Income Meaning and Definition
Income
Pronunciation
/ˈɪnkəm/
Part of Speech
Noun
Definition
A sum of money received or earned, whether regularly or irregularly, from work, investments, or other sources, used to support an individual or organization’s financial well-being.
Examples
- The monthly income of the average family in this city is $5,000.
- After winning the lottery, John received a lump sum income of $1 million.
Synonyms
- Income
- Wages
- Earnings
- Salary
Antonyms
- Expenses
- Loss
- Debt
Additional Information
Income can come from various sources, including employment, investments, and government benefits. It is essential for individuals to manage their income effectively to achieve financial stability and grow their wealth.
Income is often categorized into three main types: fixed income, which is regular and steady, such as a monthly salary; variable income, which is irregular and can vary from month to month, such as freelance work; and residual income, which is income that continues to be earned after an initial investment, such as rent from a property.
Etymology
The word “income” comes from the Old English word “incom,” which means “to come in” or “to arrive.” It has been used in English since the 14th century to describe a sum of money received or earned.
Usage Notes
Income is often used in financial contexts to describe a person’s or organization’s earnings over a specific period.
In formal business and financial documents, “income” is commonly used to describe the revenue generated by a company or a specific project.
Cultural References
In the 1990s, the phrase “additional income” became popularized in personal finance circles, encouraging people to explore alternative sources of income to improve their financial situation.
Idiomatic Expressions or Phrases
Phrases such as “to make ends meet” and “to increase one’s income” are common idioms that relate to income.
Related Words or Phrases
Words and phrases closely related to income include “wealth,” “finances,” ” budget,” and “expenses.”
Collocations
Common collocations with income include “monthly income,” “yearly income,” “additional income,” and “fixed income.”
Frequency of Use
In modern English, income is a frequently used term, particularly in business and financial contexts.
Common Misspellings
Common misspellings of income include “ingocome” and “inkome.”