I saw a reality TV show called millionaire wheels, which was about people selling and buying expensive and limited edition cars starting at one million dollars. All I saw were wealthy individuals throwing money around without mentioning their source of income.
The clients I saw were sitting by the pool, drinking something and talking about spending money on exotic and rare vehicles. It did not make sense to me until I met this guy who discussed his source of income.
In reality, the reason the TV did not make sense to me was that I find it unsatisfying when people throw money around without reason.
Money loses its meaning in my eyes.
Personally, I believe that the joy of owning or spending money should revolve around the process of earning it (money), and when this is not the case, the honest work process becomes a joke. Perhaps it is because I am poor; I am not sure.
So there was this Chinese, possibly Korean man. He met a guy who was selling an expensive car, and immediately he came into the building, I knew he was rich. Although he was not dressed expensively, the wristwatch and sneakers indicated that he was probably wealthy.
So he was shown a very expensive vehicle. He even begged to test drive the vehicle, but the seller initially declined. The reason was that the car cost $1.4 million, and he was afraid the Chinese guy would crash it, but he eventually agreed after the guy begged him.
He agreed because the guy was wealthy enough to pay 1.4 even if he crashed or damaged the car while testing it.
After the test drive, it was clear that the guy adored the car; it was smooth, cutting-edge technology, a speed machine, sophisticated, and stunning. The seller then began asking the Chinese guy to pay for the car, but he stalled a bit. He was unsure whether he wanted to pay for the car.
At the back stage, the seller has already discussed the Chinese man's source of income. He made his fortune by owning a clothing line, and apparently $1.4 was a small sum for him to pay.
So, why did the guy stall even though he could afford the car comfortably? I was wondering, too. This was when the show became intriguing, and I wanted to know what happened until the very end.
After much persuasion, the guy refused to buy the car, instead telling the seller to give him 24 hours to think about it. The seller was both angry and perplexed until the Chinese guy sat him down and told him a story.
Apparently, the guy was from a poor home, raised by a single mother. He stated that he was not from a wealthy family and had to work hard for every penny he earned, and that whenever he wants to buy a luxury item, he has a natural tendency to stall.
I understood where he was coming from. When you have been depraved, you have an instinct to be overly cautious even when your financial situation changes. This is known as "knowing where you are from."
It is amazing how the mind works; if you do not understand how insecurity works, you may become disillusioned and believe the world is safe.
This is why wealthy children are weak and careless, while poor children are tough and careful. Most of the time, our foundations define us. No matter what kind of change we go through later in life, our background remains intact.
The financial foundations of a person are often underestimated in who they eventually become; people do not suddenly change and leave a plethora of experiences that have shaped them to some extent, which is why money can never truly take away the fundamentals of an individual's upbringing.
The mind is designed to connect the past and present, which is why we never let go of the past, regardless of how good the present is.
The question is, do we truly remember where we came from?
Not many people do so. Some people believe it is inappropriate to discuss poverty, a humble beginning, or a history of illnesses and pain. However, I believe that some of the limitations contribute to the identity of perseverance that some people develop.
Do I want to come from a wealthy background? Yes. Why?
Life is easier when you do not have to suffer for problems you did not cause, and we thrive when the landing is softer than those who had to hit the ground running. Insofar as "grass to riches" success stories are good. Typically, only two out of every ten people survive to tell their stories.
In reality, most wealthy people inherit generational wealth and pass it on to their children. They create a wealth legacy that is passed down through their lineage until a wasteful offspring is born, ending the family legacy of abundance as a result of their reckless behavior.
However, there are benefits to whatever we are coming from.
There is no such thing as perfect history; the only difference is that when the upsides outweigh the downsides. For example, some people will refuse to buy certain things in life no matter how wealthy they become. This is the natural instinct kicking in. Most people remember who they are because it reminds them that they never want to return to that place.
Interested in some more of my works
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We talked about luck in one of your previous posts. Your Chinese or Korean guy example may have been lucky, but he also worked for his luck. So, he knows how hard money are made and remembers what it's like to be poor.
But luck has a different facet. The kind when it hits you unexpectedly. Like winning the lottery, at the casino, 1000%+ on a meme coin, a bet with a huge pot, all while that makes a significant difference to your financial situation, all of a sudden. Many succumb to the pressure of the sudden gains and end up broke in a matter of years due to a string of bad choices, after that happens. The unexpected money simply takes their minds away, and they can't exert the level of control they might've had before, maybe thinking they will never end. That's where bad financial education comes in too. Or maybe they are careless by their nature, and they just didn't have the "opportunity" to show it until they had real money on their hands.
I think the Korean guy was responsible in the way he handled the situation. There's no way I'll ever be rich and not have a second thought about spending 1.4$m on a luxury car.
In reality, even people who suddenly hit the lottery sometimes can be responsible with how they react to, and manage their "luck" because going back to poverty isn't something anyone should do especially if they manage to get out.
However life can make people extremely stupid, especially when they cannot manage abundance.
When you earn your fortune you are going to be very careful about spending. I know I am. There was a time when my family had money way back in the late 1800's. The children all managed to squander it all away... If you're given generational wealth you don't appreciated it and it is often wasted as you mentioned.
Hopefully crypto will make us all fabulously rich eventually! One can dream anyway!
Exactly. There are families with previous generational wealth, but somebody in the lineage just manages to mess it up and squander all the money and leaves the future generations scampering to establish themselves from the scratch. From where I'm from, life was very hard and I'm sure if I ever have a fortune, no way I'm spending it recklessly, no matter how plenty it is.
I think it's common to stall when you are making a large purchase. The money that you have means a lot more when you don't have much and you spent a lot of work to get there. It makes me wonder because those rich people can spend so much money and not blink an eye.
Rich people who are from humble beginning do not really spend that crazily unless something has psychologyically gone wrong somewhere. The guy I talked about in the reality show was a multi millionaire in dollars. People probably don't get richer than that though, and the guy still stalled.
You’re right about remembering where you come from no matter how wealthy you get. But I think that past a certain number, even the people from the most humble beginnings will forget they came from poverty. It’s really just a matter of numbers and how secure those numbers make you feel against splurging.
Well, you're right about numbers. However, I think that people don't leave their psychological background especially if it really sawwed deep into their lives. It also depends on how people were psychologically impacted by their background. A guy who had to beg to fed when they were young will always come from that place no matter how their finances changes later.
Yes, fair enough.
I'll probably be part of the camp of people who will refuse to buy certain things in life no matter how wealthy they become. Just because I can afford something doesn't mean I have to buy it, especially when I don't need or want it. Of course, it's a different case altogether if it's a loved one that needs or wants this thing. But I think for the most part, we're always reluctant to spend the money that we worked hard on earning, feels more like a robbery than a value exchange :)
You're right, when the money is too much hard work it feels like robbery, especially when it has to do with buying luxury. Luxury can be expensive and sometimes we might be able to do without them and spending so much on things we can do without feels uncomfortable
When you earn your money through hard work, it's always hard for you to spend it careleslly. At least having a reason for purchasing a product is more reasonable than just buying it coz you can afford it. Some would even go as far as buying it coz they didn't have such while growing up even tho they don't have any need for it.
Yeah you're right. For me, I think luxury will always be expensive, and sometimes we're tempted to buy luxury no matter how cost it is just to please ourselves or just to feel good. In reality, when money is difficult to make or people have come from humble background, it's always difficult to splash it.
Exactly! I 💯 agree with you
This why when I have children in the future, even if I've achieved wealth by then, I will instill a sense of financial responsibility in my children. I will teach then that money is earned and not given or inherited. If they are to be part of my company (should I have one then) they will start from the level for which they are qualified and work their way up. It's easy for us to wisely spend the money we got through some effort than money we got easily. Not many parents understand this.
Well you're right. I think you have a bright plan there. However instilling this discipline is where the problem is. Sometimes the parental love people have for their children blinds them to such strict discipline, especially when things like "only son" or "only daughter" tag begins to come to play.
@tipu curate
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Thanks a million
You're welcome 🙃
I've seen some people who are actually the definition of wasteful offspring, there's this guy, his father was well to do, he's dad died and passed most of his inheritance to him, he forgot where he came from and was very wasteful with the resources, now he's a security guard.
From someone who inherited two houses to a security guard.
What a wasteful offspring 🤦♀️
It's often like that. People like that actually makes it difficult for their own children, despite the fact that they had the opportunity to groom the wealth that was given to them. They just became wasteful and make sure their potential offsprings will actually suffer. It's such a terrible thing.
Some people being extravagant even if the source of their income is a hard way they just can't stop spending money any how.
Yes, it can be true for some people. I agree
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Thanks a million
I have to agree with your article. 2nd generation wealthy acts differently from the 1st generations.
They should, as generations are different
Thanks
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Lolzzz And yet they'll say the world is full of poverty where by the problem of the economy usually comes from the rich. If that money is spent on families and homes in the ruler settlement is that a crime ?