Most of us always try to increase our income. Many of us do it to expend more to lift the standard of living and the social status.
Does it happen actually?
In my point of view, as standard living requires of a specific income, people should have a convenient job and concentrate on it. But it is necessary to mention that according to manner of people's thinking, their education and status, standards of living are different.
I don't think so. Education, name, fame, creativity, social acceptance are also important contributing overall social status of a person.
The mere quantity of 'income' and 'expenditure' are not all....the quality......the way of 'earning' and 'spending' them is also much more to say.
Personal income is money that is paid to you, or that comes into your possession or bank account. Income can be paid to you in the form of a salary or wage for work undertaken, and it ranges from gifts or pocket money (e.g. from your parents) to bursaries or loans, savings, interest earned on your savings and income from inheritance.
There are three types of income: fixed, variable and occasional income.
Fixed income is an amount of money a person receives, which does not change with time. Salaries and wages are examples of fixed income.
Variable income is an amount of money a person receives that changes over time, or changes according to the situation. Commissions and interest on investments or savings are examples of variable income.
Occasional income is when someone receives money from time to time. Examples of occasional income may include gifts (e.g. money for your birthday) or inheritance (e.g. if a family member passes away and leaves money to you in their will).
Expenditure
Personal expenditure is money that you spend. Expenditure can include living expenses (e.g. food, clothing, entertainment), accounts (e.g. water, electricity, telephone), fees (e.g. school fees), insurance (e.g. for a car or house), taxes and loan repayments (e.g. to pay off your store account).
As with expenditure, there are fixed, variable and occasional or unexpected expenses. Fixed expenses are the amounts of money a person spends, which do not change over time - for example rental for a flat. Variable expenses are amounts of money a person spends that do change over time. Groceries or electricity bills are examples of variable expenses. Occasional or unexpected expenses are sometimes expenses that you cannot plan for, for example a visit to the doctor, or repairs to your car if it breaks down. Some occasional expenses can be planned for, for example, annual car services.
It is important to monitor your income and expenses each month, in order to manage your money carefully and plan your activities in such a way that you do not spend more money than you have, and get into debt. It is also important to try to save money so that you can pay for unexpected expenses (like a visit to the doctor). You can also decide which of your expenses are high and low priority. For example, if you are running low on money at the end of a month, buying food is more important, or of higher priority, than buying music CDs or going to the movies.
Assets are more decisive than income. With assets, you can make an income; but it is very difficult to gain assets by an income. Expenditures are a matter of practiced value preferences and investment decisions. Socioeconomic status is mainly determined by the total value of assets and income; economic literacy can instruct you to avoid the greatest traps of 'non-rational' spending.
I beg to differ with the statement. The “social status” means a person's standing or importance in relation to other people within a society. A person’s education, occupation and involvement in society reflect his/her social status. But whenever classification on the basis of “economy” will be there within a society, it will be called as “social class” or “socio-economic class”. Let me make it clear with a simple example.
An eminent primary school teacher of a mere village may not be holding a higher social class but his/her social status or impact in the society is very high in the eyes of the villagers. Similarly, a drug smuggler, who is very rich, lives elite lifestyle and spends huge money for luxurious things, may be of higher social class but his/her social status or reputation in the society is very bad.
Thanks.
Of course it is. However, there are some who will spend beyond their means.
Shibabrata Pattanayak
This varies from country to country and from culture to culture. It depends on what culture someone is born into. If you belong to the lowest caste as a Hindu, I can't imagine that money allows you to belong to a caste with a higher social standing. In the history of Christianity, many respected scholars have belonged to an order committed to poverty. Or let us take politicians. The President of the United States is allegedly a billionaire, he does not even have the reputation, the reputation of a simple man who earns money for his work, pays taxes properly and can present his tax assessment to the public. Trump cannot do that.
Generally income distribution brings about "class status" but expenditure varies on what individual values in life.
The word status refers to social stratification on a vertical scale. ... This status can be achieved through education, occupation, and marital status. Their place within the stratification structure is determined by society's criteria, which often judges them on success, success being financial, academic, political and so on.
Notably, income/expenditure ratio plays an important role in determining one's social status. In reality, however,all human beings belong to the same essence and the notion of separating individuals by class, skills, race, income, and nationality is a misconception simply because all human beings require the same basic necessities and all strive for making their dreams come true. Unfortunately, some assume that high levels of income and expenditure are important symbols in expressing their social staus. Nonetheless, it is generally admitted that above a certain level of income, the relative value of income and expenditure against one's leisure time is diminished ( i.e., the law of diminishing return) so that earning a higher income at the cost of working longer hours may drastically reduce the quality of life. We should keep in mind that we are all part of each other. We are all the sons of Adam and Eve . As such, as things stand right now, income and expenditure are determinant factors marking social staus despite the fact that we are all one.
I do not think so, as it varies from person to person according to the social and environmental milieu in which he lives.
There is a proverb in Poland: "How they see you, so they write you". If somebody else seems to have more expensive things, then generally his economic status is higher. But not always, for example, there are social position, profession, respect of people and also credits, inventiveness and ingenuity.
I think social values in that society determine social status. For example, if wealth is regarded as the essence of lives in society, then affluent people top the hierarchy, and those low-income citizens are hardly recognized. Or in a society where higher education is revered, people with academic achievements gain honor and prestige whereas undereducated people struggle for acceptance. As social values differ in different societies, it seems that determinants of social status also vary.
In my experience, a title for social prestige is much more important than money. Some people love to sunbathe through the title's dignity in the Social Prestige when they say "Doctor" or "Professor", although they are told to omit the title when addressing. Money is often seen as a dirty business too. Drug bosses have money, but no social prestige. And people find jokes over a rich family with visible golden teeth.
Yes, I agree. Sometimes, the pursuit of ''Income and expenditure'' leads to sheer vanity.
Regards
I disagree completely. It depends on one's self discipline. Some spend what is borrowed in order to measure up to what social and economic status they have not attained. It can be related to one's self control.
Obianuju P. Umeji
“Easy come as Easy Goes” “Hard earned money spends by holding penny between teeth” The Difference is visible in above statement about easy spending to fake Social status in the fake society. Regards
В общем да, но все зависит от стремления человека, от его запросов. У каждого своя планка достатка.
Let's say, in your country corruption is part of the income maximization of the leading people: Which judge has a higher reputation: the one who is considered incorruptible, and who resists this trend, or a rich judge who is known to be corrupt and his money is in dark business?
Nothing can be said about judges!
You must admit ALL JUDGES ARE HONEST.
Dear Shibarata,
It seems many disagree with the statement that reads corruption and reminds colleagues of the situation in developed as well as backward societies. There seems to be no difference anymore. All that is heard is richest person or so in the continent or country or the world. Some evade tax in order to remain the richest.
Obianuju P. Umeji
Shibabrata Pattanayak
The judges of a state are only honourable if they judge completely independently of the existing political system and the Human Rights the background is for their judgements. In a country without liberal principles it is questionable if the legal system should be completely liberal and independent. Within Europe, some states - they are on the edge of Europe at East and continue in Asia - are certainly a tool of the ruling clans and rulers. In some states of America it played quite a role for the judgements made whether the accused was a white or a non-white ( (at least in the younger past), and certain countries in Asia it plays not very seldom a role which religion and which gender the accused person belonged.
In India, the already accumulated cases will take @ next 50 years if no new case are filed in that period!
It is the present rate of judgement!
And no question can be raised about honesty.
Does not determine its social status and returns to the nature of the person for spending and income ...
Greeting
Affluence may provide social status to a person in short term. However, for a long term Social Status recognition, one may have to have compassion, honesty , sincerity and help others.,
Impressive and vital query regarding human behaviors and its values and ethics that provoked challenging discussion among our RG colleagues
“The tragedy of the poor is that they can afford nothing but self denial.”
― Oscar Wilde https://www.goodreads.com/quotes/99883-the-tragedy-of-the-poor-is-that-they-can-afford?fbclid=IwAR0ltLvL_NywbsNKopSVIE2yEx8rA1zwIZ9VKG4kJS1J77cQG19lkzTBA70
An income is any way in which people earn money, and there are many different types of income .
It could be that women and men affirm (or deny) this question with different reasons. A man will probably become more attractive to a woman if he is wealthy; conversely, this may not be so important to the man that the woman he wants to marry brings as much money and property into the marriage as he does. But women would have to say something about that - perhaps my assumption is no longer true today.
In addition, Do not end up getting luxuries, the higher the income, the greater the purchase of non-essential items, so the income and the expense has nothing to do with the social situation, as much as it relates to awareness and maturity to determine priorities in life
Yes these days, status of a person is dominated by economic activities rather than educational status.
'Income and expenditure performed by a person determine his/ her social status' - do you agree?- No
Most of us always try to increase our income.- I agree with this.
Many of us do it to expend more to lift the standard of living and the social status- partly agree with this. I go only for necessary items.
Does it happen actually?- May not all times.
this link is useful
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2910915/
regards
""All tyranny needs to gain a foothold is for people of good conscience to remain silent." Edmund Burke Read more at: https://www.brainyquote.com/quotes/edmund_burke_136431?fbclid=IwAR2Qnq_kixSLAGH-b6ck6R0gSRMolHrX_oA9X8umNzGBTlsBxt7S3vLA_po#KCqDECar77AVzp6M.01
This is not always the case and not for all people. There are people who believe that the criterion of wealth is what makes it respectable in the eyes of the people and there are those who look at things with a different view .
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