Sixten$-$year$-$ld Michael wanted a car. One evening while his father was paying bills, Michael looked over his father's shoulder and saw how much money had been placed in the checking account. He whistled and said, "I thought you said that you didn't have enough money to buy me a used car. In just one month, you could buy me the car I want." Michael's father then gave him a lecture on the differences between income and what is teff after money is spent on utilities, mortgages, insurance premiums, and food. "Total income," his father said, is not the same as $q,$ income, the source from which your unnecessary car would have to come."

wealth

discretionary

managed

perpetual