@takowi
Thank you for sharing valuable information Takowi.
Knowing how to manage your money is crucial for making smart financial decisions. It also makes it easier to secure a loan, lease, or mortgage. Personal finance is more than textbook theory - it is an essential part of living life on your own terms. Many people are stressed out about their finances, and understanding how money works can make a huge difference.
Understanding how money works indeed makes a huge difference. Another awareness that one need in addition to this is understanding their tax. Knowing why they are taxed the amount that they are and learn legal ways to reduce their tax liability. Many businesses, investors and salaried employees pay more without much understanding that they can actually reduce their tax if they were to account for some activities.
Some get penalty for not paying tax because they lack an understanding on how tax works and what they are liable for. It's important to identify what you can be liable for e.g
- dividends tax,
- tax on interest earned
- capital gains tax and
- provisional tax.
Paying taxes and good bookkeeping is essential.