I now have a bit more information on where my bare minimum goal should be. I’m not sure why I didn’t look this up earlier, but I now know where the poverty line, more formally known as the low-income cut-offs, was two years ago.
It’s nice how it’s broken down by how big the family is and how big the population center is. There is a big leap for living in a place with more than a half million people. Bellow that, the differences aren’t that large. Personally, I kind of want to go for a smaller population and in the 100K-500K range, it says that I want $14,895 of after tax income in 2006. That’s still a long ways away, but 15K is quite a bit closer than 18K. Right now, I’m sitting at about 0.8K of investment income. While it’s a good start, it’s still just a start. Being about 1/20th of the way there really isn’t something to celebrate. I don’t want to spend 20 years of my life doing this. It should accelerate as my income increases through investing, though 3% increases really take time to make significant changes.
http://www.ccsd.ca/factsheets/economic_security/poverty/lico_06.htm
It’s interesting to note that if we assume that the after tax figures correspond exactly to the before tax figures, we can compute the tax rate. That brings me to the rather confused situation where the lower income figures seem to have a higher tax rate than the higher figures. Not entirely sure if that makes sense.
Monday, September 1, 2008
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