One of the key principles of success is the principle of emulation. This principle says, you will be successful in the proportion to which you find out what other successful people are doing, and then do the same things yourself over and over again.
As a wealth seeker, this principle can dramatically increase your probability of achieving financial success.
Unfortunately, there is a limit to which you should emulate some groups of “financially successful” people.
Listen, in your quest to live a financially free life, there are four groups of people you must not emulate or model their spending habits and lifestyle.
Many of these people came into wealth, not as a result of financial intelligence or wit, but have wealth thrust on them through luck.
As a result, they are careless in their spending. They live a lavish lifestyle and spend as if there is no tomorrow.
1. The Pseudo-affluent: these are mostly professionals and corporate executives, who earn a high income, but spend the majority of what they make on lavish lifestyles.
They live big and large: they drive the latest high-end luxury cars; wear expensive designer suits and clothes fly first class and dine at the best restaurants.
They have the appearance of wealth; unfortunately, they do not have the true substance of wealth- assets. As a result, they are usually just one to two paychecks away from being broke.
2. Wealth Inheritors
Many wealth inheritors are prodigal sons and daughters who are unable to preserve, let alone grow whatever wealth they inherited.
These are people who have not had to worry about money for much of their lives and may not have had the opportunity to learn about financial management.
Most of them never had to work for their wealth, and as a result, are not fully able to appreciate the value of money they have as those who have earned theirs through personal efforts. As a result, these guys spend carelessly.
It is a known fact that inherited wealth never lasts past the third generation.
3. Lottery Winners: These are people who come into wealth as a result of luck and not financial intelligence. Most o them lose their wealth within a couple of years and end up deeper in debt than ever before.
People who suddenly come into money when they haven’t worked for it, through inheritance or winning the lottery, often don’t know how to appreciate or manage their wealth.
4. Highly Talented Celebrities
You cannot afford to live your life copying the spending lifestyles of celebrities.
Celebrities earn millions, not because of their financial intelligence but because they are blessed with sensational talents in sports, singing, and acting.
As a result of their talents, celebrities earn millions with ease; unfortunately, they also spend millions with ease.
Many of them end up broke after earning millions during their heydays because of a lack of financial intelligence.
For example, FanBuzz dot com has this to say about Mike Tyson, “…despite all he achieved in the ring, Tyson’s legacy is stained by his struggles outside of his boxing career, and Iron Mike has endured financial difficulties in retirement, even after earning hundreds of millions of dollars during his days as a professional boxer.
Even though Forbes lists Tyson’s career earnings to be as high as $400 million, it was revealed, however, that when Tyson filed for bankruptcy in 2003, the American boxer was more than $23 million in debt.”
A similar thing happened to Michael Jackson. Please understand that this is not in any way an attempt to berate or downplay the achievements of these great people. I love and respect them.
I’m only trying to help you see the difference between earning a substantial income, living big, and achieving financial freedom.
Don’t copy them. Don’t envy them. Don’t make them your role models and mentors when it comes to money management.
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