Wonder why some will never be rich? (He blew $700K in 1.5 years after receiving inheritance.)

If someone makes a lot of money (legally and ethically), it is probably also good for the economy and the people around him. 

Multiplier effect. 

That's something I remember from Economics. 

People like that are usually looked upon as rich.






Some might not be very good at making a lot of money or might not have the inclination to make a lot of money. 

Does this mean that they cannot be rich? 

Regular readers know my answer to this question.






No matter how much money we make, if we spend more than we make, we are in for some trouble. 

However, this might not be the case for some lucky people.





A reader shared this story:

From the comments section: here.

"His whole life is about showing off his consumer goods, BMW, branded watches, holidays, etc.... all his money came from my parents who indulge in him...

"When my sister-in-law died, he inherited the insurance money .... and blows $700K within 1.5 years.

"He called himself not good in managing finance but in reality is addicted to spending money and refuse to accept responsibility..."






How do you feel?

What do you think?

In another blog post, I said: 

"Of course, sometimes, people need to suffer a fall before they are aware of their financial mortality."

Some people are lucky enough not to have to suffer a fall. 

So, they live within an illusion of financial immortality.


The operative word here is not "immortality". 

The operative word here is "illusion".





Wonder why some will never be rich?

Having the right philosophy in life will guide us on the right path when it comes to money matters.

Remember the 3 attributes of a wealthy peasant: HERE.






Related posts:
1. From rich to broke.
2. If we are not rich, don't act rich.

Should we aim for financial freedom and have no social life? (How much material wealth is enough?)

UPDATED:
Reader:
"Hi AK,  I have been a reader of your blog since 2014 and I start to do invest. 

"Sometime I am worry that my investment would fail and become failure in life. 

"Since then I try to avoid having girl-friend because I scare that one days I mind be a liability to wife and girl-friend.

"should I continue to invest for financial freedom and be frugal and give up on society life."

AK:
"This is very personal. No one can advise you on this. Do what you feel is right for you."

Please don't ask me questions like this. I also blur.











------------------------------------------------------

AK said...

This is something I have thought about before.

I am not sure but I don't think I will feel sad or jealous if I were to attend gatherings where friends show off how well they are doing materially. 

They made their choices in life and I made mine.





I don't avoid social gatherings per se but I am very selective these days.

I have grown to enjoy my own company a lot more as I grow older. 

I like a quieter and simpler life.

Having fewer relationships in life promotes quiet and simplicity. 

However, no man is an island and I only maintain relationships which matter more to me.










When it comes to money, although we are all made differently, all of us need money in this modern world of ours.

However, it is good to remember that we only need so much money in life. 

This simple fact is lost on many as they pursue more material wealth than really necessary.





How much is enough?

How much is more than necessary?

The answers would differ from person to person, of course.

Whatever the answers might be, materially, we want to be comfortable while, financially, we need to be secure. 

Achieving this will give us peace of mind and I am sure we will feel happier then.

If we have achieved this, it is enough.




...

Related post:
A story about a lady in my life.