Richest Man in Babylon Takeaways (Thread):

1. Pay yourself first - This ensures that you will be saving a portion of each paycheck you receive. I recommend automating your retirement accounts where a set amount is deposited the day of each paycheck.

2. Luck favors those who take action - So many people attribute the success of people to luck, when in fact they were just the ones bold enough to take massive action. If you don’t put yourself in a position to succeed, luck will never fall your way.

3. Wealth is not solely dependent on income - Becoming wealthy starts with how much money you save, not how much you make. Don’t let lifestyle inflation takeover each pay increase you receive. It’s a trap.

4. Act when the time is right - When great opportunities arise, take advantage of them. For example, if the stock market goes down 50%, it may be a great time to increase your contributions.

5. Put your money to work - Your savings should be invested into assets that work for you 24/7. Money never has to rest when it is put to work, which leads to exponential growth in your net worth. For me, I invest heavily in low cost index funds.