Sources of Family

Income
Home Economics 6
Share to the class
of your parent‘s
occupation.
I guess everybody is familiar with
this?
How can anyone earn or
have an income?
Who does in earning money?
 Food, shelter and clothing are basic needs
of a human being.

How can we fulfill these basic needs? From

where can we get this money?
Sources- Anything or place from which something comes, arises, or is
obtained;Origin:
Income- money received, especially on a regular basis, for work or
through investments.
Family Income - Total of the income earned by all the members of the
household.

Families include:
1. Couples with child (ren),
2. Couples without child (ren), and
3. One parent with child (ren).
Total family income is calculated by adding together the total personal income
of each member of the family aged 15 years and over, who stated their
income.

What is the definition of household income?

Household income - is a measure of the combined income of all people
sharing a particular household or place of residence. It includes every form of
income, e.g., salaries and wages,retirement income.

Profit earned from business, rental from owned properties and dividend from
stock holdings.
There are three main sources for household
income:

1. Earned income
2. Investment income and
3. Retirement income
Salary- (earned income) is a fixed regular payment, typically paid on a
monthly or biweeklybasis but often expressed as an annual sum, made
by an employer to an employee, especially a professional or white-collar
worker.

Wage- (earned income) a fixed regular payment, typically paid on a daily

or weekly basis, madeby an employer to an employee, especially to a
manual or unskilled worker.

Profits-a financial gain, especially the difference between the amount

earned and the amount spent in buying, operating, or producing
something
Investment Income -
Make your money work for you with investments. You can earn
additional household income through dividend payouts,
interest and rental income. Buying and renting a property
gives you a consistent rent payment each month. Placing your
money in interest-bearing accounts, such as certificates of
deposit and money market accounts, nets you earned interest
on your money each month. Investing in the stock market may
add household income in the form of regular dividend
payouts.
Retirement Income -
Retirement means you don‘t have to go to a day job anymore. In
retirement, your incomecomes from all three sources, including Social
Security benefits, payouts from retirement accounts
and possibly a pension.A comfortable retirement requires careful planning
to ensure you have enough income to survive without needing to work for
a wage or salary.
Bonuses/commissions or honoraria- an amount of money added to
wages on a seasonal basis,especially as a reward for good performance.

Dividend(s) from stock holdings- a sum of money paid regularly

(typically quarterly) by acompany to its shareholders out of its profits (or
reserves).