Budgeting is the most basic and important financial habit one should develop as soon as they start handling money.

Risk management is the process of identifying, assessing, and controlling the risks that can impact financial security and earnings. It provides us with a tool that will help us make an informed choice on where to park our earnings and savings.

Liquidity is important as during emergencies, people will not always have time to sell off assets like car or second homes in exchange for cash.