Most of us must be in the poor class!

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Most of us must be in the poor class!

Postby OpenMike » Tue Oct 30, 2007 7:53 am

Income survey shows how you stack up against others
Tuesday, October 30 - 06:45:00 AM

Russ Byth/Tamara Slobogean


VANCOUVER (NEWS1130) - Have you wondered how you stack up financially against your neighbours? It's time for a personal financial update, with details from the latest All Canadian Wealth Report in MoneySense Magazine.

To be considered middle class this year, your family needs to have a net worth of $92,000-$244,000, which is up from $66,000 -$169,000 just 4 years ago.

Much of the net worth increase can be attributed to a higher cost of living, especially when it comes to having a roof over your head. And along with that, comes a greater amount of debt, and young families are bearing the brunt of that.

For every $100 of assets, families 35-44-years old have $24 of debt. You can find out how you stack up in the latest issue of MoneySense Magazine.

Some of us are mildly curious, and others are mildly obsessed with how we stack up financially compared to everyone else.

One bus driver says life is good, and he thinks he is pretty well off. He says he owns a couple of houses and he feels he invested at the right time.

Another man says as long as he can put food on the table and take his daughter out to dinner Saturday, then he has plenty. He says he has been working for one company for 19 years so he feels he makes more money than some people.

He says he started at $9 an hour, and now he makes $18.50. He insists he doesn't really think about the pocketbooks of others and he takes comfort and finds satisfaction in simply providing for his family.

Are you paid enough?

Your total income (line 150 on your income tax return) is one indicator of how well you're doing financially.

The median annual paycheque in Canada is
$26,300.



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Income Rank Total income in 2006
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Lowest paid 20% Less than $9,600
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Next 20% $9,600 to $19,100
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Middle 20% $19,100 to $33,300
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Next 20% $33,000 to $56,500
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Best paid 20% More than $56,500
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Geo Custer - "There are not enough Indians in the world to defeat the 7th Cavalry"
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