Income

Meaning: 

Income is essential for meeting daily living expenses and financial obligations. 

It is a critical component of financial planning, enabling savings and investments for future needs.

How to understand Income:

Higher income levels enhance lifestyle choices and increase purchasing power, contributing to improved quality of life.

Income serves as a key indicator of the financial health and stability of individuals and businesses.

Importance in Finance:

Income influences several financial aspects, including budgeting, tax brackets, loan eligibility, investment capacity, and overall financial security.