Compound interest is when you earn interest on both the money you've saved and the interest you earn. It's like earning interest on interest, which helps your money grow faster over time.

Start by tracking your income and expenses, categorize your spending, set financial goals, and allocate your money accordingly. Use the 50/30/20 rule: 50% for needs, 30% for wants, and 20% for savings and debt repayment.

Start by opening a CDP account and a trading account with a brokerage. Research different investment options like stocks, bonds, and ETFs. Consider starting with regular investments through plans like RSP (Regular Savings Plan).

Diversification is spreading your investments across different assets to reduce risk. Don't put all your eggs in one basket - invest in various sectors, regions, and asset types.

Essential insurance types include health insurance, life insurance, critical illness coverage, and disability income insurance. Consider your needs and circumstances when choosing coverage.

A general rule is 10-12 times your annual income. Consider your debts, dependents, and long-term financial obligations when determining coverage amount.