Some people simply aren’t putting enough money aside for their retirement, while others are relying on their Social Security benefits. But if you plan to spend 20-plus years in retirement, you’ll want to enjoy those golden years — not struggle to get by each month.
An assessment from Fidelity Investments found that American savers only have 78% of the income they’ll need to retire — and about one-third (34%) will likely need to make “significant adjustments” in order to cover their retirement expenses.
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Preparing for retirement means making a commitment to save. But if you want to turbocharge your savings — and retire as a millionaire — personal financial expert Dave Ramsey warns against get-rich-quick investments. Rather, he recommends that you “get rich slow.”
How to get rich slow
Ramsey does not hide his disgust when it comes to get-rich-quick schemes.
“The only people getting rich quick on get-rich-quick schemes are the jokers selling you the stuff to do it.” Ramsey said in a Facebook video clip posted in January 2022.
In his experience, “the way you build wealth is slow and steady, time and consistency.”
Sure, it’s possible to get rich quick. Ramsey did so himself when he started buying real estate in his 20s and made his first million dollars. But his fortune was built on debt, and eventually his house of cards came crashing down and sent him into bankruptcy.
That’s why he’s vocal about money trends like cryptocurrency, NFTs and even single stocks, where people think they can make a quick buck by buying low and selling high.
“You could lose your shirt (and pants) messing around with crypto. Steer clear, Big Tuna. Head for open waters. Crypto is risky business,” as his website, Ramsey Solutions, has advised.
Read more: Generating 'passive income' through real estate is the biggest myth in investing — here’s how you can do it in as little as 5 minutes
Get-rich-slow plans, on the other hand, can be “really boring,” according to Ramsey Solutions, but offer a more steady path to reach your financial goals.