Post
Topic
Board Economics
Re: Things to avoid when you earn a lot or become rich
by
atookz
on 16/06/2024, 18:23:43 UTC
1. Don't buy expensive things right away.
Maybe not only expensive things but also avoiding expensive habits continuously, such as buying expensive coffee, eating at expensive places, or something like that. Because surely we can also buy such things at a cheaper price. It is better to prioritize spending that provides long-term value. This can also prevent us from becoming impulsive buyers.

2.Pay your Debt

Having debt or bad debt is why most of us continue to suffer because it's like a weed that, if you don't cut the root, will grow again. And the debt, when you don't pay it, has interest compounding. So your number one expense is to pay off the debt when it earns a lot of money. Be responsible not to ignore the people we owe money to, talk to them, say thank you, and pay all the debt.

We should also know that our reputation also depends on it, and when we know how to pay, many people will trust you. And when you know how to pay off debt, you also show that we are not only thinking about ourselves.
Moreover, having consumptive debt that has high interest, this must be avoided because it can threaten finances to become worse. Someone with high consumptive debt tends to have difficulty owning and adding assets, this will hinder finances. Maybe if you have debt for business activities or something that has benefits, it could be better.