Tons of people want to get rich quickly.
And that is fine as long as you are going it your own way because you probably won't get rich quickly by following someone else. If you are building something special that a lot of people will want to have and use, then you can become rich almost overnight. Some breakthroughs happen very quickly.
But at the same time you are working on your big plan, you can be setting aside money to make you rich slowly.
I recently wrote about Stacy Johnson's 10 rules to make you a millionaire, and this was rule #6. Stacy said there are just six ways to become rich:
- Marry into money
- Inherit money
- Exploit a unique talent
- Get exceedingly lucky
- Own or lead a successful business
- Spend less than you make and invest the savings wisely over long periods of time.
So while you are working on any of those first 5, you should always be putting some money aside to become rich slowly.
Think of it as your millionaire backup plan. You know, one of those things that if you do it every month you will have a million in 30 or 40 years. I mean, it only takes investing $10 per day ($300 per month) to make you a millionaire in 40 years at just 8% annual interest.
I know it isn't as exciting as putting everything you have on a random penny-crypto and hitting it big, but it will work. Just having this slow wealth growing day by day will give you the mental freedom to go big on the other investments in your life.
Have you ever read or heard someone say "I put my life savings into this project"?
Well, what if the project fails? Then this person is put off from taking chances in the future. Think of people that lost it big when crypto collapsed recently or another investment went bust. Some people had even gone into max debt and mortgaged their homes to buy Bitcoin when it was peaking.
Now Bitcoin is worth about 40% of what they bought it at AND they have to make payments with interest! This means they have to sell some at this low price every month just to keep up! I talked about how bad this is in my recent article 5 Things You Need To Do Before You Invest.
Maybe that wasn't the time to go "all in" on something. Maybe the next opportunity was the right chance to make a fortune, you just never know. I mean you so often hear about those that took a big risk and it paid off, but never about those that took that same chance but lost it all.
What I mean about having a wealth backup plan is for the freedom of risk it gives you. To know that whether or not this is the thing that makes you, you still will become wealthy one way or another.
So the real wealth the getting rich slowly plan gives you is not in that distant future, but right now - today. To know that you are set no matter what. This gives you the power to perform your getting rich quickly plan to the best of your ability without worrying about having nothing if it fails.
That is the real power of a growing rich slowly backup plan.