Quick “Get Rich” Schemes or Careful Investing

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October 1st, 2011

There are ways to make a quick fortune, but…

Here are the ways I know to make a quick life-changing fortune:

Play Lotto.
Play the progressive slot machines.
Win a TV show that offers a mega-prize

TV Show

"Who wants to be a millionaire?" the famous TV game show asks. And the answer is, plenty of people. However, getting rich quick isn’t as easy, and many financial schemes that promise high returns may not be as attractive when you read the small print.

Millionaire

While living like a millionaire may sound glamorous, having a stable financial future is more important than the thrill associated with a glitzy lifestyle. Adopting careful financial practices can increase your net worth, which may be even more important than joining the millionaires’ club. In the financial world, time may be your best friend and discipline your best ally.

No guarantees

There are no guarantees of quick fortunes, but sensible financial habits may be your best bet in achieving the financial future of your choice.

Bonus

When you get a raise or bonus or come into some inherited wealth, don’t spend the "extra" money. While you could allow yourself a small luxury here and there, look to save some of this money. If you are not sure how, then consult a financial advisor. And remember that many wealthy people actually live quite simply. That’s why they are wealthy.

Retirement

If you and your spouse are both working, see if you can trim your expenses and live off one income while saving as much of the other as you can. This way, you have some emergency money for situations of need, and if all goes well, you’ll have a retirement nest-egg when the time comes.

Expenses

Keep reevaluating your expenses and watching your bills. Is your car costing you more in repair bills than it would to buy a new one? Depending on your traveling habits, perhaps a combination of public transportation and taxis may be cheaper than owning a vehicle.

Investments and pension plans

Review your investments and pension plans. Consult your financial advisor on a regular basis to review your portfolio’s diversification. Take into account your changing needs as you and your family grow older, and be flexible enough to change streams if needed.

Spend wisely

Spending money is so easy and so exciting. New clothes, new car, new furniture, and new this and new that. We all like new things and we grow tired of old things and old clothes. I live next to a mall and the short cut to the bank, post office and bus stop is through the mall. I see the new shirts and new jeans on show in the storefronts as I pass by almost every day and I have to stop myself from walking into a store and spending. I do that too, almost every day.

Follow the rules

If you follow these relatively simple guidelines, you may find yourself closer to the retirement lifestyle that you always imagined.

This entry was posted on Saturday, October 1st, 2011 at 3:07 pm and is filed under Business, Economy, Employment, Finance, Money, Personal / Internet. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Quick “Get Rich” Schemes or Careful Investing

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