PREREQUISITE #2 - DIFFERENCE BETWEEN INCOME AND ASSETS
In our studies of the Levitical tithe, we find that the tithe was on crops and animals. Before going further, we need to understand the difference between income and assets.
Includes all property owned, both tangible and intangible.
For a person, assets can include real estate, such as land, buildings, a house; cash, including gold and silver; furniture, etc.
For a business, assets usually include real estate owned by the business, inventories, machinery, etc.
For a farmer, assets include the real estate, such as the land and farm buildings; the crops; the farm animals, etc.
Income is the money or equivalent that comes from the sale of assets or for services rendered. In other words, for a farmer, income might include money or the equivalent that comes from the sale of crops, animals, milk from the cows or other animals, eggs from chickens, etc.
For an individual, income may come from providing services rendered, such as a farm worker, carpenter, tradesman, accountant, doctor, nurse, etc.
When studying the scriptures on tithing, be sure you understand the difference between assets and income. Be sure you can identify whether God is requiring man to tithe on assets, or on income. This is vital to understanding God's tithe.
Now let's continue to Prerequisite #3 by clicking here.