Don’t Spend Money on These Three Things Before Being Rich

[Mika]

Do you know why a lot of people cannot become rich despite earning well, saving money, and investing money? That’s because the more money they make, the more money they spend. People, who make $3k per month and take a public bus to the workplace, will buy a car once they start making $4k. When they get a pay raise and start making $10K, they buy luxury cars.

If you want to build wealth, you should stop spending money, mainly on these three things.

Expensive cars: People with average income buy expensive cars because they want to look rich. Never buy expensive cars until you are rich.

Designer goods: The main customers of designer goods are the people who want to look and feel rich. Don’t try to look rich, instead, stop spending on designer goods, use cheap items, save money, build passive income, build wealth and become rich to afford designer goods.

Traveling: Stop traveling a lot because you want to post on Instagram and show people that you are rich.

 

[Shaf]

Another thing we spend recklessly on are gadgets, particularly phones. Someone with a perfectly fine iPhone 12 would want to get an iPhone 13 immediately it is launched. We want better earphones, better cameras, and faster connectivity.
Having such items is not bad, but if it's not paying you bet you end up in debt or without savings for it, it is not worth the stress.

Another thing I notice people wasting money on is food. We always feel like we can afford more expensive food outside while you can use the same amount of money to cook what is better at home. Eating out once in a while is ok, but spending recklessly on expensive dishes will not help you save.

One way to avoid excessive spending that works really well is saving 20% of your income immediately you get it. You can create a fixed deposit accounts specially for this or you make an arrangement with the bank not to release any money put in your savings account till a fixed deadline.

You will be surprised at how you cam.still survive and enjoy life with lower amount of money.

 

[Heartstrings]

You are absolutely right, spending money on things not needed or irrelevant things, things that are not needed,you will see a young guy who strives hard to work but then he will use the little he make to buy a luxurious car,just to show off to his mates. There are so many fake people out there, that don't want to show the world whom they really are but trying hard to show what they are not,never work or spend to please someone else.

Do you know some of these people end up in debts just to continue their fake life or just to enjoy what actually is irrelevant and not important at that particular time. Imagine seeing someone who is actually trying all possible best to make ends meet saving money for expensive phones and other latest things? When there are so many important things to save money for. It actually breaks my heart to see people spending recklessly without saving or investing,it's a gateway to doom in the nearest future.

 

[Abigael]

This is very important to let people know. Indeed those who spend the most money are the same people struggling to make it. Why don't you just control the urge and work hard till you get rich so that you can afford those things without a struggle?

Buying designer things just to show off to your friends is really wrong. You will go broke and they won't even mind. They will just see you as a stupid person who wasted their money away. You better learn to spend the money well and invest more to build passive wealth.

Wealth is built on getting passive sources of income and being so good at spending the little you have. That is why spending on expensive things should be the last thing you do with your hard earned money.

Then avoid wanting to look rich when you are not really rich. Buy what you can afford and be contented with it.

 

[Augusta]

I totally agree with you the best bet is to stop doing anything that you spend so much just trying to show off. The thing is that these people you're trying to show off to don't even care and those that care will not even want you to show off and spend so much trying to impress them so if one want to be rich as you stated it is good to cut down on frivolities.

Traveling to locations or destinations that you cannot easily afford is giving yourself an necessary financial stress trying to impress people that may only end up being jealous of you and thinking of how to help you in the process so it is good to live by your means and only buy things that are necessary no need to show off and don't need to spend unnecessarily from your hard earned money.

 

[Shigobad2020]

As an average person that just start running his or her business or investment , I you want to have a good future with the business, there are certain things you just avoid going into that might affect your savings ,
First you must learn on how to avoid being going into competition with already well established companies or rich friend , like avoid buying what they are buying because you want to feel among , because they build an expensive house , you too wanted to do so for people to know you are rich which is never neccesary.
Buying of designer wears , clothing and shoes which might cost you more and affect your business , but instead buy the ones you can afford and save the rest of the money or reinvest the money to get better return . And make sure you get an investment that will keep bringing money for you .

 

[eldavis]

This is where knowing your wants from your needs comes into play. People usually go for these things when they are still struggling to make money due to the fact that they do not know their needs form their wants. They end up spending too much on things they do not really need, leaving almost notting for the things they actually need.