Total Monthly Income
The income from your job or other resources including investment dividends, pensions, Social Security benefits, rental income and more.
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The idea is part of this collection:
Learn more about moneyandinvestments with this collection
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Types of Income
- Active Income - the most common example of an active income comes in the form of paychecks from your employer
- Passive Income - this type of income is received even without active participation in the business
Investing in Fixed-Income Securities (Bonds)
- When you buy fixed income security, you are really lending money to the bond issuer in exchange for interest income.
- You can buy certificates of deposit or money markets, or invest in corporate bonds, tax-free municipal bonds, and U.S. savings bo...
Why 20 percent is recommended
Assuming you're in your 20s or 30s and can earn an average investment return of five percent a year, you'll need to save about 20 percent of your income so you can reach financial independence when you're older.
Financial independence means that you can maintain your chosen lifestyle entir...
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