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