Income

Gifts Advantages

Easy to accumulate. Don't have to work for it. Investment options.

Gifts

Given to you for no or little work usually by family members or friends. Different types are Pocket money, Christmas/ Birthdays, Donations.

Disadvantages of Investment Property

Housing markets can fluctuate. Long term investments. Upkeep of property: bad tenants, rates, insurance. Could be better spent n the Aus economy eg. buissiness. Gen Y priced out.

2 types of Income

Personal or household

Advantages of Investment Shares

Really easy way to accumulate wealth quickly. Gives Citizens some ownership of a company for a time.

Advantages of Government payments

Some welfare payments can be a reliable source of income. Enables families to provide for themselves

FT employment Advantages

Stable income. More benefits- maternity leave, sick leave. Salary, aware of pay that doesn't change.

PT employment Advantages

Suitable for different lifestyles due to flexible hours (backpackers, parents, students)

Impulse shopping

This is where you purchase any goods or service that is unplanned

C employment Advantages

Transition between jobs, students, cover, change . Busy lifestyle and have accumulated assets already. New job seekers. Paid on Call (high rate)

Difference between wage and salary

Wages are a weekly payment that goes out to employees that can fluctuate. Whereas salary is a fixed price that is paid yearly

Investment

When an individual spends money in order to create an equity there for developing their wealth and assests. Different types are Business, Property, ASX sharemarket, Antiques, Superannuation

Income

Income can be defined as a payment received in the form of wages, salary, gifts, royalties,, government payments or investments. Income can be spent on needs or wants and it can also be saved

FT employment Disadvantages

Long term commitment. Impact social life/ family life/ free time

C employment Disadvantages

Lower income because of inconsistent shifts. Lower chance of securing a loan. Easily replaceable.

Disadvantages of Investment Shares

Markets can fluctuate which creates it hard to predict

Advantages of Investment Property

More investment properties mean more competition. Provide housing opportunities for others. Retirement profit. Provides a stable income - weekly rent and good housing market prices, leads to more money in the long run.

PT employment Disadvantages

Not a certain income. Less benefits- union benefits , less leave (annual and sick)

Gifts Disadvantages

Not stable. Rare infrequent, Fluctuate, Spent on needs not wants.

Government payments

Payments and welfare benefits from the government that are received through Families,Separated parents, Job seekers, Older Australians, Health, People with disability, Students & trainees, Migrants, refugees & visitors Carers, Rural & remote Australians, Indigenous Australians

Disadvantages of Government Payments

Different governments at election time can change the level of income or remove a policy completely. eg. retirement, pension

Wages/ Salary

Different types of payments, payed out by employers to employees. Three different types of employment is Full time, Part time and a casual worker.

Strategies to avoid impulse buying

1 Is the purchase affordable. Is there a better use for the money. 2 Dont be influenced by advertising. Is there a cheaper generic brand. 3Plan purchases in advance. List items before you go shopping. 4 Be a strict budgeter and make savings plans for major purchases, that should be researched. 5 Shop for the best deal and ask for better prices

4 Sources of Income

Investment income, Gifts, Wages/ salary, Government payments

Advertising

It influences customers on the ir choice of purchase. It is used to persuade consumers to buy what a producer has t offer and will understand their main target audience.