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Get rich quick or slow which is better. You can get rich quick if you avoid scams however you will get rich slowly by following the 5 steps

Estimated reading time: 7 minutes

Can you get rich quick?

Other than a lottery win or a rich uncle leaving you a fortune it isn't easy to make honest money overnight.

Yet, that is not quite case closed because you can always have a stash of risk capital.
This is money you can afford to lose without breaking you but want it put to elevated risk options.

DotCom millionaires were a massive hit in the nineties because they invested in ideas that turned into realities.
When Google launched in 2004 you could have bought shares for $85. This is not exactly high risk although at the time they were not the darlings of the exchange. Your increase to now would be over 30 times so $1000 would be a tad over $25000 now.

Facebook launched in 2012 at $38 a share and if you were an initial investor you were out of luck. The shares fell as low as $18 with the declining market sentiment but riding the volatility could have got you $379 but a few years later.

After Dotcom came the Crypto rush

BitCoin hit the market at around $196 back in 2012. This was not the immediate darling of the investment world although in 2017 it was over $1000 a coin not a bad return. We all know it hit $ 61,374 in October 21 and looked like going to the moon.

A $10,000 investment would have returned over $3.2 million to the clever investors

OK, it crashed and is currently (2022) around $20,000 still a very long way from $1a96 start But still a million-dollar return on $10,000 invested

Bitcoin was one of many that experienced massive growth. The odds are this will happen again as they go back to the highs of last year.

A calculated risk can get your reward

Looking back in time these stocks are game-changers. Technology that changes our way of life and they are a couple of examples that represent a broad market.

Now we have Artificial intelligence gaining traction with Robotic Technologies.
Plus 5G mobile will change the role of fixed internet in the next few years.
The long-life battery capacity to drive cars and power storage is changing every day.
Even many medical advances that will save millions of lives and billions of dollars.

These are transformational technologies that will not fail.

This is where your risk capital can shine

Many of these have been legitimate get-rich-quick investments that can change your life forever. They are not wild-ride ideas although investment sentiment can change values overnight. It is risk capital where a loss will not hurt and a gain can be exceptional.

You can get rich quick but it is a gamble.

Taking a slow journey to a better income

The Engineers, Doctors, and Lawyers are already on a fast track to income. The average 9-5 worker will struggle through life and retire with an income close to the poverty line. That is over 80% of us so what can we do about it.

1. Find something you love doing above all else
2. Make a long-term plan and cash flow analysis
3. Put the plan in place and work it to fruition
4. Review your objectives and make changes where necessary
5. Repeat the process

Doing Things for money has a short life span

It is Typically,aily grind will have its moments. When you are chasing money and the returns are not coming you will quickly change paths.
Doing something you love is more like a Hobby and will stand the test of time. That is why we focus on a career that will bring both happiness and financial returns.

Know your direction in life and document it.

When you don't know where you are going you can never get there.
That is why having a clear goal allows you to establish the building blocks that will allow success.
Doing this will also bring some reality to your plan and not base it on fancifully thinking.

Let me explain. You want to make an annual return of $100, 000 selling Google books.
At $25 a book it is just 15 books a day or $384 in sales. The problem is that you only make about 3% in commission so to get your return you need to flog nearly 500 books a day to get your money. It won't happen.

As a blogger, you may target 150 regular clients after 12 months to provide a monthly income of say $5000 a month. It may stretch your timeline and you may also achieve supplementary income but it is a goal, it has a time and it is realistic.

How many hours a day can you commit to your plan. There are many other life commitments that you must continue so think through this carefully.

Planing includes cash flow

Nothing comes without some costs and being prepared for them ensures that you are cant your obligations at the time.
This may include your time involved in a new pursuit. Will it take you away from other income opportunities?

In this, you could consider extra training to fast-track your activities. We are in a changing environment and you need to change with it.

You must monitor your results to stay on the success path

Mark your little milestones and celebrate them as you go past another hurdle.
If you are behind your target find out why and think about action plans to alter the course.
When your output is down so will the results be and the end gets further away. If you accept this good, if not, make the changes early so the train stays on track.

Do a review at least monthly and be honest with yourself because it is your journey and you are in total control.

Get rich quick or slow which is better when you get the answer repeat.

When a plan is working rinse and repeat

Rinse and repeat is an old marketing saying that simply implies doing more of what works and less of what does not. It is often about making small changes to grow into big results. But the changes must be made or they will be lost in your daily activities.

Know what is working and make it just a little better. And repeat it regularly.
Work on the good stuff and leave those things that don't matter for a rainy day

Conclusion

I have not tried to tell you what to do or even guide you in a general direction. That is your first job to find what you love and set your future and not listen to others.

The rules apply to everyone and everyone is equal in the eyes of the universe. It just takes action to make that difference between you and the other 80%

Get rich quick or slow which is better by Peter Hanley

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