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Streams of Income
If you landed on this page without first reading the income tutorial I suggest you go to that page and learn about the mutliple streams of income around.
Main Source of Income
Some income streams are considered as main sources of income.
These streams of income are:
- Salaries
- Unemployment Compensation
- Social Security
- SSI
- Small Business Income
- Sometimes Part-Time Employment
- Pension
- Royalties
Incomes streams that are your main source of income should be used to pay your household expenses.
If you have a surplus at the end of the month, you should explore putting it in an emergency fund or
put into a some kind of savings plan.
All other streams of income can be used for savings and investing.
Let talk about which income should be used for savings and investments. Because each persons personal financial situation differs, this may not apply to you. Some people might need all their income streams to handle their household expense.
Secondary Income
Secondary Income is all other income besides your main income
A List of Secondary Income
- Bonuses
- Tips
- Interest from investments
- Interest from savings accounts
- Part-time jobs
- Tax Refund
- Pension income (only if it is used as an add on income)
- Annual garage sales
- eBay sales
- Rental property income
- Alimony
- Seasonal income
- Winnings
- Royalties (only if it used as a second income)
- Rebates
- Small business income if used as an add on job and you have a full time job.
Use you secondary income for savings and investings. Continue to use your main source of income for everyday living expenses.
Hi, I'm Abbie.
Your financial
education tutor.
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