This week, our post is to the point and brief. Building wealth is better done slowly! While focusing on building wealth slowly may emotionally equate to boring, the outcome will normally be much more gratifying.
Choose investments that are more easily understood. Choosing investment options that seek to limit downside risk often results in solid long-term results. Remember, the dramatic accumulation of wealth occurs after many years of steady gains…very much akin to the compound interest graph.
Listen to these wise admonitions
Alonzo Peters wrote, “Once you understand that successful investing is about getting rich slowly, you’ll set yourself up to take advantage of this amazing wealth multiplier. Your investment horizon needs to be 5,10,20, even 30 years or more.”1
“If You Can: How Millennials Can Get Rich Slowly,” was written by William Bernstein, a retired neurologist, who has authored several books about investing.”2
“Here are five virtually surefire ways to slowly build wealth.”3
“The truth is, the stories we hear of people doubling and tripling their money overnight, or even in a year, are rare and usually anomalies at best.”4
“The best way to get rich quick is to get rich slow. The tortoise always beats the hare.” – Dave Ramsey5
“Even more important, though, is that they started early, and they’ve taken a slow-and-steady approach to accumulating wealth.”6
“It’s better to stick to tried-and-true, get-rich-slowly methods than to gamble your future on something you’re not ultra-familiar with.”7
“Focus on building wealth slowly, not getting rich quick.”8
I will take boring all the way!
1 Dunston, Lynn M. How the Rich Build Wealth. February 8, 2017. Dunston Financial Group.
2 Bigda, Carolyn. The key to building wealth? Start Slowly. April 17, 2014. Chicago Tribune.
3 O’Shea, Arielle. 5 foolproof ways to build wealth. September 27, 2017. Nerdwallet.
4 Grinkmeyer, Leonard. How to Build Wealth Slowly. August 21, 2017. Motivated Monday.
6 Bigda, Carolyn. How to Build Wealth the Old-Fashioned Way. May 2014. Kiplinger’s Personal Finance.
7 Pant, Paula. 11 Solid Financial Rules to Help You Build Wealth. August 30, 2017. the balance.
8 Updegrave, Walter. These 3 Tips from the Rich Can Help You Build Wealth. June 8, 2016. Money.