Income & BenefitsIncome & Benefits

Types of IncomeTypes of Income

To satisfy needs and wants people need money To satisfy needs and wants people need money (to pay for goods and services)(to pay for goods and services)

Getting money is mostly by earning income (by Getting money is mostly by earning income (by having a job-employment)having a job-employment)

Sources of IncomeSources of Income

Savings Savings (money earned but not owed to anyone)(money earned but not owed to anyone)

EmploymentEmployment

Social ProgramsSocial ProgramsInvestingInvestingIncluding borrowing money to investIncluding borrowing money to invest

Lending MoneyLending Money(and receiving interest)(and receiving interest)

SavingsSavings

Savings: the portion of income that is Savings: the portion of income that is “put away” (not spent)“put away” (not spent)

Income not spent can earn more Income not spent can earn more income in the form of Interest income in the form of Interest (example: interest on your savings (example: interest on your savings account).account).

Banks pay you a small fee to use Banks pay you a small fee to use your money while in the accountyour money while in the account

Be aware of Be aware of bank service chargesbank service charges

Employment IncomeEmployment Income

Some jobs pay more than othersSome jobs pay more than others Income is one factor determining Income is one factor determining

quality of life and standard of livingquality of life and standard of living Having quality of life doesn’t mean Having quality of life doesn’t mean

spending money on material thingsspending money on material things Education, training and Education, training and

improvements in work skills allow improvements in work skills allow workers to earn more incomeworkers to earn more income

20 top Jobs by average earnings 20 top Jobs by average earnings

Income Level FactorsIncome Level Factors

Personal FactorsPersonal Factors EducationEducation Personal Personal

PerformancePerformance Uniqueness of Uniqueness of

abilitiesabilities

Market FactorsMarket Factors Type of Business Success of

Business Economic

Conditions

Qualities of Self-Made MillionairesQualities of Self-Made Millionaires

11.Wise 11.Wise InvestmentsInvestments

10.Able to 10.Able to sell sell

9.Well 9.Well OrganizedOrganized

8.Competitive8.Competitive7.Strong 7.Strong

leadershipleadership

6.Love career6.Love career/business/business

5.Work harder5.Work harderThan mostThan most

4.Supportive4.SupportiveSpouseSpouse

3.Getting Along3.Getting Along

2.Well-2.Well-disciplineddisciplined

1.Honesty1.Honesty

Self-madeSelf-madeMillionairesMillionaires

12.Seeing 12.Seeing oportunitiesoportunities

(Others do not)(Others do not)

Benefits of a JobBenefits of a Job

Stock Options & BonusesStock Options & BonusesHealth InsuranceHealth InsurancePensionPensionSkills DevelopmentSkills DevelopmentSelf-fulfillmentSelf-fulfillmentEmploymentEmployment

Social ProgramsSocial Programs

WelfareWelfare

Guaranteed Income Guaranteed Income SupplementSupplement

Old Age Old Age SecuritySecurity

(OAS)(OAS)

Employment Employment InsuranceInsurance

Canada PensionCanada PensionPlanPlan

Social Social ProgramsPrograms

Employment Insurance (EI)Employment Insurance (EI)

You can receive employment insurance if You can receive employment insurance if you meet certain requirementsyou meet certain requirements

Must have lost job (not your fault, didn’t Must have lost job (not your fault, didn’t quit)quit)

Apply for employment insuranceApply for employment insurance Be actively seeking workBe actively seeking work