What is personal income in the economy?

Personal income refers to the total income of a person from wages or employment, investments, or any other form of enterprise that can generate income. Sometimes, personal income can refer to total earnings or income earned within a household over a period of time. As a rule, within the framework of society, a person’s personal income has a tax obligation, they must pay taxes on all the money they have earned. A person’s personal income minus his tax liability or the tax he owes leaves him disposable income, which is money that he has to take care of bills and other needs.

Remember: The process of learning a person lasts a lifetime. The value of the same knowledge for different people may be different, it is determined by their individual characteristics and needs. Therefore, knowledge is always needed at any age and position.