Examples of personal income in the following topics:
-
- Salary alone only measures the income from a person's occupation, while total personal income accounts for investments, inheritance, real estate gains, and other sources of wealth.
- Many people who have vast accumulated wealth have virtually non-existent salaries, so total personal income is a better indicator of economic status.
- However, in a dual-income household the combined income of both earners, even if they hold relatively low status jobs, can put the household in the upper middle class income bracket.
- Personal income is an individual's total earnings from wages, investment interest, and other sources.
- In the United States, the most widely cited personal income statistics are the Bureau of Economic Analysis's personal income and the Census Bureau's per capita money income.
-
- They usually hold college degrees, but often have no graduate degree; they make comfortable incomes, but have low accumulated wealth; their work is largely self-directed, but is not high status.
- Lower-middle class occupations usually provide comfortable salaries, but put individuals beneath the top third of incomes.
- In terms of personal income distribution in 2005, that would mean gross annual personal incomes from about $32,500 to $60,000.
- Since 42% of all households had two income earners, with the majority of those in the top 40% of gross income, household income figures would be significantly higher, ranging from roughly $50,000 to $100,000 annually.
- In terms of educational attainment, 27% of persons had a bachelor's degree or higher.
-
- The UN's measure of global poverty based on whether or not a person earns $1.25/day (adjusted for international purchasing power) is a measure of absolute poverty -- it is based on whether or not a person has the bare minimum to meet their material needs.
- The European Union's poverty threshold is based on relative poverty -- it measures how far below median income a person is, rather than whether or not they can meet their daily needs.
- Poverty in this sense may be understood as a condition in which a person or community is lacking in the basic needs for a minimum standard of well-being, particularly as a result of a persistent lack of income.
- Usually, relative poverty is measured as the percentage of the population with income less than some fixed proportion of median income.
- Measurements are usually based on a person's yearly income and frequently take no account of total wealth.
-
- A Gini coefficient of zero expresses perfect equality, where all values are the same (for example, where everyone has the same income).
- A Gini coefficient of one (or 100%) expresses maximal inequality among values (for example where only one person has all the income).
- However, a value greater than one may occur if some persons represent negative contribution to the total (e.g., have negative income or wealth).
- The Gini coefficient was originally proposed as a measure of inequality of income or wealth.
- The global income inequality Gini coefficient in 2005, for all human beings taken together, has been estimated to be between 0.61 and 0.68.
-
- Social class is not significantly correlated to religiosity, an index of how strongly religious a person is.
- On the other hand, income, and therefore social class, is related to an individual's denomination.
- When one looks at average income by religion, there are clear differences.
- The highest-earning religion on average is Judaism, with an average income of $72,000 in 2000.
- Household income, an indicator of social class, can also indicate what religious denomination a person is likely to embrace.
-
- For high school graduates, the median household income is $36,835.
- The more well educated a person is, the more highly skilled labor they tend to do, the more income they tend to earn.
- Census Bureau, 9% of persons aged 25 or older had a graduate degree, 27.9% had a bachelor's degree or more, and 53% had attended at least some college.
- Although the incomes of both men and women are associated with higher educational attainment (higher incomes for higher educational attainment), there remains an income gap between races and genders at each educational level.
- The more education a person attains, the more likely they are to be employed in high paying occupations.
-
- Funeral directors have low occupational prestige, despite high incomes.
- Funeral directors are examples of people who have low occupational prestige despite high incomes.
- A person can earn prestige by his or her own achievements, which is known as achieved status, or they can be placed in the stratification system by their inherited position, which is called ascribed status.
- In some cases, however, a person ranks differently on these indicators, such as funeral directors.
- On the one hand, choosing certain occupations or attending certain schools can influence a person's level of prestige.
-
- Poverty is the condition of not having access to material resources, income, or wealth.
- Consequently, someone with an average income in Liberia has a substantially lower standard of living and much less access to resources than someone with an average income in the U.S.
- By local standards of relative poverty, the wealthiest person in a town in Liberia is well-off, but measured on a global scale that person is likely to be considered relatively poor.
- "Near poverty" is the term for an income level that is just above the poverty line; it refers to incomes that are no more than 25% above the poverty line.
- The term for a person's ability to change their economic status in a society is known as "social mobility. "
-
- Sometimes, however, the prestige of an occupation overrides income in determining someone's class membership: professors are often considered upper class though they often have relatively low incomes, while funeral directors are often considered middle class though they have relatively high incomes.
- Sometimes, however, the prestige of an occupation overrides income in determining someone's class membership: professors are often considered upper class though they often have relatively low incomes, while funeral directors are often considered middle class though they have relatively high incomes.
- To enter the professions, a person usually must hold a professional degree.
- Occupational prestige is one way in which occupation may affect a person's social class independent of income and educational attainment.
- Conversely, funeral directors generally have high incomes and often high educational attainment.
-
- When a person decides to buy a house, they take out a mortgage from the bank at an interest rate that may or may not be fixed to stay the same over time.
- Many low to middle-income Americans have had their homes foreclosed upon during the recent recession.
- While income is often seen as a type of wealth in colloquial language use, wealth and income are two substantially different measures of economic prosperity.
- Data on personal wealth in the United States shows that the inequality between the nation's richest and poorest citizens is vast.
- In recent years, the average net worth of high-income families has grown significantly more than that of middle and lower-income families.