MENTAL TOUGHNESS 2 Developed by Mockingbird Education www.mockingbirdeducation.net © MBE Holdings Inc. All rights reserved. Rule.

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Presentation transcript:

MENTAL TOUGHNESS 2 Developed by Mockingbird Education © MBE Holdings Inc. All rights reserved. Rule

MENTAL TOUGHNESS 2 Developed by Mockingbird Education © MBE Holdings Inc. All rights reserved. 50 percent of our net income should be spent on "needs." Image retrieved from:

MENTAL TOUGHNESS 2 Developed by Mockingbird Education © MBE Holdings Inc. All rights reserved. I earn $30,000/year. Using the rule, how much of my income should be spent on "needs?"

MENTAL TOUGHNESS 2 Developed by Mockingbird Education © MBE Holdings Inc. All rights reserved. 30 percent of our net income should be used on “wants." Image retrieved from:

MENTAL TOUGHNESS 2 Developed by Mockingbird Education © MBE Holdings Inc. All rights reserved. I earn $30,000/year. Using the rule, how much of my income should be spent on "wants?"

MENTAL TOUGHNESS 2 Developed by Mockingbird Education © MBE Holdings Inc. All rights reserved. 20 percent of our net income should be spent on savings and debt reduction. Image retrieved from:

MENTAL TOUGHNESS 2 Developed by Mockingbird Education © MBE Holdings Inc. All rights reserved. I earn $30,000/year. Using the rule, how much of my income should be spent on savings and debt reduction?

MENTAL TOUGHNESS 2 Developed by Mockingbird Education © MBE Holdings Inc. All rights reserved. Image retrieved from:

MENTAL TOUGHNESS 2 Developed by Mockingbird Education © MBE Holdings Inc. All rights reserved. Image retrieved from: Gross income: total revenue received before any deductions or allowances, taxes, etc.

MENTAL TOUGHNESS 2 Developed by Mockingbird Education © MBE Holdings Inc. All rights reserved. Image retrieved from: Net income: For an individual, net income is gross income minus taxes, allowances, and deductions. An individual's gross income is used to determine how much income tax is owed.