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Personal finance is the financial management that an individual or a family unit performs to budget, save, and spend monetary resources in a controlled manner, taking into account various financial risks and future life events.

When planning personal finances, the individual would take into account the suitability of various banking products (checking accounts, savings accounts, credit cards, and loans), insurance products (health insurance, disability insurance, life insurance, etc.), and investment products (bonds, stocks, real estate, etc.), as well as participation in monitoring and management of credit scores, income taxes, retirement funds and pensions.

Personal finance principles

It is hard to define universal personal finance principles because:

Individual situations vary significantly when it comes to income, wealth, and consumption requirements.

Tax and financial regulations vary between countries.

Market conditions change both geographically and over time.

A financial advisor can offer personalized advice in complicated situations and for high-wealth individuals. Still, University of Chicago professor Harold Policy and personal finance writer Helaine Open argue that in the United States, good personal finance advice boils down to a few simple points:[3]

Pay off credit card balances every month in full

Dedicate 10-20% of post-tax income for savings and investments

Create an emergency fund that can last at least 6 months

Maximize contributions to tax-advantaged funds such as a 401(k) retirement funds, individual retirement accounts, and 529 education savings plans

When investing savings:

Avoid trading individual securities

Look for low-cost, diversified mutual funds that balance risk vs. reward appropriately to an individual's target retirement year

If using a financial advisor, require them to commit to a fiduciary duty to act in an individual's best interest

The limits stated by laws may be different in each country; in any case personal finance should not disregard correct behavioral principles and the diligence of a "good family father": people should not develop attachment to the idea of money, morally reprehensible, and, when investing, should maintain the medium-long-term horizon avoiding hazards in the expected return of investment.

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