Everyone likes the sound of getting rich quick, but I tend to think the slow way is better.
Getting rich quick is overrated for a few different reasons, all kind of related:
One, it tends to be super risky. That means the vast majority of people who try will fail, and end up back at zero or in a bunch of debt.
Two, it generally means you’re doing something unsustainable, which can be fine, if you happen to get the timing exactly right. But that’s almost impossible, and it means you have to constantly chase after the next big thing.
Three, it’s super stressful, like you’re constantly riding a rollercoaster. The anxiety, the worrying, the emotional toll is huge.
Four, It rarely involves doing good or making the world better in the process. Things of real value take time to build.
Five, it makes you more vulnerable to falling for scams.
Six, even if you do succeed, it’s hard to hold onto. Your ego grows. You get arrogant. You downplay the role of luck in your success. The vultures come out, asking for money. Your spending gets out of hand. There’s a reason lottery winners rarely stay wealthy. Quick to come, quick to go.
Seven, it ignores the lesson of the tortoise and the hare. Some people spend their entire lives trying to get rich quick, never cross the finish line, and end up far worse off than those who were more content to take their time.
Getting rich slowly is the best way to approach building wealth because it’s far less risky, far more sustainable, leads to a higher quality of life, creates more tangible value, and helps you avoid scams.
There are no guarantees either way. But in the game of getting rich, the tortoise tends to win.
Be the tortoise. Get rich slow.