The Secret Key to Getting RichFinancial
A friend approached me about investing in this "no lose" business venture. After talking with him about this venture, I quickly realized that it was the typical get-rich-quick scheme. No matter what I said, my friend was convinced this business venture would make him rich soon. Some time later, I spoke to my friend again to see how it was going.
Just as I suspected, this get-rich-quick scheme has not worked out as projected. They never do.
There is only one way to build sustaining wealth, and that is to spend less than you earn and wisely invest the difference over a long period of time.
This is what I call the get-rich-slow scheme.
The Bible encourages us to save a portion of our income (Proverbs 21:20), avoid risky investments (Ecclesiastes 5:13-15), and to diversify our investment over seven or eight different investments (Ecclesiastes 11:2). The Bible does not teach a certain percentage to save or invest, but I agree with several financial experts who suggest saving 10 - 15% of your monthly income.
If we just happen to be financially strapped, we become easy prey for get-rich-quick schemers. However contrary to many beliefs, financial freedom is not just earning large sums of money. Many who have not earned significant income are financially free. Conversely, there are plenty of people who earn high incomes yet still have no financial freedom. It is not about how much you earn, but about what you do with what you earn.
Financially free people understand that interest either works for you or against you. They prefer to let interest work for them by spending less that they earn and wisely investing the difference. Financially free people decide to stop worrying about "looking" wealthy and focus on "becoming" wealthy.
When we invest and save, we are in better positions to provide for our families, leave an inheritance for our children, own and operate businesses, give generously, and serve God without concern for how we will pay for basic needs.
The get-rich-slow scheme is not new, exciting, or popular, but it is a time-tested principle which leads to true financial freedom!