Personal Finance — Taking Control of Your Money

Personal finance is the management of your money — earning, saving, spending, investing, and protecting it.

The stakes:

78% of American workers live paycheck to paycheck

The average American retires with less than $100,000 saved

Social Security replaces only ~40% of pre-retirement income

Medical debt is the leading cause of personal bankruptcy

The core pillars:

1. Budgeting — knowing where your money goes

2. Saving — building a safety net and future

3. Debt management — avoiding and eliminating bad debt

4. Investing — growing wealth over time

5. Insurance — protecting what you have

6. Retirement planning — not working forever

The most important rule: Spend less than you earn. Everything else builds on this. A six-figure salary with no savings is financial weakness. A $40,000 salary with 20% savings is financial strength.

Reference:

Wikipedia: Personal Finance

https://en.wikipedia.org/wiki/Personal_finance