5 Blunders That make you Poor even you might be Wealthy:
We often hear or read that the world is run by god and below this world is running on the power of money, there are so many worlds in this one world created by god, on one side there is a man whose wife wishes to wear a bikini, so this man bought the entire island, Jamal Al Nadat is the name of this man who bought an island worth Rs. 418 crores for his wife so that his wife could roam around wearing a comfortable bikini and on the other side there are about 80 crore people in this world who go to sleep hungry every day, who don’t even get two meals a day, in today’s article you will know.
Let me explain how such a huge gap was created between the rich and the poor. At the end of this article, I am going to tell you the reasons why the very rich became very poor in the end to understand the difference between the rich and the poor.
Don’t waste your money because your earnings today will last forever:
The first right on your income is your Investment so don’t waste your money because you can’t earn money for your entire life. To understand the difference between the rich and the poor, first of all, watch this. Just now Stree 2 has become a super duper hit and it has made a box office collection of about 800 crores. Raj Kumar Rao got a fee of 6 crores for this film, but what is the interesting thing, let us know.
Rajkummar Rao is seen eating with his wife in a very ordinary restaurant. There is no show-off, no pretense. Why? In the Bollywood industry in which he is, there are many stories of people getting ruined after earning a lot of money, about which I will tell you later in the video. Rajkummar Rao is 40 years old now but he has already learned to invest his money in the right place. He has just bought a flat worth 44 crores in Mumbai. 44 crores and this man is seen eating in an ordinary restaurant.
People with a spendthrift and poor mindset say spend everything and one day the money blows them away but wait, do you know from whom Raj Kumar Rao bought that flat? Janvi Kapoor bought the same flat a few years back for 39 crores and today after a profit of 5 crores, sold it for 44 crores. I want to tell you that all of the star kids who are discussed everywhere today are very serious about money. They think of saving every penny.
Their Risk management is very poor:
It is said that if a fool does financial planning, he can defeat a genius who never does financial planning. You should remember examples of some genius people and share them with everyone in your house. First of all, respected Satish Kaul, who was a very successful TV and Punjabi movie actor. He played Devraj Indra in Mahabharata and was in Subhash Ghari’s Karma Ram Lakhan. He was a celebrity in his prime time and in his last time He did not have money to pay the hospital bill I am sorry to say that the entire fault lies with him that he did not save and invest properly during his prime time.
Who does not know Meena Kumari If any heroine had reached the highest level of success, it was Meena Kumari She is popular known as the tragedy queen When Pakeezah was released, there was only one name in the whole country Meena Kumari and Pakeezah’s dialogue is viral till date when Rajkumar says I have seen your feet, they are very beautiful, do not keep them on the ground, they will get dirty Critics used to say that it was impossible to compete with her in acting.
He was called historical in comparison He had a long film career of 33 years He did many superhit films Sahib Biwi Aur Ghulam Pakeezah Baiju Bawra He won a Filmfare Award four times This shining star of cinema Died pennies with not even enough money to pay every hospital bill He did not have money to pay the hospital bills The problem was again the same lack of financial planning And this story is not just of India. Because of poor risk management.
Don’t Buy Luxury Items For Show OFF:
You won’t believe it, it is okay. Listen to this because you wanted a cheap hotel. She wanted to say what the price was 6000. Janvi that was. 12000 is half a lot of money and I just thought that we were hardly going to be in the room I only came back when you go back you chose the hotel that was 6000 cheaper okay so I also 6000 in total okay because there was no heater in the room there was no heater Janhvi Kapoor told in a recent episode of Coffee with Karan that she and Sara Ali Khan went on a Kedarnath trip and Sara Ali Khan booked a very ordinary hotel in Kedarnath which did not even have a heater whereas it is very cold in Kedarnath and Sara did this because she had to stay in the hotel for only three to four hours.
It was needed only for her, so she did not want to waste money by booking an expensive hotel whereas her father Saif Ali Khan has assets worth 5000 crores and she is a successful actress, the learning is that I want to tell you that the biggest difference between the rich and the poor is that when the money comes, the rich people buy luxury items last and invest first, whereas the poor people buy luxury items first and there is nothing left to invest later. I will explain how.
On 20 September iPhone 16 was launched in India on iPhone 11. Just like there is a line of free halwa puri in front of temples at Bhandari. Recently a video of a boy was going viral whose poor flower seller mother bought him an iPhone because he had stopped eating. I am a flower seller. Bhaiya, I have not eaten anything for three days. Well, I am not eating food No, brother, have some shame. Learn how to use money properly from the celebrities whose movie tickets you buy to watch. Research says that in India, i.e. luxury on credit. The craze of buying, buying now, and paying later, this thought process has pushed the poor further into poverty. In my view, buying a phone on EMI is the biggest financial crime. My friend, even a phone worth Rs. 1 lakh is good and this Rs. 5 lakh can be invested in the right place where there is a possibility of the money growing. There will be many people who buy phones on EMI, no show-off, no show-off.
Some people must be thinking that if they had so much money, they would have bought a hotel, this is the difference between a poor mindset and a rich mindset Maximum people with a poor mentality follow the principle that it doesn’t matter and later these people are seen to be buried in credit card debt. We used credit cards for fun and made a mockery of it.
According to the news of Times of India, by June 2024, the credit card dues in India will be around 27 lakh crores. When I see all this, I feel nervous and pained. But the question is, do we understand money? Do we understand where to invest money and where not? Seeing everyone, everyone has started on the path of ruining their lives. The habit of doing everything by taking loans will destroy a person and by the time one understands anything, life will be out of hand. If you want to give the biggest gift to your family today, then make sure to make your future risk-free by getting both insurances. To become rich and stay rich, two things are most important. First, understanding your finances and history.
Poor Investment Decision:
The whole world is full of such examples we have celebrities like Boris Becker who earned 130 million dollars in his career but went bankrupt and Mike Tyson the most famous boxer of all time went bankrupt due to his poor money management skills.
Who doesn’t know Madonna was one of the highest-paid athletes in the world but he died poor and almost nothing left in his bank account Same problem with everyone, lack of financial planning Friends, the time has come to wake up, we have to stop living in ignorance, today we should observe and learn from their mistakes and make our life better All of them made some common mistakes which we should never make in our life.
He was poor and thinking about the future was probably not in his dictionary. Live for today, who has seen tomorrow. This philosophy has ruined a lot of good people. We should live for today, but thinking about tomorrow is as important as living for today. Friends, life looks short but it is as big as a mountain. The biggest reason for their downfall was to remember that the thing which you can buy, it is not necessary that you should buy it. Buffett once said that If you buy things you do not need soon, you will have to sell them.
Things you need means if you are buying things which you don’t need then one day you will have to sell those things which you need. Remember my words, don’t try to show off to people because people are not happy with your progress anyway. The fourth biggest reason for the downfall of all these people was poor investment decisions. These people invested money without thinking, wherever they wanted. They neither took any expert advice nor did any financial calculations. In good times, money was coming in so much that these people stopped thinking and made big investments.
The greed to become a human being made all these people make wrong investments and all the investments went down the drain one day. Investing money is very important but it is even more important that it is invested in the right place. So don’t blindly dream of becoming a millionaire overnight on someone’s advice and don’t invest your hard-earned money in the wrong place.
Unnecessary lending, Gifting, and Donating:
The fifth reason for the ruin of all these people is lending, donating, and gifting. Rich people fall under the trap of fake charities, donations, and unnecessary gifting. All these people gave loans blindly. It doesn’t matter. You can return it whenever you feel like it, it’s your money brother.
Hey, tell me how much money is needed. The result of this was that a huge amount was either spent on loans or expensive gifts. Money was given as charity without thinking, which was never returned. Do charity, do it, friends. Give loans too, but think carefully and not with your eyes closed. There is an old story about a man who hit the jackpot. Money in his eyes, money in his heart, money everywhere. Then a beggar asked for money and he blew a crisp 500 rupee note towards him. After giving the note, he asked the beggar, although your clothes are torn looking at him it seems that you must have been a great person once.
You look like a beggar but you seem to have been a rich man once.
What is the secret?
The beggar replied, keep giving away 500 rupee notes like this. One day you will also be in the same condition. I was also rich like this earlier and used to give away notes like this. Friends, I just want you to earn money and invest it in the right place. The country does not only need people who earn money, it also needs people who save and invest. You can play a big role in the progress of the country.
Conclusion:
The article discusses critical financial mistakes that can lead even wealthy individuals to financial downfall. These errors include poor financial planning, overspending on luxury items for the show, inadequate risk management, poor investment decisions, and unnecessary lending or gifting. The piece illustrates these points with examples from real-life celebrities who went bankrupt despite significant earnings. The key takeaway is that consistent financial discipline, smart investment choices, and thoughtful spending are essential to maintaining wealth over time. It emphasizes that wealth preservation requires more than income it demands strategic management and a mindset that prioritizes future security over present indulgence.
FAQs:
What is the main reason wealthy individuals can become poor?
Wealthy individuals can become poor due to a lack of proper financial planning and risk management. Overspending and making impulsive financial decisions without adequate thought or expert advice contribute significantly to financial downfall.
Why is buying luxury items for a show considered a financial blunder?
Buying luxury items for show depletes funds that could be invested to generate future wealth. The wealthy often prioritize investments over lavish purchases, while those with a poor mindset may spend on luxury items first and leave nothing to invest later.
How can poor investment decisions lead to financial ruin?
Poor investment decisions, such as investing without research or expert guidance, can lead to significant losses. Celebrities who have lost their fortunes often made investments based on impulse or bad advice, which ultimately failed.
Why is unnecessary lending and gifting problematic?
Uncontrolled lending, donating, and gifting can erode wealth when done without foresight. Generous habits without financial boundaries often result in a loss of substantial amounts that are difficult to recover, impacting long-term financial health.
What lesson can be learned from examples like Boris Becker or Mike Tyson?
The stories of celebrities like Boris Becker and Mike Tyson highlight the importance of financial literacy and disciplined money management. Regardless of income, consistent oversight, wise investments, and risk mitigation are essential to sustain wealth over time.