5 Core Financial Tips for Individuals

Financial literacy is driving a trend toward mindful consumption and effective resource management. Here are five key tips to keep in mind:

1. First and foremost, be mindful of your income and expenses. Define the following:

• income sources: to know how much you can manage each month,

• life goals and direction: to understand your needs in current stage of life,

• basic expenses that are aligned with your life goals, not impulse purchases.

  
  

2. Next, create a financial cushion to deal with unexpected situations and for your stable inner state.

3. The first two points are the base. Once you have those in place, you can proceed to establish passive income channels. Some options include investing in stocks, setting up a savings account, or exploring riskier avenues like business investments and venture capital.