It is easier getting broke than getting rich... Why?

I was watching some videos on YouTube and I came across a video of this guy who gives out huge money to winners of his challenge, the games aren't tough but I might be saying this because I am just watching from the screen.

There is this particular guy who won $1,000,000 in one of the challenges which happens to be the highest payout for the organizers. I don't know how real they are but the winner had to spend the money under a given time and they set out to start spending the money.

He bought mobile and electronic gadgets for some friends/family, bought a house, cars, furnished the house also bought a very expensive ring to replace the cheap one he bought for his wife before they got married, sent some bucks to his parent and after paying taxes, he had almost nothing left.

Isn't that fun? Spending is really fun but the excitement and joy in it can end up as tears and suffering if we don't spend on what matters or things that can help us make more money first before spending lavishly.

I am not condemning the guy but I would love to bring out some points so that we can learn from what I see as a mistake, no one is perfect and the more we live, the more we learn but how many of us are applying this lessons into our daily lives?

Before he won the stuff, he lived in a small apartment and drove a car he bought for less than $200 if I am not mistaken. I am sure his earnings couldn't do more than that at that time but now he got lucky and the first thing I think that should be on his mind was how to sustain the wealth.

I am sure we have all come across stories of how people went from being very rich to getting broke within a short time, this happens mostly when people don't have the mindset of multiplying what they have to sustain their wealth.

Having plans of what to use your money for is a very important thing to always do whether you have or don't have the cash at the moment because in some cases, money distracts you from thinking accurately when it comes suddenly. Not having a proper plan before getting the money can make you spend it so quickly and become broke again almost immediately.

No matter how tempted you may be with cash, sustaining your wealth should be a priority for everyone. I many times wonder about the essence of just living well for a short time when you can enjoy your wealth for as long as you can if you do things that will help you sustain your wealth.

Invest for the future.

I have many times heard people say tomorrow will take care of itself when told advised to invest for the future, some even ask if there is any certainty about the future and their idea/thoughts make me laugh a lot.

That's true, tomorrow is unpredictable but any investment won't go to waste as long as you involve your family, they surely won't allow things that will be of benefit to them as well go to waste even when you are not there to manage them. No one is assured of the next minute in life but there is nothing wrong with securing the future even though it is not guaranteed and it would be unwise not to prepare for it if we eventually see the future.

If the guy I mentioned at the beginning of the article thought about it well, he should probably have had something in mind that would help him sustain his wealth. Maintaining the things he got with the money could make him broke and they will keep draining him financially.

This is a common thing we see among the youths globally, it is usually fun first before we think of something else. Many wouldn't even consider a house, buying exotic cars would be the first thing on their list, it seems success can't be announced without using a car.

I recently read a story of a Nigerian man who said he bought the MacDonald franchise when he started making money over a decade ago, today the single branch has given birth to 10 of them across the US which gives him millions of dollars every year.

Imagine if he had said he wasn't sure about tomorrow and lavish the money he invested, he probably wouldn't be living the good life he is today.

You can still invest and go broke if you don't make the right investment so understand the fact you must be investing in something that has a higher success rate.

In 1990, Sir Shina Peters a Nigerian musician built a house worth 20 million naira and the same figure was what Jim Ovia started an International company known as Zenith bank today.

I am not saying a house is not an investment but why invest so much in just one structure when the land is what appreciates, sooner or later the building will be outdated but the value of the land will increase as the environment develops.

I will rather buy multiple lands, build different structures and make money from the rent.

Luckily for us, the digital world has made things easier that we can invest from the comfort of our home in cryptocurrency. It is awesome but comes with risk just like a physical investment which is why we must be sure of what we are getting into.

The most important thing is ensuring we work towards multiplying our wealth instead of squandering it all in the name of no one knows tomorrow. Keeping it in the bank won't make a difference because the value would decrease and the current level of inflation in the world would make it worse.

Thanks for reading, I hope you are having a beautiful week at your end?

Enjoy the rest of the week ❤️.

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