Simple English definitions for legal terms
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Personal income refers to the money or other forms of payment that an individual receives from various sources such as employment, business, investments, royalties, gifts, and more. It can be received periodically or as a lump sum.
Examples of personal income include:
These examples illustrate how personal income can come from various sources and can be earned or received in different ways. Personal income is important because it is used to pay for living expenses, save for the future, and invest in assets that can generate more income.