Income

money in jar

Image Source: https://www.flickr.com/photos/minidriver/394726369/ by Greg Wagoner

 

Income for a person is the money earned via employment and/or investments. Some examples of income include a full or part-time job(s) (salary or wage based), investments; such as buying and selling stocks, real estate/rental property, interest bearing accounts (checking or savings), etc.

Basically your regular job or career will gain you income and if you decide to buy property such as a 2-family house and put one floor up for rent, you will be gaining income from the rent. Your checking/savings account can gain interest which is a another form of income. Anything that will produce more money or be worth more later and then sold for investment is considered income. For example even the buying and selling of street-wear/clothing (that much of today’s youth tend to do as a side job) by buying a limited designer product and reselling it for double the retail value or more as profit.

 

For Further Reading:

Glossary, UD: Economic Inequality, , , , , , , , ,

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