Making Money Too Fast Is Dangerous: Slow and Steady Is the Way
Eddie from Finance Fox wrote a post titled “Money Will Change You,” where he shared his experiences with money and debt. He described the negative impact debt had on his mood and mental state. Thankfully, Eddie now has three sources of income: a commercial cleaning business, a full-time job, and blogging. This has helped him alleviate his financial worries and feel more secure.
WHAT HAPPENS IF YOU MAKE MONEY TOO QUICKLY?
The speed at which you accumulate wealth can make people envious. Unlike Warren Buffet, who earned his wealth slowly over decades, a young person making a sudden large salary might face jealousy from peers. For example, a recent college graduate making $35,000 a year suddenly getting a job that pays $100,000 can spark envy among friends and colleagues.
THE REASON FOR MONEY ENVY
Money envy is not just about jealousy. Those who get rich quickly often don’t handle it well. A sudden increase in wealth can lead to reckless spending. For instance, a young man might buy an expensive car he can’t afford, while a young woman might splurge on luxury handbags and accessories. This kind of spending often leads to financial trouble.
ANNOYING THINGS NEWLY WEALTHY PEOPLE DO WITH THEIR MONEY
Newly wealthy individuals can be annoying by constantly posting about their luxurious lifestyles on social media, bragging about their earnings, and showing off their expensive purchases. This behavior can alienate friends and colleagues and create a negative perception.
MONEY CHANGES YOU NO DOUBT!
In the wrong hands, money can change people for the worse. Athletes, lottery winners, and others who come into sudden wealth often end up broke because they don’t manage their money wisely. It’s better to earn money slowly and steadily, as it helps you appreciate it more and manage it better.
To avoid conflicts and envy, newly wealthy individuals should stay humble and be discreet about their wealth. This would reduce the tension between different social classes and prevent negative emotions.
Regards,
Sam
About The Author:
Sam started Financial Samurai in 2009 to help people understand financial matters. With an MBA from Berkeley and 13 years of experience at Goldman Sachs and Credit Suisse, he aims to help readers achieve financial freedom sooner. Sam is also interested in investing in AI through Fundrise. In 20 years, he doesn’t want his kids to wonder why he didn’t invest in AI from the start.
