It’s tempting to think that prosperous businesspeople have a secret formula that guarantees success.
This temptation sometimes leads (otherwise sensible) people to invest in ‘get rich quick’ schemes, particularly if they are peddled by someone who claims that this is how they made it. But the old adage, if it sounds too good to be true, it probably is, applies here.
There are things you can do differently to increase your wealth though. They probably won’t make you rich quickly, but they may make you get rich slowly, which is actually preferable.
To quote Warren Buffett, arguably the world’s most successful investor, who has the knack of summing up life and investing rather well (I quote him throughout this blog):
“Someone is sitting in the shade today because someone planted a tree a long time ago.”
In other words, it takes time and effort to build wealth. As we said in our blog on financial planning, the ‘get rich quick’ schemes don’t work. So focus instead on ‘get rich’ schemes, as outlined below.