Apologies to JD Roth aside, I think most people would like to get rich quick, if there was a tried and true way to do it. But, while it works for some people, there really is no set road map to do it. Some people do it by starting a business or in real estate, others by quickly rising up the corporate ladder, or even winning the lottery comes to mind.
But to me, trying to get rich too quick has a few drawbacks that make it unattractive, such as:
Risk- In order to make money fast, through investing, real estate, or other methods, you have to be willing to bet big and take on a lot of risk. It has worked for some people, but, using real estate as an example, many, many people can get burned. Investing in risky stocks can have the same high upside potential, but you could risk losing everything you have invested. Is it worth it? I don’t really think so.
Damage to Relationships-Both personal and professional relationships can be damaged, often unrepairable, by spending too much time focusing on money or spending too much time working or at the office. How many divorces have been caused by one partner working too much and not really giving to the relationship? How many business relationships have been severed do to one person’s focus on money and personal gain to the detriment of the other party?
Stress-Working long hours, leading a sedentary lifestyle behind a corporate desk, not getting exercise, and bad eating habits, as well as the pressures of the corporate workplace, can all be a detriment to your health.
So, the way I see it, getting rich slowly is the way to go about it. Does that mean you don’t try to get ahead at work, increase your income, develop new income streams, or try to make more money? Of course not. But don’t let it have a negative effect on your health, relationships, and don’t take on too much risk trying to do it. I work more than 40 hours a week on a pretty regular basis, mostly to try to pay down my debt faster. But I have limits, and I try to stick to them.
What are your thoughts on chasing after the money? Should you try to do it quickly, or take it at a more leisurely pace? What other drawbacks to trying to get rich too quickly can you think of?
Image by Yomanimus
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{ 5 comments… read them below or add one }
If you expand the concept of “being rich” to include meeting needs other than money, you can get “rich” quite quickly.
Great post, RC. Made me stop and think about things. I struggle with finding the balance every day.
@MTL- You are right on about that- I do feel rich in that sense, even though I am not when it comes to money -although even that depends on who you are comparing yourself to.
@PT- Thanks man! I do myself fairly often as well.
You may be richer than you think. The best definition of success is “Its not how much you have, its how much you need.” The happiest that I ever saw my parents was when they were renting an adobe house. It had no running water and you cooked & heated with wood. You used an outhouse. They had electricity and a phone. They were happier there than when they bought a place across the road that had central heat and air along with all the modern conveniences. A happy man in a cave is richer than a miserable man in a mansion.
@Steve1776- You are correct, you don’t need to be rich to be happy. I definitely believe that! I am pretty happy in general, but would like to become debt free as soon as possible!