Is 80K at 28 years old a good salary? - Page 5
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Thread: Is 80K at 28 years old a good salary?

  1. #41
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    Quote Originally Posted by tavogl View Post
    Good info. While I agree you can survive with 50k a year (I did it with 16k a year as a student, no debt at the end). I Can't say it was anywhere near comfortable lol.
    Probably it was also in the different time and location . When we lived in USSR, our family survived with $1,800 annual income and we lived better than average

    What about daycare? Vancouver price is about 1300 a month, nothing fancy either.
    Just my point about living under 100K for family! So, for 2 kids, daycare is about $31,200 per year! and somebody was telling that family can live on 50K

    Last edited by gibor365; 2017-02-17 at 12:24 AM.

  2. #42
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    Quote Originally Posted by gibor365 View Post
    Probably it was also in the different time and location . When we lived in USSR, our family survived with $1,800 annual income and we lived better than average

    Just my point about living under 100K for family! So, for 2 kids, daycare is about $31,200 per year! and somebody was telling that family can live on 50K
    Yea I am with you on this.

    When I said i survived with 16k a year while going to school, it was in 2010, here in Vancouver. I paid 800/month for a room and included all meals(homestay), 60/month bus pass, and I had no life after or before going to school, I literally could not afford to have friends, or buy frozen pizza more than once a month. Also I was single and 21 lol.

    That's why I understand when people say their family lives on 50k a year, is it possible? yes, is it comfortable? I doubt it.

  3. #43
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    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.

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  5. #44
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    Its not how much you make but how much you save that counts.

    People have this misconception about salaries. They aim for a 'target' figure they deem high or above average. Truth is, 9-5 job, salary, benefits - regardless the income, they are all 'average'. Salary scales do not go from $30,000 to $30,000,000. Once you hit the $100k mark, you can't make that much more that will be significant and without altering your work/life balance. Again, if you don't save you're salary, there is no salary that will be good enough.

    My motto is 'make the most with what you have and you will prosper'

  6. #45
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    Quote Originally Posted by Saniokca View Post
    What you are describing is a luxurious life - live where you want, own a house and a car. Change the location or the ownership and you can be doing very well with making under 100k and still save for retirement.

    People here need to read some Mr. Money Mustache...

    This is exactly what I was thinking...

    I have lived just fine off $30K - $40K here in Calgary ($70k starting monday! so I've been focusing on MMM now more than ever.)

    I find what helped me save the most money was food. I used to spend up to 1200/m on food for just myself, thats cause I hated doing the dishes and would eat every meal out. It took some will power but I've done well to break that habit and get my food down to $100 a week, and there's still plenty of room to go down from there (goal is 50$ a week)

    My Girlfriend is a foodie though, so occasionally I have to fork out some real money on a meal, but honestly she'll pay more often then me because she knows I wouldn't be sitting at a restaurant like that if it wasn't for her haha.

    Its important everyone look at their day to day spending and see where your money is really going.

  7. #46
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    Quote Originally Posted by TheWealthyGardener View Post
    My Girlfriend is a foodie though, so occasionally I have to fork out some real money on a meal, but honestly she'll pay more often then me because she knows I wouldn't be sitting at a restaurant like that if it wasn't for her haha.
    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.

  8. #47
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    Quote Originally Posted by tavogl View Post
    Downtown Vancouver where you described you'll be paying 2k rent for a 2 bedroom, all my friends who live downtown pay around 1600 - 1800 for a 1br.
    This is consistent with what I said... If I had to guess a 3-bedroom would be below 2.5k?

    2k for 2 bedroom is 24k/year. You don't need to make 200k to afford that

    But my point is that living in Vancouver/Toronto is becoming (or already is) a luxury. It's not a good thing long term but seems to be where it's going. Driving a corolla is not as nice as driving a bmw and yet it makes my life more than "decent" - I have a car!

    P.S. True about pets - we had a pet and it was harder to find a place.

  9. #48
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    Quote Originally Posted by gibor365 View Post
    yeap,if you move your location to some small town in NB or NS I'd agree ... in GTA household income under 100K gross, it's not living , but survival
    We are very frugal, we live in 1800 sq ft house in Mississauga for 18 years, didn't do any upgrades, our cars 12 and 10 years old, don't have mortgage , 2 kids (1 is part time kid , student, mostly live in Waterloo).... I always check prices before I buy anything... when we travel , we always do a lot of shopping and rent appartment with full kitchen in order not to spend too much on restaurans and so on... Here, in Canada we're going to restaurants maybe twice per year in the best case
    Our combine spendings:
    2013 - $107,007.37
    2014 - $105,640.00
    2015 - $88,519.28
    2016 - $81,618.15
    So, how much we need to have gross income and save for retirement?!
    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!

  10. #49
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    Quote Originally Posted by gibor365 View Post
    I mean fine dining , not MCD or THI
    It's funny how many people who are interested in finance use the stock symbols to describe companies when they write. "want to go to SBUX/THI?"

  11. #50
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    Quote Originally Posted by tavogl View Post

    That's why I understand when people say their family lives on 50k a year, is it possible? yes, is it comfortable? I doubt it.
    I just told you it is very comfortable - we now spend 60k and live like kings Like I said - read some MMM and see how easy it is to cut your budget without cutting lifestyle.

    Mind you we don't have daycare expenses because my wife stays at home. But if a couple doesn't make much money they should not be living in high cost areas...


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