How to Get Rich slowly
How to get rich is a question many people ask. Get rich slowly is the best advice. There are a good number of ways you can get rich. The best thing to do is clear all debts, cut on costs and keep a low key lifestyle. There are many things you can do.
Building wealth is not very much unlike building a house. It takes a good amount of time, and if not done carefully and in haste, everything will tumble down, and you will be back to the streets. Just like a good house, your wealth will also require a strong base, or foundation with which to stand on. The bricks should be held together by secure investments.
Everyone wants to know how to get rich nowadays. However, “get rich slowly” is a piece of advice most people would disregard in this age of Get Rich Super Quick schemes. There are a huge number of reasons why getting rich slowly but steadily would be a more effective strategy.
Clear All Debts
There is a difference between healthy and unhealthy debt. High yield investments such as a business, a college education or a house are viewed as healthy. However, debts such as high interest credit card debts, automobile loans and vacation loans ( as these items are deprecating in value ), are viewed as unhealthy. The foundation on which you can get rich slowly becomes rotten as you accumulate more and more debt. The shaky foundation will result in all your wealth tumbling down relative to when the debtors come knocking.
High interest credit card bills need to be paid of, and make sure you save the card for emergencies or for the credit score boost that a lot of available credit can do. If you can not trust yourself to use these properly, cut them all up, Close the account, and breathe safely, while you walk in the way of getting rich slowly. How to get rich is a question asked by many.
Saving and Spending less Money
Although saving seems like a piece of outdated advice, the advantages of scrimping can not be overstated. The rate at which money depleted on consumer items and night outs is pretty high, and such spending has to be reduced. Make sure you track your money using a spread sheet or some financial software. In fact, if you feel the need, contact a financial planner. The investment will be worth it of you save some money. This is how to get rich, and how to get rich slowly.
Increase your income not your lifestyle
Make sure that you standard of living does not rise drastically in proportion to your increased income. There are millions of families that seem well off on the out side, but have serious financial problems due to increased spending and debt gone out of control.
Guidetoriches.net is your one stop shop for all finance related information. There are detailed blogs on topics as varied as how to get rich, get rich slowly, stock tips and personal finance. The author is a VC.
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