Tuesday, August 30, 2011

Get Rich... Slow

"You could see 1900% gains in one year with this stock!!" "Double your money in just 4 weeks!" "Buy this stock before the end of the month or you'll regret it!"  Sound familiar?

I'm sure most of you have gotten spam emails, junk mail, or possibly even telemarketers that have spouted this type of nonsense.  Sometimes the marketing of the adds can be tempting, I've certainly been intrigued at times.  A few times I even did a bunch of research online and found out what stock they were talking about and invested.  Guess what happened 95% of the time?  Lost money?  Check.  Felt like a sucker?  Check.  Got intrigued by another marketing pitch?  um... yeah ok, fine, Check.

Around 2005 I finally got wise.  I stopped chasing the quick buck and started seriously thinking about my future.  Not my 5 year, 10 year, or even 20 year future.  No, I started thinking about retirement 30 years away.  I wanted to have an ever-increasing, recurring stream of passive income without having to lift a finger.  I found my answer on how do that, and couldn't believe how easy it would be.  The answer of course, dividend stocks!

Dividend investing isn't a get rich quick scheme.  You may not truly appreciate the power of this type of investing for many years to be honest.  It is a slow process that increases your income each year.  The longer you are able to reinvest your dividends to take advantage of the wonderful compounding affect, the greater the payments you will receive when you decide to use the dividends as income.

The point of this blog is to demonstrate how I personally intend to get rich slow.  I intend to cover a great deal of information, to include but not limited to:

  • The basics of getting started
  • Identifying quality dividend stocks to invest in
  • Analyzing those stocks to better know when to buy and when to wait
  • Leveraging dividend stocks in retirement accounts
  • Comparing dividend stocks to other forms of investments
  • Tax implications of dividends
  • ... and hopefully a whole lot more.
So sit back and relax.  Enjoy the ride because this is going to take awhile.  But trust me, it'll be worth it in the end.

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