Definition and Importance

Personal finance refers to the management of an individual's or household's financial activities, including budgeting, saving, investing, and planning for future financial goals. It encompasses various aspects such as income management, debt reduction, and retirement planning. Understanding personal finance is crucial as it empowers individuals to make informed decisions, secure their financial future, and achieve financial independence. Effective personal finance management can help avoid financial stress, build wealth, and ensure a stable and prosperous life.

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