To set clear financial goals, you should consider your current financial situation and what you want to achieve in the short-term and long-term. It's also important to consider your risk tolerance, time horizon, and liquidity needs. Once you have a clear picture of your goals, you can develop a plan to achieve them.

Diversification is a risk management technique that involves spreading your investments across different asset classes, sectors, and regions. Diversification is important because it helps to reduce the overall risk in your portfolio by reducing the impact of any one investment performing poorly.

 Risk and return are related. The higher the potential return of an investment, the higher the potential risk. It's important to understand the level of risk you are comfortable with and match that to your investment options. It's also important to understand the potential returns of different investments and how they fit into your overall financial plan.

Some common mistakes that investors make include not diversifying their portfolio, chasing hot investments, and not having a clear investment plan. It's also easy to fall prey to emotional decision making, not understanding the risk of the investment and not having a proper emergency fund. It's important to take a disciplined and patient approach to investing and getting professional advice can also be helpful.