SECTION 2
As discussed in the previous section, it is important to identify and record all forms of income like, Salary, commission, allowance, and perks etc for salaried individuals; Profit, Commission and fees for self employed individuals.
Common sources of income could be rent, interest, dividend and royalty...
It is easy to record an income of a salaried individual, as it is directly paid to them for them to keep, while it is little difficult to record an income of a self employed individual.
Proper care should be taken to differentiate between revenue and income.
Most people think that revenue and income are same, and end up spending more than they actually earned.
Once you know how much you earn every month, the next step is to track your expenses, loan repayments and savings to ensure that they do not exceed your income.
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