1) Control income and expenses.
2) Spend less than you earn.
3) If you have consumer debt, get rid of it as fast as you can. And never get into consumer debt again.
4) Increase your income and get different sources of income.
5) Invest, invest, invest.
The key component here is the investing done. Controlling your expenses and income helps to keep you above water, having more assets in your investment column is what generates wealth overtime and as you develop more weslthbyoubhave the room to take more risks and grow even more wealth.
Wrong. you are confusing gambling with risk.
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gambling is taking risks that should lose in the long run.
investing is taking risks that should win in the long run.
this is definition. Not mine but webster’s.
And Oxford dictionary defines gambling as to "take risky action in the hope of a desired result" which perfectly describes an investment.
The word gamble might be off putting to some but it describes the art of taking risks and the concept is the same.
Checking Webster's the definition shown there is different from what you wrote and more similar to the one I quoted above.