Gross Income

[SABIO]

We all have a sweet ride. But we know some members have some serious mods.

Are we penny pinchers? Or are some of us high-rollers?

Just place your vote in the poll. No comments please.

Interesting to see the variance with students, part-time workers and full-time career people.

Just single member income.... not combined family income..

[JMAK74]

WOW that many people on this board make $70K+ and own a Mazda3 :sarc

[S.F.W.]

it\'s the insurance that lead me to my 3 originally. Due to some poor choices when I was young, my insurance costs were insane on higher end cars.

[FLIPDADY]

I\'m doing pretty good right now that\'s all I gotta say.:)

[Kevin@nextmod]

So far I make a few grand a year and the rest is parents. :)

[PlatMS6]

I really don\'t think...if at all it is true...that if you are making $70K+ /yr that you would be driving a Mazda 3, especially the 6+ of you. I am making mid-high 40\'s, and thats ok since it hasn\'t been a yr since I got out of college and only 7-8 months at a \"career\" job (only 21), so I am not depressed yet lol. I can understand it if u\'re poping up babies everywhere and the wife stays at home and have a major mortgage, otherwise thats just lunacy. I can certainly say that when I get into that tax braket I would make sure that I enjoyed it and really not saved up till I can\'t do anything with it and need adult diapers. While I understand that puting away some money for the future is fine...fine combing it to death is a problem, but I unno thats just me.

[Kevin@nextmod]

Well guys that make 70k plus maybe just don\'t want to spend it on a 30k + car. They rather put it on mortgage for an um....$300k house/condo?

[S.F.W.]

when I got my car I was 24, if I had purchased a car in the ~40k range like Iw as originally looking, insurance would have been 9K a year. Got my MAzda 3, and it was 1/3 of that...
So that\' why I made the choice...that and I found compared to cars that were less than ~35k, it was my favourite.

[JMAK74]

Originally posted by JMAK74


WOW that many people on this board make $70K+ and own a Mazda3 :sarc

In most surveys for household income, most respondents will not put the actual amount they make but one higher. I guess that\'s what I was going after...

Pearly - you right - just cause you make $70K+ doesn\'t mean you\'ll spend a ton of cash on a car, or even a home. The president of the company I work for probably makes $150K+ but still brown bags his lunch.

JK

[Broli]

i do well for a student
cause of stipends, scholarships and part-time work, and minimal expenses!



do this poll again in a few years . . . :hoho :D

[SABIO]

Originally posted by Pearl_Hatch


Well guys that make 70k plus maybe just don\'t want to spend it on a 30k + car. They rather put it on mortgage for an um....$300k house/condo?

$300K House... Where?.. I\'ll buy it. My Townhouse is $300K LOL :hoho

[SourcE]

Originally posted by SABIO
$300K House... Where?.. I\'ll buy it. My Townhouse is $300K LOL :hoho

:hoho

[SW20 MR2]

Until I\'m either making $150k+ or have my mortgage paid off, I don\'t think I can spend more money on a car. Even then, I can think of better things to spend my money on. Bottom line: cars depreciate most of the time and real estate appreciates most of the time.

[mEtH]

you should of offset the incriments SABs
0-10
11-20
21-30
31-40
41-50

that way no one has to choose which increment would I like to be in :p

[midnightfxgt]

Originally posted by SABIO



Originally posted by Pearl_Hatch


Well guys that make 70k plus maybe just don\'t want to spend it on a 30k + car. They rather put it on mortgage for an um....$300k house/condo?

$300K House... Where?.. I\'ll buy it. My Townhouse is $300K LOL :hoho

Look around. They are out there, and readily available. I just bought with my GF. Our subdivision is in Phase 0, and we paid 275K + 7500 for all brivk (282K total). Fully Detached, 35\'x110\' lot, 1768sq feet, 2 car garage etc.

35mins drive to T.O. :D We will live in Whitby

-John

[SABIO]

well...

... I\'ve spent the last 15 years (2 different jobs) driving 5-7mins. to work. I could never buy a home 30-40 minutes away. Being able to come home after a crappy day....finish at 3pm...beer cracked open and sitting on the deck by 3:10pm...is priceless.:)

[MAZDA Kitten]

Originally posted by SABIO



Originally posted by Pearl_Hatch


Well guys that make 70k plus maybe just don\'t want to spend it on a 30k + car. They rather put it on mortgage for an um....$300k house/condo?

$300K House... Where?.. I\'ll buy it. My Townhouse is $300K LOL :hoho

HAMILTON! You can buy a brand new 2000 sq ft+ home for under 300,000

[Broli]

whitby
hamilton . . .

some people dont wanna live in the sticks!

;)

[midnightfxgt]

Umm That has got to be the first time I have heard Whitby called the sticks. Lower crime rates, lower population density, I find way better drivers (probably related to last item). The city isnt for me. I have no desire to live in T.O, although the commute is a plus.

-John

[sicsol]

Crazy, Milton 2000sq is over $300,000 +

The 3 or 6 is still the best bang for the buck. Cheap to repair and easy to mod. I have no means to ever pay over 50K + for a car unless my work will pay for it or have a Tax right off.

[doughboyr6]

Originally posted by SABIO


well...

... I\'ve spent the last 15 years (2 different jobs) driving 5-7mins. to work. I could never buy a home 30-40 minutes away. Being able to come home after a crappy day....finish at 3pm...beer cracked open and sitting on the deck by 3:10pm...is priceless.:)

wow.....that does sound good.....my commute is only the next town/city over (oakville to mississauga) and my commute is close to 1/2 hr....i wish i could get off at 3:00, beats traffic....i work 8-4:30 and i\'m always in traffic....

and wow, i can\'t belive that many peeps make over $70K, i need to find a new job....but if i was making that much, i\'d definately be rolling in something else....but then again, to each their own and everyone\'s situation is diff, i live at home still, so no mortagage no family to take care of...

[SIM SIMMA]

If you\'re making 50K a year you should not be driving a 50K car unless you live at home. Even if you are making 70K you might not want to be driving an expensive car. If you are making 70K and live at home then you\'ll have all the disposable income you want. Someone making 70K might have a mortgage, car payments etc..

Right now I chose the Mazda3 so I would actually have some disposable income for doing other things. I was considering more expensive cars but at the time with a house closing the smarter thing was to put more money down for the house. I have a lifetime to drive a nicer car and the Mazda3 was the best bang for the buck. I also like the fact my car payments are not crazy and I have money for savings and whatnot.

Priorities change and when/if I have kids things change again.

I guess everyone\'s situation is different, but my main point is just because you make 70K + it doesn\'t mean you\'re going to be sporting a super nice ride. Some people just don\'t care. All they want is a car that takes them to point A to B and is reliable.

[SourcE]

but then again, to each their own and everyone\'s situation is diff, i live at home still, so no mortagage no family to take care of...
exactly, where as I have a house downtown and a kid

[bubba1983]

pimpin ain\'t easy ladies.....


its hard to pimp down 70K/year...

Your pimp hand needs a rest every now and then..


haha

[SourcE]

Originally posted by bubba1983

Your pimp hand needs a rest every now and then..



:D :hoho

[TheProfessor]

Originally posted by Jobes


If you\'re making 50K a year you should not be driving a 50K car unless you live at home. Even if you are making 70K you might not want to be driving an expensive car. If you are making 70K and live at home then you\'ll have all the disposable income you want. Someone making 70K might have a mortgage, car payments etc..

Right now I chose the Mazda3 so I would actually have some disposable income for doing other things. I was considering more expensive cars but at the time with a house closing the smarter thing was to put more money down for the house. I have a lifetime to drive a nicer car and the Mazda3 was the best bang for the buck. I also like the fact my car payments are not crazy and I have money for savings and whatnot.

Priorities change and when/if I have kids things change again.

I guess everyone\'s situation is different, but my main point is just because you make 70K + it doesn\'t mean you\'re going to be sporting a super nice ride. Some people just don\'t care. All they want is a car that takes them to point A to B and is reliable.




Couldn\'t have said it better myself. I could quite comfortably afford a more expensive car than the 3 but I, like others on this board, have other priorities. For my wife and I, it\'s travelling.....we want to see the world, and it ain\'t cheap!

[Cardinal Fang]

My wife and I already own what we deem to be an upscale car. We needed a second car to be able to load up with things that would normally never fit into a sedan. An SUV was out of the question because we both hate them and coming from a pre-existing hatch it was only natural to get another hatch. Ad to this the priorities everyone has been talking about and BOOM! The Mazda3 is the perfect fit for our situation.

[iconicrocket]

Originally posted by Jobes



Right now I chose the Mazda3 so I would actually have some disposable income for doing other things.



Well said.

[wtom]

Originally posted by iconicrocket



Originally posted by Jobes



Right now I chose the Mazda3 so I would actually have some disposable income for doing other things.



Well said.



+1 ... some more important things in life than a vehicle. ;)

[Caz]

How many people actually own their 3, as in no monthly payments?

[SoopaBanana]

I own the 3... But now in retrospect leasing is a better option, what with Mazdaspeed 3 just around the corner...

As for the whole talk about not buying a better car... Really, I think that the extra 20k in my pocket has made me much happier than owning a Beamer that you\'ll have to feed premium...

[Jeff-TheBiz]

Originally posted by Caz


How many people actually own their 3, as in no monthly payments?

Leasing mine, with intent to buy at the end..

Had Multiple securities and some $$ down on a 5 yr lease, so payment is $246 a month.

[majic]

Originally posted by Caz


How many people actually own their 3, as in no monthly payments?

cash baby! :D



Originally posted by SABIO


well...

... I\'ve spent the last 15 years (2 different jobs) driving 5-7mins. to work. I could never buy a home 30-40 minutes away.

how far is your wife\'s work (b4 the baby).. if it\'s as close then you guys are pretty lucky..

[Broli]

everyone is saying some important things

priorities are priorities


that said,

you only live once,
and if it is your dream to have __________ (insert fancy car here)
you should do it,
but if its your dream to travel or what not, put ur money there

sure dreams can change,
and sure other priorites can spring up!

you should always get what you dream about, if and only if it is a feasability,
don\'t overstep the bounds of reality

not everyone will have a lambo and a summer house in tuscany

but, if you plan, you can probably get the one thing you really want!

[MaxRPM]

People here seem to forget that we pay taxes, 70g a year is a healthy GROSS income but it\'s not that much money and is about 50g after tax.

After tax income

- 70 = 50g/yr, 4230/mth
- 60 = 44g/yr, 3670/mth
- 50 = 37g/yr, 3100/mth
- 40 = 31g/yr, 2540/mth
- 30 = 17g/yr, 1390/mth

Now let\'s list some typical monthly expenses for 1 person earning 70g;

1700 - Mortgage 300k@5.5 for 25
150 - Property tax
100 - Gas
100 - Electricity
50 - Phone
150 - Cable/Internet
250 - Food

$2500 Total

That\'s just basic expenses so after those expenses you have $1730 left for a car,

Let\'s estimate the cost of owning a Mazda 3.

$518 - 28g Loan Payments for Mazda 3
$130 - Insurance
$200 - Gas
$25 - Maintenance

$873 - Total for the Mazda 3


So with a house and a car you are left with $857 to spend on clothing, entertainment, travel, hobbies, sex, drugs & rock & roll, and most importantly savings!

Oh wait, you haven\'t even furnished your house or bought dishes or a lawnmower etc....it\'s not a lot of money and a Mazda 3 is not unreasonable for someone making 70g or even more. My future wife and I both make over 70g and we drive a Mazda 3 and have her old Neon as the 2nd car which is rarely used and mainly on weekend.

[SourcE]

not to mention people with OSAP and other debt payments

[midnightfxgt]

Originally posted by Caz


How many people actually own their 3, as in no monthly payments?

I am all payed... no payments! YAY

[wtom]

Originally posted by MaxRPM

Oh wait, you haven\'t even furnished your house or bought dishes or a lawnmower etc....it\'s not a lot of money and a Mazda 3 is not unreasonable for someone making 70g or even more. My future wife and I both make over 70g and we drive a Mazda 3 and have her old Neon as the 2nd car which is rarely used and mainly on weekend.

Thanks to MaxRPM, wtom sells his condo and returns to live at home with the parents. :p

As for car, financing still altho I can pay the remaining balance off no probs. However, because my interest rate on the financing is 2.4% and I get a bit more than that in my savings account at the least, I choose not to pay off the balance. ;)

[SIM SIMMA]

Originally posted by MaxRPM


People here seem to forget that we pay taxes, 70g a year is a healthy GROSS income but it\'s not that much money and is about 50g after tax.

After tax income

- 70 = 50g/yr, 4230/mth
- 60 = 44g/yr, 3670/mth
- 50 = 37g/yr, 3100/mth
- 40 = 31g/yr, 2540/mth
- 30 = 17g/yr, 1390/mth

Now let\'s list some typical monthly expenses for 1 person earning 70g;

1700 - Mortgage 300k@5.5 for 25
150 - Property tax
100 - Gas
100 - Electricity
50 - Phone
150 - Cable/Internet
250 - Food

$2500 Total

That\'s just basic expenses so after those expenses you have $1730 left for a car,

Let\'s estimate the cost of owning a Mazda 3.

$518 - 28g Loan Payments for Mazda 3
$130 - Insurance
$200 - Gas
$25 - Maintenance

$873 - Total for the Mazda 3


So with a house and a car you are left with $857 to spend on clothing, entertainment, travel, hobbies, sex, drugs & rock & roll, and most importantly savings!

Oh wait, you haven\'t even furnished your house or bought dishes or a lawnmower etc....it\'s not a lot of money and a Mazda 3 is not unreasonable for someone making 70g or even more. My future wife and I both make over 70g and we drive a Mazda 3 and have her old Neon as the 2nd car which is rarely used and mainly on weekend.

Whack!

A big slap from reality. I\'m glad you mentioned what people actually make after taxes... it\'s a totally different ball game.

[wtom]

... and some people wonder/complain about Canadians leaving the country to work in another.

We pocket after tax dollars. We purchase majority of goods while paying a good amount of tax on top ... in the end we\'re actually shelling out like 35%+ more money than we need to for the damn government. And they\'re still in debt! :p

[MaxRPM]

$70000 earned through a regular job or self employemnt = about 50000 a year after tax
$70000 earned through Capital Gains IE, flipping houses, stocks, etc = 64000 a year after tax
$14000 difference

$100000 earned through a regular job or self employemnt = about 68000 a year after tax
$100000 earned through Capital Gains IE, flipping houses, stocks, etc = 89000 a year after tax
$21000 difference

$200000 earned through a regular job or self employemnt = about 122000 a year after tax
$200000 earned through Capital Gains IE, flipping houses, stocks, etc = 170000 a year after tax
$48000 difference

[SABIO]

Originally posted by Caz

How many people actually own their 3, as in no monthly payments?

Alright..don\'t change my topic to why I bought my 3 and how I paid for it!




Originally posted by SABIO


... I\'ve spent the last 15 years (2 different jobs) driving 5-7mins. to work. I could never buy a home 30-40 minutes away.


Originally posted by majic

how far is your wife\'s work (b4 the baby).. if it\'s as close then you guys are pretty lucky..


In April The Wife starts driving to Brampton again everyday....:( In the Tribute :(:(:(

$70k is a good income...enough to live on your own...blah blah blah..
but when you start adding in houses...kids...wife... You NEED 2 incomes. 120K+ a year.

So if you\'re in the 40-60K bracket..your doing good. For you. But when the time comes..make sure the other half is making at least the same. :) Or your ride is gonna be a 82\' olds.

[doughboyr6]

Originally posted by wtom


... and some people wonder/complain about Canadians leaving the country to work in another.

We pocket after tax dollars. We purchase majority of goods while paying a good amount of tax on top ... in the end we\'re actually shelling out like 35%+ more money than we need to for the damn government. And they\'re still in debt! :p

i\'m not sure how it works, but i know someone who used to work for an american company but was located in canada and got paid in US dollars and taxed less? or maybe the other way around? either way, it was really beneficial to him...

now with that said....we have health care and the US doesn\'t, i know of a lot of motorcyclists in the US who have been involved in accidents and even after they recovered from the incident, they\'re slapped w/ a $300+ bill....geez....you better hope that your work health benefits cover that....and even if it does, i bet the amount off your paycheck each month is huge

[TheProfessor]

We may have \'free\' heatlhcare in this country but the service in the USA is considerably better IMO provided you\'re not on welfare.

[bluntman]

Individual income right? ;)

[SABIO]

Originally posted by bluntman


Individual income right? ;)

yes...

[Broli]

Originally posted by TheProfessor


We may have \'free\' heatlhcare in this country but the service in the USA is considerably better IMO provided you\'re not on welfare.
what service?
their health service?


if so,

maybe for the rich

it is not just the welfare cases who can\'t affort the \'good\' doctors in the states

[TheProfessor]

Originally posted by Broli



Originally posted by TheProfessor


We may have \'free\' heatlhcare in this country but the service in the USA is considerably better IMO provided you\'re not on welfare.
what service?
their health service?


if so,

maybe for the rich

it is not just the welfare cases who can\'t affort the \'good\' doctors in the states




I would say that the middle class also has access to superior care.

[Broli]

at a sizeable cost still, to the point that thier quality of life could go down if
they get stuck with a nasty hospital bill!

but without question, there is access to better care,
it not fair, but u get what you pay for!

[MajesticBlueNTO]

Originally posted by Broli



Originally posted by TheProfessor


We may have \'free\' heatlhcare in this country but the service in the USA is considerably better IMO provided you\'re not on welfare.
what service?
their health service?


if so,

maybe for the rich

it is not just the welfare cases who can\'t affort the \'good\' doctors in the states




money talks and bullshit runs a marathon

it\'s almost the same here as there are private clinics that\'ll give you special treatment (pun intended) if you got $$$ ...example, pro athletes that head to the top of the line for an MRI or CAT scan when the average joe has to wait months.

[Broli]

Originally posted by MajesticBlueN



Originally posted by Broli



Originally posted by TheProfessor


We may have \'free\' heatlhcare in this country but the service in the USA is considerably better IMO provided you\'re not on welfare.
what service?
their health service?


if so,

maybe for the rich

it is not just the welfare cases who can\'t affort the \'good\' doctors in the states




money talks and bullshit runs a marathon

it\'s almost the same here as there are private clinics that\'ll give you special treatment (pun intended) if you got $$$ ...example, pro athletes that head to the top of the line for an MRI or CAT scan when the average joe has to wait months.

so true . ..
and it heading in that direction more and more

[KenYork]

Back from the dead but probably a good post to bring up for all the new members.

Read the entire post, there's a bit to learn.

[canada man]

Back from the dead but probably a good post to bring up for all the new members.

Read the entire post, there's a bit to learn.

thanks for bumping this thread..it actually motivated me to start applying to jobs lool (recent grad)

[dentinger]

making roughly $40k take home, living on my own.
there's some penny pinching here, but i splurge from time to time, like with my truck haha
however, im still living comfortably.

[m3rk]

20 years old & live w/parents - $37K before taxes. No college diploma/uni degree yet. Just saving up and then going back to school for a better salary in the future :)

[Hyperion]

20 years old & live w/parents - $37K before taxes. No college diploma/uni degree yet. Just saving up and then going back to school for a better salary in the future :)

Nice, 21
19k last year living at home with school full time.

[Default User]

I'm speechless to know that people making 60G's a year pay the sane amount of health tax than a person making 20

[The Wolf]

Yeah, thanks for bumping this. Helps me realize that if I'm ever going to move out (ugh) I'm gonna have to do something other than what I'm doing now.

[cwp_sedan]

Yeah, thanks for bumping this. Helps me realize that if I'm ever going to move out (ugh) I'm gonna have to do something other than what I'm doing now.

Well just try to maximize your savings while you can. Once you live on your own, good luck trying to save then. :S

[bryansbestwax]

i am just a poor detailer, so give me more money to bump up my standing:huge smile:pop

[Fayvir]

I'm 22, student. Some years, its 15k, others closer to 25-28k, depending on # of co-op terms in a year. Co-op helps though, it's hard enough paying tuition, rent, and food/drinks...now im financing a car too.
It's budget-modding for me :(

[Mitchell3]

$70K+ members identify yourselves, lets be friends!!!!! :D

[turtle]

25, $34K. wish it was more, but im only a young GD til i get more experience. wish i had more monayyy for modding tho. has to be slow and steady at this point :(

[greaves82]

being a student I dont make much. Summer was around $23k now that schools started Im around $20k. No more modding til summer

[The Wolf]

I work for, according to recent polls, the "most desirable employer in Canada". 27 yrs old, ~29k before taxes (going up to a whopping 32k in May).

To quote The Lonely Island: "What the hell am I doing with my life?"

[PearlM3]

Let me assure all of you more money=more bills, those of you who are in school with little
Responsibility enjoy these times!!

[iconicrocket]

Wonder why there's no $100K+, $200K+ and $300K+ levels. lol.

[DaveIrwin24]

57k before tax, purchased a house last year, wedding this past June, finally things are clearing up. Just need to get a better interest rate on my cAr loan, paying $540/month on my 10' gx, should be driving a BMW with that payment :(

[chinsterr]

$70K+ members identify yourselves, lets be friends!!!!! :D

Mo money mo problems.....lol.




My advice: Be smart with your money. Spend less on car mods!

If I spent less money on my car and dumped more money into apple stocks when I was in school, I would be sitting pretty now. I am gaining over 200% on the apple shares I do own, and my car mods? Sold at 50-70% that I originally paid. Apple could have easily gone the other way, but you get the point.

Turning 25 in oct and own a car, motorcycle and condo (pre-construction).... I think I am doing pretty well. Easiest way to save money? Brown bagging lunch.

[Takumi616]

Because it's a Mazda 3 forum! :chuckle


Wonder why there's no $100K+, $200K+ and $300K+ levels. lol.

[KenYork]

It really is about budgeting. I use to be at meets every week even 2-3 meets a week. Then gas prices go up and you really prioritize your time and travel expenses.

I make gross about 55k a year. Equity in my current house is over 80%. And under six figures, it will be dropping to about 50% in my new house at the end of the year. Partly because mortgage rates are so low, I'm boosting up my childrens RESP's, doing some renovations before moving in.
Modding is nil now, can't justify the extra spending. Rather spending it upgrading the house(more sense to gain than lose value).

I'm 35

[Kappa]

I was going to post what i make but ill hold off.. i just stopped to think about money i have into my car and i scared me a little bit...

[m3rk]

When I used to work at Mcdonalds (part-time) during high school, I made roughly 30K before taxes in a 3yr period. Funny thing is at the end of every year I only have around $100 in my bank.... Fyi, I did have bills but I'd say 70% of my earnings went straight to food :bang

Still happens to me now, but I'm TRYING to save up and resist modding :( Although Christmas is around the corner so I'm screwed again.

[Cab0oze]

Mo money mo problems.....lol.


My advice: Be smart with your money. Spend less on car mods!

If I spent less money on my car and dumped more money into apple stocks when I was in school, I would be sitting pretty now. I am gaining over 200% on the apple shares I do own, and my car mods? Sold at 50-70% that I originally paid. Apple could have easily gone the other way, but you get the point.

Turning 25 in oct and own a car, motorcycle and condo (pre-construction).... I think I am doing pretty well. Easiest way to save money? Brown bagging lunch.

Point #1. yeah, exactly. More income more taxes too lol >,<

Point #2. If cars are your hobby, no need to deprive it.... but be smart about your purchases. I made an excel spreadsheet last weekend of all the money i've spent on my car vs. MRSP. Came out to ~$1200 spent vs $4300 MRSP. That is some pretty significant savings.... and normally I can sell all my stuff back at cost, or more of what I bought it for :P

Point #3. Stocks are risky, and you should never dump all your money in one spot, at least if you're tight on cash at all. A friend at work put all his money in work stocks (employee purchase program). Stock doubled in value. Didn't take the money out since banks said it would go way higher. Then he bought a house, and then the market crashed, and suddenly he owed the gov't a lot of money for a tax screwup and all his money is gone due to the market crash. Its risky business.

Point #4. People who buy lunch every day are either rich or fools. They tell me frequently 'it doesn't cost that much more'. Yeah right... my lunches usually cost me $2. Theirs cost $7+. That's $5/day which works out to the ballpark of $2k a year, just on lunch.

[Kiyomi]

When I used to work at Mcdonalds (part-time) during high school, I made roughly 30K before taxes in a 3yr period. Funny thing is at the end of every year I only have around $100 in my bank.... Fyi, I did have bills but I'd say 70% of my earnings went straight to food :bang

Still happens to me now, but I'm TRYING to save up and resist modding :( Although Christmas is around the corner so I'm screwed again.

+1 haha :D

[Krazy]

sigh.. making 55k gross but all my money goes towards paying off student loan.

I figured I would pay 1000 per chq and be done with my student loan first year. didn't do anything to the car since the double din deck.. but snow tires and auto starter is in the plans before winter hits. So far, took a vacay to mexico for a week since i didn't get to go grad trip since work had to start right after school.

next year finally some spending room :D
can't wait.

I really think it's all about planning... plan to save next 5 years for a condo and rent it out and save some more.

[KenYork]

sigh.. making 55k gross but all my money goes towards paying off student loan.

I figured I would pay 1000 per chq and be done with my student loan first year. didn't do anything to the car since the double din deck.. but snow tires and auto starter is in the plans before winter hits. So far, took a vacay to mexico for a week since i didn't get to go grad trip since work had to start right after school.

next year finally some spending room :D
can't wait.

I really think it's all about planning... plan to save next 5 years for a condo and rent it out and save some more.

Just becareful with rental property and capital gains because it's not considered your primary residence and your tennant may want a reciept for renting. You'll have to claim your gains after selling as it goes against your income.

[JSI]

My wife and I both make over $70K, but like lots of other people have said wasting money on a higher end car doesn't fit with us. We live in Rosedale and travel a lot (at least 3 vacations a year) so we spend our money on enjoying life. Location means subway for 15 minutes to work :)

Don't get me wrong, my mid life crisis will be a Porsche but for now I have other things I want to spend money on.

[prinsesa]

The best way to save is packing lunch! Most employers provides free coffee, so invest in a travel mug, lol.
Also, I probably won't be getting a high end car even if my salary goes up, I love my Mazda =)

[ElectroJay]

The best way to save is packing lunch! Most employers provides free coffee, so invest in a travel mug, lol.
Also, I probably won't be getting a high end car even if my salary goes up, I love my Mazda =)

+1! This saves about $40 to $50 per week! I love my Mazda as well. Not only are higher end cars greater in up-front costs, but I'm afraid of the insurance hike :S

[bunchi]

i agree with folks here about brown bagging your lunch. I don't spend a lot on the car. whatever I do to my cars, those are just extras and I just want to be entertained from time to time... I have other priorities.. mortgage, kids, insurance, bills, etc etc they add up! after all is said and done, i can still enjoy life, eat good food... i'm good with that :) but I still can't picture myself driving a luxury car... wait til midlife crisis begins then we'll see :chuckle

[Default User]

Between my wife and me, we dont make a lot of money. We have a mortgage, kid, car payments, bills, bills, bills, etc.

But we each budget $60/week for "MY" money. Money spent on needless things - lotto tickets, coffees, the occasional morning bagel, newspaper or magazine, etc. And I buy lunch everyday. At the end of the week, whatever is left over goes into a tin can piggy bank.

I know in the long run - it's a lot of money spent on "needless" things. But I rather enjoy my daily indulgences than pinch pennies on shitty coffee, etc.

You still need to enjoy life

[Mitchell3]

I buy coffee and gas and rarely a lunch. Other than that I save up for something. Still havent learned the save for the future lesson. :P

[ElectroJay]

Between my wife and me, we dont make a lot of money. We have a mortgage, kid, car payments, bills, bills, bills, etc.

But we each budget $60/week for "MY" money. Money spent on needless things - lotto tickets, coffees, the occasional morning bagel, newspaper or magazine, etc. And I buy lunch everyday. At the end of the week, whatever is left over goes into a tin can piggy bank.

I know in the long run - it's a lot of money spent on "needless" things. But I rather enjoy my daily indulgences than pinch pennies on shitty coffee, etc.

You still need to enjoy life

Well said! I couldn't agree more.



Still havent learned the save for the future lesson. :P

Before I save for the future, I must first pay off the past LOL :(

[Slade]

I make just over $60k a year before taxes, and for a single male that is 26 that is probably "enough" , but reality is it never will be... especially when you have lived on your own for 7years, and have parents that are not loaded. My first car was $500 and I drove it for 2-3 years, my parents never bought me a 15 or 20 thousand dollar car like I see some peoples do, and no offence to you. My rents helped me with what they could while I was going to school but I paid for 90% of my own way through, working from Friday at 7pm to Sunday at 9pm every weekend to pay for life. My mom and dad taught me at an early age that you work for what you want, it's not a free world, while I have cousin's whos parents pay for everything and spoiled them, they still live at home.

I live 2.5hours from my closes family member, and while it is hard at times, I do what I want when I want and don't have to report to anyone. Paying my own rent and bills means I do whatever the hell I feel like.

I can afford to pay all my bills with 1 paycheck a month roughly. That leaves me a lot of mad money for the month, and I still spend every last dime of it mainly, I am able to live comfortable, enjoy life, and do what I want.

Now that I am getting older, I want to start saving money for a house, and possibly a street bike in the spring....first I need to stop spending money on my extras though.

I royally f*cked my credit in college, and I will still be dealing with it for another 2.5years, I learned my lesson the hard way..the only good thing that came out of it is I have 0 credit cards or line of credits currently....

I have a sweet pension plan through work so I am not overly concerned with setting up RRSP's or anything yet.

I also could have paid off a 1/3 of my truck if I didn't do any mod's to it at all in the last year, but this was the first time I was able to spend money on myself, and your damn right I do, I don't work for nothing.

I have also worked since I was 13/14 moving furnituire, my dad drives truck for a moving company and is a contractor, so I learned how to make money the hard way when I was a youngin, moving furniture for almost 10years will make you want to get an education (there is money in the business don't get me wrong, but for a humper its min wage)

That's my rant.

Work for what you want, and enjoy life, if I saved non stop and died tomorrow, would it be worth it?

[p-o-g-i]

.......I royally f*cked my credit in college, and I will still be dealing with it for another 2.5years, I learned my lesson the hard way..the only good thing that came out of it is I have 0 credit cards or line of credits currently....


That was the understatement of the year! Alot of us go through that.
I remember back when I was in College, I applied for 3 or 4 different credit cards only becuase I wanted the free gifts. It took me almost 10 years to get my good credit back on track.. but at least it's back on track :)

[Slade]

Ya I think everyone eventually will do it,

I did a lot of reading, and a lot of help from my ex's dad to figure out the best way to deal with it, and while it's not the best and most honest way, If I let the sleeping dog sleep for another 2.5years the last card will be gone from my credit history, and I will be good....without paying a dime to any of them.

One thing our government is actually good for, if you leave debt untouched and unacknowledged for 6 years it is gone from your history, and it's passed its time frame for them to actually collect on it, so I just send a nice registered letter to any collection agency that comes after me

[prinsesa]

How do you lower the taxes you pay for your salary?
I heard that putting in $$ into your RRSPs let you do that right?
Are there other options?!

PS Not paying debt will result in a really crappy credit..and it takes time for that to show up on your credit because the company you owe it to will have to send you to a collection agency after not receiving payment for approx. 3 months..then the collection agency puts in the rating on your credit history after a few notices (approx 3-6 months). So it's really 7 years until it can be removed from your credit history, also, you will have to contact EQUIFAX/Trans Union to have it removed as well, and you might have to speak with the company to receive a letter or some sort that it's been '6' years since you had that debt so TransUnion/EQUIFAX can remove it.
This is from personal experience (not bad a credit, but multiple hits on my CC 'cause someone messed up my age on my credit profile) and a friend working in a collection agency, lol.

[Cab0oze]

How do you lower the taxes you pay for your salary?
I heard that putting in $$ into your RRSPs let you do that right?
Are there other options?!
Well anything that is tax deductible will lower your taxes... like donations, RRSPs, schooling, moving for work, public transit useage, home renovations, etc.

The catch about RRSPs is that you have a limit on how much you can put in, and if you take money out for anything besides education, retirement or a first house you're going to be paying shittons of tax on it (at a later date)

[alho]

Well anything that is tax deductible will lower your taxes... like donations, RRSPs, schooling, moving for work, public transit useage, home renovations, etc.

The catch about RRSPs is that you have a limit on how much you can put in, and if you take money out for anything besides education, retirement or a first house you're going to be paying shittons of tax on it (at a later date)

I find the TFSA's are pretty useful in saving too.

[alho]

That was the understatement of the year! Alot of us go through that.
I remember back when I was in College, I applied for 3 or 4 different credit cards only becuase I wanted the free gifts. It took me almost 10 years to get my good credit back on track.. but at least it's back on track :)

How would you know if you have a good or bad credit? I have 1 credit card, multiple chequing and savings accounts, 1 on going car loan and a few bills like Rogers etc... I got my credit report recently to ensure that the info is up to date, but how can I know if my credit is good or bad?

[Krazy]

For credit wise... I work for credit card company.. and they stress that all credit cards should be paid off in full each month to get best credit. i have a charge card so I have to pay off in full anyways.

I had so much trouble trying to get financing for the car because I had "limited" credit meaning not enough I guess. Been building it since and it's pretty good now as that's what all the banks tell me when I apply for something lol.

[Mr Wilson]

How would you know if you have a good or bad credit? I have 1 credit card, multiple chequing and savings accounts, 1 on going car loan and a few bills like Rogers etc... I got my credit report recently to ensure that the info is up to date, but how can I know if my credit is good or bad?

Experian
Equifax
Trans Union

Those are the 3 credit Bureaus. One of the ones that starts with E doesn't exist anymore so there is only 2......just can't remember which one.

You can request/buy your credit report online or by calling in.

[Jeff-TheBiz]

http://www.consumer.equifax.ca/home/en_ca

http://www.transunion.ca/

it is recommended that you check at least once a year to make sure that everything on there is yours.. and not someone elses.

[alho]

http://www.consumer.equifax.ca/home/en_ca

http://www.transunion.ca/

it is recommended that you check at least once a year to make sure that everything on there is yours.. and not someone elses.

Ya did that but there's not score or anything... I just know that I am not late on any payments. Does that mean my credit is good?

[Slade]

Ya did that but there's not score or anything... I just know that I am not late on any payments. Does that mean my credit is good?

You can get all the info from equifax for free, if you want your credit "score" then you have to pay.

But the free one from equifax will list all your delinquent reports and last activity.

It takes a bit to get it but I got mine no problem after I faxed my info in.

[prinsesa]

Equifax sent me a free report within one month of mailing my request in. But you have top ay $10 or $15 for your credit score.
If you don't want to wait, you can pay online but it costs $25-$35?

TFSA lowers taxes?!

[fini]

TFSA lowers taxes?!

in a way
Capital gains from this account are not taxed.

I call shennanigans on DumpInfo. I saw him driving around with Pizza boxes for hub caps!