INFORMATION ABOUT PERSONAL FINANCE
Personal finance , as a term , covers the concepts of managing your money , saving, and investing . It also includes banking , budgeting , mortgages , investments , insurance , retirement planning and tax planning . One can consider that personal finance comprises the entire industry that provides financial services to individuals and advises them about opportunities .
1. WHAT IS PERSONAL FINANCE ?
Personal finance is mostly about realizing personal financial goals . Whether it's saving enough for short - term financial needs , planning , for retirement , or saving for your child's college education . Mostly it depends on your income , expenses , living requirements , and individual goals , and the plan you make to fulfill those goals within your financial constraints .
2 . WHY IS PERSONAL FINANCE IMPORTANT ?
It's very important to become financially literate in order to make the most of your income and savings . Financial literacy helps you distinguish between good and bad financial advice and make savvy decisions .
Few schools offer courses on managing your money , So it is important to learn the basics through free online articles , courses , blogs , podcasts , or at the library .
The new concepts , smart personal finance involves developing strategies that include budgeting , creating an emergency fund , paying off debt , using credit cards wisely , saving for retirement , and more .
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