I think it is important so see money the way you should. I mean don’t value it too much. I also think it is blessing to be wealthy. and I think if you get wealthy you are not supposed to spend it on like gold chairs…things like that.
Some have so much money that they start gambling and use drugs. I think too much money reduces your motivation in life and is bad just like too little money.
pros - not being poor Con- ??? nothing
Pro: more freedom, con: more responsibilities
I think the danger in being wealthy is when you are born rich, you get insensitive to people who are limited financially. I remember embarrassing myself because I didn’t realize a friend could not afford what I thought they should have. Also, the wealthy can get the idea that someone doesn’t love them simply because they can’t afford something you expect them to share.
Have you ever seen shows on tv about the curse for winning the lottery. The people just don’t handle it correctly. They might purchase to many things in a short period of time and loose all their money.
I wouldn’t be one of these people.
You could get conceited with how wealthy you are…that is a con. I think some people lose touch with reality when you are wealthy and famous. That’s a con.
When I was able to work I made good money. I enjoyed it because I was able to help a lot of people. Bad thing though is I gained a lot of weight because my mobile home and cars (my car and my ex husband’s car) were paid off so we could afford to eat out a lot. And we did eat out a lot.
My uncle started at the bottom of a company and climbed the ranks to become well off. Him and my aunt are awesome people. His kids and my cousins are a bunch of entitled snobs.
Not saying if you are born into money that it corrupts a person but I’ve seen firsthand the possibility that it could.
There are wealthy people who wake every morning unhappy. There are poor people who sweat with the labor of their hands and wake up happy as ever.
All depends on attitude. Imho.
Like having a car when ever I have money everyone suddenly wants to be my best friend (and I’m not even rich) …
If I had the money I would move cross country with a wife and just live without people bugging me…
I think being modest is a greater thing than rich
Good point…when you said there a wealthier people who wake up less happy than poorer people who do manual labor.
Pros: Being able to afford life’s luxuries. Acquire nothing but the best.
Cons: The children of the wealthy usually are spoiled and unable to carry on the family business.
My parents are very wealthy, like top 3% in the US, and they still constantly worry about money. I think that is why they have so much.
The pro is you can buy whatever you want but that is also the con because when it is all gone… its difficult to change lifestyle… so always important to be sensible with money… im not i need help with that right now…
Assets = The value of owned property, land and monetary assessed goods. Book value of owned belongings that can be liquidated into cash, money generating assets
Cash flow = the amount of profit generated by the sales revenue - cost of goods sold after being distributed to share holders (if any, unless the company is private).
i agree with @naturallycured more money means more responsibilities. but that is the only con i can think of. i would accept the lifestyle benefits over having some more responsibilities
Another con is that you value things too much when you buy things. Like for example if you buy a nice car it’s just a thing, it’s just a machine.
Depends on what kind of car because a regular used car that is driven daily depreciates monthly after usage and wear & tear.
A collector’s item such as a 1952 Corvette will appreciate in value because it is a rare item.
What I’m saying is don’t value material things too much.