Exactly, which is why I can't understand why we have subsidized housing here and in some of the highest price R/E areas to boot.
What's a decent annual income?
- Thread starter Adrenaline
- Start date
If you use subjective terms like "decent" and "good" you will get subjective answers.
For me in Toronto,
decent means this: Pay rent on time (split with roommate), bus pass, always food on the table, can buy new clothes every 2-3 years, can go drinking/dancing/social gatherings every weekend, squirrel away 50$/paycheque for savings, go away for vacation once a year, hobby once a month.
Good means: all of the above, plus getting a car (0-3 years old), buy new clothes every year, can hobby monthly/weekly, can go on vacation at least twice in the year, put aside 100-300$ for savings.
Some people need more, some less.
For me in Toronto,
decent means this: Pay rent on time (split with roommate), bus pass, always food on the table, can buy new clothes every 2-3 years, can go drinking/dancing/social gatherings every weekend, squirrel away 50$/paycheque for savings, go away for vacation once a year, hobby once a month.
Good means: all of the above, plus getting a car (0-3 years old), buy new clothes every year, can hobby monthly/weekly, can go on vacation at least twice in the year, put aside 100-300$ for savings.
Some people need more, some less.
There is no fixed answer. Much depends upon where one lives, not only as perviously mentioned is public transportation avilable but Rural - Urban what one needs to live comfortable in say Annapolis Royal, Nova Scotia is entirely different from Toronto. Further, it also depends upon what one has in fixed costs say student loans, educational expenses for one's children etc. . .
What looks like a stupendous salary in the New York Metropolitan Area may be quite marginal when one takes into account the much higher costs of living there than in other places in the U.S. or Canada.
What looks like a stupendous salary in the New York Metropolitan Area may be quite marginal when one takes into account the much higher costs of living there than in other places in the U.S. or Canada.
If you consider cocaine a necessity, you're well off. Or even if you consider tobacco, alcohol,caffeine, salt and sugar as basic food groups.
If you spend more on gasoline, airtime and viagra than some people make on welfare, you can't complain.
If you can't afford life-saving surgery or life-saving drugs, you're not so well off.
If you spend more on gasoline, airtime and viagra than some people make on welfare, you can't complain.
If you can't afford life-saving surgery or life-saving drugs, you're not so well off.
Let me throw some more spin on a major debate being played out a federal and provincial government levels. Right now less than 20% of Canadians are retiring on anywhere near a reasonable percentage of their income. Only teachers and civil servants have this luxury.
I don't want this to turn into a rant, and believe me, it's easy to do so when we as taxpayers are paying for their pensions.
But my point is, whatever money you're currently making, you should deduct a big chunk for when you retire, because no else is going to take care of you.
So my suggestion is...pick your annual salary number and deduct 15% for saving for retirement life.
My last pet peeve on this post. Scotiabank's logo: "You're richer than you think" is the most bullshit I've ever heard from financial institution.
The reality is that we are much poorer than we think, and they are misleading us to lend us more money.
I don't want this to turn into a rant, and believe me, it's easy to do so when we as taxpayers are paying for their pensions.
But my point is, whatever money you're currently making, you should deduct a big chunk for when you retire, because no else is going to take care of you.
So my suggestion is...pick your annual salary number and deduct 15% for saving for retirement life.
My last pet peeve on this post. Scotiabank's logo: "You're richer than you think" is the most bullshit I've ever heard from financial institution.
The reality is that we are much poorer than we think, and they are misleading us to lend us more money.
There was a line in the movie Wall Street that said "You can't measure a man's worth by the size of his wallet". That being said I peg the price at about $75 - $100k. Everyone will measure "a good life" differently but at that range I think there is very little that most people can't reasonable want and achieve.
I find the cost of housing very high in Toronto, for what you get. That can be the killer, esp. if you are just starting out in adult life or have recently relocated here from many another place. A nice rental apartment/condo/small home here can easily cost $2000-$3000 a month. So you probably should earn at least 3 times this amount - and most people certainly do not.
Taxpayers are not paying for civil servant pensions. These pensions are self funded. Perhaps at some time in the past they were not, but they are funded in the same way as private sector pensions - contributions from employees matched (or partially matched) by employers.Let me throw some more spin on a major debate being played out a federal and provincial government levels. Right now less than 20% of Canadians are retiring on anywhere near a reasonable percentage of their income. Only teachers and civil servants have this luxury.
I don't want this to turn into a rant, and believe me, it's easy to do so when we as taxpayers are paying for their pensions.
But my point is, whatever money you're currently making, you should deduct a big chunk for when you retire, because no else is going to take care of you.
So my suggestion is...pick your annual salary number and deduct 15% for saving for retirement life.
My last pet peeve on this post. Scotiabank's logo: "You're richer than you think" is the most bullshit I've ever heard from financial institution.
The reality is that we are much poorer than we think, and they are misleading us to lend us more money.
Pensions used to be more common in the past. Now they are being phased out. It's funny to see how those who have no defined pension attacking those few that still have them. It looks like pure petty jealousy.
I'm reminded of this famous quote:
"Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery."
Charles Dickens, David Copperfield, 1849
"Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery."
Charles Dickens, David Copperfield, 1849
WTF? Self funded?
The money that goes into those pensions comes from taxpayers, bottom line. Whether it's collected from the employer [government] or from the employee [from their pay] it is ultimately coming out of taxpayers' pockets.
What's scandalous is that it's a case of the government taking very good care of itself and being free and easy with other people's money [i.e. taxpayer money]. If civil service wasn't so generous in its pay and benefits then taxes could be much lower or services to the public could be significantly enhanced.
We the taxpayers are providing those pensions, don't fool yourself. You can try to justify whether it's money well spent or if it's fair given private sector retirement challenges but there's no doubt where the money comes from.
D.
Not jealousy for me: I will be much better off in retirement than over 90% of civil servants.
For me it's just resentment that I have to pay for a bloated overpaid bureacracy with higher taxes taken from my pocket.
It's also empathy for people getting overtaxed in this country and not being able to save for their own retirement. Part of the problem is the high taxes so those bureacrats lucky enough to push their way to the trough can get their entitlements [i.e. goldplated benefits].
D.
I'm an accountant with a large sized firm. I made just over $150,000 last year and I am very content and thankful that I have a solid career. I believe my income is fabulous given that I am 35 and have only been in the workforce for 12 years.
I did my brother's taxes. My brother's a dentist and made close to $500,000 last year. He's neither content nor thankful. He thinks he should have gone for medicine and become a surgeon because he would have made more money.
This thread is rather useless. There are those who will never be happy. Those for whom no amount of money will never be enough.
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Yeah, but you'd have to live in Dayton Ohio. 35k? My kitchen cost more than 35k. I don't know how you can even buy the materials to build said house for 35k.
I guess it's like Detroit where you can buy a house for an average selling price of 16k. Unbelievable.
It is crazy - where it bites you is that it costs as much to fix up a cheap house as an expensive one.....
OTB
What's a good annual income in the GTA is likely a fantastic income in other parts of the country, This is just a very expensive place to live in Canada. Years ago I had read that if you made an income that was twice your age you were doing well.........some of course make much more than that but on average if your doing that your in good shape. What also throw's things out of whack is not just individual income but family income as many young couples can pull in 150-175 and have just a great life.
