How much do you need to make to be rich in Toronto?

[stinkynuts]

For a family of four, living an upscale lifestyle.

Left out 400-450k by accident, but shouldn't affect results much.


I think anyone over 250k is very well off for a family of four.

 

[fmcgrew]

$1000 a day everyday 365k a year imo is when you are rich.

 

[Serpent]

For a family of four, living an upscale lifestyle.

Left out 400-450k by accident, but shouldn't affect results much.


I think anyone over 250k is very well off for a family of four.

250k and over for a family of four. 250k is minimum to enjoy nice cars, nice vacation destinations, nice lifestyle without stressing or compromising on anything (including maxing out RRSPs).

 

[stinkynuts]

Quite a few people so far said 50-100k. I think with this amount you can live a middle class, comfortable life, but not by no means be considered rich.

 

[Brotherman]

For those people who voted for $50k-100k, I feel sorry for you. Middle class to upper middle class isn't rich in my books.

I would say $200-$250k is rich. Cars, vacations and fancy suits.

 

[Veronica27]

Rich is when you can sit on the beach and other people's work is paying for your Margueritas perpetually.

 

[saxon]

Rich is when you can sit on the beach and other people's work is paying for your Margueritas perpetually.

Agreed. Rich is when you don't have to work anymore. The ultra rich just put their money to work for them.

 

[Smallcock]

$1 million will buy you a detached home in a nice area in Toronto, but homes $2 million and up are better suited for a rich person. At that price you get size and all the modern amenities for a decked out pad in a great area. You get that "wow" factor... you know you've stepped into a house owned by somebody with money.

This is just the house, without the cars, vacations, boats, cottage, and mouths to feed.

With 20% down payment at 3% interest you're looking at around $7600/month in mortgage. Add in property taxes, maintenance/repairs, heat, hydro, tv, phone, and you need around $10k/month to live in your home.

You already need $120k/year just to carry all of that.

Feeding and dressing a family of four in the best designer clothes, sending your kids to private schools, golf yacht and other high end club memberships, regular vacations and dinners for your family, at least 3 high end vehicles and repairs/maintenance on them, gas, insurance, I'd say you're looking at another $10k/month.

That's about $240k/year needed.

Drop another $100k on that for good measure (for cottage and cottage toys like 4x4, boat, etc), and I think you can hold all of that down without headaches or worries. So the minimum I think to be "rich" would be around $350k/year.

Note: this doesn't take into consideration taxes taken off the person's salary and doesn't take into consideration an addiction to hobbying which should run a rich person $2k - $4k per month.

So let's round up to $500k and you're rich with no financial worries and live a dream life.

 

[fuji]

When you make twice as much your neighbour does, your neighbour will consider you rich. So, it depends on who your neighbour is.

 

[Born2Star]

Before I vote is this before tax income or take home cash?

 

[IM469]

Before I vote is this before tax income or take home cash?

I'm not voting - all I know is that I don't have it.

 

[scorpio82]

over 600k you'll be fine. No gambling and drugs!

 

[katsrin]

Fun read ...

http://www.theglobeandmail.com/life...t-you-shouldnt-eat-here-ever/article21833277/

"Greg, at the bar, is complaining about Toronto. You need to make at least a million a year to be comfortable in the city, he announces. Greg is in his upper 40s, by the look of it. He says he’s in finance. He’s brought the new girl from the office with him, a kind young thing named Julie who only recently moved to Toronto, who is maybe half his age. Julie’s drunk, but she isn’t stupid. Julie keeps rolling her eyes."

 

[Indiana]

Before I vote is this before tax income or take home cash?

Smartest rich people don't pay income tax.

 

[ultistar]

This topic comes up as often as the best burger debate. Let's make it intersting and combine those: what burgers do the rich eat?
I like Hero burger.
Go.

 

[Smash]

I'd say over $500k is rich. I could live a very comfortable, happy life making $150k a year.

 

[Veronica27]

This topic comes up as often as the best burger debate. Let's make it intersting and combine those: what burgers do the rich eat?
I like Hero burger.
Go.

Hero Burger is my choice as well, except on the last game of the season. Never again then.

 

[stinkynuts]

Before I vote is this before tax income or take home cash?

Before tax

 

[stinkynuts]

$1 million will buy you a detached home in a nice area in Toronto, but homes $2 million and up are better suited for a rich person. At that price you get size and all the modern amenities for a decked out pad in a great area. You get that "wow" factor... you know you've stepped into a house owned by somebody with money.

This is just the house, without the cars, vacations, boats, cottage, and mouths to feed.

With 20% down payment at 3% interest you're looking at around $7600/month in mortgage. Add in property taxes, maintenance/repairs, heat, hydro, tv, phone, and you need around $10k/month to live in your home.

You already need $120k/year just to carry all of that.

Feeding and dressing a family of four in the best designer clothes, sending your kids to private schools, golf yacht and other high end club memberships, regular vacations and dinners for your family, at least 3 high end vehicles and repairs/maintenance on them, gas, insurance, I'd say you're looking at another $10k/month.

That's about $240k/year needed.

Drop another $100k on that for good measure (for cottage and cottage toys like 4x4, boat, etc), and I think you can hold all of that down without headaches or worries. So the minimum I think to be "rich" would be around $350k/year.

Note: this doesn't take into consideration taxes taken off the person's salary and doesn't take into consideration an addiction to hobbying which should run a rich person $2k - $4k per month.

So let's round up to $500k and you're rich with no financial worries and live a dream life.

nice analysis!

 

[AdamH]

I'm in the 3rd bracket (between 150k and 200k) and I can tell you that I am by no means rich. My wife and I own one car between the two of us. We own a small house in Toronto proper. Money isn't tight by any stretch of the imagination, but we aren't extravagant people. I generally do most of my clothes shopping at Mark's Work Wearhouse (my wife buys from all over, from places like Old Navy/American Eagle type places). I have small children so we try to buy used clothing for them as much as possible (kids ruin their shit anyway, and they wouldn't care if they were dressed in a burlap sack).

I am not rich, but I live comfortably and debt free (with the exception of my mortgage which will only have taken me 10 years to pay off from the moment I purchased the house).

I think in order for myself to feel rich I'd need to make at least 3 times what I currently make.