The statement 'Relative income is more important than absolute income' means that the value of income should be considered in relation to other factors, rather than just the total amount of money earned.
Relative income refers to how much you earn compared to others in your society or peer group. It's about the purchasing power and lifestyle that your income allows you to have in your specific location or situation.
On the other hand, absolute income is just the total amount of money you earn, without considering any other factors.
So, the statement suggests that it's more important to consider your income in relation to others and your cost of living, rather than just looking at the total amount you earn.
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