Assetto Corsa Basic Hotlap Tuning Guide - The 5 Elements

A somewhat common question in the comments section is for a basic setup guide. There are 5 basic things you should tweak before you head out onto your hotlap. I present them here.
1) Horsepower - Increase turbo or MGU output
2) Weight - decrease your fuel load
3) Tires - tweak your tire pressure and temperature
4) Aerodynamics - Increase or decrease downforce based on the track
5) Gear ratio - Change your final gear ratio to suit your top speed