Of 100 men at age 65
- 54 will be BROKE (live too long)
- 36 will be DEAD (live too short)
- 5 will still be WORKING (no choice)
- 1 will be RICH (money at work)
Source: Statistics Canada
Why the Average Family/Person is Broke !
Start working: Age 30
Retire: Age 65
Working Years: 35 Years
Average Income: $50,000 per year
Total Income Produced: $1,750,000 = $50,000 x 35 Years Income
Total Taxes Paid: $550,000 ( 31% )
After Tax Money Left: $1,200,000
Mortgage Payments: $600,000 ( $400,000 Home / $300,000 Mortgage )
Money After Mortgage:$600,000
Whats left/Money to Live per year: $17,143 / year or $1,428.57 / month ( $600,000 / 35 years )
Why the Average Family/Person is Broke Cont...
Money After Mortgage: $600,000 ( Food, Shelter, Clothing, Transportation )
Food: $383,250 ( $5/$10/$15=$30/day x 365 days x 35 Years )
Money After Food: $216,750
House Cost: $140,000 ( Property Tax / Utilities $4,000/yr x 35 Years )
Money After House Cost: $76,750
Transportation: $76,750 ( $25,583 x 3 Cars – change every 11.6 Yrs )
Money Left: $ 0
What about: Children Education, Vacations, Furniture & Goods, Retirement,etc?
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