Wealth Building (fast, medium, or slow)

^{Read time - 4 minutes / Disclaimer}

Today let's review the 3 roads to wealth building.

Knowing the fast, medium, or slow options allow you to:

• Pick a path.

• Plan your life.

• Enjoy the journey.

Unfortunately, society is built around one idea.

40 Hour Weeks For 40 Years

Working fulltime long-term is the default option because:

• It's easier.

• It's common.

• It's expected.

But, what if you want to take a different path?

True wealth for you may include yachts, planes, and lambos.

But true wealth for many simply means having control of your time.

Not having to work 40-hour weeks for 40 years.

I watched people build wealth fast, medium, and slow while working in banking.

Let's review the ways:

1. Building Wealth (Fast)

Many people get wealthy by starting a business.

Some start an online business.

They would spend 1-2 hours each day on it while working fulltime.

And many went on to quit their fulltime job years later.

It didn't happen every time.

But it happened enough to motivate me into starting.

I've been talking money, saving, and investing online for 9 months now.

This newsletter is approaching 4,000 readers + 40,000 on social media.

An online business is cheap to start but takes time and patience.

If you're considering it, I'd suggest:

Pick a Topic

Pick something you know well.

Something you could talk about daily for years.

For most people, it's what they do at work or a hobby they enjoy.

Pick a Platform

Pick 1 or 2 platforms. I started with Threads and X.

Talk about your topic once or twice a day consistently.

You'll be terrible at first (I was) but over time you'll improve.

Pay Close Attention

Notice what social posts do well and which ones don't.

Talk more about the stuff that does well and less about the stuff that doesn't.

Watch what the big accounts talk about that cover your same topic.

As your audience grows, you can turn it into a small business.

There's many ways to do that:

• A membership group.

• 1 on 1 coaching.

• Digital courses.

There's many options.

Give Justin a follow if this interests you.

He's a master at starting a cheap online business from scratch.

I've learned a lot from him.

A business is a common way to build wealth at a faster pace.

2. Building Wealth (Medium)

Real estate is a good example of building wealth at a medium pace.

Most people think you need a 20% down payment to buy a home.

You don't.

Many people put little money down when buying their 1st home like:

• 0% down

• 3% down

• 5% down

Of course more is best.

I put 0% down on my 1st home.

And the 5th property I bought (place I'm in now) was 3% down.

Your payment is higher with a low down payment.

To deal with that, I rented out a room in the 1st place I bought to lower the monthly cost.

And I rent out part of the property I'm in now to lower the cost.

There's a separate living area for the renter (so we don't share space).

This is often called "house hacking".

It can be a good way to buy property, especially with higher costs these days.

Real estate is a common way to build wealth at a medium pace.

3. Building Wealth (Slow)

Building wealth slowly is the most common path.

This usually means investing a small amount of each paycheck into the stock market.

Many people do this in their retirement account at work.

Green represents years the stock market ended higher.

Red represents years the stock market ended lower.

 Source: S&P500 (Macrotrends)

There's many more green years than red.

The market has grown 10% per year on average the last 30 years.

Instead of investing a small amount of each paycheck.

Some people invest a large amount like: 20%, 25%, 30%+ of their pay to build wealth faster.

But, most invest a smaller amount over 30 to 40 years.

The stock market is a common way to build wealth at a slower pace.

Conclusion

We could easily debate which path is best to take.

Each has its pros and cons.

Each takes time to learn.

If you want to leave 40 hour weeks sooner than later.

Learning more about all 3 and taking action is time well spent:

• Starting an online biz.

• Buying some property.

• Investing in the market.

That's all for today.

See you next week.