Introduction

It wouldn’t be incorrect to say that managing money well is an art and a science, and financial literacy forms its base! With the proliferation of social media, there has been a sharp spike in cases where people have lost money following unverified tips, recommendations, and other scams. If this isn’t daunting enough, the deluge of information available makes it difficult for people to choose where best to invest their money.

Let's go through common finance-related mistakes that people make and understand how Indivest can help you avoid them!

• Mistake 1: Not saving for emergencies

  The possible reasons could be ignorance, overspending, or spending on unimportant activities. This could leave you in distress when immediate funds are needed.

• Mistake 2: Failing into a debt trap, specifically with higher interest rates

  Loans are convenient, but if not managed properly can leave you in a cycle of no savings and escalating debt.

• Mistake 3: Not creating a passive income and ignoring investments at an early age

  Passive incomes and investments when started early can give compounded returns, over the years, securing your lifestyle and a comfortable retirement.

• Mistake 4: Overlooking tax planning and insurance.

  Tax planning is advantageous for getting a loan, decreasing tax liability, claiming benefits, etc. Insurance helps mitigate most of the sudden risks one can be subjected to due to various reasons.

The only way to financial freedom is by avoiding these pitfalls. This guide is a starting point for financial literacy and risk mitigation. Your awareness and Indivest’s financial resources can make your future financially secure. Keep learning, and keep growing!