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Gross Monthly Income

Posted on: 07th Apr, 2004 12:45 am
Gross Monthly Income is the total of all the money, goods and property earned during the month, before reducing it by adjustments, deductions or exemptions. It may also include rental income, self-employed income, income from alimony, child support, public assistance payments, retirement benefits, overtime, part-time employment, bonuses, tips, commissions, dividends, interest, royalties, pensions, net rental income and income received from business activities or investments.

For example, let self employed income for Kris be $10,000; Overtime be $3000, Bonus be $2500; Tips be $1000; Royalties be $3000 per month. Therefore, his
Gross monthly income = $10,000 + $3000 + $2500 + $1000 + $3000
Gross monthly income = $19,500

A Gross Monthly Income Worksheet will make your calculations easier in this regard.

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Does this mean Baby Bonous and Gst cheques aswell? Can you use these for your total income when applying for a morgage?
Posted on: 07th Sep, 2008 07:41 pm
I hope baby bonus and gst cheques can be included as income when it comes to getting approval for mortgage.
Posted on: 08th Sep, 2008 05:26 am
hi
Posted on: 01st Dec, 2009 08:59 am
Baby bonus? That's new one to me, does the Gov give you money to have children?

Gross monthly Income is not really the best measure of your ability to service a loan. what you really need to know is that your disposable income is. this is money that is otherwise unallocated necessary costs.

when you are looking to get a loan, the first thing you need to do is look at what you can REALISTICALLY spend on repayments. not the fairy tail world where everything you earn is yours, but the real world, where you have to pay for food, insurance, transport, utilities, entertainment and so on.

If you are kidding yourself about what you can really afford in repayments then you are asking for major trouble down the track. Just because you can get a loan for $10,000 doesn't mean you should.

seriously, I know that it's good to qualify for a loan, but before you go out looking for one, work out what you're actual situation is with paying it back. If you're honest with yourself and realistic, you'll make good decisions and your credit score will rise as a result. you'll be able to make your payments on time and in full until the loan is repaid.

On the other hand, if you're not honest about your situation you will start finding you can't afford the repayments, and we all know where that leads. crap credit, debt collectors and bankruptcy attorneys.
Posted on: 01st Dec, 2009 04:05 pm
well put, rise...but gross income is a very relevant item in qualifying for a loan inasmuch as that's the method by which lenders make their judgment of an applicant's qualifications.

ergo, it's useful for laypeople to know what constitutes gross income. please realize i thoroughly agree that having a budget is a valuable and worthwhile thing to do, so i commend you for your mild scolding...and i don't consider scolding a negative, so please don't take it that way.
Posted on: 02nd Dec, 2009 01:42 pm
The total income in a month before deducting our expences is called Total Gross Income

[URL Deleted as per forum rules. Thanks.]
Posted on: 25th Apr, 2011 10:42 pm
Gross Income is total income of anyone earned during a month without deducting any tax , expenses.
Posted on: 26th Apr, 2011 10:33 pm
Hello All, Gross Inccome is the total Sum all gained Income during a month.
Posted on: 18th May, 2011 03:45 am
I think we've played this to death by now.
Posted on: 18th May, 2011 06:39 am
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