Trying to Get Rich Quick Will Lead to Trouble

For those of you new to Free Money Finance, I post on The Bible and Money every Sunday. Here's why.

Here's an interesting verse from Proverbs 28:20 (New Living Translation):

The trustworthy person will get a rich reward, but a person who wants quick riches will get into trouble.

I'd like to focus on the back half of that statement -- that those who want to get rich quick get into trouble.

I thought about it and came up with this list of the things people do to try and get rich quick that often get them into trouble (financially or otherwise):

• Regularly play the lottery
• Invest a lot in a "hot stock tip"
• Make rash career decisions
• Do something illegal (like steal)
• Count on an inheritance as their sole form of financial planning
• Start a business without really thinking it through

Anything you'd like to add? I'm sure there are many more get-rich-quick schemes that you can add to my list.

The fact is, the only true/fairly certain (barring a major illness or some other catastrophe) way to become wealthy is to do it slowly by growing your income, containing expenses, and saving/investing the difference for as long as you can. If you save a bit each year and invest it properly, it really does add up.

Actually, the Bible has a verse for this line of thinking too. Proverbs 13:11 (New International Version) says:

Dishonest money dwindles away, but whoever gathers money little by little makes it grow.

Comments?

Comments

[TTTimo]

It's like building a house. Takes time to form the foundation, but you'll have a solid structure in the end. Or like growing things, they just cannot be rushed.

[Matt]

Buy more house than you can afford because the bank says you can.

[ChampDog]

Setting a quick rich scheme website to attract people who wants to get rich faster...

[Tim @ Faith and Finance]

Investing in foreign currency because you 'heard' it will skyrocket.

[optionsdude]

I love Proverbs 13:11. You are absolutely right. Getting rich quickly usually means that little foresight, thought, and character went into the accomplishment. Look at all the lottery winners and celebrities that end up broke. There is a reason for it and lack of ability to manage money means that if you get it quickly, you don't have the skills to keep it.

[The Money Drain]

My grandfather was always into the "get rich quick" schemes. He lost everything for it, and then lost everything that his wife owned as well, including her paid-for house that her and her previous husband had built.

Making money takes hard work. Very few people are lucky enough to say otherwise, but I've known one or two.

[B Kelly]

buying gold from any company who shows you their 'operating license'.. cos everyone says gold can only go up up up from here....

[Bankruptcy Ben]

Can you add "spending money to save money". Like buying a new car because it's save you money on gas. Or spending $2000 on a bicycle to ride to work to save gas etc

[Jon]

Multi-level marketing...specifically Amway. Lost friends due to that one when they got sucked up in it.

[dcs]

I'd expand play the lottery to any form of "recreational" gambling. I've known a few that head to the casino a little to often. Some even claim they are making regular income at it (which I very, very seriously doubt). These are the same ones that claim they always win big or "break even with drinks" but never, ever lose a cent.

Another is trying to get rich quick using tons of leverage. That's a great way to get in big trouble quick too, be it with mortgages, stocks, commodities, or currency.

[Jeff McKinstry]

Along the same lines as playing the lottery, I had an acquaintance that thought that he could make a bunch of money by playing online poker. With all of the poker related shows on TV now, they do make it look quite easy, but I still put it in as a get-rich-quick scheme.