Okay, yes, I know… we all want to get rich, right? Well, like all good things, money comes to those who wait. Just like anything worth working for, losing weight or gaining income, the slow turtle is the one who wins the race.
There is no real get rich quick scheme. Certainly every so often, someone does win the lottery, but the chances that would be you are so slim – you can’t even plan on it. However, you can do some things where you can plan to gain money from them.
1. Start now; start young! The sooner you start saving, the quicker you get to your dream. Well, not quite, but still the sooner you start to accumulate wealth the longer the race is for the turtle. Thus, more time does equal more money.
2. Pay off your debt, particularly credit card debt. Borrowed money is wasting your time and your income. The interest rates charged to you for debt is pure waste. Pay it off as quickly as possible and don’t ever borrow again.
3. Max out your opportunity for tax breaks. Put as much money away in deferred tax accounts as possible.
4. Max out your matching funds. If your employer offers you a match of retirement funds, make sure you aren’t throwing this money away. Also, set aside the amount they match as your bare minimum.
5. Have an emergency fund, ideally six months of expenses. One of the quickest ways to ruin years of hard work is to have an emergency. If you aren’t prepared for a problem, you might lose your nest egg during recovery.
6. Stick with the safer investments. Index mutual funds tend to be the best. Playing the stock market is a bit like playing the lottery. Sinking your money in secure market investments is the better long-term money making strategy.
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