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What salary hits the sweet spot?

  • Last Updated:
  • Aug 15th, 2019 1:08 pm
Sr. Member
Sep 7, 2009
574 posts
190 upvotes
angrybanker wrote:
Jan 9th, 2019 6:53 pm
Lived in Calgary for 2 years, worst city I've lived in - feels like it belongs to the states more than Canada, except for being much more expensive. And i lived in Peterborough for 4 years.
How good were your friends in Calgary?
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May 29, 2006
9635 posts
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DoscaP54381 wrote:
Jan 9th, 2019 12:42 am
Edmonton sucks. It's easily the worst place I have ever lived. I lived in Boston, Vancouver, Victoria and now Toronto. Anyone working in Edmonton moves to Toronto or any other "livable" cities will get serious paycut. Same case goes for Calgary too. I worked for major telecom (TELU*) and large US IT (IB*)company during my stay in Edmonton, I was easily making $100K+ in Edmonton. I sucked it up a few more yrs in that shithole just to save money. 2 yrs ago, I venture into Toronto. What a drastic change of life! I am truly living now. True, I got paycut almost 20%, but guess what, my condo rise over 70% in value in just 2 yrs. $200K easy money there. My edmonton condo actually lost value during my stay for 5 yrs. No wonder why home value goes down in Edmonton because NO ONE wants to live there. Besides, I worked my way up, now my salary is pretty much comparable to what I used to make in Edmonton. Edmonton is not cheap. Goods are actually cheaper in Toronto but evens out at the end because we pay HST. Now I am investing pre-construction condo in Toronto, man now finally I level with the city that deserves my respect. Edmonton sucks. You will never be wealthy in that shithole.

$90K is VERY comfortabe for single in Toronto. With my investment, I'll be hitting $150K easily. Plus real estate value goes up at least 7% every year. Don't move to Edmonton for higher salary, in the end you'll make more and be wealthier in Toronto. No comparison with shithole like Deadmonton
wow such hate for Edmonton, im at 15 years here now and I just don't get why. sure the winters can be long, but the summers are awesome with the sun up so long, people are quite nice here, jobs are plentiful.
Deal Addict
Dec 10, 2012
3312 posts
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Canada
Chickinvic wrote:
Jan 10th, 2019 2:09 pm
I spend a lot less time commuting here in Ottawa (and I live over 20KM from work, than I did in Victoria (at 14KM from work). Not all small cities are convenient, and not all big cities are bad.
distance is irrelevant when talking about commute. Time would be a good measuring tool instead.

You are right about not all small cities are convenient and not all big cities are bad. For me, Regina hits that sweet spot where you have just about everything you need in your daily life.
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Sep 22, 2013
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dinofeline wrote:
Mar 21st, 2018 6:46 pm
Type in 60 000 and you get 45 600 after tax income and it also accounts for EI + CPP
https://simpletax.ca/calculator
Unless you have to pay union dues and get your pension amount deducted. Then it will be a few hundred less per paycheck than that amount.
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Sep 22, 2013
2104 posts
1184 upvotes
Were at about $160-165k combined.

Our mortgage payment is relatively low compared to what people are paying who’ve had to buy within the last 5 years or so (GTA).

I’d say we’re pretty comfy as there’s not much I’d ‘want’ that I realistically couldn’t have.

We drive newer cars, go on a couple of vacations a year, wear brand name clothing and generally have a pretty good lifestyle. Although, unlike most, we don’t waste a lot of money eating out or going out for fancy dinners or what not.

We’re definitely at our ‘sweet’ spot.
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Apr 21, 2014
2079 posts
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Alberta
dinofeline wrote:
Mar 20th, 2018 5:15 pm
Most people think the higher the salary the better, but I question whether the opportunity cost (i.e. more education, more hours, more stress, more undesirable tasks and responsibilities) of a higher salary is worth it.

They did a few studies that showed there is a "sweet spot" in terms of salaries and life satisfaction. If I recall correctly it was somewhere around 70k, although I don't remember if it was US OR CAD.

Honestly, I think even if you live in a big and expensive city, like the GTA, in 2018, 5 grand after taxes a month (aka around 75k a year before taxes) should be more than enough. Now, due to the housing crisis, it depends if you are ok with living in a condo though. If you want a house, then you would need at least a 100k salary. But if you are a bachelor or living with a partner and are ok with a 1 bedroom condo, then even a 60k salary (4k a month after taxes) should be sufficient, as long as you are a smart and mentally balanced individual (i.e. you are not crazy about wasting money on numerous vacations a year and don't have the need to go to fancy restaurants every few days and are not obsessed with buying clothes). In this scenario, a 60k salary would allow you to pay for the mortgage of your condo, a car, food and other basic expenses and bills, reasonable entertainment, and still have at least a grand left over for saving/investing at the end of the month.

So I don't know why so many people are obsessed with working 50+ hours a week in high stress jobs just to make that 100k and not being happy then having to spend even more money on taking more vacations just to offset their stress.

I don't think it is worth it to hussle so hard just to have a house as opposed to a condo. I mean the opportunity cost is just too high. You would need AT LEAST a 100k salary, and you would also need a partner with also AT LEAST a 100k salary, and you would both have to live a lifestyle consistent with a 60k salary yet work hard enough for a 100k salary, and save for at least 10+ years, and invest smartly, then finally you can put the hundreds of thousands of dollars you saved just as a downpayment, and also probably in a crappy suburb that is still too far and you would still have a 1.5+ hour commute daily, and still pay mortgage for another 20-30 years. I don't think all the trouble is worth it just to have a house as opposed to a condo.

A lot of people think that being a doctor or lawyer means you are smart. Well, being a doctor or lawyer is something that society pressures you into being, because society needs doctors and lawyers. How smart are you really in the first place if you can't think independently and follow the pressured advice of people who have an interest in making you do what they want you to do, and all for a return that might not be worth it?
I didn’t read through the entire thread but the sweet spot really depends if you already own a home bs getting in now. Getting in now, would be a combined income of 200k, getting in 10 years ago would be a sweet spot of 120k combined.
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Mar 27, 2004
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Toronto
For Toronto . minimum 100k. if you are making less than that you are falling behind.
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dinofeline wrote:
Mar 21st, 2018 6:35 pm
I was assuming a rational person who is frugal. If you are not frugal and not satisfied with basic necessities in life then you are not rational in my eyes.

I also know a lot of people who created more "wants" as they became richer. I can't say they seem happier: their expectations simply grew with their money, but I can't say they seem happier. For example, instead of eating out once every week at a restaurant, they eat 2-3 times a week. Or they take more vacations and to more expensive destinations, or they buy fancier cars and just waste money on more expensive and unnecessary things. In my mind, these people are not smart: they are naive victims of the capitalist system. The capitalist system rewards more work by offering you more social status and more useless/unnecessary products/services to spend your excess money on, but truly smart people would know how to draw a line for themselves and stop at the "sweet spot." For example I know lawyers that work 60-70 hours a week and eat fancy lunches every day, spending like 30 bucks on lunch daily. You are basically a slave with no free time and you are just consuming expensive stuff unnecessarily. The more you do it the more your expectations go up. Right now for me going to eat a steak is a luxury. But these guys do it almost every single day. For me that would make me bored of steak or any other luxury thing, and raise the roof in terms of value needed to be happy. Why do that to yourself? I am just fine eating the occasional steak right now and valuing it because it is something rare, no pun intended. Why raise your expectations and then have to work much harder just to meet them? There is no upper limit.. you will always be chasing more and more. The capitalist system preys on this weakness of most humans to make them work more. But truly smart people know where to draw the line. I personally have the brain to have a really lucrative and high social status profession, but I just don't think working 60-70 hour weeks is worth it no matter how much money I get. Luxury doesn't really appeal to me. Why kill myself working to get something I don't want. I prefer more of a balance: that is where the sweet spot comes in. It is sad that I will get less social status for making a smarter decision even though I am just as intelligent as people in those lucrative fields, but I guess that is just how our society is.
Jobs like law are prestigious for a reason. They require intelligence yes but, even more impressive, is the self discipline and hard working nature that is required to be successful. Intelligence is only one aspect of your social status...

Furthermore these people may just have different values than you. You assume these lawyers are spending money frivolously and can not afford to retire or take less stressful jobs. Who says they want to retire or work less? Many people find meaning and pride in the work they do and enjoy it.

Finally it drives me insane how people equate working for a living wage is slavery. In the past if you were unemployed you were a bum and it was shameful. Nowadays the hero’s of society are those who have enough money to sit at home and play video games all day.

When did working FT, earning a living wage and contributing to society become something to be ashamed of or avoided?
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Oct 7, 2010
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Househunter007 wrote:
Jan 12th, 2019 12:28 am
Jobs like law are prestigious for a reason. They require intelligence yes but, even more impressive, is the self discipline and hard working nature that is required to be successful. Intelligence is only one aspect of your social status...

Furthermore these people may just have different values than you. You assume these lawyers are spending money frivolously and can not afford to retire or take less stressful jobs. Who says they want to retire or work less? Many people find meaning and pride in the work they do and enjoy it.

Finally it drives me insane how people equate working for a living wage is slavery. In the past if you were unemployed you were a bum and it was shameful. Nowadays the hero’s of society are those who have enough money to sit at home and play video games all day.

When did working FT, earning a living wage and contributing to society become something to be ashamed of or avoided?
When the boomers and gen x showing off that they can retire way before 55 years old. Cant blame the minnenials for feeling that way.
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Dec 27, 2009
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spike1128 wrote:
Jan 12th, 2019 5:33 pm
When the boomers and gen x showing off that they can retire way before 55 years old. Cant blame the minnenials for feeling that way.
That doesn't sound like Gen x at all. We had it tough. The good jobs were already taken by boomers (who were nowhere near retirement age back then). It was a solute tough. I was born in 1970 and this does not sound typical of my generation (retiring way before 55).
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Dec 11, 2008
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spike1128 wrote:
Jan 12th, 2019 5:33 pm
When the boomers and gen x showing off that they can retire way before 55 years old. Cant blame the minnenials for feeling that way.
I'm a Millennial and we plan to retire at 56. I guess we are 1 year behind on our plans lol
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Nov 10, 2018
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badsha wrote:
Jan 10th, 2019 6:33 pm
distance is irrelevant when talking about commute. Time would be a good measuring tool instead.

You are right about not all small cities are convenient and not all big cities are bad. For me, Regina hits that sweet spot where you have just about everything you need in your daily life.
Wholeheartedly disagree. As someone who used to commute and no longer does, give me an hour on the 407 vs an hour on the Gardiner. The former is a breeze. With the latter, I'd rather die (and almost did).
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“I have no idea how you can even have a life in this city on anything less than $300k household income.”

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TodayHello wrote:
Jan 16th, 2019 7:09 am
“I have no idea how you can even have a life in this city on anything less than $300k household income.”

- over heard in Bay St. elevator
Ha such a mess. Those people would be on my quick ignore for life list.

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