Editor’s note: This is a transcript of the audio file.
A closer look at Santa Claus’s finances shows that he has some surprising income sources, but that he also has expenses that could give Warren Buffett an ulcer.
Santa has been entertaining children in shopping malls for decades. For his troubles, he is paid the minimum wage of $7.25 an hour at more than 14000 shopping malls nationwide – this adds up to more than $4.2 million dollars.
During the off season, Santa gives speeches on business inspiration to powerful executives. These often top secret meetings, as Santa doesn’t want everyone to know the tricks of his trade – net him another $5.2 million. In total, the jolly old elf rakes in more than 9.5 million dollars.
But unfortunately, his salary is quickly drained by toy-making costs. Santa delivers to children under 7, and there are more than 914 million of them out there. He spends $15 for the materials for each toy, and it adds up to more than $13.7 trillion dollars.
Santa’s 2010 costs, at more than $13.7 trillion dollars, vastly exceed his 2010 earnings of more than $9.4 million.
Not only is Santa wearing red, he’s also deeply in the red. for bankrate.com, I’m Rose Raymond.