Get Rich Quick Schemes or Getting Rich Slowly Like Turtle

Posted by Grace under Investing on March 25, 2016

Let us find out if rich people invest in get rich quick schemes? How do you know if a person is a rich man or poor man? Do you know their differences? Actually, there are several reasons why rich people getting richer and poor people stay who they are. Do you know what the rich invest in that the poor do not?

Warren Buffet once used this phrase, “the rich invest in time the poor invest in money” But, what does it mean when he said “invest in time”?

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What About Getting Rich Quick?

There are many people who are fortunate enough to get rich quick. Some people find a great business niche and that business became the instrument why they are getting rich. If you want to become rich, start your own business.

The secret in getting rich is “making it slowly but surely”. If you are in a hurry in becoming rich, you will just become a victim of different schemes and ideas that offers you false promises and false rewards. Instead of being in a hurry, you must choose to “plan carefully” and have a specific goals.

Of course, a goal must be SMART. Specific, measurable, attainable, realistic and timely. That means you should know how much money do you really want to consider yourself rich (specific). And when do you want to become wealthy, at what age and what year (timely).

Avoid Get Rich Quick Schemes and Try to Get Rich Slowly Like Turtle

Image Credit: Brad Montgomery on Creative Commons 2.0 via Flickr

Like the turtle who are slow but sure this turtle arrive in his destination. Learn from this turtle, he is not in a hurry, because he is sure whatever happens he will arrive in the right destination.

Don’t be  A Victim of Get Rich Quick Schemes

As I have said awhile ago, if you are in a hurry and have no SMART goals and plans, you will become the next victims of other people who offers get rich quick schemes.

Always remember that if you really want to get rich, you must invest in time. According to Warren Buffett. That means, when you are investing money in a get rich quick schemes, you are not investing in time. The reasons why many people are not rich is because they want to acquire riches and wealth faster.

They just grab the investment opportunities and listen to other people. They don’t analyze the risks involved in the offers. Analyzing the risks will take time. However, don’t spend most of your time in analyzing risks. You should spend more on taking actions if you want to see great results.

Example of get rich quick schemes;

  • If a person offers you to invest money with him with high return.
  • Gambling and doubling your money in a matter of seconds.
  • HYIP or High Yield Investment Programs are also get rich quick schemes.
  • Investment offers with 300% interest per week.

Rich people don’t even entertain any of these schemes and ideas. They know how to accumulate money faster in a legal and legitimate way.

Therefore, rich people don’t invest money nor don’t think about get rich quick schemes. Rich and successful investors know the value of time and taking advantage of it because they know the power of compound interest. Believe me, compound interest can help anyone get rich.

Tips and Warnings

  • Most get rich quick schemes and ideas are scams. So beware to people who offer investments that are not registered to Securities and Exchange Commissions.
  • Instead of asking yourself “how can I get rich quick”, ask the right question like “how can become rich at age 40 or 35” or something like “how to become rich with no money by just using my talent and skills”.
  • Analyze and manage the risks before investing your money.
  • Don’t blame anyone if you lose money. It’s your fault why you loosed and it’s your fault why you became a fraud and scam victim. It is you who decide. So, be wise enough to spot investment scams.

Conclusion

If rich and successful people do invest money, where do they invest money? In the get rich quick schemes? Nope. In a legitimate and legal investment offers like paper assets, businesses and real estate investment opportunities.

Anyone who wants to get rich should invest in time and use the power of compound interest. If they are in a hurry in getting rich, they might lose money and become miserable and poor. Learn from other people investing mistakes.

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