When it comes to building wealth there's some core aspects that go into it which often takes people years or even in some cases a life time to understand. Those core values are what are know by many as get rich slowly a process of actions, inactions and continued growth and investment does to eventually get you to rich status.

This process will take three core skills you will need to constantly work on and master in order to achieve success. Those three core values would be Patience, Discipline and learning. Fail on any one of these and you'll struggle to master get rich slow but we trust you it's well worth it and you'll thank yourself in just a few years!

In this article we are going to go over some core values that touch on each of those three above to build a strong structure to building your own get rich slowly mentality. Everyone is always out chasing the riches fast and you know where that often lands people in 30 years? Either broke, just making it buy or a lucky few that made some lucky choices along the way. I don't know about you but I rather have better odds then a lucky few and that's what we are going to teach you here today. 

Establish a Strong Financial Foundation

Without a strong foundation everything else you build on top of it will eventually come crumbling down. These core foundation aspects are going to be your glue that holds everything else together so if one thing should slip and fall it doesn't take everything else down with it.

Budgeting

Yes, it's boring but it doesn't have to be a bunch of number crunching. A more relaxed method can still get you the same results and keep things in check. Simple calculations like tracking your spending, categorize expenses, setting limits and review and adjusting your plan are a powerful way to get things on track.

Often times there are things you can cancel and do without. Instead of trying to make MORE money see what you would be ok with cutting out. You'd be surprised but cutting out a $70/month cable bill for something like a $15 netflix bill can add a easy $660 into your pocket per year. It might not sound like a lot but you'll end up having around $10,000 after 15 years and this is just one of many budget cuts you can plan out. 

Your Emergency Fund

This is a MUST! I'll keep this short but if you want a more detailed on this check out our other article How To Build A Emergency Fund. An emergency fund is a fund of money for unexpected things that happen in life. Things like emergency home repairs, car breakdown, breaking a bone or any number of wild things that can happen in life. This should be your first before you even consider about building wealth. This safety net will save you. And you might be thinking to yourself well what benefit does it give me it's just money sitting in a savings account. Well think about how much debt you would take on if you didn't have it. $5,000 on a credit card leads to MASSIVE money wasted in interest fees to repair your home, car or broken bone. 

Start Building Your Savings

The good thing about building your emergency fund is you're also most likely going to put that into a savings account. That savings account will start to accumulate some wealth for you over time or hedge against inflation at least. 

1. Automate Your Savings

Automating your savings can help you stay consistent and disciplined. Set up automatic transfers from your checking account to your savings or investment accounts. This way, saving becomes a priority, and you’re less likely to spend money you intended to save.

2. Take Advantage of Employer-Sponsored Retirement Plans

If your employer offers a retirement plan, such as a 401(k) or 403(b), take full advantage of it, especially if they offer matching contributions. Contributing to these plans can provide significant tax advantages and compound growth over time. Aim to contribute at least enough to get the full employer match, as this is essentially free money.

3. Invest in a Diversified Portfolio

Investing is essential for building wealth, as it allows your money to grow faster than it would in a savings account. A diversified portfolio helps manage risk while providing the potential for significant returns. Here are some key investment principles:

• Diversification: Spread your investments across various asset classes, such as stocks, bonds, and real estate, to reduce risk.
• Long-term focus: Invest with a long-term perspective, and avoid making impulsive decisions based on short-term market fluctuations.
• Regular contributions: Consistently invest a portion of your income, regardless of market conditions. This approach, known as dollar-cost averaging, can help smooth out the impact of market volatility.

Managing Debt

While some debt, like a mortgage or student loans, can be considered "good debt" if it helps you achieve your financial goals, high-interest consumer debt can be a significant barrier to building wealth. Managing and eliminating high-interest debt should be a priority.

1. Prioritize High-Interest Debt

Focus on paying off high-interest debt, such as credit card balances, as quickly as possible. The interest on these debts can compound rapidly, making it challenging to get ahead financially. Use strategies like the debt avalanche (paying off debts with the highest interest rates first) or the debt snowball (paying off the smallest balances first) to tackle your debt systematically.

2. Avoid Taking on New Debt

Be mindful of taking on new debt, especially for non-essential purchases. If you do need to borrow, look for low-interest options and have a clear plan for repayment. Avoiding new debt will help you stay on track with your wealth-building goals.

Maximizing Income

While managing expenses and investing wisely are crucial, maximizing your income can accelerate your path to wealth. Here are some strategies to increase your earning potential:

1. Invest in Your Education and Skills

Continuous learning and skill development can lead to higher-paying job opportunities and career advancement. Consider pursuing advanced degrees, certifications, or training programs that align with your career goals.

2. Explore Side Hustles

In addition to your primary job, consider starting a side hustle to generate extra income. This could be anything from freelancing or consulting to starting an online business or investing in real estate. A side hustle can provide additional financial security and help you reach your wealth goals faster.

3. Negotiate Salary and Benefits

Don’t be afraid to negotiate your salary and benefits with your employer. Research industry standards and prepare a compelling case for why you deserve a raise or better benefits. Negotiating can have a significant impact on your long-term earning potential.

Planning for the Future

Building wealth is not just about accumulating money but also about ensuring that your financial future is secure. Planning for retirement, estate planning, and protecting your assets are crucial components of a comprehensive wealth-building strategy.

1. Retirement Planning

Start planning for retirement as early as possible. In addition to employer-sponsored plans, consider opening an Individual Retirement Account (IRA) or a Roth IRA. These accounts offer tax advantages and can help you save more for retirement. Regularly review your retirement plan and adjust your contributions and investment strategy as needed.

2. Estate Planning

Estate planning ensures that your assets are distributed according to your wishes after your death. Key components of estate planning include:

• Will: A legal document outlining how your assets should be distributed.
• Trust: A legal arrangement that allows a third party to manage your assets on behalf of your beneficiaries.
• Power of Attorney: A document granting someone the authority to make decisions on your behalf if you become incapacitated.
• Beneficiary Designations: Ensure that your retirement accounts, life insurance policies, and other assets have up-to-date beneficiary designations.

3. Insurance

Protecting your assets with appropriate insurance is a crucial part of wealth building. Consider the following types of insurance:

• Health Insurance: Protects you from high medical expenses.
• Life Insurance: Provides financial support to your dependents in case of your death.
• Disability Insurance: Replaces a portion of your income if you become unable to work due to illness or injury.
• Homeowners or Renters Insurance: Protects your home and personal belongings.
• Liability Insurance: Provides coverage in case you are held responsible for injury or damage to someone else.

The Power of Compound Interest

One of the most powerful tools in building wealth slowly is compound interest. Compound interest allows your investments to grow exponentially over time, as you earn interest on both your initial principal and the accumulated interest. The key to harnessing the power of compound interest is to start investing as early as possible and to reinvest your earnings.

The Role of Frugality

Living below your means is a cornerstone of getting rich slowly. Frugality doesn't mean depriving yourself but rather making conscious choices about how you spend your money. Prioritize spending on things that truly matter to you and find ways to save on less important expenses. Here are some tips for living frugally:

• Avoid Lifestyle Inflation: As your income increases, resist the temptation to increase your spending. Instead, save or invest the extra money.
• Cut Unnecessary Expenses: Identify and eliminate expenses that don't add significant value to your life. This could include dining out less, canceling unused subscriptions, or finding more affordable alternatives for everyday items.
• Embrace DIY: Learn to do things yourself instead of paying for services. This could include cooking at home, doing your own home repairs, or learning to manage your investments.

Continuous Learning and Adaptation

The financial landscape is constantly evolving, and staying informed is crucial to building and maintaining wealth. Make it a habit to read books, attend seminars, and follow reputable financial news sources. Joining a community of like-minded individuals can also provide support, motivation, and new ideas for building wealth.