When you think of gradually getting wealthy, a lot of things come to most minds of people. There’s the impatience of waiting decades to become a millionaire. They hate the idea of waiting until they get a lot of money. They feel that it’s a deterrent to getting a lot of it in the first place.
Well, here’s what it isn’t: getting rich quickly.
You know what I mean, and the lottery is an example of this. It’s so alluring to win at least a high 9-figure amount of prize money. You know what you’ll do with it – give huge sums to charity, take extravagant vacations, and purchase a mansion.
Well, there are some circumstances in which people are not careful with what they won. When people don’t do wise things with it, like putting some in a trust fund and keeping mum about it, long-lost relatives and friends would come out of the woodwork to beg you for the money. You’ll realize that your funds would dry up either by extravagant living, more gambling, more destructive habits, or a combination.
There are some cases of lotto winners who were killed themselves or had family members die. Some more are facing lawsuits or joining the ranks of the working poor. One New Jerseyan won the state lotto twice in the mid-80’s, but due to extravagant spending and old folks who emerged out of the woodwork to get her winnings, she became poor again.
Also, building wealth isn’t about falling into get rich quick schemes either. There are tons of software programs that promises automated recruits if you have started your business, income if you hate working so much, and so on. But it’s really a waste of money because you are paying for something that promises quick cash but actually sets you up for failure. Entrepreneur Ian Chebe says it best: “Get rich quick schemes are usually get broke quick schemes.”
Photo by Thomas Blanton
Let’s face it – neither all of us work as CEO’s who get paid a lot, movie stars who receive large sums of money, nor top-cat bankers, just to name a few high-paying occupations. Most of us work as retail store associates, fast food cooks, waiters, waitresses, and other jobs that pay enough for us to just get on by.
You may be asking, “Well, how the heck to I build wealth even if my job doesn’t pay that much? How the heck can I accumulate enough money in that position? Even with that job, how can I achieve having a lot of money so I can live without debt and survive?”
That’s what gradually getting wealthy is all about. It’s about setting aside money and watching it grow. Also, it means doing so, saving it, and spending it wisely.
Does that mean getting lots of money to live like a millionaire over time? You know, having a private jet/yacht, a mansion, lots of expensive jewelry, and/or luxury cars? Of course not!
There are actually some people who make high six-figure-incomes or even millions and still live in modest homes and spend wisely. But their occupations are something akin to commoners, but they actually live below their own means to get that wealthy.
This is what it’s all about – saving money to have a lot of money. That’s money to comfortably pay off the debts and bills you have to pay. That’s money that you would put aside for your kids to get into college without facing the same debt problem as you did when you attended it. That’s money to have a happy retirement.
The list really goes on and on, but that’s the essence of slow wealth-building.