Get Rich Slow

Yes, its not a typo. It reads get rich slow. Unless you operate a website that sells an e-book that tells people how to get rich quick (which, incidentally, is usually nothing more than selling the e-book to other people) , you're one of the many other 'normal' people out there. And chances are, the only way to get rich is slowly, but steadily.

For starters
When asked for an effective way of obtaining wealth, a common answer is 'Invest'. The problem with this answer? Not everyone has money to invest. (see here) It says that 64% of Singaporeans feel they should be prepared to bear the financial burden of retirement, yet 42% of Singaporeans had not started saving! A saying that is very well known but is hardly applied: A dollar saved is a dollar earnt. In a modern day society such as today, it is easier to spend money faster than you can read this sentence. Everyday, we are mentally flogged with television commercials, newspaper ads, billboards, signs, posters, etc. that only serves one purpose - To take away your money and make it theirs.

Unveiling the Mystery
With all these statistics, how is it possible to build wealth? The answer is simply - slowly. Consider yourself ahead of the game already. By reading this post, you are already opening your mind to ideas and concepts which could help you begin the process of building wealth, which is saying more than the 42% of the population who are doing nothing! A house starts with a single brick and the same can be said of wealth building - You have to start with what you have and keep adding to it.

A simple way to keep track of your expenditure would be to keep a personal finance sheet. I have created one such template which I find is suitable for my use. Download it for free here. Feel free to customize it to suit your expenses category. I do not have any mortgage/automobile payments to make, therefore my commitments are less.

I have been keeping such records for over a year now, and each week, I update on the excel spreadsheet on what I have been spending on. From time to time, I review it to see where I am able to cut my spendings, and therefore increasing my savings. Just by keeping to this, I have managed to amass a rather sizable fortune (to me at least) over the past 2 years, which I intend to use as my capital for my options trading venture.