Understanding your income

Finbar Garcia of the Diocese of Port of Spain explains that income serves four primary functions: acting as a medium of exchange for goods and services, serving as a store of value for future use, providing a unit of account to compare prices, and acting as a method of payment for future obligations like loans, rent, or taxes.

Garcia notes that while income is essential for meeting basic needs, handling emergencies, and investing in education or businesses, it is distinct from wealth or happiness. He suggests that individuals should focus on making their money work for them by setting aside a percentage of every paycheck.