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Michael Dylan
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Michael Dylan is a successful entrepreneur and business enthusiast. He has owned and managed several successful business online and offline.

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Get Rich Slowly Get Rich Slowly - Article by Michael Dylan

I have to confess, I have read a whole bunch of get rich quick books, listened to get rich quick audio books and have even bought a few crappy get rich quick ebooks. They all taught me that you can get rich quickly by selling get rich schemes to lazy people like myself looking for shortcuts. Which is not to say that one can't become rich quickly, but there's a lot of luck involved and luck isn't something I'm prepared to depend on for my financial freedom.

So I created my own plan which only requires a regular income that covers the bills and leaves a little cash at the end of the month for myself. The plan is also adaptable as my income has never really been regular and the amount fluctuates dramatically. The only requirement I had was to be at least a little richer every month.

Here's what I do with my income at the end of every month.

investing in stocks First 10% on Investments
The first ten percent is the most important as it is the bit that makes you a little richer every month! It's the bit that tells your mind that you're rich enough to invest and will eventually make you very rich. It's not the job of this article to tell you what to invest in, but make sure it is NOT speculative or meant to make you rich quickly. I invest in large companies selling products or services that we will need year after year. Good dividend paying stocks that increase their sales and dividends year in, year out. I don't particularly care what the price of the stock does on a daily basis, I just want the dividends to increase each year. I then treat the dividends as income for that particular month and it is put into the get rich slowly plan.

As your income and dividends increase I would recommend diversifying into income producing real estate, bonds, and maybe even some assets that don't produce an income like gold, palladium or silver. But like I said, this is not investment advice, I'm just sharing what I have done. The important thing is that the investment produces an income and that income increases over time.

pay credit cards down Second 10% on Credit Cards or Personal Loans
When you first start the get rich slowly plan you may not be able to get past the first 10 percent and that is fine. If you don't have any credit card debt or high interest loans simply go to the third step of the plan. If you can afford to use another 10 percent and you do have high interest debt, great! The 10 percent is extra to your regular payments on this debt.

pay mortgage Third 10% on Mortgage
Similar to the second step, but this goes on your mortgage if you have one. This is 10 percent after you have made your regular mortgage payment. If you don't have a mortgage, go to the fourth step of the get rich slowly plan.

improvement fund
Fourth 10% on Improvement Fund
I call the fourth step my ME FUND! All work and no play makes Jack a dull boy! I keep these funds in a high interest bank account and use them for things like books, education, gym equipment, kitchen appliances and home improvements. But also for things like luxury hotel stays, nice clothes, and all kinds of other treats that make me smile :-) They can be for larger things like cars and holidays or smaller things like a meal at a nice restaurant. Just make sure the fund is kept in its own separate account.


If you make it to the fourth step of the plan at the end of the month and you still have money left over, go back to the first step and start again. After working the plan for a while the second and third steps will be paid off which will leave more for steps one and four. So you might end up paying 20% on investments and 20% on your improvement fund each month, which is great as you'll become even wealthier each month and your ME FUND will allow for much more fun!

Be sure to make a record of your progress each month. If you're good with spreadsheet software you can also chart your path to success. Your investment charts should head north while your debt charts should head south.


"Whatever qualities the rich may have, they can be acquired by anyone with the tenacity to become rich. The key, I think, is confidence. Confidence and an unshakable belief it can be done and that you are the one to do it." Felix Dennis Quote



This article by Michael Dylan may not be reproduced online in part or whole. Copyright © Woopidoo.com

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