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

[0t3p0t]

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.

Well yeah I also understand that not all people has financial literacy and therefore donot understand how to make debt in a good way like using it to evade taxes of some sort just like millionaires do but we should also have yo consider that banks are not poor friendly and if we happen to be one then there is no chance for us to get what we wanted. Here in my place we have the traditional way of getting loan money and spent it all the traditional way as well I mean yeah liabilities as usual.

[Agbe]

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.

I once told a friend just because you are making your first millions doesn't mean you should buy a car but he went ahead to buy the car after a while he went broke and he sold the car, he couldn't use the money he got to bounce back on his feet. If you cannot buy want you want comfortably then it's better you forget about it cause it's something you can't afford. The first thing you should think about when making money is how to make more money

[Legion]

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.

I once told a friend just because you are making your first millions doesn't mean you should buy a car but he went ahead to buy the car after a while he went broke and he sold the car, he couldn't use the money he got to bounce back on his feet. If you cannot buy want you want comfortably then it's better you forget about it cause it's something you can't afford. The first thing you should think about when making money is how to make more money

Looking at the experience that you have described, it is clear that there is always need to be cautious while dealing with the financial gains or losses. Since when one make one’s first million, for instance, feels the itch to spend as they have worked hard to achieve their financial success. But buying a luxurious item like a car, with no preparedness on how it is going to affect one’s economy in future may lead to worrying effects. If the decision does not pay respect to the concept of financial planning and risk management implications can be rather critical, as the story of your friend shows.
 
 You should also be able to answer the question of whether the purchase can be made anyways without adversely affecting your financial position. In some cases, it may be impossible to get the amount of money required to comfortably acquire the desired item without having a negative impact on ones financial situation and therefore it is advisable to save or do without the particular item. Most of the emphasis should be on spending the moneys earned in only those areas and activities which help to create more wealth. By doing so you shall not only guard your financial welfare, but also create a more solid framework that is suitable for a higher rate of development in the long run.

[_act_]

Don't spend as if you're getting from from the trees, don't handle money the same way you treat a sand, because they are valuable asset to be use in life for an achievement of targets, don't spend money on women, drinks or waste it on liabilities when you should be investing on assets, because money have its own season, if we make use of it the proper way, then we are not going to be in lack of money in the future because it will reproduce its kind when properly managed.

[The transformer]

That means before any expense, one should at least carry out what is called NEED ASSESSMENT.
Giving yourself some questionnaires by yourself.

Why are my buying this?
Do I really need this?
How much do I have left and how much will remain after I buy?
What's my cash flow?
What do I need as it stands?

And many more questions all by yourself.
It doesn't mean that some treatment should not be taken but it means cutting short unnecessary and helpless expenses so that one can overcome some financial difficulties that comes uninvited.
Thanks for this reminder @author and every contributors.

[0t3p0t]

Don't spend as if you're getting from from the trees, don't handle money the same way you treat a sand, because they are valuable asset to be use in life for an achievement of targets, don't spend money on women, drinks or waste it on liabilities when you should be investing on assets, because money have its own season, if we make use of it the proper way, then we are not going to be in lack of money in the future because it will reproduce its kind when properly managed.

Spending it on social life or in lavish lifestyle is one thing to consider because we all know that most of it if not all are liabilities. But yeah depends on ones principle in life and priority. Happened to I think almost all of us when we have money sometimes indiscriminate use of it will lead to being miserable or broke if not taken an action.

[Hatchy]

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.

Interesting points, from my pov, to get rich and make progress in life, we should learn to avoid debt or high-interest loans as they are very much capable of draining your money, secondly, Instead of spending everything you have once you receive your pay or salary or any income at all, focus on saving and investing. Don’t just buy the latest trends, they usually lose value sooner or later, thirdly, always Make sure you have some money set aside for emergencies,fourthly, Learn about managing money so you make smart choices. Also, Spread your investments around to avoid big losses and do not let emotions drive your financial decisions. Always think about your future goals, when spending so you can plan towards them and always remember that small, regular savings can add up over time and come in handy.

[Chilwell]

I once told a friend just because you are making your first millions doesn't mean you should buy a car but he went ahead to buy the car after a while he went broke and he sold the car, he couldn't use the money he got to bounce back on his feet. If you cannot buy want you want comfortably then it's better you forget about it cause it's something you can't afford. The first thing you should think about when making money is how to make more money

As a good friend, you offered advice, but your friend wasn't in the right mindset to listen. The money made him feel superior, and he might have perceived you as inferior or a skeptic. People think differently, and miscommunications can occur. Your friend might have thought you were holding him back or didn't want him to succeed, when in reality, you wanted him to make a wise decision with his money.

After your friend spent his money on a car and realized his finances were depleted, he will began to see things clearly. He will understand that your concerns were genuine, and you were looking out for his best interests. You wanted him to explore alternative ways to grow his wealth, rather than making an impulsive purchase.

[DragonF]

Spending it on social life or in lavish lifestyle is one thing to consider because we all know that most of it if not all are liabilities. But yeah depends on ones principle in life and priority. Happened to I think almost all of us when we have money sometimes indiscriminate use of it will lead to being miserable or broke if not taken an action.

Living a lavish lifestyle in moderation is not bad as it is also with having luxury. Everybody struggles to live a good life, so when someone has the resources to do so, they should, but only in moderation. For wealth to be sustainable, moderation is key. Any wealth that is not managed wisely cannot be maintained, so spending must be moderated.

Even what we consider luxury can be a benefit at times. For instance, if someone spends a lot of money on gold or diamond jewelry, people may criticize him for doing so without understanding that these items have appreciative value and can be sold for more than they were originally purchased, making them potentially considered investments. 

[0t3p0t]

Spending it on social life or in lavish lifestyle is one thing to consider because we all know that most of it if not all are liabilities. But yeah depends on ones principle in life and priority. Happened to I think almost all of us when we have money sometimes indiscriminate use of it will lead to being miserable or broke if not taken an action.

Living a lavish lifestyle in moderation is not bad as it is also with having luxury. Everybody struggles to live a good life, so when someone has the resources to do so, they should, but only in moderation. For wealth to be sustainable, moderation is key. Any wealth that is not managed wisely cannot be maintained, so spending must be moderated.

Even what we consider luxury can be a benefit at times. For instance, if someone spends a lot of money on gold or diamond jewelry, people may criticize him for doing so without understanding that these items have appreciative value and can be sold for more than they were originally purchased, making them potentially considered investments.

Exactly that is the word here "moderation" as it can be applied to almost anything as we all know too much is not that good. And I agree with you on sometimes people are confused of believing people buying precious stones and metals are just for showing off but those are for me considered as an investment and it is true that prices of those things appreciates through time. People who are well off can spend the money they have but yeah it is best to spend it with discipline.

[JoyMarsha]

Things we shouldn't do with our money to grow rich are numerous to mention. Let me add some points to the ones you have already mentioned.

Not having a long term goal of 4- 9 years, being impatient with financial progress, and thinking of overnight success, shouldn't be thought of.

Having a procrastination mindset and not ready to take up risks can hinder or deny one from achieving financial success.

Another thing not to do is put all eggs in one basket. Diversification should be highly advised, and dyor is very necessary in whatever you think of doing

[bisdak40]

If you want to manage your money better, plan your spending to avoid unnecessary expenses. Don’t show off your money focus on what’s important and avoid splurging on trendy items or things you don’t need. Be mindful of small purchases like expensive coffee they add up. And when it comes to investing, always do your research to avoid scams. Spend wisely and keep it simple.

[Gurujebs]

If you want to manage your money better, plan your spending to avoid unnecessary expenses. Don’t show off your money focus on what’s important and avoid splurging on trendy items or things you don’t need. Be mindful of small purchases like expensive coffee they add up. And when it comes to investing, always do your research to avoid scams. Spend wisely and keep it simple.

There is a philosophy most self wealthy people practice, they don't waste their money on things they don't need. Most of the time that you see people buy brands like Gucci and Versace, it's the people that are trying to impress their friends and families that does such, no wealthy person will want to impress you, they are only after their money.

I'm not sure if I have seen Elon Musk wear Gucci or all sort of brand, he will rather wear a cloth that has his company logo tesla to promote his brand, that's how the rich get richer.

[Didia Sofunichi]

I agree with the post. One of the factors militating against savings and getting rich is what the wirter described as "buying anything" this could otherwise be seen as impulse buying, people must learn to buy what they need not what they see

[Didia Sofunichi]

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

Ability to control desires like you have rightly mentioned, most people can not control their cravings, by the end of the month you find out that they have spent a good percentage of their salary on cravings, unfortunate this cravings and desires are things they can actually do without