In a world where social media often showcases overnight successes, it’s easy to feel like you’re not building wealth fast enough. You see Gen Z influencers on TikTok going from $0 to $1 million seemingly overnight, and it can be discouraging when your own progress feels slow in comparison. But here’s the truth: for every person who strikes it rich quickly, there are 99 others who take a much longer, steadier path to wealth. And that’s okay—because slow and steady really does win the race.
The Stories Behind the Success
Let’s take a look at some well-known figures who didn’t achieve their wealth overnight:
• Warren Buffett: One of the world’s most successful investors, Buffett didn’t become a millionaire until he was 32. Today, his net worth is measured in the billions, but it took decades of patient investing and compounding returns to get there.
• Janine Allis: The founder of Boost Juice, Janine Allis sold her house at age 35 to start her business. It was a huge risk, and her success didn’t come immediately, but her perseverance paid off.
• Andrew Forrest: The mining magnate behind Fortescue Metals, Andrew Forrest, narrowly avoided bankruptcy before launching his company at age 42. His journey was filled with challenges, but his persistence led to incredible wealth later in life.
These stories show that wealth-building is often a marathon, not a sprint. The key is to stay the course, even when progress feels slow.
The Power of Compound Interest
One of the most powerful tools in wealth-building is compound interest. It’s not the most glamorous strategy, but over time, it can produce incredible results. Let’s break it down with a simple example.
Imagine you invest $20,000 at a 10% annual return. Here’s how your investment could grow over time:
• In 10 years: Your $20,000 would grow to about $51,875. That’s a nice gain, but it might not seem life-changing.
• In 20 years: Your investment would grow to about $134,550. Now we’re talking about some serious growth.
• In 40 years: Your $20,000 could be worth over $905,000. That’s nearly a million dollars from a relatively modest initial investment!
But here’s where it gets really interesting. If you continued to invest additional amounts over those 40 years, or if you started with a larger sum, the numbers could become even more impressive. For example, starting with $100,000 at 10% over 40 years could grow to over $4.5 million.
The takeaway? Time is your greatest ally in building wealth. The earlier you start and the longer you stay invested, the more powerful the effects of compounding become.
Why Patience Pays Off
Building wealth takes time, and that’s okay. It’s important to remember that wealth accumulation is a long-term game, and trying to rush it often leads to unnecessary risks. Instead of chasing quick wins, focus on steady, consistent progress.
Ten years ago, I was scraping together a deposit for my first house. At the time, it felt like a huge achievement, and in many ways, it was. But looking back, I realize that was just the beginning of my financial journey. Wealth doesn’t happen overnight—it’s the result of years, sometimes decades, of hard work, smart decisions, and yes, patience.
So, if you’re feeling like your progress is too slow, remember that most successful people didn’t make their fortunes overnight. They built wealth over time, brick by brick, decision by decision.
Stay the Course
If you stay the course, your time will come. Keep making smart financial decisions, invest wisely, and let compound interest work its magic. Your wealth-building journey might not be as flashy as those you see on social media, but it will be just as rewarding, if not more so.
Remember, in the race to build wealth, it’s not about who gets there first—it’s about who gets there with the most sustainable, long-term success. Your time is coming. Keep going, and trust in the process.
