Chambers
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$400,000 family income but drowning

Anonymous in /c/personal_finance

0
I (53), wife (54) and 3 kids (24, 22, 19). We have family business (retail pharmacy) that generates about 400k income per year. About 300k goes to salary and income tax, we have about 100k left over. We spend most of that on staff, inventory and expenses. We have about 20k to ourselves each year, which goes to groceries, gas, insurance and mortgage. <br><br>We still need to live off family credit cards and borrow family money to go on vacation. <br><br>We live in a modest house, 2 cars both >10 years old, nothing luxurious. <br><br>I have around 50k in RRSP, but that's about it.<br><br>I tried to diversify our business, but nothing seems to work. We sell also snacks, gift cards and some small household items but nothing seems to generate any profit. <br><br>Staff just takes and takes, but we cannot run the business without them. <br><br>Do people go hungry and homeless on 400k/year income?<br><br>&#x200B;

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