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Old 02-18-2004, 04:29 PM   #1
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What is an average income for a middle class family? My teacher and friends came up with 40k, but that seemed pretty low to me. What would you say would be average?

I mean take 40,000... say you lose 20% on tax that leaves you with 32,000. That is $2,666.66 mo.

Figure 1,300 for house payments/taxes... and that only leaves you with 1,366.66 mo. for cable, phone, utities, car payments, grocerys, amung other expenses. It just didn't seem like a whole lot to me. I know it veries from location too, but just a guestimate would help....
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Old 02-18-2004, 04:34 PM   #2
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it all depends on the area you live in. The average around here is about 65 grand....
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Old 02-18-2004, 04:38 PM   #3
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Put it this way

Poverty : Expenses per month are higher then income per month

Average: Expense out = Income In (with 10% saving)

Wealth: Expenses out is less then income in.

So the saying the rich get richer and the poor get poorer is accurate.

Thats why it is SO critical to start saving in your late teens and early 20'*. GIve yourself a fighting chance for your adult years when expenses get higher. Granted having a spouse helps, cost of living is shared.
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Old 02-18-2004, 05:42 PM   #4
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Quote:
Originally Posted by Jim W
Put it this way

Poverty : Expenses per month are higher then income per month

Average: Expense out = Income In (with 10% saving)

Wealth: Expenses out is less then income in.

So the saying the rich get richer and the poor get poorer is accurate.

Thats why it is SO critical to start saving in your late teens and early 20'*. GIve yourself a fighting chance for your adult years when expenses get higher. Granted having a spouse helps, cost of living is shared.
Now you tell me. Where were you when I was in my early 20'* to learn that lesson??? You are wise beyond your years Jim.
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Old 02-18-2004, 06:02 PM   #5
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I second that!
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Old 02-18-2004, 06:31 PM   #6
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yep jim'* got good point but forgot one thing all the kids that go to college the end up with $100,000 in loans an fees an all that from just getting schooled minds me I need to keep looking for a damn job an average in missouri is anywhere from $28,000-$40,000 from what I've gathered
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Old 02-18-2004, 06:47 PM   #7
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Well stated Jim.
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Old 02-18-2004, 07:07 PM   #8
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I consider my family to be middle class, my dad makes a decent amount of coin including overtime, but because it'* OT, a whole lot of it goes to tax, leaving us with not much more than $40k Canadian for a family of four and assuming my mom'* still looking for employment, I guess-timate.


... add mortgage payments, and we don't have that much spending room Basically enough to get by, a little splooge in things here and there, and not much else.
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Old 02-18-2004, 07:46 PM   #9
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It depends on the cost of living, which means that jim'* exactly right. Take football players for example, the second they land their big contract, they'll start spending, but when it'* done, they still got house payments, ferrari insurance, etc.
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Old 02-18-2004, 08:28 PM   #10
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If you can find a way to sock away $300 dollars a month (granted you have steady income) and pay off your debts and expenses, you will see huge gains in the coming years.

The beauty of investing is once you hit $90 0000 the value doubles every five years. Granted average 10% growth and CONSTANT contribution. In theory if I was to live at home and only pay $400 a month in rent (I call it "helping out around the house") I could reach $90 000 saved in 4 years and hit $180 000 5 years later, and $360 000 5 years after that....

GRANTED 10% growth per year and constant contibution. The beauty of it, buy real estate early. Turn that $50 000 burnin a hole in yer pocket and buy a house, turn it into $200 000 in assets...then yer laff...

Gordy knows what I am talkin about

It all comes down to being dollar smart at a young age.

And every single Canadian (since its available here) should have RRSP'*.

The reason for the economics lesson. This will really help sort out the day to day expense when you have your eyes on the big picture

Rack it up
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