While many Americans (and people all over the world) are looking to get rich quick, there is also a growing trend in the value of getting rich slowly. Take this on the heels of the fast food turned to ‘slow food’ revolution, and it’s easy to see that there are some changing trends in our world. The fast food nation has been replaced by lots of organic produce and the slow foods revolution has brought slow cookers and cooking a meal on the woodstove in the winter back into fashion. Of course, this shouldn’t be confused with the raw food trend although ultimately they’re all answers to the fast food nation. In any case, what does it mean to get rich slowly and why are some people opting for this instead of repeatedly trying to get rich quickly?
The answer is that many people know the truth, which is that a handful of people are lucky enough to make fistfuls of money in virtually no time at all. These people are the minority! While there are many success stories of individuals who have luckily hit a stellar way to make a ton of money in very little time, those looking to get rich slowly know that those who got rich quickly stumbled across something that not everyone will stumble across. If it were easy to make gobs of money in no time at all, every citizen of the US would have done it by now and everyone would be rich. Since that’s not the case, it’s easy to see that not everyone with the plan to become a millionaire overnight sees his plan come to fruition.
The other way to create a financial future of security and even luxury is to carefully manage your money. What this means is not only spending responsibly, but also investing and saving wisely. Take a 401K for example. Every penny that you put into that fund each month is a penny that is not taxed and a penny that may or may not be matched in contribution by your employer. If you set aside 5,000 and your company matches it, you have a $5000 tax break, a $10,000 investment and an account that is only going to grow over time. When you access that money in the future, that $10,000 will have grown considerably. These kinds of smart decisions are one of the most important things for salaried workers to consider. If you’re not salaried, you should really take a close look at how much money you’re putting away for the future.
Most people are capable of living on whatever amount of money comes into their account every month. For some people, that’s $3,000 and for others it’s only $1000. In both cases, the people manage to make ends meet. Perhaps it’s a bit extreme to take 2/3 of your $3,000 income and invest it, but remember that most people live according to their means. Start out slowly by putting away a little extra each month so that you can see what the effect is. If it doesn’t affect your quality of life, try putting aside even more. The long and the short of it is that every penny you put away is going to pay you back in multiples in the future and you can get rich this way, albeit slowly.
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