There's an article over at Business Week Online on getting rich slowly that starts with a premise that I believe in 100%. Many more Americans would have higher net worths if they simply took a longer view and weren't focused on hitting it big in one shot. The article states:
"The truth is it's a lot easier to get rich -- and stay rich -- today by going it slow rather than latching onto a get-rich-quick scheme."
Yes, yes, yes!!! It goes on to give the how-tos, which is where the article turns south a bit:
"Here are five steps to slowly gaining the kind of financial security most people only dream of:
1. Live below your means
2. Take calculated risks
3. Diversify your investments
4. Keep your nose clean
5. Keep your eyes on the prize"
I'm in agreement with #1 (in fact this is the single-biggest way most Americans can increase their net worths) and #3. The others seem a bit out of place for me and wouldn't rank in my top 10 (things like "get out of debt" and "pay yourself first" would). However, the truth remains that getting rich slowly is the one strategy that almost any American can use to grow a significant net worth. You don't have to be wealthy when you start to end up rich if you add to your net worth piece by piece over several years.
Update: Time to post to the Beltway Traffic Jam.
That's a great read. Thanks for posting it!
Posted by: Michael | June 24, 2005 at 03:33 PM
Risk taking is one of the necessities for growth!
Posted by: cvrk | June 25, 2005 at 02:13 PM