So based on this poll thus far, 43% of Terbites are millionaires ???? That's almost one in every two of us. Either we are a rich bunch or there are alot of bull shitters on this board.
What is your net worth?
- Thread starter nottyboi
- Start date
Pfffttttttt...........most of these guys here, the same that complain about how far some incalls are and TTC fares, make that in a year.
There is no place in Ontario like Toronto. Anything north of Lawrence is garbage.
Actually Brampton is a 1/10th. I would rather live in a sewer under Eaton Center than Brampton.I get depressed just driving through there.
I am not embarrassed to admit that. But I am embarrassed to admit I am waiting for my parents to die. Only son and they have a nice 4200 sq. ft home in Forest Hills. They are healthier than I am and probably will outlive me.
Nope.I can assure you it will be 50% or more. I actually walked out with more in my divorce. I walked away with 55% of assets. Not bad considering I didn't work a day in our marriage and she did.
Using working income to predict retirement income needs is very unreliable, for many reasons. Much better is to plan for a particular desired lifestyle in retirement, price it out, and work backwards to estimate what is needed to supply the needed income, taking into account government benefits, employer pensions (if any), personal savings, taxes, etc.
Nobody can tell you how much YOU need for retirement with knowing the details of how you plan to spend your retirement. They can say what they think they need, but that only matters if you plan to live their life.
And to think two years ago, Giant Tiger declined you for a $25 Gift Card!
You can thank god for ...
a house is a liability not an asset. look at americans back in 2006, many thought they were rich bc of their homes and it all came crashing down. yes, asset classes can rise and fall, but like I said if you want to be technical a house is not an asset
they are including their inflated home values. alot of those ppl probably have homes allegedly worth 600k or more and also mortgaged up.
Tiffany is right. Check http://www.payscale.com/ for the jobs that make it. Even a median family doctor will make about $5m during a 30 year career.Based on StatsCan numbers, maybe a few hundred thousand people Canada-wide would fall into this category. A lot of people to be sure, but percentage wise it would be less than 2% of the Canadian population.
This may not be a high amount, but in order to make 5 mill, you need to average around $166,000 each and every year that you work, assuming a 30 year career. That would be $143,000 over 35 years. This includes your entry level years which typically don't pay well to start...
Hogg's Hollow?
Inflation is a bitch.
A house is not a liquid asset, but it is an asset.
Inflated or not, the question is "net". You can also say the same about stocks, cars or gold. A calculation of wealth is only valid as of a point in time.
A median GP should make $5mm in about 27 years, but that's highly misleading. Most practicing docs are self-employed and can write off many expenses. Reported incomes (by CMA, that I've seen) are usually restricted to practice revenues (i.e., OHIP billings, patient billings). The generous stipends that are received from hospitals, honorariums, "research" grants, etc. are not included. I've been told that the total take-home is as much as twice as high as billings.
$166,000? That would be about minimum salaries expected by lawyers five years out or accountants 10 years out at downtown firms. Then look at the partners of those firms who start at $250,000 and go well into the seven figures. Look at all the tall buildings downtown filled with lawyers and accountants. Then add the bankers, consultants, etc.
But, those aren't the guys I'm interested in. Us suits are just working stiffs. The guys we should be paying attention to are the guys who are wandering Golftown on Wednesday afternoon looking at the $1,500 putters. They are probably small/medium business owners earning $500,000+ but only have to report $50,000 on their tax returns....
Agree better to break this down by age group. A person in their 20's is not comparable to a person in their 50's in terms of net worth. Considering 40% are reporting a net worth north of a million would be more informative say to add a 2 million category. 2 million is twice as wealthy as 1 million so certainly shouldn't be in the same category. Someone worth 4 million would certainly not consider someone worth a mill in their stratosphere. A million can't buy a house these days so nothing really to write home about.
