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The Boring Reality Behind Gaining Wealth

Unless you plan on winning the lottery, or beating the odds in Vegas, there isn’t really any true way to get rich quick. Your goal should be more realistic: get rich slow.

The best way to get rich over time is well known. The problem is, it’s so boring very few people do it.

The two step-process is:

1. Spend less on things you don’t need

(Extra shoes, luxury food, leasing an expensive car, etcetera….)

These are material goods that ONLY depreciate in value over time. Don’t get caught up in the trap of wanting a new pair of shoes because a celebrity was seen wearing them. Chances are, they are an endorsed product and the celebrity is being compensated in some way for exposing the company’s brand. Instead, invest in an education to deviate from your peers and have knowledge that no one can take away. 

2. Save & invest as much as you can

As many people have pointed out, starting this process as early as possible will make the long term returns as large as possible. Saving/investing your money at age 20 does a lot to increase the amount you will have when you’re older, as opposed to starting when you are 30, as a result of compounding. This may be easier said than done, especially if you are a recent graduate with student debt to pay off. Although, if you do what you can, you may be able to live a much more comfortable and financially independent life decades from now.


Check out this video from the YouTube user WoodysGamertag on this subject:

 

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