What's a decent annual income?

[Mia.Colpa]

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.

If you break it down to the lowerst denominator, the consumer, aka the taxpayer, are paying for both public and private pensions, either through taxes for public pensions or through higher prices for products for private pensions, ie. GM, FORD, etc....., albeit the consumer has a choice in which product they purchase whereas the taxpayer has no choice since government contributes to the civil servant plan with taxpayers money.

 

[freestuff]

I'm sorry, but there is no such thing as a decent income...unfortunately, us human beings are greedy, and we will never be satisfied...

I was happy with my salary of $185,000 (in NYC). Ah, the good ol' days.

 

[duang]

If you break it down to the lowerst denominator, the consumer, aka the taxpayer, are paying for both public and private pensions, either through taxes for public pensions or through higher prices for products for private pensions, ie. GM, FORD, etc....., albeit the consumer has a choice in which product they purchase whereas the taxpayer has no choice since government contributes to the civil servant plan with taxpayers money.

I agree that choice is the issue. I can seek out fair value when I have the choice to spend my money but I have no say in how much civil servants are [over]paid.

I could buy a North American car but if I don't like the value offered since they have to pay their workers $75 per hour then I can take my hard earned money and buy a bike or an imported auto.

Safe to say the government is not as careful in throwing around the taxes they've taken out of my pocket [which they treat as their money rather than respecting who worked for it]. I think government should be entrusted with the minimum amount of responsibility [i.e. areas where central guidance is a must] and anything that can be run by private enterprise should be taken out of the government hands since they can't do most things as efficiently as the private sector.

D.

 

[fuji]

A decent annual income is about 15 or 20% more than I make right now, and that was also my answer when I made half what I make today.

 

[Brotherman]

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.

QUOTE]

We're on the same page...exactly what I thought when I saw that advertisement. Should be "You're poorer than you think"

I'm on the same page too. I've been with this bank for a while...and these stupid marketing advertising is really insulting our intelligence. Like the new momentum card...your paying them an annual fee to get cashback.
They used to be good, but lately, they've gone down.

 

[Anynym]

I've been happy taking home a salary 20% under what I made a decade ago. And I've been miserable taking home that same salary.

It ain't the money, honey.

 

[happy the man]

Statistics-All is relative

I saw a Stats Canada Report 2006 classify incomes....REPORTED ONES!!!

In Canada at that time,
the median income was (believe it or not) $25k,
the median household income $45k,
if you made more than $75k, you were the top 5%, (felt very privileged)
if you made more than $100k, you were in the top 1%.
FActor 2.5.% inflation per year for today's comparison.

In Toronto at that time,
the median income was $40k,
the median household income was $67k,
if you made more than 90k, you were only in the top 10% (feeling less priviledged now), and
if you made more than 100k, you were in the top 5%.

I feel very fortunate to be able to have a so much personal wealth, long term security and helping my family in need, while still being able to enjoy the occassional company of the wonderrful 'girls' in Toronto...while still not in the top 5%.
May 'a little piece' be with you this season.
HtM

 

[happy the man]

Happy the Man has brought to light the most relevant info of this thread. There is a significant # of people in Canada getting by on less than 45K.

It is not what you make, it is what you spend makes a person happy.

This is the season to realize that if you make over 75k per year you are a fortunate Canadian and you should be in a position to share with others less fortunate. More than this you should be a Happy Canadian and with a little help from your favorite SP you can even be Happier.

That's my plan Jag...once she gets better....

 

[Adrenaline]

I saw a Stats Canada Report 2006 classify incomes....REPORTED ONES!!!

In Canada at that time,
the median income was (believe it or not) $25k,
the median household income $45k,
if you made more than $75k, you were the top 5%, (felt very privileged)
if you made more than $100k, you were in the top 1%.
FActor 2.5.% inflation per year for today's comparison.

In Toronto at that time,
the median income was $40k,
the median household income was $67k,
if you made more than 90k, you were only in the top 10% (feeling less priviledged now), and
if you made more than 100k, you were in the top 5%.

I feel very fortunate to be able to have a so much personal wealth, long term security and helping my family in need, while still being able to enjoy the occassional company of the wonderrful 'girls' in Toronto...while still not in the top 5%.
May 'a little piece' be with you this season.
HtM

Interesting stats, I remember reading that the median income for a male working full time in Toronto was 65k in 2006. That seems more reasonable, but even with an income of 65k in Toronto, you'd still be far away from living a life of luxury.

Regardless, the moral of this thread is to be thankful and happy for what you have. Merry Christmas everyone.

 

[xz6l97]

I think most people posting on this thread are out of touch with reality, when I first arrived in Canada I set a goal of 42.5K this nets you around $2500 a month after tax etc, and I think you can live comfortably on that.

You won't have much to save or spend or extremes but you should be comfortable. Fortunatly now I earn quite a bit more than my initial goal now but still live a similar lifestyle and the extra money just goes to saving/investing and the like.

The people who are "rich" in Toronto are completely out of touch with the reality of how the majority of people in Toronto live. Anyone who has enough money to spend on SP's has an income that is more than decent.

 

[afterhours]

The people who are "rich" in Toronto are completely out of touch with the reality of how the majority of people in Toronto live. Anyone who has enough money to spend on SP's has an income that is more than decent.

isn't a decent income by definition something that the majority cannot reach?

More than a decent income in my book wood be an income that would make daughters of your peers interested in you.

 

[needinit]

I make what is marked as in the top 1 % of income earners (above $150k), don't worry about where it is spent (as I put a specific amount aside first).

Having only been earning in Canada for about 10 years (as I lived most of my adult life in other countries) I do find I am putting a lot away for RRSP and RESP so don't have as much to show for my earnings as others, but that is alright.

BTW - did splurge on a xxxx for myself for chrsitmas, so obviously can't complain and living in Hamilton means cost of living is about 1/2 that of Toronto, especiailly for housing - I certainly couldn't afford the home I live in if it was in Toronto dowtown similar to where I am now.

 

[K Douglas]

If you're single and living in Toronto I'd say to live a good life you need to make at least $60K per year. That gives you after tax income of about $44K or $3,650/month.

 

[Thunderballs]

I agree that the word decent is far too subjective. For example you may be happy with a $70 Timex watch. However, you may feel you need a Patek Philippe Platinum World Time watch at $4 million. I have a friend who is never happy with what he buys. He always has to have the best of everything however because he is not happy as a person, he never seems to be able to fill the void with his purchases. It's very sad.

To me, a decent income is being able to match your spending to your income. You are happy, not lacking, and you are able to put some away for a rainy day. For some that may be $30K. For other it may be $30M.