Personal finance refers to the management of an individual’s or household’s financial activities and decisions. This encompasses budgeting, saving, investing, and planning for future financial goals. Key components of personal finance include income management, expenditure tracking, savings allocation, debt management, and investment strategies. Effective personal finance aims to maximize financial well-being, ensuring that individuals can meet their current expenses and achieve future financial aspirations, such as retirement planning, home ownership, and education funding. Personal finance also involves understanding financial products, taxes, and risks to make informed decisions that align with one’s financial objectives.
In a recent press conference, the chair of the Liberal Democratic Party’s (LDP) Tax Research Committee, Hiroi Miyazawa, addressed crucial updates to Japan's income tax system, particularly the threshold known…