Creating wealth is a slow process, it doesn’t happen overnight. Sorry, if I disappointed you. :-) Actually, you don’t want it to happen overnight. If it does happen, it won’t be sustainable. You might have heard of many renowned athletes, movie or rock stars being in debt or in some trouble even after they made their millions.
It is a long journey and requires us to focus on many aspects of money management.
It is a gradual process and not something we usually learn in college or at work. But it is extremely important to get a good handle on personal finance and investing early on in our lives so that we give enough time for money to work for us. Some of these topics might sound boring and dry but we don’t have a choice, should at least learn the basics.
I know many people who are smart, well educated and successful in their careers but are not able to make right decisions when it comes to money management and investing. Some of them admit it and some don’t and it is not their fault. We’re so busy with our careers and family that we don’t get enough time to learn systematically about ways of Becoming Rich. Even if we attempt, we try to look for ways to Become Rich Quick. It is human psychology, we’re always looking for Hot tips. The mainstream media doesn’t help either, we’re bombarded with wrong information via TV, internet, radio etc.
So we need to learn and experiment with the secrets of creating and growing wealth. These might not be well advertised and spoken enough of. But there are many successful people (think of millionaires next door :-)) who have followed these principles and continue to do so. Not only they have made enough money for themselves but also for others. These are the time tested methods backed with plenty of research and studies done over last several decades.
We’ll get into some of these in the next post.