How to get rich slowly with ASX shares

This is how you get rich slowly with ASX shares.

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Everyone wants to become wealthy. Some people want to get rich quickly with ASX shares.

Just because you want to become rich doesn't mean you will become rich. Indeed, from what I've seen the quicker people try to get rich the less likely they are to make it. The entrepreneurs have to focus on creating products and services that people want, but regular people need to do what they can control.

You can't expect to reach a good level of wealth by going for highly speculative biotech companies, loss-making tech shares or resource exploration businesses. Sure, you need to take on more risk than simply sticking the cash in a Commonwealth Bank of Australia (ASX: CBA) term deposit.

I think the best way to become wealthy is to consistently put new money to work in the share market which will eventually help get you to your goal.

Many people are happily and successfully compounding their wealth higher with high-quality exchange-traded funds (ETFs) like iShares S&P 500 ETF (ASX: IVV) and Vanguard US Total Market Shares Index ETF (ASX: VTS). Just investing every couple of months into one of these ETFs is an excellent strategy.

If you just focus on how your wealth changes year to year, rather than shorter-term time periods, then you'll be able to keep a long-term focus.

Foolish takeaway

By utilising the power of compound interest and the long-term strength of shares, it is pretty much inevitable that you will reach a good level of wealth. It's just as important, if not more important, to focus on your personal finances to allow more money to flow into your portfolio. 

You don't have to just choose ETFs, you can pick growing businesses with good characteristics like Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) and MFF Capital Investments Ltd (ASX: MFF).

Motley Fool contributor Tristan Harrison owns shares of Magellan Flagship Fund Ltd and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia owns shares of and has recommended Washington H. Soul Pattinson and Company Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on ⏸️ ASX Shares

a woman wearing a close-sitting hat featuring wires and thick computer screen glasses clutches her computer monitor and looks shocked and disturbed as she reads old-fashioned computer text from the screen.
Technology Shares

Here's why ASX 200 tech shares (ASX:XTX) outperformed today

ASX tech shares have taken a turn for the better today.

Read more »

Worker in hard hat looks puzzled with one hand on chin
Resources Shares

Why did the Rio Tinto share price (ASX:RIO) have such a lousy 2021?

We look at what happened to this ASX 200 mining giant's shares last year

Read more »

a miner wearing a hard hat smiles as he stands in front of heavy earth moving equipment on a barren mine site.
Share Gainers

Here's why the Rumble Resources (ASX:RTR) share price is climbing 5%

The mineral explorer's share price is on the rise amid promising drill results.

Read more »

share price high, all time record, record share price, highest, price rise, increase, up,
⏸️ ASX Shares

Here are the top 10 ASX 200 shares on Wednesday

Here are your top 10 biggest gainers in the ASX 200 on Wednesday.

Read more »

comical investor reading documents and surrounded by calculators
⏸️ ASX Shares

The ASX reporting wrap-up: WiseTech, Bravura, Seven Group

Just what the investor ordered. Here’s a recap of the companies that reported on Wednesday...

Read more »

Doctor performing an ultrasound on pregnant woman
⏸️ ASX Shares

The ASX reporting wrap-up: Ansell, Kogan, Nanosonics

Just what the investor ordered. Here’s a recap of the companies that reported on Tuesday...

Read more »

blue arrows representing a rising share price ASX 200
⏸️ ASX Shares

Here are the top 10 ASX 200 shares on Tuesday

Here are your top 10 biggest gainers in the ASX 200 on Tuesday.

Read more »

unhappy investor considering computer screen
Share Market News

The ASX reporting wrap-up: Charter Hall, Ampol, NIB Holdings

Just what the investor ordered. Here’s a recap of the companies that reported on Monday...

Read more »