How to Get Rich Slow

Few people can get rich quick, but we can all get rich slow with these tips.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Dedication, time

1. Use coupons. A study found that wealthier people were more likely to use coupons than non-wealthy people. Apparently, wealthy people have money, and they like to hold on to it. When you need to buy something, scour the internet for savings. You can then put the money you have saved into a savings account for future use. You can also eat at Sonic Drive-In more often. For some reason, they don't care to collect any coupons you may have. You can just use them over and over again. Also, some retailers offer to double manufacturers coupons. Just watch the savings pile up!

2. Do not, do not, do not use long term credit. Sure that $150 pair of shoes looks very nice, but could cost you much more than $150 if you charge it to your credit card without paying it off immediately. The exception to this is if you have a credit card that offers rewards for spending. Spending more with that card can get you free stuff, but try to make sure it is something that you will actually use, such as cash back. Be sure to pay off the bill at the end of the month to avoid any fees or interest.

3. Pay cash for a car lease. Leasing a car let's you drive much more car than you are actually paying for. Paying cash for that lease let's you eliminate any leasing fees (comparable to interest). During the lease period, make a car payment to your savings account. At the end of the lease, you can either purchase the car for the residual value, or you can turn it back in. Your action should be based on the actual value of the car at the end of the lease period. If you see an opportunity to make a profit, do it. If you find that it would cost you more to buy the car than it's worth, either buy it and drive it until you get your money's worth, or get a different vehicle. Also, try to shop during known sales periods. Shopping near the end of the model year can result in savings, as dealers need to get the older models off the property to make room for newer models. Don't be afraid to spend lots of time trying to save a few dollars. The dealer is in the business of getting the manufacturers vehicles sold. The longer a vehicle sits without being sold, the more the manufacturer wants to get rid of it. You may be able to find a good deal on less popular vehicles, colors, and features.

4. Take advantage of any employer retirement matching program. If your employer will match 401(k) contributions, take advantage of it to the maximum extent. 401(k) contributions are free money.

5. Don't be duped by "sales". Many companies mark up their products and then put them on sale. The final price is generally near the original price. However, in the event of a legitimate sale, this is the time to shop.

6. Make friends in retail. Most employees can get employee discounts, which they may be able to pass along to you. This may or may not be against the employers policy, so be sure to have your friend research it, or they may not be your friend any longer. Combining the employee discount with sales or coupons can result in significant savings.

7. Do you really need that big of a house? Having to much house can cost you a lot in the long run. Just look at the housing industry in 2008!

8. Save, save, save...and then save some more. All these steps above have been to help you save a little here and there. It doesn't do any good unless you actually save that money. Stick in under your mattress, in the safe, in the bank, buy a Certificate of Deposit. Do something with it...except spend.

9. You can't get rich working for your money. You have to make your money work for you. Invest your money, but do it wisely.

10. Using these steps, you will eventually get rich slowly. Even if it's only $1 per day that you save, it's $1 you didn't have before.

[howjac]

on 7/28/2009 good non-nonsense article on this subject!