Consider yourself lucky if you were properly guided with advice and insights from the more experienced people in your circle while growing up. These pieces of advice are meant to prepare you for life’s most important lessons and set you up for success at the same time.

In the financial sense, knowing which good money habits to acquire can determine how well you’ll be able to manage your finances later on. That said, here’s a list of the financial advice that you might or might not have been told, but wish you had known earlier:

1. Living paycheck-to-paycheck is a trap

When you’re caught in a trap, there’s only one thing you need to do: you must get out of it. In terms of money matters, living paycheck-to-paycheck is one of the most challenging situations you could get into.

When you’re barely able to make both ends meet, you tend to look for temporary solutions like taking out multiple loans and not think about putting funds into your savings account. Unless you put a stop to it, you may end up having more liabilities than you could handle.

Take control of the situation by prioritizing saving and budgeting. It doesn’t matter if it’s just a small amount that you’re tucking away, as long as you do it religiously.

In terms of budgeting, it does help if you can figure out where you’re spending the most and come up with ways to cut costs in those areas. Again, this requires that you stay within your budget to enable you to cover expenses until the next check comes in.

As you become more and more disciplined in these areas, you’ll find that it’s easier to set yourself free from money problem traps.

2. There’s always an investment that’s right for you

The term “investment” tends to scare people away, as it usually conjures images or thoughts of taking risks and accumulating losses. What you need to know is that there’s a particular recommended investment for every stage of life.

You only need to understand how investment products work, so you could determine the type that suits your financial status, goals, and other considerations. Even health insurance can be considered an investment despite it not being a source of financial gain for you. In case a critical illness strikes, you can be protected from using up your income or savings with this plan in tow.

3. Be business-minded

The most successful entrepreneurs generate wealth in different ways, but some of the best practices include acting on their business idea and turning it into reality.

You don’t need to know everything about the business or industry that you want to explore right away, as building great things like a business empire takes time. What’s important is that you cultivate the right mindset in business. This may require that you study the current state of your target market, see where the gaps are, and establish a business plan.

Put yourself in the shoes of customers that you want to attract to your business, ask experts to mentor you, set goals, and track your business’s performance—these are just some of the countless, surefire ways you can adopt to train yourself into becoming business-savvy and building your financial wealth.

4. It’s never too early to plan for your retirement

As a budding entrepreneur or business owner, setting up a retirement fund is probably the least of your priorities. You might choose to live in the moment and worry about the future some other time. Needless to say, this kind of approach isn’t really a wise one as that “some other time” can take years or decades—you get the point.

Ideally, as your income increases and you meet your saving goals, you should already be thinking of your retirement plans. How much will you need to be able to live a comfortable retirement? When or where do you want to retire? Are there things that you want to tick off from your bucket list upon retirement?

Tackling these questions as early as possible can help you and your family put things in order for the longer term.

5. Spend your money wisely

This is one of the most fundamentals yet underrated piece of advice you could ever receive from anyone. People tend to forget that it takes more than having good saving habits to boost one’s financial capabilities. Truth is, you need to be a smart spender to be able to save more.

Know when you should choose quality over quantity and vice versa if you’re shopping for products or services. If you’re trying to get your startup off the ground, keep in mind not to get carried away and make impractical financial decisions. Instead, stay focused on your goal to grow your business and make some good profit at every possible opportunity.