Income in Canada

Recently, I reviewed some statistics on Canadian incomes from Statistics Canada. Primarily, because the information that is referred to in network marketing business opportunity presentations often refers to US data. So I got curious as to how comparable this would be for us Canadians. I was surprised with what I found and wanted to share this with you.

While the study originates in 2004, it was last updated on Sept 24, 2007. While this may seem “old” data, employment and income statistics are not frequently updated and released.

• What is considered the Top 5% of income earners in Canada, made $87,000 or more per year. What really blew me away, however, is that only 8% of them live in Vancouver. The vast majority of them live in Ontario and Alberta.
• The Top 1% earners made $181,000 or more per year.
• Only about 1% of families have an income of $250,000 or more.
• When looking at what the income was made out of, it was interesting to see that the contribution of income from employment percentage-wise became less as overall income went up. They diversified their income.
• The Canadian high-income earners have significantly less income than Americans.
  

Network Marketing is more mature in the US than it currently is in Canada, as a result percentage-wise more Americans have, or have had, a network marketing business. While I don’t know what percentage of the US high-income earners have a network marketing business, it is interesting enough to point this out.

Another report from Statistics Canada (published in December 2008) mentions that the average weekly income in Canada, derived by dividing total weekly payrolls (including or excluding overtime) by the payroll employment, in 2008 was $801.92. This level of income is very attainable in pretty much any network marketing business. Note that the vast majority do so on a part-time basis, spending only a few hours per week on their network marketing business.

Considering that the cost of living and education is ever increasing, that your local economy are affected by economies all over the world because of globalization, it is critical to supplement and diversify income (just like the high income earners). I believe that these numbers support this.


It will not only help make sure that we will be able to afford to retire - I read recently that 75% of Canadians are not in a position to retire for financial reasons and that many Americans have dipped into their 401K's just to get by, but it will also open up more education options for our children, and for us to spend more time with the family.

I realize, and respect, that achieving financial freedom and wealth is not everyone’s dream. Some of us are more passionate about giving and having a bigger social and/or environmental impact. I would still suggest that increasing ones own financial situation is something that should be considered as it is an enabler for larger impact.

Think of it this way…no matter how committed you are to helping those in need, we all only have 24 hours in a day. In those 24 hours we have a bunch of other obligations, like for example, our jobs, school/university, families, etc. Therefore the amount of time we can donate is limited, and restricted to where and what we can physically do. So, consider this. How would you feel if you could donate, for example, $10,000 or more each year to your favorite charity or charities without it putting any strain on you or your family? Wouldn’t that enable you to have a much larger impact?



Closing remarks
Many of us have been conditioned with the self-limiting believe of something along the lines of “Money is the root cause of all evil”. I disagree and would actually argue that the “lack” of it is. Think of it… Whether we like it or not, we live in a world in which we all need money…for food, to pay the bills, health care, education, etc. Therefore not having financial abundance ultimately results in stress. Stress has a negative impact on your family, your relationships, your physical health, your ability to succeed. So, in my mind “Stress is the root cause of all evil”.

Not everyone has the ability to invest thousands of dollars in starting their own business or to purchase a franchise and yet we all know by now that job security is something of the past. This is why I believe that network marketing is a very valid, proven, answer to how anyone has a fighting chance to become financially free.

Like anything it does take work and there are no guarantees of financial success in network marketing, regardless of the company or opportunity you join and not everyone becomes a millionaire. Anyone who tells you differently, ask them to put it in writing for you.

From personal experience I can tell you that starting a network marketing business is a ride, and it can be the best ride of your life. You can have tons of fun with it if you join the right team, and it is the only type of business of which can be said that “you get out, what you put in and it is all yours”. The rewards are there. That has been proven time and time again. You can do it too!

The majority of the population works for someone else and has a job, yet the minority of the population has an income of $100,000+ annually. What do you think the odds are of you achieving financial freedom by working your current job? How many people do you know that did it?


You can change your financial future. If you want to improve your income, does following the crowd really get you there? I know you know the answer. There is just one thing for you to do – take action!



Leon
http://www.thelifestyledream.com/