I got this question a lot.
So, I want to put away money, but, and I have a lot of debts.
What should I do?
Another great point from The Richest Man In Babylon.
If somebody has debt.
Then he needs to put away 20%
What?
Yes!
If you have debt, you need to double your savings.
10% towards the debt, and 10% towards – as discussed in the previous post – what you have to do anyway, for yourself.
Having debt is no #excuse not to do it, on the contrary, double your savings.
That’s how it’s done, and it works, believe me on that.
The next step is.
You make your gold work for you.
Invest. . .
Of course, be diligent with the kind of investments you do.
You only make an investment that is in an industry you fully understand.
Don’t give a bricklayer to go look for diamonds.
But you could have a car dealer invest in cars.
Watch for risk, the investment should be strong, something you understand.
And that’s how you get your gold to work for you, and as he calls it, have children for you.
Your investments should bring you monthly income.
But it all starts with you putting away 10% off the top.
All other expenses will settle in
And that 10% is available for you for investments and make it work for you.