Saving Money Do You Prefer Saving Money Or Spending When You Have A Lots Of Money?

[Skysaint]

Well, you should be more specific with that spending part because it's getting me confused. Even when we don't have much, we still spend money so we can eat, we still spend money so that we can shelter ourselves, we still spend money so we can take our kinds to school that's if we are parents, and we spend money on different unforseen challenges so the fact remains that as long as you're alive, whether rich or poor, you will have to spend.
But if what you mean by that is spending money extravagantly because you've made some money then I would certainly advice against that. Sometimes we should just take a look at the rich and influential people around us; Elon musk of cryptocurrency, Mark of Facebook, even dangote of Africa are all wealthy people but they just appear simple even in the way they dress. Spending money on unnecessary things isn't what makes you a rich or influential being but what you can do and what impact you can create in your society.
In the best of my knowledge, I think it's only the poor people that always like to show off and spend the little they have on unnecessary things to prove that they aren't poor and they often concentrate on the way they dress and look. I think when you're rich, you need to invest and save more than spending.

 

[Bookwormlux]

It is not a wise thing at all to consider spending excess money because you have it in bulk at that time because there is a need to always consider the rainy days. People who get to spend everything that comes their way within a very possible period of time then to suffer so much in the future when they lose it all and are finding it difficult to be able to recover everything that they have spent or loss through dubious means and reckless spending habits.

What is really important here is, about how much financially literate you are as this is the major factor that will determine how you will behave in a situation like this where you have access to too much money and have no more things to Qatar for.

For people who really have a very high sense of financial discipline, this period of having access to so much money is one where they will utilise it to make sure the buy enough assets that will enable them to make profits in the future even when things go bad or the economy is no longer as friendly as it used to be when they had so much money.