Income
The process of earning money
What is Income?
The amount stays the same every month
What are fixed expenses?
Expenses that are necessary for survival
What are essential expenses?
A plan for tracking Income and Expenses
What is a Budget?
Money earned by working or doing a job
What is earned income?
The amount changes over time
What are variable expenses?
Expenses that are WANTS and are not necessary to live
What are Discretionary expenses?
When using a budget, what is it called when money comes in
What is Income?
Money made through investments, real estate or ownership in a business
What is passive income?
A loan to pay for a house
What is a mortgage?
This type of expense is necessary and the amount does not change
What is an essential fixed expense?
In a budget, what is it called when money goes out
What are expenses?
Income made from investing in stocks
What are Dividends?
Name 3 fixed expenses
Mortgage, rent, car payment, student loans, cell phone
This type of expense is where the amount changes and it is not necessary
What is a variable discretionary expense?
Money left over after expenses are paid can be used for
What is Savings or Investing?
To increase wealth use income to buy this
What are Assets?
Name 5 variable expenses
Groceries, Clothes, Gas, Utility Bills, Entertainment, Car Repairs and Home Repairs
Name 3 variable discretionary expenses
What are Gas, Entertainment, Toys, Restaurants, Vacations, and Hobbies
Money left over after expenses have been paid
What is called a surplus or savings?