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The 4 Basic Rule of Personal Finance
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[QUOTE="Jasmine, post: 231089, member: 49159"] In my opinion, personal finance mainly refers to financial planning in terms of your earning and spending (budgeting), building saving and investing strategies (money management). You need to mange your personal finance well for a couple of reasons like clearing debt, building income, saving money, investing, and last but not the least, improving your net worth. You net worth is your total worth in terms of money and wealth. You get your net worth by adding your all assets including cash, jewelry, shares, cryptos assets, property, etc. and subtracting your liabilities, loan. debts, payable bills, outstanding loan etc. You cannot build your net worth without managing your money and planning your finance. In order to build wealth, you need financial literacy. Actually personal finance also includes financial literacy. Financial literacy means having money management skills and knowledge. You do not have any skills to handle your finance, even your personal finance, you will be debt ridden, you will even have a difficulty to manage your basic needs. It does not matter how much you earn, what matters is now much you save, how much you invest. You will learn saving and investment strategies only through personal finance. You don't have to be an economist, though. [/QUOTE]
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