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Last modified: September 30, 2019

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[Sticky] Income Definition  

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Matthew Bellows
(@matthewbellows)
Member Admin
Joined: 1 year ago
Posts: 18
16/10/2019 2:10 pm  

"Income" in BodesWell is the sum of all positive cash deposits for a particular period. These can be one-time events like a Windfall or recurring payments like a bi-weekly salary. You can add, edit or delete these income sources in the Income details sidebar.

If you connect a bank account to BodesWell, we will scan through your transactions and estimate your income streams. If we mistake a transfer for an income in your bank statement, you can uncheck "display" from the income sources panel, and that amount will be removed from your income. 

We use the past income events to project out your future income. Of course, if you don't tell BodesWell about your various income streams, we can't include them in our projections. If you manually enter an exaggerated income, we will use that to project your future income.  

Our base model assumes that the Income of every BodesWell user grows at 1.7% every year. This growth is not due to inflation - BodesWell uses "real" or non-inflation dollars for projections. The base income growth is due to improvements in a user's earning power. 

If you are interested in details on how BodesWell deals with inflation, you can learn more here: https://bodeswell.io/community/learn_more/inflation-in-bodeswell/ .

At this point, you cannot adjust the rate at which your income grows in BodesWell. If you'd like us to prioritize making that adjustable, please leave a comment below. 

This topic was modified 7 months ago 2 times by Matthew Bellows

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