How To Remain Rich: It Is Fun To Make Money, But Not Fun If You Keep Losing It

I don't know if it is only me that has noticed the high rate in which Nigerian youths, especially the sports/football-loving guys, have suddenly become keen on making money through sports betting and lottery. They see it as their only hope of becoming millionaires. Now, every small kiosk I see on the street (which hitherto used to be an Hausa man selling everyday items) belongs to a lotto company's affiliate agent. And they are proliferating massively.

I got curious and asked one of them, 'Do people win good money playing these lotto games and betting on sports, and consistently?' He said that a few of them win good sums of money, but even at that most of them throw it all back or spend big.
While it is possible to make money consistently from sports betting if you treat it professionally (check out some of my posts on it), you can lose all your money on it if you continue to trade like a gambler -wanting to double your money every time, not developing a strategy and not being disciplined.

I have mentioned on this blog how I made money easily but kept losing it all because of my spending habit. See, it does not matter how much you make, if you do not spend within your means, or even below it (by saving first and then spending the rest), you are poor and will remain so.

It is not enough to make so much money, you should learn to keep most of what you make. Many of us are doing ok financially and have multiple streams of income but we want to live extravagantly like politicians. Many others want to show off as if they have arrived. But the truth is, most truly rich people around you do not show off at all. In fact, those who you think are showing off, are either not truly rich, or they are so rich that they cannot live less than that -i.e they are not showing off! 

Do you think Dangote is showing off because he bought a private jet? Or do you expect Mike Adenuga not to have a mansion?  Truly rich people are those that have built systems and networks that make money for them even while they sleep. And after a while, they can then afford to live large off their multiple earnings (which continue in spite of their lifestyle). 

If you have not gotten to that level, you are not truly rich. And if you spend as if you are at that level, you will always be broke.
Amy Cuddy said in a 2012 TED talk on body language and behaviour that you can fake it till you become it. But I tell you that concerning money, you cannot fake it until you become it! You will only end up broke every time!!

Quit trying to survive. Simply, thrive.

Enjoy yourself -stop trying to be like someone else or have what someone else possesses. You've always wanted to impress people and keep up with the Joneses, yet you have not developed multiple streams of passive income, and even the one major source of income you have isn't enough to sustain your basic needs.
Remember that in life, 'You get what you tolerate.' In business and investing, you get the losses you tolerate. If you don't remember any other advice or rule about becoming wealthy and truly rich, commit to heart investing guru, Warren Buffet's advice: NEVER LOSE MONEY!

N.B:
Poor people are those who have no money either because they are always broke, or they stop making money because they stopped working.

While the truly rich are those who make money all the time because their money works for them (- they build systems/companies, or plug into existing automated money-making systems), and/or other people's money works for them (- they build networks and leverage on other's time, money and efforts).