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1) Pay Yourself First:
At this point the author wants to say that he will have to pay himself first, now it doesn't mean to spend your money on buying some new clothes, phones, and other assets which do not give back some return. The author's means is to save at least 10 percent of your income and investing it wisely.
2) Put your money to the work:
Now if you save at least 10% of your income then you don't just have to leave it and think that it is enough that you save some money from your salary but it is very important to put that money on the work, which means to invest that wisely so that you can gain some more profit from that amount of money. You can invest in various options but I suggest you take the advice of an investment expert, As they can guide you on the best to invest your money in the right place.
Now reinvest the amount of profit that you get from your first investment and try to continue this process after some time you will realize that you have invested in a huge chunk, which will give you more profit in the long run. The main objective of this step is to wisely invest your savings so that they can multiply.
3) Don't go for high-risk investment, to get high profit:
At this point the author wants to say that Don't run for high risky investment, to get a high profit. According to this point invest wisely and safely for example if you are going to the gym and try to lift more heavyweights than your ability it can damage your muscles.
Similarly, if you invest in a high-risk investment for getting a better profit then it may be harmful to you which can damage your investment portfolio. So for this kind of situation find people who have industry-specific knowledge, whom you trust and they can help you to invest your money wisely.
4) Create multiple sources of income:
Creating multiple sources of income is one of the most important points of this book, according to the author if you don't have multiple sources of income and you just depend on monthly or a single source of income then it can be very dangerous for you, in this type of condition you will have to suffer from financial problems.
Similarly, if you invest all your money in a single place and if something happens to them or the market of that thing will reduce down then it is very difficult to overcome that loss. Therefore you will have to make different sources of income so that if any sector goes down then there will be no effect of that thing on your investment portfolio.
Don't invest in things of which you don't have knowledge.
These are some of the most important points on financial investment from the book "The Richest Man In Babylon".
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