For most people, the income is determined by the proceedings of their work which is a function of their performance, the labor market, and the relevant institutional framework that varies from country to country.

People can increase their income, climb up on the business hierarchy, and claim better-paid jobs by expanding their knowledge and skills. Income can also be earned by independent work; in other words from an individual’s business activity.

Finally, income can also be gained through the wealth that may come from a heritage, from personal savings, and from profitable investments that someone has made over the course of their lives, such as land, homes, stocks, mutual funds and can take the form of interest, rent, dividends and/or capital gains.

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