Generating a character is fairly simple. You get 5 Focus Points, 30 Skill Points, and 12 Stat Points, which you use to buy Focuses, Skills and Stats respectively.

Stat Points are a simple one-for-one trade. One Stat Point buys you one point in either Might, Mind or Magic.

Skill Points are triangular. To raise a skill from level x-1 to level x, you need to spend x skill points. So:

Focus Points are exponential. A level 1 Focus costs 1 Focus Point and every extra point you put in doubles its level:

Some things to think about

It's good to have at least one really high skill, because it's generally quite easy to shoehorn that skill into the situation you're in. This is why high skills are far more expensive.

It's good to have a range of Focuses. It's bad to have to wager a high-level Focus just because you're out of cheap ones. However, it's also bad to have to wager your life because your enemy has a high-level Focus he's wagering.

Your stats should roughly follow your skills. If you have a high skill with a Might base, then you need a high Might stat so that you can absorb the fallout when you try to use it and roll poorly. That said, you also need to avoid leaving weak chinks in your armour; if your Magic stat is 1 then anybody with a magic-based skill of 3 or more has a good chance of taking you out with a Finishing Move in the first round of combat; if your Magic stat is 2 then anybody with a magic-based skill of 4 or more has a fifty-fifty chance of hitting you with whatever Finishing Move they throw.