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Why Get Rich Quick Doesn't Work

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Shaz and Kieron discuss the concept of getting rich quickly versus getting rich slowly, highlighting the pitfalls of chasing get-rich-quick schemes and emphasising the importance of focusing on long-term wealth building strategies.

They discuss the reasons why get-rich-quick schemes fail, including slim chances of success, unrealistic expectations, high risk, and unsustainable wealth accumulation. They then delve into why getting rich slowly works, emphasising the benefits of compounded returns, risk management, education, financial stability, adaptable financial goals, and improved psychological well-being. 

KEY TAKEAWAYS

  • Getting rich quickly is a pipe dream and rarely works in reality.
  • Focusing on getting rich slowly is a more sustainable and effective approach.
  • Many get-rich-quick schemes are high-risk and often lead to financial losses.
  • Gradual wealth building allows for adaptable financial goals and long-term financial stability.
  • Education, skill-building, and financial discipline are crucial for successful wealth accumulation.

BEST MOMENTS

"Holistically, get rich quick is a really nice idea and it's a pipe dream." 

"Success leaves clues. And if success leaves clues, the clues of success are get rich quick doesn't work." 

"The slow accumulation of wealth also generally involves learning new skills, understanding new things, doing the due diligence, doing the deep dive." 

"If you grow into it slowly, you'll manage it and all of your habits and your spending ideals will be sustainable."

"Slow wealth building promotes a healthy relationship with money, better understanding, less stress, and more satisfaction in your life." 

VALUABLE RESOURCES

shaz@aaa-accountants.co.uk 

https://www.facebook.com/shaznawaz11

https://www.linkedin.com/in/shaznawaz/ https://www.instagram.com/parkwardlabour/ https://www.youtube.com/channel/UCJCDESxIqYjhiIBxJ90nKwQ?disable_polymer=true

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

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