2nd Richest Man – Warren Buffett’s Advice For Building Wealth

It’s been reported that in a conversation between Jeff Bezos and Warren Buffett, Bezos said, “…Warren, your investment thesis is so simple, you’re the second richest guy in the world, and it’s so simple. Why doesn’t everyone just copy you?” 

Buffett replied, “Because nobody wants to get rich slow.”

There are many times in life when the progress you make or try to make financially feels really slow. You may be moving in the right direction but feel as though you’re not making any progress towards your goals.

An article by Trent Hamm, published on The Simple Dollar outlines three big reasons you may feel you’re moving “three steps forward, two steps back” at times.

“First, many financial goals are quite big compared to the resources available.” Paying off large debts (equal to your annual income or more) at $100 a month, will help you get rid of the debt faster. But it can feel “like chipping away at a boulder and knocking off pebbles with each swing.”

“Second, our forward progress is often hindered even further by unexpected events.” This is truly the three-steps-forward, two-steps-back problem. You nail it for a couple of months only to be hit with a ________ bill you weren’t prepared for! (Insert: car repair, medical, appliance, computer, etc.) You feel like you’re back where you started. “It’s hard to feel like you’re making much progress when you’re taking almost as many steps back as you’re taking forward”, writes Hamm.

“Third, even for people with a lot of income, financial success is achieved on a timescale of years and decades rather than weeks and months.” If you’re like most people, you want success now! You plan for the next few days or weeks. Not the next few years.

That’s why the get-rich-quick ideas appeal to everyone! It’s actually one of the biggest fallacies in the investment industry. People everywhere see how investing can quickly be profitable and want to jump in to make a fast fortune. But most fortunes are made over time.

Warren Buffett didn’t win the lottery or invest in a get-rich-quick scheme. He made good financial choices early in life. And then, he has had the benefit of compound interest. The majority of his wealth has been made gradually, over a very long time. The following image shows how he slowly accumulated his wealth.

(From the article “Nobody Wants to Get Rich Slow”)

iFlip doesn’t promote any get-rich-quick ideas. Having the best algorithmic trading software available, allows them to help you grow your account slowly. You can choose one of their proven portfolios or design one of your own, and have their automated trading software do everything for you! 

Far better than robo-trading and without the fees of a financial advisor, iFlip’s algorithmic trading software enables you to “set-it-and-forget-it.” Simply set up and fund your account, knowing the algorithmic intelligence (AI) at iFlip will decide daily if it’s best to buy, sell, or hold the positions in your portfolio.

Because AI is the genius of trading at iFlip, you can leave your account to grow over time. No emotional trading. No deciding whether you got in too late or out too early. No second thoughts or lost sleep over margin calls or the ups and downs of the markets. Algorithmic intelligence helps your account lose less and win more in time.  It’s all done for you!

But should you want to see what your account is doing, you’ll be able to log in on iFlip’s day trading app. You’ll experience the best automated trading software at work in the palm of your hand. See what positions are open in your portfolio. See how AI protected you from a drop in the market or kept you in a winning position.

All of this is part of getting rich slowly. Pay down your debt. Be patient with the unexpected bills. Make good financial choices. And grow your wealth slowly and smartly.

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