PERSONAL

 Embarking on the journey of financial planning can feel overwhelming, especially if you're just starting. However, mastering the basics can set you on a path to financial stability and success. Here’s a comprehensive guide with top financial planning tips for beginners to help you build a strong foundation. 1. Understand Your Financial Situation The first step in effective financial planning is to gain a clear understanding of your current financial situation. This involves: a. Assessing Your Income: List all sources of income, including your salary, bonuses, rental income, or any side hustles. Knowing your total income helps you create a realistic budget. b. Tracking Expenses: Monitor your spending patterns by keeping track of all expenses. Use budgeting apps or spreadsheets to categorize and review your spending habits. This will help identify areas where you can cut back. c. Evaluating Net Worth: Calculate your net worth by subtracting your liabilities (debts) from your asse