You may have heard different terminology regarding the income that you receive. One of the common questions that derives from this is, “What is Gross Income?”
Gross Income is actually very simple. If you are an employee, your gross income is simply the amount of money you receive before taxes.
If you are a corporation or business, then your gross income is the revenue produced minus the cost of good sold. This is also referred to as gross margin or gross profit.
How do I Increase my Gross Income?
There are a few ways you could increase your gross income:
- Work more hours at your current job
- Earn a raise
- Work a 2nd job
- Start a side business
- If you already have a business, increase your sales
Have you successfully improved your gross income? What effect did this have on your life?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.