NEW Money

Hey S794, You make a valid point w/ this discussion-I also think ppl who suddenly come into an abundance of money would be ill equipped to handle it. However, I'd be willing to take my chances LOL +'s 2 U :D

Whether new or old, money is always money. But when money is achieved plentily by a person in a very short time, then in many cases, the activities of the person becomes irrational as well as funny. In many cases, the persons with sudden money are not able to manage the real utility of money in the right way and their activities and behaviour fall a prey to the evil effects of mismanaging money! In some cases people have ruined themselves morally and socially. This is not the effect of becoming sudden rich, but a result of mismanaging money. By managing properly, money becomes one's best friend. But on mismanaging and improperly using, money becomes the worst enemy of a person. This, we all must be careful always. Thanks for this 'Managing Money' topic.

It sounds like it is the same all over, here in canada we know the different between nouveau riche and old money, nouveau riche, flaunt everything they have and brag about it. " don't put your hands on my suit unless you have 10,000 to replace it!" old money do not brag and they are very closed mouthed about things.

Many people are not prepared for instant riches and therefore don't know how to appreciate their new found abundance. They end up losing most or all of it in a relatively short period. To be rich and stay that way reqires preperation, I think.

I have read stories about people who become rich quickly. These people are over whelmed. They have people coming out of the woodwork that want to take you money and if you don't give them money they make you feel bad. Most of these people go through the money fast and are back where they started. It is hard to deal with sudden riches. However, I think that people who are from old money are used to having so they have no problem saying no to anyone. I am glad that I am not wealthy.

People who win the lottery and win millions of dollars never seem to stay rich. I think they tend to spend it all, not understanding that it should be invested.

Yeah, I can believe money can really change people. I don't think I would ever want to be that way at all. I will always think of the little people.

that can be true to some, depending on how you were raised. i grew up moderatly. i wasn't poor, but we couldn't buy everything we wanted. so because of that we learned to work for the money we have. i've always been cautious on spending probably due to my upbringing and just who i am. i would rather buy something for someone else other then myself which is my financial download most of the time. i've always went through the senario of getting rich in my head, something like the lottery. i wouldn't spend it foolishly. quite a bit will go to my family that we owe and then into accounts for my children. if it were someone like a continuous income like a business venture that was good, i'd probably do the same thing. i would rather buy whats needed and i wouldn't change my shopping habbits that much. meaning my butt is still shopping at payless and walmart i don't need designer shoes.....hey, i've always been stingy with my money so i don't think that will change for me.

I have seen where sudden money has changed people for the worse. It makes them snobbish and obnoxious. They change and decide they don't need the old friends anymore.

You made it sound as if it is easy to be rich gradually lol. Either way it seems hard. Rich slowly or rich quickly. :P

people who have been through rags to riches are lucky. They are lucky for many things. One is that they became rich from rags he he! two is that they can now buy things they need and even want. three is that even if they are rich, if they know how to handle the situation everything will be fine. fourth is that appreciation on things will still be there for some rich who have not undergone those poor things will not understand some things that only poor can. :)

There are so many documented statistics of people who's lives litterally fell apart after winning millions in the lotto. If I was a little less lazy I would do a quick search for this information and add a link here.... but it's late and I am feeling very lazy. Working hard for gradual money makes you appreciate every bit of growth you experienced to get where you are. It seems to me that a windfall of many would seems to almost stunt your growth. I choose working hard for the money. Thanks.

Earning money gradually and becoming sudden rich are two diffrent situations. i too have seen many sudden richer to ruin there money is a litle time. money management is also an art. how you put your money to work for you by investing it so that your money will always keep on increasing. otherwise if u have become suddenly rich and you don't know how to do smart investments then slowly you may lose all your money. and it happens most of time with those who have became rich overnight

yes Iwould agree,people suddenly change but sometimes it is painful if your close friends behave strangely.Money does change many people if earned quikly.

that's typically what these black-american singers have turn themselves into "new money" rave.

i agree with you that people who get rich quick from scratch do not know how to manage their money. they have the tendency to flaunt their new found riches.

i believe in this most of the time. i've seen people who were from rags to riches and acted as if they already own the world. some also tend to show off what they have and assume to be of higher level that everybody else. i think it is better for riches to be achieved gradually. the fruits of hard work is cherished and valued more.