rich kids fucks up everything when they come to the real and cruel world.

[passwordnow]

For you to gather wealth and even gather more, you have to learn to invest.

Also, they have to learn how to protect their investments and assets. Because without knowing on how to protect and retain it, they're going to end up still being broke without knowing how to take it back. And so, those who have become poor and then eventually got rich, that's what they're trying to do. They're doing things to protect what they have obtained with the wealth that they have because there could be no more chances for them if they go back to their former lives of being poor. They can't afford to start from zero all over again.

[El_Tammy]

For you to gather wealth and even gather more, you have to learn to invest.

They're doing things to protect what they have obtained with the wealth that they have because there could be no more chances for them if they go back to their former lives of being poor. They can't afford to start from zero all over again.

Right now, this is what I'm talking about. If you think you want to protect what you have left and not work on it, you're just risking your life man. You can't just have money and expect it to keep increasing or stay at the same amount when definitely you're spending from in there.

[passwordnow]

For you to gather wealth and even gather more, you have to learn to invest.

They're doing things to protect what they have obtained with the wealth that they have because there could be no more chances for them if they go back to their former lives of being poor. They can't afford to start from zero all over again.

Right now, this is what I'm talking about. If you think you want to protect what you have left and not work on it, you're just risking your life man. You can't just have money and expect it to keep increasing or stay at the same amount when definitely you're spending from in there.

That's right, rich people that have made it, they know how to protect their wealth and that's what they have been doing. We might see them splurge their money to the things they want but at the same time, they know that it won't suck all that they have. So, spending wisely, investing wisely and protecting the wealth is the key to financial freedom. Once they know how to earn money passively and actively, the stability that they get there is already a blessing to them that they have to retain and protect.

[ThankGodkk2]

sometimes even preserving the wealth is a challenge because there are many rich parents who gave everything to their kids and they just wiped all their wealth that took generations to build.

That is one thing people don't know or fail to realize. They think saving the wealth will be much safer not knowing they are endangering their legacy. You know what you went through to build your wealth so why hesitate when it finally comes? Certain wealthy people would rather dig a pit or hole and have their money stored there than putting it into use by making or laying investments which ought to help them in the future. This act is all of the result of fear of losing what have already been made and going back to the years filled with stress and overthinking.

Having been rich I don't think someone will not build and protect his wealth.because this is something that takes you years to acquire, that's why you see most rich people don't think of losing penny to their business partner's in respect of who they are.

To me one should probably put an end in fallout to where you left year's back.

In as much as you are alive and rich please make sure you do no go back to where you were.

Because this has caused so many damages in the rice home's today.

Keeping to standards is one of the most certainty of a rich man.

[bitterguy28]

If someone made their wealth then I would say they are equipped with enough knowledge about everything related to finance and sometimes even preserving the wealth is a challenge because there are many rich parents who gave everything to their kids and they just wiped all their wealth that took generations to build.

However the ideal thing to do is also focus on the increasing the wealth or just buy the asset that appreciates over time such as gold and bitcoin.

not everyone who has made their money get to keep it because some end up spending all their money due to poor management of funds usually or probably because they simply do not have enough money to support a lifestyle they want to live

[Agbamoni]

After a careful examination, I have gotten the observation that there are certainly, behavioral Roots of Financial Poverty. This behaviors are rooted in what can be called "scarcity mindset" despite the fact that they have abundance of resources. If you carefully take a good look at some wealthy people in our society, you'll see this scarcity mindset manifested in two different ways which can be;

There is a level of richness that you can be, you wont feel like going into anything in life. The relaxation that comes when you have an unwavering source that gives you enough money that you can imagine.

"scarcity mindset"? I doubt all of them face the same challenges. And you might be wrong, most of them are into several investment or business that is not open to the public. They tend to keep them in secrets.

[El_Tammy]

If someone made their wealth then I would say they are equipped with enough knowledge about everything related to finance and sometimes even preserving the wealth is a challenge because there are many rich parents who gave everything to their kids and they just wiped all their wealth that took generations to build.

However the ideal thing to do is also focus on the increasing the wealth or just buy the asset that appreciates over time such as gold and bitcoin.

not everyone who has made their money get to keep it because some end up spending all their money due to poor management of funds usually or probably because they simply do not have enough money to support a lifestyle they want to live

Exactly!
They dream to live extravagantly without investing in the same pace as their expenditures which later cause them to go bankrupt. There's one thing about having or acquiring wealth and there's another thing about maintaining that wealth which has been acquired.
Money as some people say, is very intoxicating and if you do not apply wisdom in handling it then you'll lose it all before realizing it is too late. So that is why I came up with the name "Poor Rich Men."
It is not because they are poor but just pretend to be rich but rather because they are rich but do not know how to handle, build and even sustain their wealth.

[Sim_card]

Some people are just lucky to inherit their wealth from their parents but they don't know how to multiply it. Also, some people were lucky to get a good job but couldn't multiply their wealth because they lack the knowledge to do so. When they get old and retire, they begin to manage to feed themselves because there's no means of cash inflow anymore. Investing should be your priority. So that, you don't live a good life during your youthful age and suffer at old age.

[Iamgoat]

If someone made their wealth then I would say they are equipped with enough knowledge about everything related to finance and sometimes even preserving the wealth is a challenge because there are many rich parents who gave everything to their kids and they just wiped all their wealth that took generations to build.

However the ideal thing to do is also focus on the increasing the wealth or just buy the asset that appreciates over time such as gold and bitcoin.

Building a successful business from scratch is one of the most difficult career path to follow in life and the most beautiful at the same time. The stumbling blocks in building a business from scratch especially in a country where the economy is at its bear is never a simple task. Having to start a business, learn from the mistakes and rise up to build a business empire and become so wealthy comes with a lot of accommodating responsibilities such as learning financial management and discipline, appropriate funds allocation or appropriation, learning how to take loans where necessary and what to you in exchange like a collateral is very key in every business and this is what most people will not tell you that sometimes in your career you will have to go take loans either to boost your business capacity or to rebrand the business.

[Findingnemo]

If someone made their wealth then I would say they are equipped with enough knowledge about everything related to finance and sometimes even preserving the wealth is a challenge because there are many rich parents who gave everything to their kids and they just wiped all their wealth that took generations to build.

However the ideal thing to do is also focus on the increasing the wealth or just buy the asset that appreciates over time such as gold and bitcoin.

Building a successful business from scratch is one of the most difficult career path to follow in life and the most beautiful at the same time. The stumbling blocks in building a business from scratch especially in a country where the economy is at its bear is never a simple task. Having to start a business, learn from the mistakes and rise up to build a business empire and become so wealthy comes with a lot of accommodating responsibilities such as learning financial management and discipline, appropriate funds allocation or appropriation, learning how to take loans where necessary and what to you in exchange like a collateral is very key in every business and this is what most people will not tell you that sometimes in your career you will have to go take loans either to boost your business capacity or to rebrand the business.

Bussiness itself a skill and knowledge and not everyone can succeed in it, one needs to be extremely aware of many things not just about the finance or how to manage a business then every business graduates must become a successful one but in reality no it is not that is why people who build a successful career maybe aware of the growth part or even preserving part but some or even most fail when it comes to pass on their acquired knowledge to the kids which gives them a start instead of scratch and they can go in with years of expereince instead of zero.