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5 Common Sources of Income in a Household
Financial Literacy

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Module 1 | Financial Literacy | |
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Unit 1 | Financial Literacy PreTest | |
Unit 2 | 5 Reasons Why You Need a Financial Plan | |
Unit 3 | 5 Common Sources of Income in a Household | |
Unit 4 | 3 Main Categories of Expenses in a Household | |
Unit 5 | 3 Steps on How to Create a Yearly Budget | |
Unit 6 | 4 Ways to Implement Good Budgeting | |
Unit 7 | 4 Essential Formal Financial Services that you Should Know About | |
Unit 8 | Financial Literacy PostTest |
Survey Questions
Hi. In this video, you will learn about the 5 common kinds of income sources in a household.
Where is money entering your household coming from? Your daily job, maybe extra cash you receive from after school tutoring, spouse’s income or a long distance family member helping out with your expenses.
Any source of money received by a household, usually on a regular basis, is called “Income”. A household needs income to meet its basic needs and to enjoy the wants it desires.
Here are the five common kinds of income in a household:
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Salaries: a fixed sum of money, usually received every month, for doing a particular job.
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Sales of products or services: making your own money by selling products or services. It can also be money received from selling handmade goods or providing vocational services in your free time. This can be a side income received in addition to your main salary.
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Pensions: money received regularly, during years of employment, to be saved for retirement.
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Profits from investments: for example, buying a property; hoping its value increases over time giving you profitable returns. Also, buying bonds or stocks can help you gain money from their profits (to be explained later in the coming courses).
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Gifts or Remittances: rewards or money received without an effort. Usually money received from family working abroad to help in household expenses.