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Financial management, also known as personal finance, is the practice of controlling one's money and assets in order to make informed and prudent financial decisions. It involves assessing one's financial situation, setting financial goals, creating a budget, saving and investing money, and managing debt. Good financial management can help individuals achieve long-term financial stability and security, as well as reach their financial goals, such as buying a home, starting a business, or saving for retirement. It is important for individuals to educate themselves on financial management and seek professional advice when needed.