Understanding Income and Expense

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Income

Income represents the money that is coming into your pocket by doing some job to business. Income can be of many types. For simplicity, we have divided income into two types -

Active Income

It is income that can be earned till the time you are actively working. Income from your job or business is an example of this.

Passive Income

Passive income is one of the types of income for which you need to work for a limited time and it generates income for many years. Best Passive Income Ideas

Primary Income

This is the income on which your expenses are primarily dependent.  

Secondary Income

You can think of it as income from a side business or a second job.

Expense

Expense represents the money that is going out of your pocket by purchasing some product or service.

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