Climbing the ladder to riches is a very difficult task, and there are several pills to chew. A lot of people will say that money cannot buy happiness, but the truth remains that poverty cannot buy happiness as well but while money cannot buy happiness, it can give space for choices. While this is true, it is no doubt that the rich make a lot of mistakes and while some of these mistakes can be overlooked, so many put them in a position they hate for life.
One very big mistake I have noticed in rich people is that they want to live the rich people's lives. Being rich is having funds in assets and cash. Impressively, rich people are very careful about every penny they spend but they do not care about the expensive emotional purchases they make. This habit often makes a lot of rich people poor or regret they made those actions when money is needed the most.
Not being able to account for money being spent is another problem that the rich. Have you realized that there are a lot of wealthy individuals who do not check their budgets? Since they have a lot of money, they do not care about the numerous subscriptions they are signed into. High income does not mean wealth, it means you can utilize more opportunity.
Becoming rich or wealthy isn't a case of having one stream of income. I am not saying that the current job or work you are doing is bad, what I am saying is that you need to have a diversified portfolio. You need to understand that there is a need to increase your wealth in a less risky way and this can only be done by diversifying portfolios. Do not let your investment be in one place, it is better off when it is diversified than when it is in one place. If there is a financial downtime, one portfolio won't be enough to keep your finances going.
Money makes slaves to those who have it in great quantity and end up living to take care of it, without caring about the emotional part of those around them, therefore their life ends up being only supported by themselves and it is not that I am demonizing having money but the unhealthy way in which many manage to have it. @tipu curate 2
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I perfectly understand your point @joseph1956 the availability of money should not make us slaves to it.
Hi dear friend @gbenga
my best friend is in a very profitable business and he does not stop spending money it is impressive how he just throws it away, I am glad that he has enough money but I am worried that he will continue with that lifestyle
regards
It is important to achieve financial freedom and to be used in an intelligent way so that it is for your benefit and that you are able to maintain your capital by reinvesting more and more.
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