There are two schools of thoughts about whether to hyphenate compound adjectives, which is what "fixed income" becomes when you use it as an adjective. It's the "reader-friendly" vs. the "common usage" approach.
Reader-friendly
Let's talk about "fixed income investing." When you combine an adjective and noun and then use them to describe a second noun, you're creating a compound adjective.
You're also making it more difficult for your readers to interpret your text. They're used to thinking of "income" as a noun, so they may struggle for a moment before they realize that "fixed income" serves as an adjective in "fixed income investing." Following this line of thought, it's kinder to your reader to write "fixed-income investing."
Common usage
Opponents of writing "fixed-income investing" say "fixed income" is so commonly used as an adjective that a hyphen is unnecessary.
Your decision
Grammar Girl says that you should always consider whether a hyphen changes your meaning. As she points out:
- A hot-water bottle is a bottle for holding hot water.
- A hot water bottle is a water bottle that is hot.
The Wall Street Journal uses a hyphen when fixed-income is an adjective. What's your decision--fixed-income investing or fixed income investing?
Whichever approach you adopt, be consistent in your usage. That will help your readers know what to expect.
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Susan B. Weiner, CFA
Investment Writing
Writing that's an investment in your success
Check out my website at www.InvestmentWriting.com or sign up for my free monthly e-newsletter.
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