Everyone can be a millionaire

This is one thing that some people find it hard to believe. Let's take a look at the average Canadian household income according to the EBRI (Employee Benefit Research Institute).

Average annual household income in Canada’s $52,300. This makes the monthly income of about $3268.75, after taxes. A family with this income would probably have a mortgage of about $1300 per month.

If you had no payments except the mortgage, then you would have approximately $2000 to spend on your essentials.

Let’s see, you should pay for food, utilities, vehicle expenses like gas and insurance, property taxes, etc.

When you have $2000 after paying your mortgage you should easily be able to save about $500 a month. This would give you savings of $6000 per year.

In 10 years you were to end up with $116,169.54

In 20 years you would have $499,573.96

In 30 years you would have $1,764,956.89

You could invest that amount in a TFSA (Tax-Free Savings Account) or with the RRSP.

The big difference here is that with the RRSP would have taxes payable on the amount you take out. NO TAXES when you withdraw from the TFSA.

For more information go to the top of the screen then select CONTACT, we will send you additional information just to make sure you’re on the right track