Income

Income is the money that an individual or business earns from various sources, including wages, salaries, investments, and business profits. It is the foundation of personal financial management, as it determines the amount of money available for spending, saving, and investing. For individuals, income is often derived from employment, while for businesses, income is generated through sales of products or services. Managing income wisely is essential for maintaining financial health, enabling one to cover living expenses, build savings, and invest for the future.