Personal finance refers to the management of an individual’s financial activities, including budgeting, saving, investing, and planning for future financial goals. It encompasses a wide range of areas such as income, expenditures, debt management, retirement planning, and tax strategies. The objective of personal finance is to make informed decisions to achieve financial stability and growth over time. This involves setting financial goals, tracking financial progress, understanding financial products (like savings accounts, loans, and insurance), and making choices that align with one’s values and lifestyle. Personal finance is important for fostering financial literacy, ensuring effective use of money, and preparing for unexpected expenses or future needs.
Amir Reza-Tofighi proposes increasing the workweek by one hour to enhance retirement security. This additional hour would contribute directly to a personal retirement account, not immediate pay. The initiative targets…