How to get rich slowly

“Get rich quick” was so last century. Today, many investors understand that patience is key to building wealth. Instead of risking it all in the hope of a big payoff, they remind themselves that slow and steady wins the race. Ignoring all distractions, they stay focused on their goals — and, in time, they get there.

Try these proven strategies to get rich slowly:

1. Create a plan

Take time to work with your Prospera Wealth Advisor through Credential Securities or Credential Asset Management Inc. to create a financial plan to build your wealth. Include lots of details, including how you’ll pay down debt, build an emergency fund, protect yourself and your family with insurance, and organize your estate — as well as how you’ll invest.

2. Save consistently

Make a commitment to invest regularly — say, every time you get a paycheque or every month. It’s okay if the amount is small to begin with. What matters is consistency. Regular investing adds up over months, years and decades until, one day, you realize you’ve hit your goals.

3. Keep expectations realistic

Yes, there are a few scattered stories of people who got lucky and picked a winning stock that made them rich. A much surer path toward wealth is to hold a diversified portfolio matched to your goals, risk tolerance and the time before you need to access your money. Investing is a marathon, not a sprint.

4. Pause before big decisions

When you’re facing a big financial decision — which car to buy, whether to start a business, how big a mortgage you can afford — slow down. Have a look at your financial plan and check the impact. Think hard about whether a decision means you’ll have to give up or delay other important goals.

5. Check in, but not too often

Keep an eye on how you’re doing — after all, it’s satisfying to watch your savings grow with your contributions. But try not to look at your balance every day. That said, anytime there are big changes in your life, book time with your Wealth Advisor, who can help you adjust your financial plan as needed.

The biggest tip of all? Drop by your local Prospera branch, where your Wealth Advisor can provide you valuable advice on how to get rich slowly.

Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.

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