We all have imagined what we would buy if we were rich overnight. The flex culture is no help as it gives inspiration to frivolous spending. The internet provides a false narrative of what it means to be rich. In reality, it is just all for show, and the rich want to stay rich. Your favorite influencer may not be as wealthy as you think they are.
If you are thinking about how you would spend all your fortune instead of investing it, I doubt you would maintain an affluent lifestyle. The key to being rich is to stay rich and invest money wisely.
The rich spend less on material things that won’t hold value later. One of Warren Buffett’s rules is not to put yourself in a debit unless it is for a profit subsequently. Its why you don’t see the 1% making purchases that won’t result in a financial gain later. They invest and not spend. That is not to say the rich do not splurge, but it is often thought out and justified purchases.
Financial literacy is what makes the rich different from everyone else in the world. In being financially literate, you exhibit self-control in the way you manage your finances. How you spend your money and how you invest can make or break you. Do you save your money, or do you need to buy the new iMac each year that it comes out? Another one of Buffett’s rules is always to think things through. What will that new iMac do for you that the last years cant do for you?
It makes you wonder if you can handle riches overnight. We hear stories of people becoming rich overnight through the lottery or a crazy business deal from a vial post. They quite frequently blow the money and end up where they were before or much worse. To be rich is to understand how to attain and maintain it. Do you want to be rich for a good time or a long time?
