No doubt you are familiar with Aesop's fable The Tortoise and the Hare. In case you aren't, let me sum it up for you: The Hare challenges the Tortoise to a race, which the Tortoise accepts. The race begins and the Hare lazes around (because he knows he can outrun the Tortoise any day) while the Tortoise begins his slow progress to the finish line. When the Tortoise is close to winning the race, the Hare begins running for dear life, vainly hoping to beat the Tortoise. The Tortoise's victory is often described as "Slow and steady wins the race."

For years this is how the financial advisement industry has characterized retirement preparation: Start early, invest often, invest for the long term, dollar-cost average, etc. No doubt you're familiar with these terms and others connected with what I call "The Tortoise Approach." The Tortoises are those who've been following the counsel of the self-appointed financial experts. They have been meticulously and methodically planning and investing so that they will be ready to cross the finish line. However, the Hares may have neglected to adequately prepare; they may be at a point where the financial "experts" have told them that they may just be out of luck unless they come up with thousands of dollars to invest quickly and regularly. Essentially, they're told that they need to run with all their might to catch up.

Well, I've got news for you. The American Dream has rewritten Aesop's fable and in the modern version, both the Tortoise and the Hare can win. Both can achieve financial freedom using different approaches, and achieving them at different times.

Most of you are probably very familiar with The Tortoise Approach. This truly is the "slow and steady" approach to wealth. It involves years of planning and investing in 401(k)'s, IRAs, 403(b)'s, SEPs, etc. And in the end, if you're "lucky" and the stock market keeps heading in the "right" direction, you could actually retire with more than a million dollars invested and ready for your use. Low risk? Those who do it seem to think so; after all, that's what the financial "experts" tell them: "Diversify, diversify, diversify-and you'll be okay." They spread their investments across low-, medium-, and high-risk opportunities. They do it regularly and automatically. They are told to "sacrifice now" and "reap the benefits later." For many people, this is the best approach.

However, the ultra-wealthy would say that The Tortoise Approach is the riskiest form of investment there is. That no matter how "diversified" you think you are in your investment vehicle of choice, your eggs are essentially all in one basket-the Stock Market, prone to all its foibles, follies, frustrations, and failures. This is why the ultra-wealthy use "The Hare Approach." In the modern version of our fable, the Hare doesn't dawdle around; he just finds a better way to build a bigger mousetrap. He may even be able to beat the Tortoise to the finish line, even when there is little time left.

The ultra-wealthy know that there are essentially four fast tracks to wealth: real estate, building businesses, internet/information services, and stocks. They learn the skills, knowledge, and tactics that lower their risk. Understanding how to function in these areas brings them greater rewards and ever-increasing wealth. (When was the last time your IRA offered you a 30% or higher rate of return?)

Too risky, you say? Well, that all depends on your point of view. Your tolerance for risk is directly proportional to your fear. Fear has its roots in ignorance. Knowledge expels that fear. To the ultra-wealthy the Hare Approach is less risky because knowledge backs their investment decisions, unlike most Tortoises who really don't understand or comprehend what they're investing in; they just keep plodding away. The Hares prefer to take the bull by the horns, rather than by the tail!

What is it that draws people to The Hare Approach? They don't want to "sacrifice now" and "reap the benefits later." They want to learn how to "get it now and still have it later." They choose freedom over security. They become the masters of residual income, money that works for them so they don't have to.

How can you do it? Get educated! There's no one right way for everybody. Your path to wealth is as individual as you are. There is an abundance of information at your fingertips: websites, books, financial magazines, e-zines, financial newsletters, motivational speeches on cassette or CD. Learn about the four fast tracks of wealth and decide which interests you most. Prepare, Pursue, and Prosper! If you're like most wealthy people, you'll probably make your money in at least two or more of these areas.

Both the Tortoise and the Hare can win. There is plenty to go around. It's just a matter of when you want your results! How is this possible? It's the American Dream, my friend, and the Land of Opportunity is ripe for harvesting.

Chemain Evans is a quality control specialist for Simple Joe, Inc. Income & Expenses PC software is a Simple Joe product that is a quick and simple way to keep track of your expenses and stay within your budget. Learn more at http://www.simplejoe.com