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Financial literacy, Have budget and live with in means - Coggle Diagram
Financial literacy
Principles
Investment principles
Save 10% of income
Save before you spend.
Don't plan to save what is left after spending
Let your Savings accumulate
First build emergency fund
Then invest in few short term investments
Then invest in medium and long term investments
Understand your risk profile
Maintain required insurance
How much insurance you need
Depends on your age and family
Depends on your net worth
Depends on your obligations
Strengths
Skills
Experience
Have budget and live with in means
Teack your spendings
Understand your spendings
Eliminate unnessary expenditures
Demand value for money
Use what you have before buying new thing
Every new item should replace old item