[讨论]My perspective

Schnider

Another thing to share
Another thing to share with our Chinese fellows.

Life is so short. I am a simple person. At the end of my life, I would ask myself 3 questions:
- how much $ I make (will make) in my life
- how much time you reserve for yourself and your family
- how much value (tangible & intangible) I contribute to the well being of society

When I look over my shoulder in the last decade, this is my summary for this stage:
- I studied hard at university and worked for different companies.
- I have a nice family and solid financial position
- Not a long way clean up my mortgage for my 3K SQF house.

Obviously, being employed is the most popular option right now. I am in the same group. The job has been providing me steady financial support what I have now. However, one day, I asked myself how much I will earn in my whole working life. Here is the assumption and math:

Total years (able to work): 40 years
Total working time/week: 45 weeks a year
Total working hours per week: 40 (on average, including OT)
Average hourly pay (average for the whole work life): $50/hr
Income tax: 40% (for simplicity)

$50 X 40 X 45 X 40 = 3.6 million before tax X (1-40%) = $ 2,160,000

Do you think you can pay off your mortgage, child education (assume 2 kids), your own retirement by this amount? Yes, I think you can do it if you don’t mind lowering your living quality when you retire.

The thing I am trying to say is: Being employed may be a temporary option only. Don’t just keep working 9 to 5 without thinking what really happen somewhere down the road.
With 100K paid, what you are expected to do is much more than 5 years ago. Canadian economic structure is not as strong as U.S.

Not mentioning more M&A in the market place, the world is changing everyday – with the speed we have never anticipated before. The most critical thing for Chinese Canadian is we need to realize this before it is too late.

I have started to work on something on my own. I don’t want to spend my whole life in 9-5 I strongly recommend you to read a book called “Rich Dad and Poor Dad” (by Robert T. Kiyosaki). It changed the way I think completely.

Just my thoughts. Welcome for any comment.

Schnider