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Income Streams Tracking Guide

Overview

The Income Streams feature allows you to track all your income sources separately - perfect for people with multiple jobs, side businesses, and diverse income streams.

How to Access

  1. Open your browser to http://localhost:3000
  2. Click on the "Income" tab in the navigation menu

Adding Your Income Sources

For Your Scenario:

You mentioned you have:

  1. Your primary job
  2. Your secondary job
  3. Your wife's job
  4. Turo side business
  5. Consulting side business

Here's how to add each:

1. Add Your Primary Job

  1. Click "Add Income Source"
  2. Fill in:
    • Source Name: "My Primary Job" (or company name)
    • Type: Select "Primary Job (Your main job)"
    • Amount: Your paycheck amount (e.g., $3,500)
    • Frequency: Select how often you get paid:
      • Weekly (every week)
      • Bi-weekly (every 2 weeks) - Most common
      • Monthly
    • Employer/Company: Your company name
    • Start Date: When you started (optional)
    • Check "Currently Active"
  3. Click "Add Income Source"

2. Add Your Secondary Job

  1. Click "Add Income Source"
  2. Fill in:
    • Source Name: "My Second Job" or company name
    • Type: Select "Secondary Job (Your second job)"
    • Amount: Your paycheck amount
    • Frequency: How often you're paid
    • Employer/Company: Company name
    • Check "Currently Active"
  3. Click "Add Income Source"

3. Add Your Wife's Job

  1. Click "Add Income Source"
  2. Fill in:
    • Source Name: "Wife's Job" or "[Wife's Name]'s Job at [Company]"
    • Type: Select "Primary Job" or "Secondary Job"
    • Amount: Her paycheck amount
    • Frequency: How often she's paid
    • Employer/Company: Her company name
    • Notes: You can add "Wife's income" here
    • Check "Currently Active"
  3. Click "Add Income Source"

4. Add Turo Side Business

  1. Click "Add Income Source"
  2. Fill in:
    • Source Name: "Turo Business" or "Car Rental Business"
    • Type: Select "Side Business (Turo, etc.)"
    • Amount: Average monthly income (e.g., $1,200)
    • Frequency: Select "Variable" or "Monthly"
      • If you select "Variable", enter your average monthly income
      • The system will calculate monthly/annual based on this
    • Employer/Company: "Self - Turo"
    • Notes: "Car rental side business on Turo platform"
    • Check "Currently Active"
  3. Click "Add Income Source"

5. Add Consulting Side Business

  1. Click "Add Income Source"
  2. Fill in:
    • Source Name: "Consulting Business" or your business name
    • Type: Select "Freelance/Consulting"
    • Amount: Average monthly income (e.g., $2,500)
    • Frequency: Select "Variable" or "Monthly"
    • Employer/Company: "Self-Employed" or your business name
    • Notes: "Consulting services, project-based"
    • Check "Currently Active"
  3. Click "Add Income Source"

Understanding the Dashboard

Once you've added all your income sources, you'll see:

1. Summary Cards

Total Monthly Income

  • Shows combined income from ALL sources
  • Example: If you earn $4,000 + $1,500 + $3,500 + $1,200 + $2,500 = $12,700/month

Total Annual Income

  • Your monthly income × 12
  • Example: $12,700 × 12 = $152,400/year

Average Per Source

  • Total monthly income divided by number of sources
  • Example: $12,700 ÷ 5 sources = $2,540 average

2. Income by Type Chart (Pie Chart)

Shows what percentage of your income comes from:

  • Primary jobs (you + wife)
  • Secondary jobs
  • Side businesses (Turo + Consulting)
  • Freelance work

3. Monthly Income by Source Chart (Bar Chart)

Visual comparison of how much each income source contributes monthly

4. Income Breakdown by Type

Detailed view showing:

  • How many sources of each type
  • Monthly income per type
  • Annual income per type

5. All Income Sources Table

Complete list showing:

  • Source name
  • Type
  • Original amount
  • Payment frequency
  • Calculated monthly income
  • Calculated annual income
  • Employer/company
  • Edit/Delete buttons

How the Calculations Work

The system automatically converts all income to monthly and annual:

Weekly → Monthly:

  • Amount × 52 weeks ÷ 12 months
  • Example: $1,000/week = $1,000 × 52 ÷ 12 = $4,333/month

Bi-weekly → Monthly:

  • Amount × 26 pay periods ÷ 12 months
  • Example: $2,000 bi-weekly = $2,000 × 26 ÷ 12 = $4,333/month

Monthly → Monthly:

  • No conversion needed
  • Example: $3,500/month = $3,500/month

Quarterly → Monthly:

  • Amount ÷ 3 months
  • Example: $12,000/quarter = $4,000/month

Annually → Monthly:

  • Amount ÷ 12 months
  • Example: $48,000/year = $4,000/month

Variable:

  • Use the monthly average you enter
  • Great for side businesses with varying income

Real Example Setup

Let's say you have:

Source Type Amount Frequency Monthly Annual
Primary Job Primary Job $3,000 Bi-weekly $6,500 $78,000
Second Job Secondary Job $1,500 Bi-weekly $3,250 $39,000
Wife's Job Primary Job $2,800 Bi-weekly $6,067 $72,800
Turo Business Side Business $1,200 Variable $1,200 $14,400
Consulting Freelance $2,500 Variable $2,500 $30,000

Total Monthly Income: $19,517 Total Annual Income: $234,200

Benefits of Tracking Income Streams

1. See Your Total Earning Power

  • Know exactly how much you make monthly/annually
  • Track growth over time
  • Set income goals

2. Identify Your Best Sources

  • Which income streams are most valuable?
  • Where should you focus your energy?
  • Which side business is more profitable?

3. Diversification Tracking

  • Wealthy people have 3-7 income streams
  • You can see your diversification at a glance
  • Reduce reliance on single source

4. Plan Better

  • Know if you can afford large purchases
  • Calculate debt-to-income ratios accurately
  • Set realistic savings goals

5. Tax Planning

  • See income by source for tax purposes
  • Track business income separately
  • Easier to estimate quarterly taxes

6. Goal Setting

  • Set targets to increase specific streams
  • "Grow Turo business to $2,000/month"
  • "Reach $20,000/month total income"

Tips for Multiple Income Streams

For Side Businesses (Turo, Consulting):

  1. Track as Variable Income

    • Use your 3-month average
    • Update monthly as income changes
    • Be conservative with estimates

  2. Update Regularly

    • Edit the income amount each month
    • Keep it realistic
    • Helps with budgeting

  3. Separate Business from Personal

    • Track each business separately
    • Easier to see profitability
    • Better for taxes

For Multiple Jobs:

  1. Label Clearly

    • "Morning Job at ABC Corp"
    • "Evening Job at XYZ Store"
    • Include your name if tracking spouse's income

  2. Track Accurately

    • Use actual paycheck amounts
    • Select correct frequency
    • Update if pay changes

For Spouse's Income:

  1. Keep Separate

    • Track spouse's income as separate source
    • Easier to see household contributions
    • Clearer for tax purposes

  2. Label Clearly

    • Include spouse's name in source name
    • Example: "Sarah's Job at Tech Company"

Updating Income Sources

When Pay Changes:

  1. Find the income source in the table
  2. Click "Edit"
  3. Update the amount
  4. Click "Update Income Source"

When Starting/Stopping:

  1. To pause a source: Edit and uncheck "Currently Active"
  2. To remove: Click "Delete"
  3. To restart: Edit and check "Currently Active"

Integration with Other Features

Your income data automatically feeds into:

  1. Budget Analysis

    • Used to calculate savings rate
    • Debt-to-income ratio
    • Spending as % of income

  2. Wealth Dashboard

    • Shows in financial health metrics
    • Used for emergency fund calculations
    • Displays in overview

  3. Financial Targets

    • Set income growth goals
    • Track progress toward income targets

Best Practices

  1. Update Monthly

    • Review all income sources
    • Update variable income (side businesses)
    • Mark inactive sources

  2. Be Accurate

    • Use actual amounts, not estimates
    • Include all income sources
    • Don't forget irregular income

  3. Track Everything

    • W-2 jobs
    • 1099 income
    • Side businesses
    • Rental income
    • Investment income
    • Any money coming in

  4. Review Quarterly

    • See which sources grew
    • Identify declining sources
    • Adjust strategy

Common Questions

Q: Should I track gross or net income? A: Use the amount you actually receive (net/take-home pay). This is what you have available to budget.

Q: My side business income varies. What amount should I enter? A: Use your 3-6 month average. Update it quarterly as the average changes.

Q: Should I include one-time bonuses? A: For regular bonuses (annual), divide by 12 and add to monthly. For true one-time bonuses, add as a separate "Other" income source.

Q: Can I track historical changes? A: Currently, edit the amount when it changes. We track current income. For history, use the Net Worth snapshots feature.

Q: Should I include my spouse's income? A: Yes! Track all household income sources for complete picture.

Next Steps

After setting up your income streams:

  1. Set an Income Goal - Go to Wealth → Targets and set a monthly income target
  2. Review Budget - Check Budget Analysis to see spending vs. income
  3. Plan Savings - Use the 50/30/20 rule (20% of income to savings)
  4. Track Net Worth - See how income affects wealth growth

Your complete income picture is now tracked!