Saturday, March 13, 2010

Slow Money

Proverbs 13:11
Dishonest money dwindles away, but he who gathers money little by little makes it grow.

A few years ago I was talking a couple of drug dealers who worked on my street. I asked them a question, "Why do you sell drugs and don't do legit work?" One of their answers got my attention,

"I don't like making slow money; I can make a couple of "G's" in a minute"

But when I asked about the competition on the streets, the threat of violence and/or imprisonment, they just shrugged it off as the price of doing business. I then told them about my rental property business. I explained how the renter was paying for my mortgage, providing me with some income, and the house was appreciating in value. I showed the benefits of slow money. He was so impressed, that he asked me if I would sell him my house. I said I would think about it, fortunately he got busted and I didn't have to entertain a deal with questionable financing.

The lure of quick money has entrapped many. We need to heed this proverb, "he who gathers money little by little makes it grow".

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