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CORE PILLARS OF PERSONAL FINANCE 🌟🌍
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Solomon Linus Jnr
48 days ago📊 Core Pillars of Personal Finance
1. Budgeting – Control Your Cash Flow
A budget is the foundation of personal finance. It helps you track income, manage expenses, and avoid unnecessary debt. Following the 50/30/20 rule (50% needs, 30% wants, 20% savings/investing) is a simple starting point.
2. Saving – Build Your Safety Net
Savings protect you from unexpected events like job loss, medical bills, or emergencies. Experts recommend keeping 3–6 months of living expenses in an emergency fund.
3. Investing – Grow Your Wealth
Saving protects your present, but investing secures your future. Whether through stocks, bonds, real estate, or retirement accounts, investing allows your money to work for you through compound growth.
4. Debt Management – Borrow Wisely
Not all debt is bad, but unmanaged debt can destroy financial stability. Prioritize paying off high-interest debts (like credit cards) first, and use debt strategically for assets (like education or real estate).
5. Financial Literacy – Knowledge is Power
Understanding how money works is key. From interest rates to taxes, insurance to retirement planning—the more you know, the better your decisions will be.
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