Perhaps Diddy was right in his song from years ago. The more money you have, the more problems arise.
Let's face it, we all need money, and strive to make and have more. It appears to make our lives easier. The bills are paid, and you tend to have more friends, especially if you're male. You get this sense of peace and pride. I've been there, its nice.
Greater earnings and a healthy bank account also tends to changes your spending habits. You wear nicer clothes, you go out to dinner, movies, and concerts more often. You vacation in Vegas and Hawaii rather than Myrtle Beach, the mountains or your uncle's cabin in Boone, NC.
However, one should be smart with their money, and never stop being thrifty. Regardless of how much you have, there are always pitfalls. You should always have a legal side hustle or two. You have to keep your financial self in shape as well as your physical and emotional.
Many musicians and profession al athletes from the NFL and NBA end up broke really fast. They aren't spending or managing their monies correctly, and are trusting the wrong people. Why are you giving so called experts you barely know the power of attorney, and letting them have all this access to your finances? One needs to learn how to handle your earnings yourself without the help of a third party.
The financially smart always have additional investments and are making their money work for them. Think Bill Gates, Donald Trump, Mark Zuckerberg, and Oprah Winfrey. These billionaires are just that for a reason. They spend wisely, are economically sound, and are seeking to increase their dollar through sound transactions. I'm talking stocks, bonds, stuff that draws interest and has long term value. People get themselves into dire straits by spending on 100 inch flat screen televisions, fancy cars, suits and such. These things depreciate fast in value.
Now of course one should enjoy the fruits of their labor. However, you must be aware of pitfalls such as taxes, unexpected expenses, upkeep, maintenance, and people with their hands out. Saying no is a powerful word especially when it comes to your wallet. You can't help everybody and save the whole world so do not try. Have a 40 year plan with your money, and also have a good short term plan. Learn to budget, and spend within your means.
It is easy to manage your own finances, but its also easy to get caught up. More are spending, less are investing.
Money certainly isn't everything, but no one wants financial burdens. You can create more for yourself by not taking care of your bank account. This includes being a millionaire, or making minimum wage. The principles are the same.
Therefore, continue to save, invest, be thrifty, and appreciate the simple things in life. Spoiling yourself and others are fine as long as you do it in moderation.
Here's another thought: have you ever tried drinking a gallon of whole milk in one sitting? I wouldn't advise it, and I also wouldn't recommend blowing all your money in one place. Reduce the problems, and spend your earnings wisely and humbly, especially when it involves others.
You will thank yourself later when you're retired and have a lot to show for it, and you're not depending on simply social security to get by. Recent history indicates that will not be the way to go in the next few decades. You have been warned so prepare now.
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