Personal finance refers to the management of an individual’s financial activities, which encompasses budgeting, saving, investing, and planning for future financial goals. It involves tracking income and expenses, setting financial goals, and making informed decisions about spending, saving, and investing money. Personal finance is crucial for achieving financial stability and security, helping individuals manage their resources effectively to meet both short-term and long-term needs. Key components include understanding credit, managing debt, preparing for retirement, and ensuring adequate insurance coverage. By developing a solid grasp of personal finance, individuals can enhance their financial well-being and make informed choices that align with their life aspirations.
Amir Reza-Tofighi, the new leader of the Confederation of Small and Medium-Sized Enterprises, proposes adding an extra work hour weekly, dedicated to retirement savings. The extra hour is invested in…