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What salary hits the sweet spot?

  • Last Updated:
  • Jan 16th, 2019 11:13 pm
Deal Addict
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Sep 26, 2007
4119 posts
493 upvotes
Sociology1 wrote:
Mar 23rd, 2018 1:51 am
These threads are ridiculous.

I check my personal finances at the door - nobody needs to know, nor do I want others to know.

- dabble in high risk life (track cars/bikes, mountains, etc.)
your post tells us otherwise
and name one person who got seriously injured/died in a track day event
HelloWorld3 wrote:
Mar 23rd, 2018 5:42 pm

A lot of people will continue to eat out: coffee, food, snacks, etc. It's amazing how much money you can save when you do something as simple as eat-in - everyday.
balance, you and I need it
otherwise you could also buy clothes at the goodwill then forgo vacations and the cell phone altogether
Russell wrote:
Sep 10th, 2011 12:29 pm
We come here looking for deals. We use the savings on the things we buy to justify buying more things, thus filling our homes with tons of unnecessary consumer products. Such is the key to happiness.

Deal Addict
Apr 21, 2014
1911 posts
668 upvotes
Alberta
YoungPostiefrom92 wrote:
Mar 23rd, 2018 5:50 pm
Its because most here are not gonna say yeah I make 35k a year. Or anybody in that range.
Why not? There is no shame in that. Some people make more some make less.
Deal Addict
Apr 21, 2014
1911 posts
668 upvotes
Alberta
divx wrote:
Mar 23rd, 2018 9:38 pm
i worked in 4 provinces, i know the rates
Does that mean Winnipeg salary would be higher than Edmonton? Edmonton pays pretty well. I’ve lived in Ontario, Alberta, South America and the USA.
Deal Fanatic
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Dec 27, 2009
5891 posts
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Ottawa, ON
abc123yyz wrote:
Mar 24th, 2018 3:08 am
Why not? There is no shame in that. Some people make more some make less.
On here you are considered a loser if you don't make big bucks. (Not by me, but that is the "flavour" on RFD).
Newbie
Jul 8, 2017
82 posts
105 upvotes
I understand that. But when you're surrounded by people posting about making 6 figures at 22, you're not going to want to post about your measly sub 40k salary.
Deal Expert
Oct 6, 2005
16491 posts
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YoungPostiefrom92 wrote:
Mar 24th, 2018 11:59 am
I understand that. But when you're surrounded by people posting about making 6 figures at 22, you're not going to want to post about your measly sub 40k salary.
I'm pretty sure most RFD posters are well past their 20s ... considering the long time members. RFD was founded in 2000 and a lot of people joined in that time frame.

So you have check what stage of life people are in.
abc123yyz wrote:
Mar 23rd, 2018 3:06 pm
To be honest, a lot of the users on RFD are asian (either east asian, south asian) where it was ingrained in our culture that you had to be a professional (doctor/lawyer/accountant/engineer etc.) so it's not unreasonable to assume that those professions pay over 100k after working in the industry for 5 years or so. Also if you're on RFD in the career and/or finance forums you are most likely more interested in career development and finances than the majority of the population. So it would make sense that the income of the members on RFD is much higher than the national average.
Plus I'm pretty sure a large number of RFD members are University degree holders - they joined via hearsay from friends in the early days, so this site attracted a specific demographic that is probably better educated than the general population. Hence if you have a degree, working a decent job, it's not unexpected to hit $100,000 by the time you hit the prime of your career.
Deal Addict
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Jan 8, 2010
1305 posts
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70k as a single person

around 4300 a month take home.
Deal Fanatic
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Dec 27, 2009
5891 posts
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Ottawa, ON
YoungPostiefrom92 wrote:
Mar 24th, 2018 11:59 am
I understand that. But when you're surrounded by people posting about making 6 figures at 22, you're not going to want to post about your measly sub 40k salary.
I'm 47 and will NEVER hit 100K salary. At 22 I was working for $0.50 over the minimum wage at that time (and was pregnant with my daughter). You are doing much better than I was at your age.
Deal Expert
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Oct 26, 2003
29357 posts
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Winnipeg
abc123yyz wrote:
Mar 24th, 2018 3:12 am
Does that mean Winnipeg salary would be higher than Edmonton? Edmonton pays pretty well. I’ve lived in Ontario, Alberta, South America and the USA.
Well the USA have huge range, some locations pay a ton, and that is far higher than anywhere in Canada. Generally, Alberta pays more than rest of the country, it really depends on the economy, pre oil crash it paid even more, post oil crash it still pays more than rest of the country just not as much as it was before. These general figures do not apply to everyone at all times, you still need to look for job and they need to be hiring, and bunch other variables has to get factored in, we don't live in the simple times of just working for 1 employer for life and not need to think much more than that.
Jr. Member
Jan 17, 2018
152 posts
83 upvotes
FreshCo wrote:
Mar 23rd, 2018 2:30 am
The amount of high net worth people on this forum is astounding. Really makes you feel like you're falling behind.

30k into 600k in 8 months? Surely this is bitcoin or some miraculous penny stock. Not even weed stocks went up that much.
My guess is it is cyber currency. My buddy's wife invested in those and they got greedy and didn't sell when it was looking like their profits would have been 1mil dollars. It dropped really fast after that surge. They are still up, but no where near when it hit that peak.


Also for sweet spot on income. I have a wife and kid. I think the sweet spot didn't come until after 100k a year. One reason for that was some debts and on going education. I rent, so that is a huge expense. I regret not buying when prices were more reasonable 10 years ago.

As others have said, it also depends on lifestyle. How much do you spend outside of the necessities? I found we were spending a bit too much on travel, so I am trying to make a budget now in order to ensure we are more on track for our savings goals.
Last edited by Handcake on Mar 25th, 2018 1:25 am, edited 1 time in total.
Newbie
Jul 8, 2017
82 posts
105 upvotes
Chickinvic wrote:
Mar 24th, 2018 8:35 pm
I'm 47 and will NEVER hit 100K salary. At 22 I was working for $0.50 over the minimum wage at that time (and was pregnant with my daughter). You are doing much better than I was at your age.
Thanks, but Im not making anywhere in that range. Im just talking about people who are in that range that may be ashamed or don't care.
Deal Addict
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Aug 21, 2009
4450 posts
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The sweet spot is when you do not have to worry about your debt anymore and know that you can easily pay whatever you have purchased off on a loan. It can be different for everyone as everyone has different things that they want in life. Keyword is want and absolutely not need. That said, no reason to not aspire to have nicer things in life which will definitely push that sweet spot further out.
Jr. Member
Aug 25, 2006
174 posts
136 upvotes
Toronto
For me sweet spot was not so much about salary increases but more about after I paid my mortgage off and got out of paying daycare for one of my kids.

Those two milestones coincidentally occurred within 6 months of each other a few years back and they resulted in a seismic shift in the amount of money I made that I actually got to keep (like $2.5k extra per month in pure free cash flow). I used to be stressed about job cuts and stuff like that I saw happening all around me but once mortgage was paid off it was like a weight was lifted off my shoulders as I no longer had to worry about homelessness as an outcome. I have one more kid that I still pay after school care for at about $500 a month and that too will stop for good in July of this year so looking forward to that for sure.

So while my transition from 40K salary to 50K salary was noticeable (25% higher!), every subsequent move up such as to 60K, then 70, then 80, then 90, then 6 digit was not so noticeable because the % increase is not as huge

$40,000 % Increase
$50,000 25%
$60,000 20%
$70,000 17%
$80,000 14%
$90,000 13%
$100,000 11%
yada yada...
Deal Addict
Sep 4, 2007
1196 posts
599 upvotes
Edmonton
As many others have touched on, you can't think about salary in isolation. It's all about the how much you can save at the end of the day. The question should be "how much discretionary income hits the sweet spot?".

See table 2 in this study. It is slightly out of date, but still provides excellent context: https://www.vancity.com/SharedContent/d ... Report.pdf

If after housing, taxes, food, transport, clothing, and utilities, you (as a couple) have 50k+ to work with, then you're doing just great.

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