Things you shouldn't do with your money to grow rich or advance in life

[gunhell16]

1. Avoid spending without a plan

Many folks are unconcerned or simply do not want to spend. They don't care if they have more money or if they have money left over until the month is concluding. They will then protest that they don't have any more money because they have no idea how or where they are. It is going to be spent. And how many times have you gone shopping or grocery shopping without a list, which ended up costing you?

You didn't have anything planned? Because if you want to save money, you should continue to make plans about what you buy.

2. Don't boast of having a lot of money

This is correct since it is your money, and you can spend it any way you see fit. However, regardless of whether we admit it,
Arrogance is also a factor in how we handle or mishandle money.

3. Don't always purchase anything worth

One of the most serious issues with our spending is that it loses value over time. Assume you purchased a phone or a car last year, but I'm not suggesting it's not a necessity; I don't intend it that way. What I'm trying to say is that you don't always have to keep up with the trend; just because a new iPhone is released, you'll buy such gadgets, even if they're expensive and difficult to obtain, but it turns out that you're just forcing your own to keep up with the trend. The same is true for the car, where a down payment will be required.

Gas expenditures, maintenance, and other expenses will be required here because if not, you would most likely sell it for a low price.

4. Do not waste money on unnecessary items

Many people, like the rest of us, are still addicted to spending money on items they don't need. Others may be
inclined to go with pals who just do occurrences, and you stay up with your soldiers knowing that they have a lot of money unlike you. We are not like that. only like buying a high-quality coffee to drink at coffee shops only to be able to socialize and have a good time,

You may not lose or die if you lower the frequency with which you purchase this expensive coffee brand. You are aware that your budget is also It will be detrimental to your finances. And we know that there is also one that is less expensive things's the same coffee, so let's keep things simple for now. There are numerous additional ways to limit the amount of money we spend on unnecessary items.

5. Don't invest abruptly

In my experience, I've also participated in this type of investment without thinking first or performing research because I was just swept away by the hype. It's similar to the "Get Rich Quick" scheme, in which your $1,000 becomes $10,000 after three days. Just like previously. Several Bitcoin ventures eventually turned out to be scams, but I don't blame them entirely.

Because there are legitimate cryptocurrency initiatives and some that are simply scams or shitcoins, this is only one example.
But I'm not saying you shouldn't invest in cryptocurrency; I just think we shouldn't make rash decisions so that our money doesn't go to waste.

[DrBeer]

As a response, I will add my concept in abbreviated form:
1. to study finance and economics. Be sure to give your children a basic financial education.
2. Cost planning, and income planning. Both for yourself personally and for your family.
3. not to buy things belonging to the expensive segment, as products of cheap marketing, built on human shortcomings and weaknesses.
4. Consume wisely ! In the first place it reduces your expenses, in the second - it is a respectful attitude to the results of labor of other people.
5. Set goals and achieve them! Reach them reasonably, it is not necessary to invest your whole life and all your assets in achieving the goal!
6. After reaching a goal - set a new, higher level!
7. Know how to assess risks and invest prudently
8. Choose a social circle, among people from a higher "layer"
9. Perseverance and stubbornness are different states. Be persistent and reasonable in achieving your goals
10. Be sure to form a financial cushion and passive income - provide yourself with the final stretch of life !

[$crypto$]

As a response, I will add my concept in abbreviated form:
1. to study finance and economics. Be sure to give your children a basic financial education.
2. Cost planning, and income planning. Both for yourself personally and for your family.
3. not to buy things belonging to the expensive segment, as products of cheap marketing, built on human shortcomings and weaknesses.
4. Consume wisely ! In the first place it reduces your expenses, in the second - it is a respectful attitude to the results of labor of other people.
5. Set goals and achieve them! Reach them reasonably, it is not necessary to invest your whole life and all your assets in achieving the goal!
6. After reaching a goal - set a new, higher level!
7. Know how to assess risks and invest prudently
8. Choose a social circle, among people from a higher "layer"
9. Perseverance and stubbornness are different states. Be persistent and reasonable in achieving your goals
10. Be sure to form a financial cushion and passive income - provide yourself with the final stretch of life !

Overall, the points that OP and you convey are very important points to make us more stable in financial matters, in my opinion now it is the highest aspiration for most people, because it cannot be denied that with our financial stability it will make us more comfortable in living life.

Actually they are aware of these points, but they cannot apply them well in life, sometimes one of the causes is excessive prestige. Especially when in a luxurious environment, of course we will unconsciously follow a luxurious lifestyle too, so I think the environment is also one of the important factors in applying the points submitted.

[DrBeer]

As a response, I will add my concept in abbreviated form:
1. to study finance and economics. Be sure to give your children a basic financial education.
2. Cost planning, and income planning. Both for yourself personally and for your family.
3. not to buy things belonging to the expensive segment, as products of cheap marketing, built on human shortcomings and weaknesses.
4. Consume wisely ! In the first place it reduces your expenses, in the second - it is a respectful attitude to the results of labor of other people.
5. Set goals and achieve them! Reach them reasonably, it is not necessary to invest your whole life and all your assets in achieving the goal!
6. After reaching a goal - set a new, higher level!
7. Know how to assess risks and invest prudently
8. Choose a social circle, among people from a higher "layer"
9. Perseverance and stubbornness are different states. Be persistent and reasonable in achieving your goals
10. Be sure to form a financial cushion and passive income - provide yourself with the final stretch of life !

Overall, the points that OP and you convey are very important points to make us more stable in financial matters, in my opinion now it is the highest aspiration for most people, because it cannot be denied that with our financial stability it will make us more comfortable in living life.

Actually they are aware of these points, but they cannot apply them well in life, sometimes one of the causes is excessive prestige. Especially when in a luxurious environment, of course we will unconsciously follow a luxurious lifestyle too, so I think the environment is also one of the important factors in applying the points submitted.

I'll tell you more - we all know a lot of useful advice and recommendations within our ordinary life - eat right, sleep the right amount of time, exercise, don't abuse alcohol, don't smoke, study and develop,.... And many others. But, 99,9%, including me, stick to them partially ! And as a result we have problems that could have been avoided.....
Similarly in "financial life" - there are many rules, which appeared as a result of negative or positive experience of others, and their regular use - will dramatically reduce our problems in the financial field. But... not everyone is ready to adhere to them constantly and regularly !

By the way, one more simple rule, very useful - I, for example, income received from another direction of my activity, I always divide it into 3 parts: 40% - replenishment of the financial cushion, 30% - for current expenses, 30% - for investments. And if you take the effect of this rule for 1 year - believe me - it is very tangible !

[Sim_card]

Self-management is very important because it will enable you to manage your resources wisely. Most extravagant spending is due to lack of self-management and more love for consuming commodity, rather than investing. It is good to have your weekly budget and monthly budget so that you don't end up spending on unnecessary things. Avoid competition with people on your way of living, because you and those people that you are going into competition with are not working in the same place, neither are your cash inflow the same. Even though, it is the same, you don't know his responsibility might be little compare yours.

[DrBeer]

Self-management is very important because it will enable you to manage your resources wisely. Most extravagant spending is due to lack of self-management and more love for consuming commodity, rather than investing. It is good to have your weekly budget and monthly budget so that you don't end up spending on unnecessary things. Avoid competition with people on your way of living, because you and those people that you are going into competition with are not working in the same place, neither are your cash inflow the same. Even though, it is the same, you don't know his responsibility might be little compare yours.

Control over your "wants", and the ability to manage desires - one of the qualities that guarantee a secure life !
Uncontrolled consumption, if we talk about things - it is spending, and meaningless, and usually realizing only "show" - to show yourself richer than you are.
Excessive consumption, if we talk about foodstuffs, is the second largest worldwide. We buy more food than we really need. Significantly more.
But these are manifestations of the problem. And the cause is uncontrolled consumption, and not being able to control our desires, something many of us have to fight against

[joniboini]

One thing I noticed from my generation is their exposure to microtransactions. I think it is difficult to completely free yourself from that after you buy it the first time, especially if you can only play on mobile or something similar. The growth of each gaming is massive and I don't think it will go away anytime soon, if ever. People should learn how to control their impulses on this too, since the cost of buying skins or pulls depends on what game you played can be quite expensive. One strategy I usually do since I also play some of these games is to stay away from communities and just stick with the official account to get news or mute other channels or threads if that is necessary. FOMO usually happens because of people's reactions, not necessarily from the marketing materials. I reckon if you can save for 6 months of buying their monthly packs, you should be able to own a decent amount of sats by then.

[$crypto$]

~snip

By the way, one more simple rule, very useful - I, for example, income received from another direction of my activity, I always divide it into 3 parts: 40% - replenishment of the financial cushion, 30% - for current expenses, 30% - for investments. And if you take the effect of this rule for 1 year - believe me - it is very tangible !

Agreed, even if it doesn't make us rich, it will at least make our finances better.

I'm the same way, I always make a percentage of my income, of course we will not be able to skip the daily necessities of life, because it is the most important need that we cannot forget.

Investment, yes that sometimes many people miss it, even though they have stable finances but they forget to make their money into something more valuable for the future. Investment has become a part of my life now, honestly I have felt a lot of results from the investments I have made.

[DrBeer]

By the way, another question - who keeps records of income and expenses for himself or family ? By items of expenses and income, it is very important to analyze your budget.  And also calendar planning of income/expenditures, which allows you to plan "reserves" of money for the household to avoid what is called "cash gap". This concept will be very useful for those who have regular payments (financial obligations)
And all this together, allows you to accustom yourself and your family to financial discipline, which will be very useful in life

[0t3p0t]

1. Avoid spending without a plan

This is what people is doing nowadays that sometimes resulted in overspending.

2. Don't boast of having a lot of money

This is too risky and life threatening as you might end up getting robbed.

3. Don't always purchase anything worth

For me I prioritize my needs rather than wants.

4. Do not waste money on unnecessary items

Yeah true, unless you are rich enough to have a lavish lifestyle spending on something unnecessary.

5. Don't invest abruptly

I think most of us fall as a victim on this one before we got enough ideas and knowledge about investments. I personally was one of those victims to be honest before I came here on this forum. I invested on pyramiding scheme and other get rich quick modus and yeah you guessed it I end up broke.

[Dr.Bitcoin_Strange]

You are actually right with all you have said, and if your topic is comprehensively elaborated, there are still more tips that need to be prevented or done with caution for the person to actually grow their financial status.

One aspect that I want to emphasize is that some people usually spend more than they earn, while others always have the habit of spending the money they have yet to earn. The two points are really a problem for some people, which is why they don't see financial growth.

For example, imagine someone who earns a $500 salary every month, and before the end of every month, the person is already in debt of $600. After receiving his salary, he will just end up using the money to clear debts, and will still be left with $100 of unsettled debt, which will be carried over to the next month. Before that month ends, they are already on an extra loan of $400 plus the old loan of $100. It's quite funny, but that's how some people live. They spend the money that they have not yet earned, and that's a very bad habit that doesn't contribute to financial growth.

[DrBeer]

You are actually right with all you have said, and if your topic is comprehensively elaborated, there are still more tips that need to be prevented or done with caution for the person to actually grow their financial status.

One aspect that I want to emphasize is that some people usually spend more than they earn, while others always have the habit of spending the money they have yet to earn. The two points are really a problem for some people, which is why they don't see financial growth.

For example, imagine someone who earns a $500 salary every month, and before the end of every month, the person is already in debt of $600. After receiving his salary, he will just end up using the money to clear debts, and will still be left with $100 of unsettled debt, which will be carried over to the next month. Before that month ends, they are already on an extra loan of $400 plus the old loan of $100. It's quite funny, but that's how some people live. They spend the money that they have not yet earned, and that's a very bad habit that doesn't contribute to financial growth.

Extremely simple crediting scheme, it is like everything in our life - "a stick about two ends", well, plus the second classical problem - how correctly or incorrectly people use the benefits of civilization, and in this case - crediting schemes is imposed

1. Loans are actually a useful thing, it's hard to argue here - if you don't have money, but you need it critically - you take a loan, with an acceptable interest rate, use it and pay it back. If a person's income is small, it is a long process to accumulate a large amount of money. And if you need the money no later than "tomorrow" ?

2.The other side of this good service is evil. And this evil is created by people themselves, buying unnecessary things on credit, spending more than they earn, in the HOPE that one day they will suddenly get rich and pay off all their loans. Meanwhile, they continue to take loans to pay off previous loans, and so accumulate huge amounts of debt. And it is their own fault, not the banks or creditors.

[xSkylarx]

1. Avoid spending without a plan

Many folks are unconcerned or simply do not want to spend. They don't care if they have more money or if they have money left over until the month is concluding. They will then protest that they don't have any more money because they have no idea how or where they are. It is going to be spent. And how many times have you gone shopping or grocery shopping without a list, which ended up costing you?

You didn't have anything planned? Because if you want to save money, you should continue to make plans about what you buy.

I can relate to this at an early age when I got my job and every time I got my salary I spent mostly on beer, partying and other useless things. After that I always asked myself how much I spent because my money was already gone and I had no idea where it went aside from partying. Also I just realized that even if you spend a small amount you should have a tracker on it to know how much you've spent because even that small amount will accumulate over time, and it is huge.

[Bodhi2021]

1. Avoid spending without a plan

Many folks are unconcerned or simply do not want to spend. They don't care if they have more money or if they have money left over until the month is concluding. They will then protest that they don't have any more money because they have no idea how or where they are. It is going to be spent. And how many times have you gone shopping or grocery shopping without a list, which ended up costing you?

You didn't have anything planned? Because if you want to save money, you should continue to make plans about what you buy.

2. Don't boast of having a lot of money

This is correct since it is your money, and you can spend it any way you see fit. However, regardless of whether we admit it,
Arrogance is also a factor in how we handle or mishandle money.

3. Don't always purchase anything worth

One of the most serious issues with our spending is that it loses value over time. Assume you purchased a phone or a car last year, but I'm not suggesting it's not a necessity; I don't intend it that way. What I'm trying to say is that you don't always have to keep up with the trend; just because a new iPhone is released, you'll buy such gadgets, even if they're expensive and difficult to obtain, but it turns out that you're just forcing your own to keep up with the trend. The same is true for the car, where a down payment will be required.

Gas expenditures, maintenance, and other expenses will be required here because if not, you would most likely sell it for a low price.

4. Do not waste money on unnecessary items

Many people, like the rest of us, are still addicted to spending money on items they don't need. Others may be
inclined to go with pals who just do occurrences, and you stay up with your soldiers knowing that they have a lot of money unlike you. We are not like that. only like buying a high-quality coffee to drink at coffee shops only to be able to socialize and have a good time,

You may not lose or die if you lower the frequency with which you purchase this expensive coffee brand. You are aware that your budget is also It will be detrimental to your finances. And we know that there is also one that is less expensive things's the same coffee, so let's keep things simple for now. There are numerous additional ways to limit the amount of money we spend on unnecessary items.

5. Don't invest abruptly

In my experience, I've also participated in this type of investment without thinking first or performing research because I was just swept away by the hype. It's similar to the "Get Rich Quick" scheme, in which your $1,000 becomes $10,000 after three days. Just like previously. Several Bitcoin ventures eventually turned out to be scams, but I don't blame them entirely.

Because there are legitimate cryptocurrency initiatives and some that are simply scams or shitcoins, this is only one example.
But I'm not saying you shouldn't invest in cryptocurrency; I just think we shouldn't make rash decisions so that our money doesn't go to waste.

So true, I just remember how I do lavish my money on worldly attachments which at the end are not meant to be good for me! But later realize that I was making so much mistakes,, if assuming have used the money to start up a small scale business, by now  my live would have been better than this today , in fact I will be the boss of my business whereby people will be benefiting under it. But still all thanks goes to the lord Almighty, But i believe if life goes on things will get better again. But this days what I realize people have been falling victims of online businesses that they register and invest so much amount of money but later turns out to be fraud which have also happened to me on several occasions too but now have realized my mistakes. So I advices we should always think twice before investing our own earn money on a business or anything in this life.

[Don Pedro Dinero]

I have seen several threads of this kind on the other forum as well and they are usually good advice, although not exhaustive, I would say. In the case of this thread, similarly, they seem to me to be good ideas although they could be nuanced. 1) is very good but I would complete it by saying that you should make a budget, in which you not only make a plan for expenses but also count income so that the subtraction between income and expenses gives you a surplus to save and invest. The rest of the advice is OK.