If I had a choice between getting rich slowly or fast, I would like most choose the fast way. But in reality, other than winning the lottery or inheriting money, it isn’t easy to get rich fast. Even though there are many claims on the internet that you can get rich quick, they are mostly just schemes to take your money.
Achieving wealth takes time and when you look around most of the wealthy did not become millionaires overnight. Even though we live in a fast paced world where we want everything fast, some things need to be taken slow if we want it to last. That’s why the earlier you get started on your wealth building blocks, the sooner you will reach your financial goals.
Getting rich slowly doesn’t necessarily mean it has to take forever because you could even accomplish it in a few years if you have the mindset to stick to a plan and take the right course of action. To come up with ways on how to get rich slowly you will need get out of the get rich fast way of thinking.
For example, if you want to make money on the internet you first have to research to find a profitable niche. Then get a domain name, hosting and set up a website. Or you could buy an already established website from website marketplaces at a low enough price. All you will have to do from there is add content regularly and drive traffic to your website. Ways to earn from it could be through affiliate programs. This is a way to build a passive income over time which could be achieved by first growing the site by using various marketing methods.
Other ways to get rich slowly is by putting money aside from every paycheck for savings and investment purposes. The whole idea of this concept is to put money regularly in an interest bearing account or investment plan so it can grow over time. This method also helps in managing money better by controlling spending habits if you force yourself to take out say 10% to 20% out of each paycheck for savings and investing.
If you are finding it’s not easy to save because there is no money left after paying all your bills or you have more expenses than income, then it’s time to analyze what expenses you can live without. You have to be willing to give up some things if you want to build wealth.
Forget the new car, as that is a waste of money considering a new car isn’t a great investment to begin with since it depreciates in value as soon as you take it off the car lot. You can avoid the initial depreciation by purchasing a used or nearly new car instead, not to mention that it would be at a cheaper price which means money saved in your pocket.
Avoid purchasing an expensive home or downsize from the one you have if you aren’t finding it affordable. Purchasing a home can be one of the biggest investments you can make and also the costliest with all the expenses involved in home ownership. Live under your means by buying a lower priced home or consider to rent if the mortgage payments and home expenses are high.
Eliminating the small stuff adds up too. Those take out coffees and fast food lunches can add up quickly. Pack your own coffee and lunch from home and take with you. You can put that money into your savings account.
Don’t use a credit card. You can’t get rich if you have credit card debt. It’s easy to get carried away with credit cards and with the interest charges that accumulate, you can get over your head in debt. If you cannot control yourself in your spending habits to be able to pay off the credit card balance owed at the end of every month, then pay in cash instead as that will make you budget and think twice if you really need the item or not.
Turn your hobbies into cash. Increasing income with some side hustles is also a way to have more money. Whatever skills or interests you have put them to use by creating an extra part-time income so you can realize your get rich goal sooner.
However you decide to go about creating a financial plan that you can stick with, think over the long term not short term. Just like in the race where the tortoise beat the hare, using get rich slow methods rather than get rich fast schemes will win in the end too.
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