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2. Debt Awareness:
Interest Rates: Comprehend how interest affects loans and credit cards
Credit Score: Learn how financial behaviour impacts your credit history
Avoiding Debt: Practice responsible spending to avoid unnecessary debt.
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517 reads
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6. Emergency Preparedness:
Emergency Fund: Establish an emergency fund for unexpected expenses
Insurance: Learn about different types of insurance and their importance
Financial Resilience: Prepare for financial setbacks and crises.
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438 reads
3. Investing Insights:
Compound Interest: Understand how your money can grow over time with investments
Asset Allocation: Learn about different investment options
Risk vs. Reward: Grasp the relationship between risk tolerance and potential returns
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458 reads
1. Budgeting Basics:
Income vs. Expenses: Understand how to balance what you earn and what you spend
Needs vs. Wants: Differentiate between essential expenses and discretionary spending
Savings: Allocate a portion of your income to savings and emergen...
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642 reads
5. Tax Fundamentals:
Taxation Basics: Learn about income tax, deductions, and credits
Filing Process: Understand how to prepare and file your taxes
Tax Responsibility: Recognise your tax obligations as a citizen.
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388 reads
4. Financial Goals:
Setting Goals: Define short-term and long-term financial objectives
Budget Alignment: Align your budget with your goals to achieve them
Monitoring Progress: Track your financial journey and adjust as needed.
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402 reads
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Financial literacy is a crucial life skill Equip yourself with these six money lessons you need to learn before turning 18:
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Other curated ideas on this topic:
Disadvantages of Personal Loans
As good as it sounds, personal loans have its own disadvantages such as:
- Some personal loans have higher interest rates because since it doesn't require collateral and are unsecured, the risk of not paying the lender back is high; and
- It can a...
3 Financial Basics
- Create a Financial Calendar: prevent yourself from forgetting quarterly tax payments and to get credit reports.
- Check Your Interest Rate: Pay off loans, open saving accounts and negotiate credit debts based on interest rates.
- Track Your Net Worth: The dif...
Credit cards
Carrying credit card debt is a great way to negatively compound your net worth. But credit itself is important.
Likely the biggest expense over your lifetime will be interest costs on your mortgage, car loans, student loans, etc. Having a solid credit score can save you tens of tho...
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