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The Case for Getting Rich Slowly

The Case for Getting Rich Slowly

Years ago, my wife and I came to the conclusion that slow and steady is probably the best bet when it comes to formulating a spending plan that will allow us to build wealth and riches. It takes consistency and learning to have a truly good wealth building system to fund a retirement, especially one that’s going to be as spectacular as ours, and we want to make our funds last (in case we live to be 100)

Below are some of the reasons why getting rich slowly is the better bet:

  1. It enables us to have cash available for when we need it. Available cash can create unbelievable opportunity, which we won’t be able to take advantage of if all our money is tied up in some scheme or other. Therefore, we use our budget manager to help us save as much as we possibly can, and make wise investment choices that will spin off even more cash in the form of interest and dividends.
  2. Financial balance allows us to enjoy both tomorrow and today. Working with a budget planner isn’t about giving up the things we like (family vacations, my wife’s latte habit). We opt to splurge only on the things that matter to us, while cutting costs on the things that don’t, because we’re able to set priorities and manage our expectations. We’ve discovered that true wealth is about good health, relationships and ongoing self improvement, and so we invest heavily in those areas, thus creating happier lives for ourselves
  3. Getting rich slowly helps us avoid financial bubbles. Since we don’t follow trends with our savings, we were able to avoid getting hit when the real estate market crashed in 2007, and before that when tech stocks crashed in 1999. My wife does an excellent job with our financial budgeting, and we have a diversified portfolio made up of gold, world dominating companies that pay steady dividends, and a few biotech stocks that we expect to pay healthy returns in the long run
  4. It will secure our retirement. My wife and I both contribute as much as possible to 401K plans at our respective workplaces. I’m at 5 percent, while she socks away 7 percent, which we don’t miss because it’s taken right out of our paychecks. There were times when we had to cut back, such as when our daughter was seriously ill and we needed more cash on hand, but now my wife is tweaking our budgeting at home so that we can contribute even more to these plans.

We’ve made tons of mistakes in our efforts to secure our financial future. For example, when I landed a really well paying job ten years ago, we immediately increased our expenses by purchasing a larger house, which sucked up almost all of our extra income. Now, we consistently use budgeting software programs to plan our spending and our future. What methods are you using to secure your retirement? Please join the discussion by leaving a comment below.

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[...] scheme or other. Therefore, we use our budget manager to help us & & Read more: The Case for Getting Rich Slowly | CalendarBudget Blog  Dumping Credit Cards and Other Debts | Personal Finance [...]

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[...] scheme or other. Therefore, we use our budget manager to help us & & Read more: The Case for Getting Rich Slowly | CalendarBudget Blog  Dumping Credit Cards and Other Debts | Personal Finance [...]
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