I presume that one of the reasons people with a lot of money walk around with inflated egos is because they assume they have the answer to every problem, and that lies in their bank account or wallet. I find those types of people particularly funny, and of course stupid.
Rather than spend time with your kids you throw money in their faces.
Rather than work on your relationships with others you throw money in their faces and try buy their fake friendship and loyalty.
Rather than doing your research on an investment or purchase, you throw money at it because, well you have enough.
Stupid! Stupid! Stupid!
I won't lie, it does work sometimes--throwing money at things and people, but it would only take some level of ingenuity and creativity to achieve a level of perfection that money cannot buy.
For instance, you have the Manchester City football club and their heavy spending every season. That has translated to domestic dominance but in the international scene, they haven’t done so well.
However, a club like Liverpool has done well in the international footballing scene with a lesser budget. Those who follow the English premier league would attest to the growth of the time. This is just a typical example of how money doesn't always get you what you want
The three currencies of life
In my opinion, here are three important things in the world: MONEY, INFORMATION AND RELATIONSHIPS. To achieve anything meaningful in life you need to have at least two of the things mentioned.
If you have MONEY and INFORMATION you can easily build RELATIONSHIPS, because people are drawn to people of influence.
If you have INFORMATION and RELATIONSHIPS you can easily make money because you are valuable to those who have money and you can easily access those people based on your relationships and share your useful knowledge.
If you have MONEY and RELATIONSHIPS you can easily access important INFORMATION because people are willing to give it freely because of your relationship or exchange what they know for currency.
The point I am trying to make is: money is not always the most relevant thing in tackling a problem, especially ones that relate to people (and even structural problems). You need to assess the situation and the people involved to come up with the right solution.
Search for alternative solutions...
I think one way to avoid being exploited financially is by identifying alternative solutions to a problem. Most times the first option isn't always the best. In most cases, it is the least creative solution to a problem.
I explained in a previous post how I was able to cut down the renovation cost of my apartment by thinking creatively and exploring other alternatives. This is just one example of how one can cut costs.
Cutting costs doesn’t mean you’re poor.
There is a fallacious narrative about extravagance equating wealth and many young people are been ushering into a materialistic lifetime is exhaustive and counterintuitive.
Being prudent isn’t a sign of poverty. On the contrary, it shows you value what you have and would not be exploited. So if you have a cheaper and effective way to solve a problem always explore it.
Money is an integral part of our lives. It impacts how we value everything around us. However, it should not take the place of ingenuity and creativity in solving problems.