“The best way to get rich quick is to get rich slow. The tortoise always beats the hare.” – Dave Ramsey
I see it pretty regularly; someone schedules a meeting and they start asking questions and kind of dancing around the topic of building wealth…fast. What they are looking for is an easy button (thank you, Staples). The truth is, the stories we hear of people doubling and tripling their money overnight, or even in a year, are rare and usually anomalies at best. However, all it takes is to hear one story about how my brother’s dentist’s daughter’s boyfriend bought some investment at $2.00 a share and now he’s a millionaire, and suddenly we have this epiphany, “Hey, maybe I should pick the exact right investment at the exact right time and put all my money in it, and by next year I’ll retire! Brilliant!” and then they look at me and say, “You can do that, right?”
No, I can’t and if I could I’d probably be on a secluded island not telling anyone how I figured out how to do it – no offense. What I can do is teach you how to build wealth, be generous, and leave a legacy of happiness and impact through persistence and patience. Yes, I know the first way sounds more fun, but I have thousands of success stories of families that built great wealth over time and I have maybe two stories of people that did it quickly. What do all of my success stories have in common? Work, time, and the willingness to follow a plan. Not always the same plan, but always some sort of plan.
Try to remember these three words – cheap, fast, great. In everything you do in life, you can only pick two of these words. So, if you want something fast, it cannot be both cheap and great. If you want it fast and great it is most likely going to cost more than you can pay. Wealth is no different.
Building wealth over time is also for our own good. It gives us time to gain wisdom and respect the wealth that was hard to build. The statistics around individuals that receive a windfall of money, like winning the lottery, suggest that without the respect for wealth that comes from working hard for it over a period time, we will most likely blow all the money and be back were we started from quickly.
In the business world there is a quote that says, “It only takes 20 years to become an overnight success.” I believe that to be true here. If you don’t have a lot of time left to build wealth, that’s okay. We can change the discussion and set realistic goals for what we can accomplish in the time we have. Remember, you don’t have to be rich to leave a legacy.
Step 1: Don’t go chasing waterfalls
Step 1.5: Call us
Step 2: Set realistic goals for your time frame
Step 3: Become informed and build a plan
Step 4: Execute the plan every day