Income

To reach a savings goal you have to have-

money left over at the end of each week or month to save.

How much you save will depend on what?

your Income and Expenses

Income

money that you receive that can come from many different sources, including investments or selling products and services.

For many people, their main source of income is what?

pay from their job.

For many people, their main source of income is pay from their job. But income can also do what?

Income can come from many different sources, such as investments or side hustles.

What are some examples of what income can also come from?

investments and side hustles.

Gross Income

the total value of all the money you bring in.

If you make $20 dollars an hour, your gross income for an 8 hour day is what?

$160 dollars.

What is an important caveat to remember about your gross income?

your gross income pay isn’t what you get to take home.

Net Income

the pay that you actually take home after taxes and deductions.

If you’ve ever gotten a paycheck, you’ll see that different types of income are subject to what?

taxes and other deductions.

Taxes

a compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions.

Deductions

money that’s withheld from your pay.

Your net Income (or take-home pay) is what you can use to do what

budget.

If you make $160 every day and 20% of it is deducted for taxes, the net pay you actually take home and spend is what?

$128

When you make a budget you should do/start with what?

Start with your net pay.