In America we place a lot of emphasis on great Americans who have propelled themselves forward by achieving massive success in a short period of time. When I was a young conservative, growing up in America — I grew up poor, but was surrounded by many wealthy friends. As I got to know their parents, and learn their businesses — I realized that these people had actually perfected the art of “getting rich slow” in America, and it’s an easy formula that anyone can use. The formula to getting rich slow is so simple, you’ll literally kick yourself when you read this:
1). Stay out of Debt!
One of the keys to getting rich slow in America is to resist the temptation to go into debt. If you must go into debt to buy something, pay it off quickly. Debt can spiral out of control, and wreck your dreams of wealth period.
2). Contribute the Max to your 401k!
This sounds like boring advice, but it’s the best way to reduce your tax burden and help yourself get rich slow. Next year, the maximum limit for 401k contributions will be $17,500. If you make $50,000 a year, and contribute $17,500, you can lower your taxable income to $32,500 and pay little to no taxes. The money you’ve contributed to your 401k will grow by the power of compounding, and before you know it — you’ll start getting rich slow.
3). Buy a House, Then Pay off your house early!
If you can contribute just an extra $50 or $100 per month to paying off your home, you’ll find it paid off well in advance of the 30 year note, and contributing to your net worth. Many of the wealth people I polled who got rich slow in America did it by paying off their real estate investments early. It will be a huge relief to you to not have a mortgage payment any longer, and you can sell your home for cash or take out a loan against it if you need the money. The tax benefits of owning real estate can be great, and will help you to reduce your taxable income each year while you pay off your mortgage. Real estate is a key to getting rich slow!
4). Start a Small Business!
It’s easier than ever to start a small business in America and get rich slow. You don’t even need an investment, just a computer and a dream. This web site is a business for me, which I run in my spare time — and the revenue from advertisements allow me to get rich slowly. Even when I’m not home, or sleeping — the web site continues to work for me, and my articles and revues are monetized for me slowly over time. My hope is that in 5 years, this web site will generate a substantial income for me, which I can contribute towards my retirement. Obviously, running a small business is a great way to reduce your tax base by filtering profits and losses through an s-corporation, so hire a tax adviser to help you set up the right entity for success!
5). Keep Going!
Getting rich slow can be a long and arduous road, which many will give up on along the way. Keep reminding yourself that if you live like nobody else does today, you can reitre sooner than any of your friends and family later. Getting rich slow is not something you will see results from overnight, but with years of hard work and constant investment in yourself, your retirement, and your businesses — You will find yourself getting rich slow before you know it!