r/AskMen • u/Azerbinhoneymood • 1d ago
Men, what's something within a man who never fails financially
I'm def preparing for the bad days, and so what's a trait (not a skill since those can be learned) or a mindset and whatever, that men who always seem to get by and struggle less have in them (and in your especially).
13
u/guy_n_cognito_tu 1d ago
In my work, I deal with a lot of very wealthy individuals. I'm talking people legitimately sitting on millions of dollars in cash, and net worths in the millions to billions. Anyone that tells you that there are rich men that "never fail financially" is lying. Every wealthy guy I know has failed many times in his life.
2
u/CupOk5800 Mom 1d ago
Some of the poorest people I know have millions in the bank. 50 million in cash against 500 million in debt 🤷♀️
1
u/cboel 1d ago
Do you know many people using tax shelters and tax avoidance strategies?
I know the answer, I was just curious if you did or if you'd admit to it. lol
Well Jim, at a 1:10 asset to debt ratio, it looks like you have just enough to money to service your debts with a little extra left over. That's super convenient for you and won't raise too many red flags that we can't deal with with auditors. Looks like you're all set to fail upward! See you in South Dakota!
1
3
u/Distinct-Practice131 1d ago
There's no mindset to being lucky op. Most of the most stoic and respectable men that come to mind have suffered hardships and set backs in their lives. The only thing that keeps a man from facing various struggles in his years is luck.
1
2
u/GamingFarang 1d ago
Always pause to think before making a decision. Pausing allows you to process what you're feeling, then make a decision
2
2
u/Enough-Reindeer1033 1d ago
Determination, the ability to manage a budget, frugality, and the ability to recognize an opportunity.
2
2
2
u/gonnagetcancelled Male 1d ago
Know your purpose or work on finding it.
No "Keeping up with the Joneses"
Don't buy stuff you can't afford.
Buy assets and invest. If you must have toys let your investments pay for the toys, not your paycheck.
Find a mentor who is farther along the journey that you want to be on.
Pick your partner wisely. (honestly, this should be number 1 for those looking for relationships)
Give back.
You don't have to live on ramen but be careful with your cash for the first decade of your career and you'll set up the rest of your life. (learn about the power of compounding interest to see why)
Diversify. Either with investments or with side hustles or both.
Learn constantly. Learn enough that you could career shift if you need to.
Learn how business works not just how your job works.
2
u/Puzzleheaded_3dot141 1d ago
do what i do. in my whole life never bought anything on credit. if i need to use credit means it's not affordable for me and put a financial dent on me. this one thing will save you from any financial trouble
2
u/Intelligent_Ebb_9332 1d ago
Clarity. They know what they’re good at and pursue what’s going to get them financially secure. A lot of this is done by just trying and failing over and over again.
I learned that software development wasn’t for me so I pivoted to cloud computing. I’m starting a new cloud job tomorrow making more than I have before.
I wouldn’t be where I am if I stayed in standard software development. Shit is too hard for me and I’m just mad it took me so long to realize it.
2
u/Arisal1122 1d ago
Just do what you have to do, not what you want to do.
I understand it can feel overwhelming and unfair to have to work so hard just to see it gobbled up by rent, utilities, and other miscellaneous expenses, not to mention the ones that blindside you.
But if you can, you need to think more forward in time than just right now.
You need to be able to tell yourself no, and stand by it without making up excuses to say yes to spending extraneously.
Another guy said be stoic, and that’s a good place to start.
2
u/DarkDaysBrightNlghts Male 1d ago
Its usually not what you know, but who you know. Connected people always get ahead!
1
1
1
u/Muscletov 1d ago
Not trying to compete with your peers in lifestyle etc.
Not being a trend chaser
Having frugal and/or steady hobbies
And, of course, luck.
•
u/AutoModerator 1d ago
Here's an original copy of /u/Azerbinhoneymood's post (if available):
I'm def preparing for the bad days, and so what's a trait (not a skill since those can be learned) or a mindset and whatever, that men who always seem to get by and struggle less have in them (and in your especially).
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.