What's the simplest way to back up iTunes library?

I haven't updated my iTunes in a while. I updated my iPhone and when I would reconnect it back to my computer, iTunes didn't recognize it. Now, I don't want to lose any of my library when I update to the newest version of iTunes, so what would be the simplest way to back up my library? Pretty please!

**I'm very appreciative of step by step instructions.

An External Hard Drive Is A Safe And Reliable Way. They're Expensive But Worth It

You don't need to! Just update it and all of your iTunes library will be there!

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