30 Examples of Economic Life

John Spacey, updated on April 08, 2024

The economic life is the ongoing process by which an individual, family or household secures the resources and services required to live their life. For most people this includes a variety of modern realities such as education, employment, taxation, credit, savings, budgeting and retirement. The following are common examples of economic life.

Banking	Budgeting
Business ownership	Credit & credit scores
Discretionary income	Economic mobility
Education	Employment
Family support	Financial planning
Healthcare	Homeownership
Household expenses	Housing
Income	Insurance
Investing	Loans & debt
Looking for a job	Paying rent
Personal expenses	Retirement
Retirement planning	Saving
Shopping & spending	Side hustles
Starting a business	Taxes
Unemployment	Wealth accumulation

Education is viewed as an element of economic life because it can be a major cost and also greatly influences the earning potential of an individual over the course of their life.

Major expenses such as housing, transportation and healthcare are components of economic life.

Discretionary income is the money that you have left after tax deductions and essential expenses. Achieving some level of discretionary income is beneficial as it allows for saving, investment and spending that you view as important such as travel.

Economic mobility is the ability to increase your socioeconomic status. For example, an individual who pursues education and a career in a high demand area who moves from middle class to upper middle class over the course of their life.

Summary

Personal economic life is the ongoing process of securing resources and services for an individual, family or household. This includes savings and investments that can be used for future consumption.