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What salary hits the sweet spot?

  • Last Updated:
  • Aug 15th, 2019 1:08 pm
Deal Addict
Aug 18, 2018
1968 posts
1573 upvotes
510 represen'
Ken_vs_Ryu wrote: After about $150k it is all the same. We make a combined $500k, does it mean we are rolling in lambos? Nope, most money sits in a corporate account and you just pay yourself an average salary, still browse RFD and flyers for deals lol
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The only reasonable conclusion is you're doing it wrong. Face With Tears Of Joy
Member
Mar 27, 2012
336 posts
160 upvotes
As a single person who would like to travel every so often, be prepared for retirement, have some extra money in the bank for emergenices, I think $150k is fair.
Deal Addict
Apr 14, 2017
1967 posts
621 upvotes
DT Calgary
PhotoSmurf wrote: Two family doctors?

Or an anesthesiologist and a housewife? Face With Tears Of Joy
It’s the guy and his realtor wife who own those CAFE pot shops.
Sr. Member
Sep 6, 2016
756 posts
297 upvotes
UNOAIMX wrote: Looks like legalizing cannabis is working, kids everywhere are feeling high and good about themselves making 60k in GTA....
Millennials are too busy getting high to complain about generational wealth transfters/ theft/ inequality / social justice
q buy more cannabis stocks
THis 60k is nothing for the best city like GTA
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Deal Addict
Nov 22, 2009
2782 posts
664 upvotes
Toronto
Clockisticking wrote: The E&Y tax calculator does say that 65k gross is about 52k not including deductions. Only the last 25k or so is taxed at 30%.
What about CPP and EI contributions?
Deal Fanatic
User avatar
Mar 28, 2006
5744 posts
5510 upvotes
Toronto
a lot of ballers in here

sounds like 200k/annum is the new 100k
Deal Fanatic
User avatar
Dec 27, 2009
7941 posts
5483 upvotes
Victoria, BC
Ken_vs_Ryu wrote: After about $150k it is all the same. We make a combined $500k, does it mean we are rolling in lambos? Nope, most money sits in a corporate account and you just pay yourself an average salary, still browse RFD and flyers for deals lol
No it isn't all the same. Hubby and I make just over $200K combined, and I can assure you life would be different with $500K income. Can you CHOOSE to live the same - yes, but the additional hundreds of thousands per year is certainly opening up a lot more options for you and giving you much more freedom and breathing room. If not, you can trade with us?
Deal Fanatic
User avatar
Dec 27, 2009
7941 posts
5483 upvotes
Victoria, BC
greenpotato wrote: u mean $60k is the sweet spot?
i say it is quite good for single, but once u have kids..... Astonished Face
They said mid-60Ks, so more like $65k. In Ottawa (where that poster and I are located) that is pretty much "okay". Especially for someone basically starting out.
Deal Expert
Aug 22, 2011
41802 posts
30056 upvotes
Center of Universe
chadw01 wrote: a lot of ballers in here

sounds like 200k/annum is the new 100k
With 10 or more years of industry specific experience in a Senior Management or Director role, you shouldn't settle for anything less.
Deal Addict
Dec 5, 2009
2789 posts
3289 upvotes
There is never a sweet spot... the more you make = the more you end up spending.
Deal Addict
Aug 18, 2018
1968 posts
1573 upvotes
510 represen'
Alpine84 wrote: There is never a sweet spot... the more you make = the more you end up spending.
My salary increased by 65% since I first started working almost 7 years ago. but my spending has went up maybe 10% when adjusted for inflation and rent increases (aka forced expenditure).
Deal Addict
Nov 8, 2005
3458 posts
3341 upvotes
It largely comes down to the cost of living of where you live. If a 3 bedroom detached house costs you 800k and needs renovations, then two earners making 70k might not be too well off.

If a house costs you 300k and you dont have to pay out the wazoo for monthly parking, eating out all the time, and exorbitant daycare fees, then 70k each is a lot. Best to go with percentage comparison of income to fixed costs.
Penalty Box
Mar 27, 2004
10493 posts
9009 upvotes
Toronto
200k would be ideal .
Full-time Realtor
Jr. Member
Nov 20, 2016
175 posts
165 upvotes
Chickinvic wrote: No it isn't all the same. Hubby and I make just over $200K combined, and I can assure you life would be different with $500K income. Can you CHOOSE to live the same - yes, but the additional hundreds of thousands per year is certainly opening up a lot more options for you and giving you much more freedom and breathing room. If not, you can trade with us?
Sounds like Ken_vs_Ryu and his/her partner are business owners ("money sits in a corporate account and pay yourself and average salary"), so the earnings are probably pretty volatile and they take on a lot more risks, probably work longer hours too. Pretty different than earning 500k combined of wages & salary. You could potentially earn 150k a year just by owning a small Canada Post dealer outlet but you'd be working 6 days a week

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