ENTREPRENEURSHIP

Detailed explanation-1: -Discretionary income is the money that an individual or a family has to invest, save, or spend after taxes and necessities are paid.

Detailed explanation-2: -“Disposable income is used to pay for living expenses and the essentials of life-rent, mortgage, transportation, food, and insurance, ‘’ says Trevor Yochum, certified financial planner, CIMA®, managing partner, and investment advisor at Incompass Financial Partners.

Detailed explanation-3: -Discretionary income is money left over after a person pays their taxes and essential goods and services like housing and food. Nonessential items like vacations and luxury goods are usually paid for with funds from discretionary income.

Detailed explanation-4: -Discretionary income is the money you have left over after paying taxes and necessary cost-of-living expenses-like your rent or mortgage, utilities and groceries. It’s called “discretionary income” because it can be used for discretionary expenses-nice-to-haves but not necessities.

Detailed explanation-5: -Net income refers to the money you may have available after taxes and deductions are taken out of your paycheck. For a business, net income is the money that’s left over after paying operating expenses, administrative costs, cost of goods sold, taxes, insurance and any other business expenses.