rich / avg / poor

[star003]

I saw another thread where people debating over the girls in 20s spending so much and so rich or fake rich with debt and all that.
so let’s find out what we think is actually rich. i think age also is a major influencer in deciding if the same amount can be seen as rich or average. I mean 500k for a guy in 25 yrs Vs same amount for someone in 60s.
so lets take a middle ground…and say the range is 35-45 yrs…what amount and asset a guy must have in GTA to live a good life plus afford hobbying. beyond what amount can he be called rich?
also, will it be the same calculation for girls?

 

[Green11]

I'd like million liquid. I would stop working. But I'm now unsure if this is enough if everyone has a cool million.

Maybe there is govt data on median liquid asset.

 

[chirkut87]

IMO for a guy in the age range of 35-35 years , to be called rich and to afford hobbying , he should have an Independent detached house / Condo + car + $5K monthly in hand ( after paying monthly mortgages + insurances).

P.S. In short, annual income of 200K+.

 

[star003]

IMO for a guy in the age range of 35-35 years , to be called rich and to afford hobbying , he should have an Independent detached house / Condo + car + $5K monthly in hand ( after paying monthly mortgages + insurances).

i find it u r bit harsh on the semi-detached and townhouses.. they are also part of the same society

 

[chirkut87]

i find it u r bit harsh on the semi-detached and townhouses.. they are also part of the same society

lolz! Somehow I don't get rich vibes from semi detached or townhouses

 

[star003]

lolz! Somehow I don't get rich vibes from semi detached or townhouses

you made me think about it and now i am not able to disagree…
but for condos there r 2 kind of buyers…one is rich kids sponsored by their rich parents either within or from outside country…and then there comes the struggling new comers who can’t afford more than a condo..

 

[bazokajoe]

lolz! Somehow I don't get rich vibes from semi detached or townhouses

Depends where that townhouse is located.

 

[Ponderling]

We are at 75K passive income but keep reinvesting it as I work part time for a few more years before pulling the plug on working for a living.
We can happily live on 70K a year, but life is a fair bit nicer to have 10K or more a year of 'mad money.'

Once retired we will start to eat some of the assets that spin out the passive income, but that is sorta what retirement is supposed to be, isn't it?

 

[stinkynuts]

I saw another thread where people debating over the girls in 20s spending so much and so rich or fake rich with debt and all that.
so let’s find out what we think is actually rich. i think age also is a major influencer in deciding if the same amount can be seen as rich or average. I mean 500k for a guy in 25 yrs Vs same amount for someone in 60s.
so lets take a middle ground…and say the range is 35-45 yrs…what amount and asset a guy must have in GTA to live a good life plus afford hobbying. beyond what amount can he be called rich?
also, will it be the same calculation for girls?

A net worth of $500,000 for that age would be considered well off. Perhaps they still have a mortgage, but briing in 100,000 a year, and have RRSP/investments of $200,000 and $300,000 equity in a house or condo.

 

[Mencken]

Assets, or net assets even, is not a useful measure. Until perhaps you have a couple of million investments, which could then generate perhaps 100 grand per year safely. But, for example, in Toronto one could easily have a house that was worth 1.5 million and still be poor if you were low income. So I would consider someone with 2 million investment assets, and 100,000 annual income moderately wealthy especially if combined with other income as well. But there certainly are people that are worth 2 M with most of that tied up in a house, and very low income, that are not at all wealthy.

 

[Mr.Know-It-All]

Net worth of $7 million - $10 million to be rich/wealthy in Toronto.

Half the city are homeowners (detached, semis, towns, condos). The average price between all of those housing types is $1 million, so clearly having a net worth of that much is not wealthy. It's just the average for homeowners in the city after the home is paid off.

When I was a kid having $1 million meant that you were rich. Today, $10 million is the new $1 million.

 

[Darts]

Net worth of $7 million - $10 million to be rich/wealthy in Toronto.

$10mm is where the NDP wants to start taxing away your wealth.

 

[IM469]

$10mm is where the NDP wants to start taxing away your wealth.

Probably because the middle class have nothing left to tax.

 

[xix]

IF the Gov't can find a way to tax our hair they will tax us.

 

[Darts]

Probably because the middle class have nothing left to tax.

A properly managed country like Singapore needs a top tax rate of only 22% and foreign source income is tax-exempt.

"Singapore follows a progressive resident tax rate starting at 0% and ending at 22% above S$320,000. There is no capital gain or inheritance tax. Individuals are taxed only on the income earned in Singapore. The income earned by individuals while working overseas is not subject to taxation barring a few exceptions."

There was a recent protest at Queen's Park (what else is new). People who were already getting free money were protesting they should be getting more free money. I wish the governments would give me free money.

 

[Pleasure Hound]

IF the Gov't can find a way to tax our hair they will tax us.

I believe that hairdressers charge HST.....

 

[IM469]

A properly managed country like Singapore needs a top tax rate of only 22% and foreign source income is tax-exempt.

"Singapore follows a progressive resident tax rate starting at 0% and ending at 22% above S$320,000. There is no capital gain or inheritance tax. Individuals are taxed only on the income earned in Singapore. The income earned by individuals while working overseas is not subject to taxation barring a few exceptions."

There was a recent protest at Queen's Park (what else is new). People who were already getting free money were protesting they should be getting more free money. I wish the governments would give me free money.

I like that plan but I have a few rich friends who would hate it.

As for people getting free public money that don't deserve it - I would look at our politicians first.

 

[Claudia Love]

A properly managed country like Singapore needs a top tax rate of only 22% and foreign source income is tax-exempt.

"Singapore follows a progressive resident tax rate starting at 0% and ending at 22% above S$320,000. There is no capital gain or inheritance tax. Individuals are taxed only on the income earned in Singapore. The income earned by individuals while working overseas is not subject to taxation barring a few exceptions."

There was a recent protest at Queen's Park (what else is new). People who were already getting free money were protesting they should be getting more free money. I wish the governments would give me free money.

Dont worry if you lose everything and you need shelter and food the government will save you incase your family doesnt .....its not that its free its that it is given to those that have nothing to be able to live so my question for you is this would you rather see humans starve and die in the street then help them?

 

[star003]

Net worth of $7 million - $10 million to be rich/wealthy in Toronto.

Half the city are homeowners (detached, semis, towns, condos). The average price between all of those housing types is $1 million, so clearly having a net worth of that much is not wealthy. It's just the average for homeowners in the city after the home is paid off.

When I was a kid having $1 million much meant that you were rich. Today, $10 million is the new $1 million.

i am totally in agreement with you.. well said

 

[Darts]

I met a random stranger who asked me a question about my bike. Then the conversation drifted into about life in general. He said he is receiving $1,169 free money every month. He rents a room (no, not in Rosedale) for $400 a month. That leaves $769 for food and stuff. He travels by bike. He even has a small dog. He goes to the library for his Internet. No, he doesn't do drugs or smoke. No, he doesn't want a job, so don't offer him one. He is content with his lot in life.