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Private Income
Private income is either: * any type of income received by a private individual or household, often derived from occupational activities, or * income of an individual that is not in the form of a salary, wage, or commission (e.g. income from investments or renting land or other property). Many people with a private income of the second type are comfortably or well off and may not need a job for additional income. People in such a position can have other pursuits, e.g., as a philanthropist, or in the past as a gentleman scientist, artist, clergyman or writer. Today among America's 146,000 highest income households, those making more than $1.6 million per year, 31% of all income was derived from investments. See also *Trust fund *Passive income * Unearned income *Economic rent In economics, economic rent is any payment (in the context of a market transaction) to the owner of a factor of production in excess of the cost needed to bring that factor into production. In classical ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For example, a person's income in an economic sense may be different from their income as defined by law. An extremely important definition of income is Haig–Simons income, which defines income as ''Consumption + Change in net worth'' and is widely used in economics. For households and individuals in the United States, income is defined by tax law as a sum that includes any wage, salary, profit, interest payment, rent, or other form of earnings received in a calendar year.Case, K. & Fair, R. (2007). ''Principles of Economics''. Upper Saddle River, NJ: Pearson Education. p. 54. Discretionary income is often defined as gross income minus taxes and other deductions (e.g., mandatory pension contributions), and is widely used as a basis to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Salary
A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis. From the point of view of running a business, salary can also be viewed as the cost of acquiring and retaining human resources for running operations, and is then termed personnel expense or salary expense. In accounting, salaries are recorded in payroll accounts. Salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed. Salary is commonly paid in fixed intervals, for example, monthly payments of one-twelfth of the annual salary. Salary is typically determined by comparing market pay rates for people performing similar work in similar industries in the same region. Salary is also determined by leveling the pay rates and salary ranges established by an individual employer. Salary is a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wage
A wage is payment made by an employer to an employee for work done in a specific period of time. Some examples of wage payments include compensatory payments such as ''minimum wage'', '' prevailing wage'', and ''yearly bonuses,'' and remunerative payments such as ''prizes'' and ''tip payouts.'' Wages are part of the expenses that are involved in running a business. It is an obligation to the employee regardless of the profitability of the company. Payment by wage contrasts with salaried work, in which the employer pays an arranged amount at steady intervals (such as a week or month) regardless of hours worked, with commission which conditions pay on individual performance, and with compensation based on the performance of the company as a whole. Waged employees may also receive tips or gratuity paid directly by clients and employee benefits which are non-monetary forms of compensation. Since wage labour is the predominant form of work, the term "wage" sometimes refers to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commission (remuneration)
Commissions are a form of variable-pay remuneration for services rendered or products sold. Commissions are a common way to motivate and reward salespeople. Commissions can also be designed to encourage specific sales behaviors. For example, commissions may be reduced when granting large discounts. Or commissions may be increased when selling certain products the organization wants to promote. Commissions are usually implemented within the framework on a sales incentive program, which can include one or multiple commission plans (each typically based on a combination of territory, position, or products). Payments are often calculated using a percentage of revenue, a way for firms to solve the principal–agent problem by attempting to realign employees' interests with those of the firm. However, models other than percentages are possible, such as profit-based approaches, or bonus-based approaches. Commissions allow sales personnel to be paid (in part or entirely) based on products ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Investment
Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing is to generate a return from the invested asset. The return may consist of a gain (profit) or a loss realized from the sale of a property or an investment, unrealized capital appreciation (or depreciation), or investment income such as dividends, interest, or rental income, or a combination of capital gain and income. The return may also include currency gains or losses due to changes in the foreign currency exchange rates. Investors generally expect higher returns from riskier investments. When a low-risk investment is made, the return is also generally low. Similarly, high risk comes with a chance of high losses. Investors, particularly novices, are often advised to diversify their portfolio. Diversification has the statistical effe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Renting
Renting, also known as hiring or letting, is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership. An example of renting is equipment rental. Renting can be an example of the sharing economy. History Various types of rent are referenced in Roman law: rent (''canon'') under the long leasehold tenure of Emphyteusis; rent (''reditus'') of a farm; ground-rent (''solarium''); rent of state lands (''vectigal''); and the annual rent (''prensio'') payable for the ''jus superficiarum'' or right to the perpetual enjoyment of anything built on the surface of land. Reasons for renting There are many possible reasons for renting instead of buying, for example: *In many jurisdictions (including India, Spain, Australia, United Kingdom and the United States) rent paid in a trade or business is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philanthropist
Philanthropy is a form of altruism that consists of "private initiatives, for the public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private good, focusing on material gain; and with government endeavors, which are public initiatives for public good, notably focusing on provision of public services. A person who practices philanthropy is a philanthropist. Etymology The word ''philanthropy'' comes , from ''phil''- "love, fond of" and ''anthrōpos'' "humankind, mankind". In the second century AD, Plutarch used the Greek concept of ''philanthrôpía'' to describe superior human beings. During the Middle Ages, ''philanthrôpía'' was superseded in Europe by the Christian virtue of ''charity'' (Latin: ''caritas''); selfless love, valued for salvation and escape from purgatory. Thomas Aquinas held that "the habit of charity extends not only to the love of God, but also to the love of our neighbor". Philant ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gentleman Scientist
An independent scientist (historically also known as gentleman scientist) is a financially independent scientist who pursues scientific study without direct affiliation to a public institution such as a university or government-run research and development body. The expression "gentleman scientist" arose in post-Renaissance Europe, but became less common in the 20th century as government and private funding increased. Most independent scientists have at some point in their career been affiliated with some academic institution, such as Charles Darwin, who was affiliated with the Geological Society of London. History Self-funded scientists practiced more commonly from the Renaissance until the late 19th century, including the Victorian era, especially in England, before large-scale government and corporate funding was available. Many early fellows of the Royal Society in London were independent scientists. Benefits and drawbacks Self-funding has the disadvantage that funds may ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Artist
An artist is a person engaged in an activity related to creating art, practicing the arts, or demonstrating an art. The common usage in both everyday speech and academic discourse refers to a practitioner in the visual arts only. However, the term is also often used in the entertainment business, especially in a business context, for musicians and other performers (although less often for actors). "Artiste" (French for artist) is a variant used in English in this context, but this use has become rare. Use of the term "artist" to describe writers is valid, but less common, and mostly restricted to contexts like used in criticism. Dictionary definitions The '' Oxford English Dictionary'' defines the older broad meanings of the term "artist": * A learned person or Master of Arts. * One who pursues a practical science, traditionally medicine, astrology, alchemy, chemistry. * A follower of a pursuit in which skill comes by study or practice. * A follower of a manual art, such a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Clergyman
Clergy are formal leaders within established religions. Their roles and functions vary in different religious traditions, but usually involve presiding over specific rituals and teaching their religion's doctrines and practices. Some of the terms used for individual clergy are clergyman, clergywoman, clergyperson, churchman, and cleric, while clerk in holy orders has a long history but is rarely used. In Christianity, the specific names and roles of the clergy vary by denomination and there is a wide range of formal and informal clergy positions, including deacons, elders, priests, bishops, preachers, pastors, presbyters, ministers, and the pope. In Islam, a religious leader is often known formally or informally as an imam, caliph, qadi, mufti, mullah, muezzin, or ayatollah. In the Jewish tradition, a religious leader is often a rabbi (teacher) or hazzan (cantor). Etymology The word ''cleric'' comes from the ecclesiastical Latin ''Clericus'', for those belonging to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Writer
A writer is a person who uses written words in different writing styles and techniques to communicate ideas. Writers produce different forms of literary art and creative writing such as novels, short stories, books, poetry, travelogues, plays, screenplays, teleplays, songs, and essays as well as other reports and news articles that may be of interest to the general public. Writers' texts are published across a wide range of media. Skilled writers who are able to use language to express ideas well, often contribute significantly to the cultural content of a society. The term "writer" is also used elsewhere in the arts and music, such as songwriter or a screenwriter, but also a stand-alone "writer" typically refers to the creation of written language. Some writers work from an oral tradition. Writers can produce material across a number of genres, fictional or non-fictional. Other writers use multiple media such as graphics or illustration to enhance the commun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trust Fund
A trust is a legal relationship in which the holder of a right gives it to another person or entity who must keep and use it solely for another's benefit. In the Anglo-American common law, the party who entrusts the right is known as the " settlor", the party to whom the right is entrusted is known as the "trustee", the party for whose benefit the property is entrusted is known as the "beneficiary", and the entrusted property itself is known as the "corpus" or "trust property". A ''testamentary trust'' is created by a will and arises after the death of the settlor. An ''inter vivos trust'' is created during the settlor's lifetime by a trust instrument. A trust may be revocable or irrevocable; an irrevocable trust can be "broken" (revoked) only by a judicial proceeding. The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
