How I Got Rich and You Can Too

Most of us are interested in getting rich quick, and while it may be the most fun way to get rich, it is probably not the most practical. According to news reports, those who fall into money that they have not acquired through their own efforts are usually unaware of how to manage it, and end up losing it sooner than later. Lottery winners, for example, often blow all of their winnings in a short time, or allow themselves to be talked in impractical or unscrupulous investments. The smarter and more sensible, though albeit less glamorous, way to get rich is slowly.

As a young woman who was raised in a family where money always seemed to be tight, getting rich became a priority for me at an early age. I didn't know any millionaires personally, and in the dark ages predating the internet, one couldn't just log on and read about Bill Gates and Steve Jobs. In short, I had no role models. So, I decided that I would have to teach myself the basics of personal finance, and I did.

I researched self-made millionaires in the library, reading the stories of those who went from rags to riches, and made copious notes. While many people got rich by having the right idea at the right time, others managed by holding on to and maximizing what came their way. I knew early on that I wasn't interested in sales - my father kept trying to get rich quick that way for 50 years, and still never succeeded. No, what I wanted was a foolproof plan.

Here is what I uncovered in my research and how it has worked for me so far:

1) The single most important factor in accumulating a fortune is to start early. You may have heard this many times, but it is no less true now than it ever was. The earlier you start to save and invest, the easier it is to get rich slowly. You make it twenty times tougher on yourself by waiting until some future date when all your bills are paid. The magic of compound interest cannot help you when you are in your 50's or 60's. You have to start now!

2) The second most important advice I can give you is to pay yourself first. No one else is going to do this for you. You have got to make saving a priority, put some money away for your future, your retirement, a rainy day, or an emergency and do it now! You cannot let any expenses interfere with this habit. Paying yourself must seem as important to you as paying the mortgage or rent payment. It is vital that you establish a plan for putting a set amount - no matter how small - away on a regular basis.

3) Never buy on credit when you can pay cash. When you charge things and pay interest for them, you always end up paying way more than what the item should have cost you. Is there anything that you really can't wait to buy? I don't think so. Practice mind over matter and discipline yourself to wait until you have the cash in hand before you walk into the store.

4) Count your blessings. No matter how much you are struggling, you have no idea how lucky you are. Do you have good health? Did you get an education? Do you have the support of family and friends? Whatever it is that you have going for you, focus on this. Don't complain that gas is high - take advantage of the chance to get out and ride your bike, while getting some fresh air and exercise. When you channel your energies into the positive, rather than the negative, you draw more positive energy your way.

5) If you can save by having the money sucked out of your paycheck before it reaches you, by all means do so. Your contributions to your 401K, Thrifts Savings Plan, or 403B will never be missed. Our spending always expands automatically to the amount that shows up in our bank account.

While putting a regular amount aside every paycheck and not touching it may seem to be boring and difficult, it will be the best habit you ever acquired. I promise it will pay dividends in the years to come.

I started to save small amounts in my early twenties. Every time I got an increas in pay, I increased my savings. Now in my forties, I am well on my way to financial independence. That twenty years flies by faster than you can imagine. I encourage you to start getting rich slowly today!