If you want to be among the wealthy and achieve financial stability, you must start changing your financial habits now. These tips are taken from the book 'The Richest Man in Babylon', one of the best books that explain money in simple language:
1️⃣ Distinguish between the necessary and the luxurious
Do not mix between necessities you need to buy and desires you can do without.
2️⃣ Save 10% of your income monthly
Simple saving every month can create a significant investment for your future.
3️⃣ Don't invest in something you don't understand
And if you must invest, consult an expert or financial advisor.
4️⃣ Money that is not invested gets eaten away
If you store it without utilizing it, it will lose value due to inflation.
5️⃣ Don't venture into areas you don't understand
Money escapes those who invest it in things they don't understand.
6️⃣ Pay off your debts quickly
The longer you delay, the more pressure and interest you accumulate.
7️⃣ Don't buy something you can't afford
If you can't afford it, don't buy it on credit!
8️⃣ Wealth starts with simple saving
The first currency you save is the first seed for your wealth tree.
9️⃣ The first rule of investing: Protect your capital
Don't risk all your money, invest wisely.
🔟 Don't chase after quick wealth
Quick gains are attractive, but they are often illusory and risky.
1️⃣1️⃣ Every riyal has a purpose
Do not spend your money except on something useful and of real value.
1️⃣2️⃣ Use only 90% of your income
And keep that 10% as permanent savings, you'll see the difference over time.
✨ These tips are simple but have a huge impact in the long run. Keep them and start applying them today, and review yourself every month to see the difference! 🔖
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