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Get rich slowly!

Who doesn't love the idea of getting rich quickly? Whether by lottery win, business investment or some crazy money making scheme, the end result is the same - lots of money for minimum effort and in minimum time. Unfortunately, of course, this isn't very realistic. However, it's very realistic to get rich slowly...

Why would I want to get rich slowly?

Earning a lot of money in a short space of time is just not a realistic option for most of us. However, nearly anyone can make the most of their skills and opportunities to build wealth slowly. And because you'll have earned it, you'll enjoy it all the more.

Redefining the term "rich"

What exactly does rich mean to you? Half a million pounds? One million pounds? Ten million pounds? Experts say that it's time we stopped trying to put a monetary value on wealth and instead define it in terms of circumstance. Would you, for example, consider yourself rich if you no longer had to worry about making your pay stretch until the end of the month? Or if you could pay your mortgage back early? Or if you could take two exotic holidays per year? Defining wealth in this way will generally make your goal seem more realistic.

How to get rich slowly

There are two elements involved in getting rich slowly: earning more and spending less.

Earning more - One of the most common ways to earn more is to work overtime in your current job. Other methods might be taking on a second job, renting out a spare room, switching careers or starting a business.

Spending less - If you want to get rich slowly, focus on your spending habits. If you are able to save a third of your salary per year, in three years you'll have a very respectable nest egg. Identify areas you can cut back on and plan a monthly budget to help you keep track of your outgoings.

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