The Bank of Canada is recommending that Canadians put aside 20% of their gross income for retirement.
Those same experts suggest spending up to 30% of your gross income on a mortgage is acceptable.
Let's say taxes average around 35%.
That leaves most of us around 15% of our gross income for other minor things. You know, bills, food, extra-curricular activities, cars, gas.
And what is left? Not much.
So when I read that if you want to get ahead in business you need to dress the part, and spend 5-10% of your gross income on clothes, I just laughed.
Something doesn't add up.
Maybe the talking heads who come up with this stuff should try living in the real world for a bit first.
I have never in my life spent $3000 a year on my own clothes, let alone double that. I'm not sure I spend that much per year on clothes for the entire family!*
Of course, I hate shopping (except for books) so perhaps that has something to do with it.
*although with Erik growing approximately an inch a week (hyperbole), it doesn't feel that far off sometimes