Money Monday: Building Wealth is Not Glamorous

BY: - 28 Oct '13 | Money

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We’re addicted to the big play. The allure of the quick win seduces us all. Vicariously we watch the average Joe collect new found lottery millions, thinking – just maybe – one day it could be us.

The nation hangs onto every episode of American Idol or the X Factor, waiting for the next rags-to-riches winner to be revealed. We read about the young entrepreneur who made millions seemingly overnight or the stock investor who suddenly made it rich investing in penny stocks.

Yes, we’re junkies for the quick score, the big win, the rags to riches fantasies.

In fact, one out of every five Americans believes winning the lottery is a viable way to save for retirement. And perhaps that’s why frugality and all of this personal finance stuff seems so downright boring.

Creating Wealth Isn’t Sexy

Our best money management moves never produce the quick payoff. We may not even see the fruits of our money saving practices for months or years to come.

Overnight fame and riches are sexy. Frugality, not so much.

In money matters we become successful playing small ball. Instead of the touchdown bomb, it’s about stringing together a series of first downs until you score. It’s about hitting several singles in row, rather than striving for the glamorous home run.

Small Steps Eventually Lead To Big Wins

Cutting coupons, shopping the sales, and buying in bulk may save you $40 a week on your grocery bill. I’ll admit, it doesn’t create much excitement. But consider that $40 in savings will snowball into $2080 worth of savings by the end of just one year.

Eliminate your land line and you may save $70 a month. May not seem like much until you realize that’s a $840 yearly savings.

Cut the premium cable package and you’re saving $700 a year or more.

Take your lunch to work twice a week and you’ll easily rack up $600 annually.

Likewise, unplug unused electronics and turn off the air conditioner while you’re away from home and pad your pocketbook with an extra $350 a year.

Switch from a bank to a credit union and you’ll save $300 a year or more in fees.

The Simple Truth – Slow And Steady Wins The Race

The small steps are never glamorous. Clipping coupons, cutting expenses, and making small changes seem mundane. But implemented consistently, they build lasting wealth.

And that’s something you can get excited about.

BMWK, what are some of the small changes you’ve made to put more money in your pocket?

About the author

Alonzo Peters wrote 182 articles on this blog.

Alonzo Peters is founder of MochaMoney.com, a personal finance website dedicated to helping Black America achieve financial independence.

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2 WordPress comments on “Money Monday: Building Wealth is Not Glamorous

  1. Renee

    Great tips. I made adjustments by buying clothes at the end of the season, investing in classic styles and not trends so that I can wear them for longer periods. I always shop in groceries where coupons are doubled. I also purchased a kitchen water filter (cost less than $30 with coupons)and stopped buying bottled water.

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