What are a few personal finance tips you would give to a beginner?
Answer
Follow
Current ratio 2.5
Working capital 63000
Calculate current asset and current liabilities
Budgeting is the best financial decision to make. It helps you decide what financial decisions are worth making. With a budget in place, you wouldn't overspend.
Keep money aside for unknown problems that might arise in the future. If by chance, you encounter any medical emergency this money will help you get through it.
Maintain a good credit score. In India, Credit Information Bureau India Limited records people's credit activity. Having a good CIBIL score shows whether the person pays loans on time. This indicates if the person is financially responsible or not.
Invest as soon as you can. The sooner you start investing, the better the returns. Research the stock market trends well before making any type of investment.
If there is an end point you want to achieve eg. A house. This is your goal. Use this as a benchmark while making financial decisions.