Income

Personal income; change from previous year

An income, as used in the generic sense, refers to money earned, generally through labor or investment. In the United States, income is generally calculated and related in dollars/year.

In the Recession of 2008 (still underway), Wealth holding took a heavy blow. Incomes were down too, but not as dramatically.

As used in the U.S. Tax Code, refers to federally-connected activities and investments, income is the value of which is measured by the monetary receipts produced therefrom. The term "income," as used in 16th Amendment to the U.S. Constitution and internal revenue laws, does not refer to private pay or profit derived from private-sector work or investments. In general, terms such as "wages," "compensation," "interest," "profit," "dividends," and other specially defined terms in the tax code, refer strictly to money, gains, and other accessions to wealth generated from the use of federal privilege, prerogative, or property.

Personality changes and its effects on income

See also: Personality changes and its effect on income and Neuroplasticity and the ability of individuals to change their personality and Neuroticism and Extraversion and Agreeableness and Conscientiousness and Openness

Ben C. Fletcher D.Phil., Oxon writes:

“

In their paper Boyce and colleagues went on to put a monetary value on changes in each of the Big Five personality traits. Their results showed that every standard unit increase in personality change was equivalent to an increase of between $92,000 and $314,000 in annual household income (US dollars). To put this another way, people needed an increase of between $91,000 and $309,00 in annual income to achieve the same increase in life satisfaction produced by a unit change in personality. Change in the different personality traits were associated with different monetary values, with change in neuroticism being worth $314k, extraversion $225k, agreeableness $149k, conscientiousness was worth $91k and openness to experience $62k. If we bear in mind that the average annual household income was around $88,000/year it seems to pay really well to Flex!

”

Journal articles

• The Big Five personality traits and earnings: A meta-analysis, Journal of Economic Psychology, Volume 94, January 2023, 102570

• Is Personality Fixed? Personality Changes as Much as ‘‘Variable’’ Economic Factors and More Strongly Predicts Changes to Life Satisfaction by Christopher J Boyce, Alex Mathew Wood and Nattavudh Powdthavee, Social Indicators Research (2013) 111:287–305DOI 10.1007/s11205-012-0006-z

• Uncovering the Power of Personality to Shape Income, Psychol Sci. 2017 Nov 20;29(1):3–13. doi: 10.1177/0956797617724435

• Disentangling the within- and between-person effects of personality on income for men and women, Royal Society Publishing, 2024

Diversification and personal/business income

See also: Multiple streams of income and Diversification

Multiple streams of income is an economic concept that is applied to either personal or business use whereby the person or business entity seeks multiple sources for income that have some level of separateness so that in the event that one stream "dries up", the other sources will continue and prevent a catastrophic situation from occurring. See: Diversification

See also

• Basic income