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Build a strong foundation for financial stability before taking risks from "summary" of I Will Teach You To Be Rich by Janny Patri
When it comes to building wealth, many people are eager to jump into investing and taking risks in the hopes of making quick gains. However, I believe that before you start taking risks with your money, it's important to first establish a strong foundation for financial stability. This foundation includes setting up a solid emergency fund, paying off high-interest debt, and automating your savings and investments. Without this solid financial base, you are setting yourself up for potential disaster if your risky investments don't pan out. By focusing on building this foundation first, you are creating a safety net for yourself and your finances. This safety net can help protect you in case of unexpected events, such as job loss or medical emergencies, giving you peace of mind knowing that you have a buffer to fall back on. Once you have established this foundation, you can then start to explore more risky investment opportunities. However, even then, it's important to approach these risks with caution and a clear understanding of the potential rewards and drawbacks.- Building wealth is a marathon, not a sprint. Taking the time to build a strong foundation for financial stability before taking risks can ultimately lead to more sustainable and long-term success in your financial journey.
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