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

[DrBeer]

The wealth of each of us is the difference between our income and our expenses.

Accordingly, wealth is formed by: growth of income, reduction of expenses or both growth of income and reduction of expenses.

And here everyone chooses his own model of realization, because there are no universal solutions.

Yes, and what is very important - you must keep a record of your income and expenses, believe me this simple and accessible mechanism (even on paper, or in Excel or GoogleTab), will allow you to see the real situation of your income and expenses, and to understand where you have "weaknesses", which should be paid attention to

[Rruchi man]

Yes, and what is very important - you must keep a record of your income and expenses, believe me this simple and accessible mechanism (even on paper, or in Excel or GoogleTab), will allow you to see the real situation of your income and expenses, and to understand where you have "weaknesses", which should be paid attention to

There is another essential tip for growing rich and advancing in life, and it is controlling your habits. Every individual has a particular habit—something that they like so much and can lavish money on unapologetically. It could be love for clothes, jewelry, tech devices, drinking, womanizing, smoking, gambling, etc. If a person is unable to control their habits, it will put a very big hole in their pocket financially, and they will not be able to keep money regardless of whatever they earn.

[0t3p0t]

Yes, and what is very important - you must keep a record of your income and expenses, believe me this simple and accessible mechanism (even on paper, or in Excel or GoogleTab), will allow you to see the real situation of your income and expenses, and to understand where you have "weaknesses", which should be paid attention to

There is another essential tip for growing rich and advancing in life, and it is controlling your habits. Every individual has a particular habit—something that they like so much and can lavish money on unapologetically. It could be love for clothes, jewelry, tech devices, drinking, womanizing, smoking, gambling, etc. If a person is unable to control their habits, it will put a very big hole in their pocket financially, and they will not be able to keep money regardless of whatever they earn.

For me jewelry is good as it can be an asset especially if it was made out of precious metals and precious stones. But what you have said is really I think the most common reason why people messed up in life it's because of bad habits and lifestyle. They tend to prioritize wants rather than their needs so that will surely drag them down in the long run. I personally learned that lesson the hard way to be honest.

[DrBeer]

Yes, and what is very important - you must keep a record of your income and expenses, believe me this simple and accessible mechanism (even on paper, or in Excel or GoogleTab), will allow you to see the real situation of your income and expenses, and to understand where you have "weaknesses", which should be paid attention to

There is another essential tip for growing rich and advancing in life, and it is controlling your habits. Every individual has a particular habit—something that they like so much and can lavish money on unapologetically. It could be love for clothes, jewelry, tech devices, drinking, womanizing, smoking, gambling, etc. If a person is unable to control their habits, it will put a very big hole in their pocket financially, and they will not be able to keep money regardless of whatever they earn.

And you're right about that. We have a lot of habits or desires that can be both destructive (financially) and financially attractive !
For example - I have a hobby since childhood - numismatics. When I just collected coins from all over the world, then I got interested in antique coins. A couple of years ago I again "returned to childhood" I started collecting again. But now it is only expensive rare coins, silver and gold. For example, I do not buy coins, which circulation is more than 3000 copies, if we talk modern. I don't buy simple silver/gold ancient coins - but only rare ones.

Or like whiskey Once I didn't understand it at all, but then I tried some really tasty whiskies. Try for example The Glenlivet 25 years old, and you will realize that it is in some way a work of art, but alcoholic.  At first I was just buying to fill the bar at home with "tasty" whiskies. Then I realized that some varieties become more expensive over the years. Now I have a small but quality collection of whisky, of investment nature

But if I just buy whisky and drink it every day, even "collectible" - it will not bring me benefits, but only undermined health and high costs for the daily intake of whisky

[bisdak40]

Making wise decisions with your money is essential so here are the things that you shouldn't do with your money buying things that are not necessary avoiding impulse purchases, ignoring emergency savings, not saving and not investing it, not budgeting your money, and gambling.

[DragonF]

Making wise decisions with your money is essential so here are the things that you shouldn't do with your money buying things that are not necessary avoiding impulse purchases, ignoring emergency savings, not saving and not investing it, not budgeting your money, and gambling.

What is necessary depends on the individual, and what appears to be necessary today may become unnecessary tomorrow. For example, I was happy when I bought my first iPhone, but later regretted spending so much money on it. But then I realized that our entire struggle in life is to live a good life, and sometimes what gives us that good life is something that, when viewed critically and logically, is unnecessary.

However, as a human, I believe that before spending money unnecessarily, you should make an investment. As long as you have an investment, you can live a happy life regardless of how much money you spend.

[bitterguy28]

I will add more and I believe special to be  mentioned and that is what?



"Never Live in LOANS and CREDIT"

Because if you do then that will be your bad side in this kind of world, even when you are talking about Your Money yet there will come a time that you will try extending your funds from loaning .

that will ruin all your plans mate.

[0t3p0t]

I will add more and I believe special to be  mentioned and that is what?



"Never Live in LOANS and CREDIT"

Because if you do then that will be your bad side in this kind of world, even when you are talking about Your Money yet there will come a time that you will try extending your funds from loaning .

that will ruin all your plans mate.

Billionaires said good debt is the best because they use credit to invest on something that generates passive income while most average people use debt on liabilities that is why success is elusive. I also have debt but I use it the right way.

[Aanuoluwatofunmi]

Women and liquor, of you have money, then take serious of the way you spend it, because if we don't handle it we'll on investment and keep spending it like that, it will soon finish before we realize we have gone far on it, if we still want to keep having money then we must invest in it and make a sustainability from its assets we have invested, manage and control it as well.

[Dr.Bitcoin_Strange]

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.

Yes, you are right, most people are living a poor life is because of lack of management, they have lived their lives competing with other people or living a luxury lifestyle even if their income is not up to the way they live, some are just living that way just to impress people or compete with other people, instead of being themselves, living the best they can, can really save them from a lot of expenses or the way they spend money forgetting to save for the future which might make them go bankrupt or be poor tomorrow. So if they can be able to manage and avoid competition, it will make them to have the sense of humor to save or invest for the benefit of their future.

[joniboini]

Billionaires said good debt is the best because they use credit to invest on something that generates passive income while most average people use debt on liabilities that is why success is elusive. I also have debt but I use it the right way.

Not everyone can sustain debt, unfortunately. I can borrow money to start a business or invest in something, but the profit generated from them would be low if I didn't have a huge capital to begin with. Millionaires can easily do that because they have money to begin with. People can still choose to do that of course, especially if they have the skill to manage money or run a business, but they should also think how to pay the debt if their plan turns awry. Alternatively, you can get lucky by getting airdrops or something similar so you don't have to take a loan to finance your business. CMIIW.

[robelneo]

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.

Of all of what you posted, I find this one the single most important thing if you're investing without proper research, you'll gamble your money away, it's the easiest way to lose your money investing in a Ponzi scheme, if you want to your money to grow be an educated investor and not someone who will just rely on hype to make a profit.

[alltalk]

Not everyone can sustain debt, unfortunately. I can borrow money to start a business or invest in something, but the profit generated from them would be low if I didn't have a huge capital to begin with. Millionaires can easily do that because they have money to begin with. People can still choose to do that of course, especially if they have the skill to manage money or run a business, but they should also think how to pay the debt if their plan turns awry. Alternatively, you can get lucky by getting airdrops or something similar so you don't have to take a loan to finance your business. CMIIW.

Yep. Debt isn't recommended to do, especially for people who don't really understand how to manage the debt properly. I personally prefer to choose investing with small funds than investing with the money from the debt. If we invest with small funds, it can raise gradually along with more profits we achieve. The risk will be smaller, because it is our own money. Meanwhile investing with the money from the debt, there should be limited time for the repayment and must have the interest. It is a must to gain profits from the money before the repayment time. This will make a big pressure for us, and it is too risky because no guarantee for profits, too. For average people, I think it is not recommended to have a debt.

It is true that millionaires must have their own money and they must have sufficient knowledge on the business. They have the debt to get bigger money but they already know well to gain profits from the business. They have a big chance to gain money from the business, that's why they brave to have a debt.

[albon]

I would like to say in brief that your income, family expenses and personal expenses should be well planned. On the other hand teach your children the lessons that make their future life easier and more enjoyable. And along with education give there an idea of ​​business and other side jobs and basic and financial education is very important. I have made my goals and want to get there but i don't want to spend my whole life and money on this. So i want to keep the target simple because of which the amount of risk will be low and simple.

[Gurujebs]

I would like to say in brief that your income, family expenses and personal expenses should be well planned. On the other hand teach your children the lessons that make their future life easier and more enjoyable. And along with education give there an idea of ​​business and other side jobs and basic and financial education is very important. I have made my goals and want to get there but i don't want to spend my whole life and money on this. So i want to keep the target simple because of which the amount of risk will be low and simple.

All these can be done rightly when you source of income is 3x the amount you earn else you will only be struggling as a survivor who will only be putting food from the mouth to mouth everyday. Some of the reason why some people don't get to save any money from their income is because their family responsibilities are more than what they earn and it becomes a burden to them to be able to advance in life.

In anything you do in life, just make sure you don't get too comfortable even if your bills are light and you have the means to pay them, don't relax upgrade and increase your source of income as well, this is the only way you can have advancement in life.