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5 Things you should not Do with your Money

Don’t do these five things with your money. It doesn’t matter how much money you make. You could be making 10 Lakh or 50 Lakhs a year, but if you spend every rupee that you make, you have the cash flow pattern of a poor person.

If you spend like a poor person, you’ll always remain like a poor person.

Today I’m gonna share with you five things that you don’t want to do with your money.

Remember, it’s not just how much money you make. It’s how much money you keep.

5 things you should not do with money

5 Things you should not Do with your Money

# Don’t Gamble with your money

The first thing you don’t want to do with your money is to gamble it away or buy lottery tickets or play online games of gambling. 

Casinos and Gambling companies make money from gamblers. Lotteries are for suckers. People who buy lottery tickets, they believe that they need luck to become wealthy, to become rich, which is not true.

Do you know the chances of you winning a lottery in a single state?

It is as high as a million to one. In multiple states, sometimes it’s a million to one. That is your chance of winning. So you tell me the odds. And more importantly, when you are gambling. When you’re buying a lottery ticket, what are you saying to yourself?

What are you telling to your mind? Is this, the only thing I’ll become wealthy or financially successful is that through the luck of draw.

It is simply not true. So don’t gamble with your money and do not buy the lottery tickets.

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#2 Don’t Buy things that you don’t like

The second thing you don’t want to do with your money is to buy things that you don’t like.

Don’t get me wrong. I like nice things, but I buy them because I like them, 

I enjoy owning them or having them.

I get pleasure out of it. But most people, they spend money that they don’t have to buy things that they can’t afford to impress people that they don’t even like. Why?

Because of low self-esteem. They need validation. They need approval versus buying what they enjoy. Buy what you enjoy. 

  • Don’t do it for other people. 
  • Do it for yourself.

#3 Don’t spend money on things that rot your brain

The third thing that you don’t want to spend your money on is things that would rot your brain and rob your health.

I’m talking about cigarettes. I’m talking about alcohol. I’m talking about drugs.

  • Don’t drink.
  • Don’t take drugs
  • Don’t smoke.

Because of social pressure. Because it’s cool. Because your friends do it.

Because they think you should do it. No, you gotta keep your brain sharp if you want to be successful. You don’t need to have a drink to have a good time.

You can just have a good time. Get high on life. Don’t get high on drugs. Don’t get high on alcohol. 

#4 Don’t invest in something that you don’t understand  

The fourth thing that you don’t wanna do with your money is to invest in something that you don’t understand.

Don’t invest because your friend tells you so,or some salesperson or some broker tells you to invest.

You know why they call it broker? Because they’re broker than you are, right? Don’t invest because you saw someone making a bunch of money, you are driven by greed, only invest in what you can understand, what you know, you gotta study, and investigate before you invest.

#5 Don’t loan money to friends

The fifth thing that you don’t want to do with your money is don’t loan money to friends. I’ve had this happen multiple times. There’s a reason if someone’s struggling with money, it’s not the first time they have money problems, chances are they always have money problems because of the habits they have or bad decisions that they make.

Now there’s a difference. If it’s an emergency and you’re helping them out, then don’t expect to get the money back.

The problem is when you loan money to your friend, and I’ve had this happen to me when you loan money to your friends, and they cannot pay you back, there’s a lot of guilt, the guilt kicks in, and then what happens, you lose your money, and you lose a friend.

A much better way to do this if your friend is helping, help him solve the problems if he has addiction problems, he has a gambling problem,

solve the problem from its core, right?

If you know what your friends need help and you are able to help and you are financially able, then just give them the money, but don’t expect to get it back.

Where to Invest your money?  

Well, the best thing that you can do with money is to invest it in yourself.

No one can take that away from you. Investing in your own ability to improve your capabilities, to learn new skill sets, you can never go wrong with that.

Learn high-income skills and improve your worth in the market.

Shitanshu Kapadia
Shitanshu Kapadiahttp://moneyexcel.com/
Hi, I am Shitanshu Kapadia founder of moneyexcel.com. I have written 1800+ articles on this blog. I am PGDBA(marketing), engaged in blogging for 10 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. The purpose of this blog is to spread financial awareness and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.
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