What is personal finance?

Personal finance refers to the management of one's financial resources, including income, expenses, savings, investments, and debt. The ultimate objective of personal finance is to achieve financial security and stability by making informed and effective decisions regarding one's finances. It involves setting financial goals, creating a budget, monitoring expenses, creating an emergency fund, managing debt, investing for the future, and planning for retirement. Personal finance is crucial to individuals of all ages and income levels, as it impacts their overall financial well-being and quality of life.

This mind map was published on 17 April 2023 and has been viewed 147 times.