Updated on July 13, 2013

## Money and life

Did you ever wonder what changes you would make in your life if your lucky numbers finally came through and you were handed a check of an unimaginable amount that would have taken you 10 lifetimes of working 35 years in each of those lifetimes to earn the big payoff? Where talking about 350 years. The mathematics is real simple if you can imagine it in grade school terms it is very easy to conceptualize and see.

An above average salary today is about \$75,000.00 annually which is really not much at all to raise a family of 4 on these days. If you worked for 35 years earning \$75,000/year that would mean you earned in your working lifetime \$2,625,000 and about 40 % of that goes to our government for taxes and we all know the government is challenged in spending money efficiently and wisely. The other 35 % goes to pay our living expenses such as rent or mortgage, groceries, costs in raising our children which according to government sources is about \$225,000 to raise a child through to their 18th birthday before college. Most families have more than one child so that figure is relative to each child so if you have 4 children you would be expected to bear almost \$1,000,000 in raising your children to young adulthood before they attended college.

That leaves us with approximately 25 % remaining and I sure know I have not seen any of that money saved and the only times I was able to save was when I participated in my company 401k program for about 3 % of my salary which is not much to speak of.

Of that remaining 25 % I would estimate between 5 - 10 % goes to our family doctors and the kid's dentist and the pharmacy for paying for medicine and other costs not picked up by insurance. If we were lucky enough to save the remaining 15% that would translate to about \$11,000/year which seems hypothetical and overly optimistic as according to government sources the average rate of saving for most of us is less than 5 % of our pay check which is very alarming given the escalating costs associated with living in today's economic climate.

If we were lucky to save that 5 % of our paycheck in our lifetime of working that would be approximately \$130,000 saved over 35 years which seems like a lot of money for most of us but is not realistic if we factored in that we would help pay our child's college education which would be on average at a reasonably priced school about \$30,000 to \$40,000 over 4 years.

As a homeowner it seems we are always spending money on home repairs, painting, plumbing, electrical and other costs in trying to upkeep our modest home that we eat continually into our savings and when all is said and done we really have virtually just what we saved in our 401k. The 6 months emergency fund for most of us is non existent and cause for great concern.

So when someone asks me if my life would change if I won the big payoff of \$26,000,000 which represents 350 years of hard work earning \$75,000 a year I just laugh, shrug my shoulders and say of course my life would change. I would not have to kill my self to make a living any more, I would not have financial worry or stress in my life any more and I would be able to have peace of mind, take care of my family and be very charitable. I am taking care of my family on the current salary I make but I unfortunately am just getting by and I would suspect that is the case for most families today. Hence I write in hope that I can find some source of residual income come my way from the links I provide so I can help with my son's ever increasing medical costs which are a considerable drain financially.

I will do all I can to help my son and try to give him all I can because I love him and I am blessed to have him and no amount of money can compare to having a child in your life.

Edward D. Iannielli III

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