Butch Cassidy

and finally for those who are struggling with income levels

Steve&Tanya

Something I have been told is this:

The average family earning $52,000 in 1982 would now need to earn $240,000to accomplish the same standard of living today.

iaink

That would work out at a ~5.5% real inflation rate or so... with housing increases there its probably possible?

1982 was 28 years ago now, thats a long time! Hell, I wasnt even getting paid $52k a year in 1998 when I was headhunted to come to Canada!

Steve_P

I find that difficult to believe.

I wasn't earning anywhere close to $52,000 in Calgary in 1982 and my pension is currently less than $52,000.

The only differences are the kids have left home and we paid off the mortgage. I don't see $190,000 a year in those two items.

Butch Cassidy

Given that its 28 years ago I would DISAGREE.

That family, would (probably) no longer have a mortgage and wouldnt be supporting kids. ergo the necessary income would be significantly lower.

I see Steve has suggested the same thing albeit from a different (and experiential) angle

Steve&Tanya

All great points.
I think it refers to the average dual income family with 2 kids in 1982 in comaprison with a dual income 2 kid family today, rather than the SAME family in 1982 comapred to today.

Interesting to hear real experiences though.

Almost Canadian

People appear to be earning very high salaries in Canada if the responses to these polls is to be believed

iaink

You are both taking it too literally

I would be very surprised if the average family was bringing in 52k in 1982 though, that seems high...

Steve_P

As I said I don't see it costing us an additional $190,000 per year if we currently had two kids and a mortgage.

Butch Cassidy

Devils advocate Iain

And yes I agree that 52K in 1982 does seem VERY high.

Totally agree Steve

Steve&Tanya

Hmmmmm interesting. A case of "don't believe everything you hear" me thinks!

Thanks for the real life experience though. I am too young to know anything about the cost of living back in 1982. I know that I find living here in Calgary more expensive than living in the UK, BUT I know that we tried to live well above our means here (falling for the whole North American dream of a huge house, two new cars etc.even though we are earning less here!!!!) Now we have taken steps to rectify this and fingers crossed I will move out of this category and into the "doing OK but could use a bit more money" category

Steve_P

Oops I lied.

Just checked my income tax records ( I know I'm anally retentive).

Gross earnings in 1982: $49,240

Mrs_P was a stay at home mom at that time so single income household.

Alan2005

Inflation is the governments way of stealing your money

Butch Cassidy

What have you been smoking now

bodgerx

More people dissatisfied in the 150K+ bracket than any other...interesting...