An income is the money that you received from work or from your investments. Without income, you will not be able to pay for your living expenses.
There are two types of income: active and passive income. Continue reading Do You Work for Money or Do You Let Money Work for You?
Understanding basic money terms should be your first step towards financial literacy. It would be very difficult to start learning financial literacy, much more overhaul your financial life without understanding the basics. Just like reading for example, you won’t be able to learn how to read without knowing the alphabet.
Continue reading 10 Basic Terms That You Should Know About Personal Finance
To live beyond your means simply means that you are spending more than what you can afford. Statistics show that a great majority of employees nowadays are living from paycheck to paycheck without any kind of financial cushion. While we all deserve to spend our hard earned income, spending beyond our earnings and racking up debt in the process is a recipe for financial disaster.
To live beyond your means is to spend more than you earn.
Continue reading 10 Warning Signs that You are Living Beyond Your Means