We focus on after-tax income rather than net worth since advancing net worth beyond what you will never spend is a poor use of our limited time.
According to the latest Edmonton census, the median household income in the Edmonton area is $91,860. This means that the middle-class in Edmonton is earning between $45,930 and $137,790 (50% from the median).
|Henderson Estates, Edm.||182,912||139,404||11,617|
|Oakmont, St. Albert||153,329||118,844||9,904|
|B2B (inc CNC and SaaS)||240,000+||20,000+|
|Chain nail salon||240,000+||20,000+|
|Single nail salon||180,000||15,000|
Castlebrook’s neighborhoods (MLS Chambery and MLS Elsinore) is an example of a small nice neighborhood to blend in. Far enough from the problems inherent to the “average” income neighborhood and nice enough to enjoy without being targetted as being rich in Henderson Estates.
Even if you are not involved in a tech-oriented business, you can use strategies like outsourcing accounting and customer service, leverage automation apps, and consider disintermediation (cut out the middlemen – source from China, or cut out the bank and learn about cryptocurrencies). SaaS businesses generate on average $150K-$200K revenue per employee (it can be as low as $100k of revenue per employee or as high as $300K per employee).
The similarities in fast food and B2B businesses are scalable practices. Although you only have to make more than $16k month after-tax to be considered in Edmonton’s 1%, this is only because of the large amounts of people with low reported income that bring down the average. The real 1% are the 30+ individuals who earn more than $1 million per year, and even more who are earning between $500K – $1M per year.
This brings up another question, “Why Edmonton?”
Edmonton is a global leader in the artificial intelligence (AI) and machine learning (ML). The University of Alberta was ranked #2 in the world for AI and ML.
- Alberta is a monster economy and even during a recession, Alberta’s per capita GDP exceeds $80K – on par with Switzerland’s.
- With housing more affordable in Alberta vs. Toronto and Vancouver, there is more disposable income to capture from Alberta’s affluent consumers.
If you don’t like your after-tax take household income, improve it since time is the only resource you can never get back.