At first glance, income seems like a simple topic. But many times, it’s easy to confuse specific cash flows, or even promised cash flows as income when they are not. There are many ways to be compensated, and it’s important to know when you are being paid, how, and why because it will lay the foundation to help you build a plan that uses your income in the best way possible.
In this episode, I’ll review what qualifies as income, and what doesn’t. We will highlight a few important things that impact compensation and some tips that will help get you started on your quest to understand your own income. Are you ready? Let’s see where your money comes from.
Highlights From Episode #04:
- It’s not income until we have access to it.
- It’s important to understand how timing and taxes impact our income.
- Know the difference between what is and isn’t income.
Time-stamped Show Notes:
2:22 – When it comes to your income, keep these things in mind.
2:58 – What else do we need to consider about income, other than amounts?
3:25 – Joe discusses the different types of income we receive.
4:35 – What’s not income?
5:50 – What gets in the way when understanding our income?
6:30 – Joe shares insights into how way timing and taxes impact our income?
Resources/Tools/Links Mentioned In This Episode:
The Truth About Your Income