We make money with the mind of living better so this post is directed to us who are making money no matter how little our earnings may be. There are some mistakes we make that take our little money away real quick.
You must have seen a rich fellow who is unable to pay little bills like before.
We know life happens sometimes but we can't overlook the fact that some rich people are the cause of them going broke again, most of their lifestyle make them loss all their money again.
Being broke is having no money to pay little bills, I will say being broke is being poor again. People who become broke are those who were once said to be rich.
I was able to come up with four dumbest ways people go broke, you can as well share some with us in the comment section. Four ways to go broke are:
Investing in things you don't understand
For the ones who think they're being smart for investing with their earnings, they go ahead to invest in things they have no understanding about. It's like a furniture designer making investment on hospital wares or a doctor investing in farm produce without research or understanding what they're going into.
They may be wise to think of investing but with no understanding, they would lose all that investment money. This is why it's always advised that people venture into what they know best and make the most out of it but you can always learn new ways to make money.
Same goes to those who are investing on crypto, a little understanding goes a long way in saving your money from leaving you when you invest with them. Learn to understand what you're investing into.
Buying things to impress others
One mistake so many people make because they have the money is spending on costly things to impress those around them. Just because you have the money doesn't mean you'll have the latest iPhone, build the biggest house, wear the most expensive clothes and eat out every time... You're calling for being broke.
I heard of a woman who because her husband got a raise in his salary, became hard to talk to, seen among richer women in big meetings wear expensive clothes to impress them. Her husband ran into debt because of her and lost his job after asking for an advance payment... The woman felt ashamed.
You don't have to impress anyone, cut down your expenses and live life in a more simple and happy way. A high income with no desire to impress anyone and having the desire to save and infest will save you a ridiculous amount of money. Spend wisely and contently.
Gambling/Trying to get rich quick
A man won a huge amount of money in a bet he made with his colleague. Out of excitement to win more money, he made another bet with all the money he won and he lost everything in the bet. The man went home so broke than he when he left home with some money in his pocket all because he wanted to get rich quick.
People with such mindset to get rich quick without too much work are always greedy and they mostly lose all they gave in the end except the lucky ones who still end up placing their luck on a bet.
Avoid gambling away your earnings, invest genuinely and make your money work for you. No short cuts to being successful in life, you can only go broke in those short cuts.
Buying things that harm your health
You became rich, started buying junks, cigarettes and drugs, you harm your health, become sick from those harmful things and you start spending on hospital bills... Isn't that so dumb? Of course it is, you decided to go broke using your money.
People grow bad habits and wrong addiction because they have money to get those things. They grow bad addictions like smoking, drinking, eating out, living out in big hotels where they eat more junks and many other things they so to harm their health.
It isn't wise at all to buy what will make you sick, being rich is also to keep you healthy and not the other way round. Be wise!!!
There are other ways to go broke, share them in the comment section.
Thanks for reading!!!
Posted Using LeoFinance Beta
No nessercary. I invested in a company making some smart AI tech-thingy and thats up over 100% for me because google or microsort bought it a few later. I just bought 10 shares and hodl it xD
With the current way socity funtions you can make money with this.
E.g gambling while streaming on twitch can makw you more money than you spent on gambling. So the profit or losses from gambling doesn't matter.
I fail to see how this will make you broke if you have enough money.
Good for you on your investment with the company. Some stories don't go well though.
I've heard of gamblers going broke more than gamblers making profit.
Buying things that harm your health may not make you go broke if you have enough money but what if you don't have enough money? And why hurt your health with your own money? Is that a reason to have money? Just wondering though
True, but it wont make you go broke unless you yolo everything into something stupid.
Hmm.
I follow a few on twitch who a doing very well even though they might lose 50k now and thete
Most people are buying stuff there harms their health. Properly even you. So its a failed arguement?
Buying healthy foods can also make you go broke since it can be more expensive.
I fail to see the point of this one. Not a good advice
Hmm I understand and get your point of view, thanks
You see these four ways you have mentioned are just the dumbest way to go broke.
Why on earth do you need to impress
Or buying things that harm you then you spend so much on hospital bills isn't that not wise at all.
You see you've nailed it thank you for sharing
I'm glad you agree with me on those things, they are surely the dumbest
Investing in things you don't understand!!!
This dealt with me sometime two years ago. I really learnt my lesson in a hard way 😀.
Thank you so much for sharing, all the tips are amazing ❣️
😂 Glad you learnt your lessons, that's the most important in experiencing it
Thanks ma'am 😊
This is why I don't invest or add some $$ to things that I do not understand. Though, there are instances where greed takes over I make sure that it is minimal.
Posted Using LeoFinance Beta
That's it, we overcome our greed and build wealth for our future... That kind lasts more
Thanks for stopping by
Makes a lot of sense. Buying to impress is also like buying what one doesn’t need, both are quite bad and are a fast track to poverty.
Posted Using LeoFinance Beta
True, thanks for that comparison... Makes sense a lot.
This is an area where many do not fact. Having money doesn't mean you shouldn't take care of yourself. They become status-consuming i.e eating things they think are befitting for their status which in most cases are unhealthy.
I try to take my health a lot more seriously, to keep my body and mind in good shape. As they say, health is wealth.
Glad you got my point, I've seen lot of people say they are enjoying themselves meanwhile are harming their health seriously... This is one of the reasons the hospitals are filled with more richer people than poor if you'd notice
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Very informative