Is 80K at 28 years old a good salary? - Page 6
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Thread: Is 80K at 28 years old a good salary?

  1. #51
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    If you can keep your housing costs and transportation costs modest to low, those are the keys to living on less and having a high savings rate.

    Hidden Content - Working on a $1 million portfolio and $30k per year from it.

  2. #52
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    Quote Originally Posted by OptsyEagle View Post
    Perhaps you should think about moving your "going out for dinner" item from your food budget to your entertainment budget. At some point in time you just have to take the girl out ... or I will.
    Just kidding. lol.
    haha you're more than welcome to, if you don't mind spending 200$ on sushi that is. I hate seafood, so I really do do it for her lol

  3. #53
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    Sushi...that could be a deal breaker.

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  5. #54
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    Quote Originally Posted by Saniokca View Post
    A house, 2 cars, travel - frugal is very relative but I see that each year you are getting closer to it . Out of curiosity - would you mind sharing a breakdown of your expenses?

    Also when did your mortgage drop off? Spending 107k (or even 80k) if you don't have a mortgage is quite a bit!
    Actually yes, "house" is a frugal thing! We bought in 2000 for 232K, finished mortgage (had it variable and every available cent spent to finish it) in 6 years. Imagine now, how much we'd pay for 17 years rent!
    I started to do breakdown only starting this year.... for previous years , I have only total monthly breakdown.
    IMO, we spent less now that 3-4 years ago because our older son moved out , as he studies in university in different city... every 3 semester he has co-op and partially pays for his own expenses. Also, we don't contribute to his RESP and he's going with us less then every 2nd trip, and he stopped playing hockey , so it's cheaper for us
    Big spendings in out budget is figure skating (my daughter and wife (up to last year when he got injury)), it's extremely expensive, more than 10K per year.
    Presto (public transportation) more than 4K per year. Travel 10-15K per year.
    Utilities, property tax and insurance 14-16K per year.

    P.S. I agree that it's possible for a family with 2 kids to live (or survive) with household income under 70K(just drop travel abroad and sport activities) , but it will be not very comfortable life

  6. #55
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    Quote Originally Posted by bobsyouruncle View Post
    You need to keep one parent at home.

    I look after a wife and two kids (homeschooling) on less than $60k/year, living in a major Canadian city, and I'm able to save and invest as well.

    You're doing it wrong if you can't do it.
    It's funny! So OP needs to find a spouse that will be ready to sacrifice his/her life and sit home with kids?! And what if OP would like to marry ... a student?! Just a pass?!

  7. #56
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    Quote Originally Posted by STech View Post
    How can anyone answer if a certain salary is good or not for you? It's all relative to where you live and your lifestyle.

    Some can live very well off 80K, and some will live paycheque to paycheque with it.
    This is the best answer so far. Kinda' silly to ask an anonymous group, who know nothing about you, if your salary is "good". It's good if you see it as such.

    There are some who would see a salary (or annual income) of $80,000/yr. as penurious. Donald Trump probably cannot gas up his aircraft for such a pittance.

    But then, on the other hand:

    Quote Originally Posted by OptsyEagle View Post

    In any event, most Canadians would kill for that salary, so if he can't live on it, then he has a problem that more income will most likely will not solve.

  8. #57
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    Quote Originally Posted by gibor365 View Post
    It's funny! So OP needs to find a spouse that will be ready to sacrifice his/her life and sit home with kids?...
    I think BYU was meaning that if you are spending $31.2k/yr on childcare for 2 kids as you suggested, then you need to do the math, consider some of the intangibles and decide whether it is really worth having both parents out working.

    Society seems to promote the desirability and necessity of both parents working now and I sometimes wonder if they are actually coming out ahead. Not just financially, but in terms of raising the children also. We struggle to find reliable child care at minimum cost. Now we are being told the government should be raising our kids soon after they are born, or at least paying for it.

    They hit school age before you know it (age 5 in some provinces) and then your flexibility to have two working parents returns. After that we are able to rely on the teachers (that we like to crap on) to be our babysitters.

    Of course if a person really believes that they are sacrificing their life, and are going to be stuck uselessly sitting at home with the kids, then they probably should consider not having kids in the first place. You don't necessarily need to have them just to add to the house, car and requisite family dog collection.

  9. #58
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    Quote Originally Posted by OnlyMyOpinion View Post
    I think BYU was meaning that if you are spending $31.2k/yr on childcare for 2 kids as you suggested, then you need to do the math, consider some of the intangibles and decide whether it is really worth having both parents out working.

    Society seems to promote the desirability and necessity of both parents working now and I sometimes wonder if they are actually coming out ahead. Not just financially, but in terms of raising the children also. We struggle to find reliable child care at minimum cost. Now we are being told the government should be raising our kids soon after they are born, or at least paying for it.

    They hit school age before you know it (age 5 in some provinces) and then your flexibility to have two working parents returns. After that we are able to rely on the teachers (that we like to crap on) to be our babysitters.

    Of course if a person really believes that they are sacrificing their life, and are going to be stuck uselessly sitting at home with the kids, then they probably should consider not having kids in the first place. You don't necessarily need to have them just to add to the house, car and requisite family dog collection.
    Precisely. It's not about enslaving one parent to the house and kids. If that's what you think, you're probably better off not having them.

    Let's say you have two kids and your wife earns $70k gross. She takes home about $55k, and childcare is $30k. You're working for $25k/year.

    When you take into consideration the expense of a daily commute, why bother? Add in how you may qualify for government child benefit of potentially $10k/year (depending on husband's income), your wife could be working so the family is basically $10k/year better off.

    Is that worth it? How much do you have to love your career and/or hate your kids to work full time for $10k/year?

  10. #59
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    Quote Originally Posted by bobsyouruncle View Post
    Precisely. It's not about enslaving one parent to the house and kids. If that's what you think, you're probably better off not having them.

    Let's say you have two kids and your wife earns $70k gross. She takes home about $55k, and childcare is $30k. You're working for $25k/year.

    When you take into consideration the expense of a daily commute, why bother? Add in how you may qualify for government child benefit of potentially $10k/year (depending on husband's income), your wife could be working so the family is basically $10k/year better off.

    Is that worth it? How much do you have to love your career and/or hate your kids to work full time for $10k/year?
    I have to agree with you and OnlyMyOpinion. For people with lower incomes it makes little sense for one of the spouses to keep working - very often they end up working for less than minimum wage. For people with higher incomes it makes even less sense because they should be able to afford to keep one parent at home at least until the kid goes to school. No one cares about your child as much as you.


    P.S. My wife was making 120k+ and still wanted to stay at home with our baby. Because we spend so little compared to our income we not only can afford living on my income alone but save on top of that.

  11. #60
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    80K is a good salary if not happy with it. It is not from a lack of money it is from a lack of creative thinking of how to enjoy life @ that income level


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