The Motley Fool

How to get rich slowly with ASX shares

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).

Other growing businesses to think about to become wealthy over the long-term are these top ASX shares.

3 Top ASX Blue Chip Shares For 2019

You’re invited! For a limited time, The Motley Fool Australia is giving away an urgent new investment report detailing our 3 TOP BLUE CHIP SHARES to own in 2019.

So if you like trustworthy, stable, high-performing companies that pay fat fully franked dividends – we’ve got you covered!

Stock #1 is a beloved old Australian company turning its attention to high-margin businesses... and rapidly returning cash to shareholders with its hefty dividend...

While Stock #2 is an online powerhouse that’s rapidly gaining market share all around the globe... poised for years (or even decades) of tremendous growth...

Even better, Stock #3 offers a whopping 6.5% grossed-up dividend! Which beats the rates on term deposits right out of the water – and offers the potential for capital gains, too.

You can discover all three shares inside our new report right now. To scoop up your FREE copy, simply click the link below right now. But you will want to hurry – this free report is available for a LIMITED TIME ONLY!

Simply CLICK HERE FOR YOUR FREE REPORT!

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.

NEW. Five Cheap and Good Stocks to Buy in 2019…

Our Motley Fool experts have just released a brand new FREE report, detailing 5 dirt cheap shares that you can buy today.

One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…

Another is a diversified conglomerate trading near a 52-week low all while offering a 2.8% fully franked yield…

Plus 3 more cheap bets that could position you to profit over the next 12 months!

See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.

CLICK HERE FOR YOUR FREE REPORT!