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Your road to the RFD $100k individual Salary!

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  • Mar 28th, 2024 1:01 pm
Sr. Member
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Dec 27, 2007
511 posts
70 upvotes
FirstGear wrote: $100K is what, around 6000/month take home, depending on province?

-> 3000/mo. to mortgage and other related housing costs for a condo in a given metropolitan area, or a house that is not within the GTA, GVA.
-> 600 between eating out and groceries.
-> 100 to the phone bill.
-> 250 for misc. odd costs like an occasional appliance
-> 150 for hobbies
-> 100 for clothing (averaged)
-> 300 for fuel
-> 800 between vehicle maintenance, payments, and insurance

Already you're at 5300 and left with just 700/mo. of wiggle room (which, in my opinion, is not enough, but then that's subjective). At some point then you'll want to make a big purchase, like a vacation, camera, TV, etc.

Enough, yes, but it's really not all glorified as it is to be.

8 years ago there was a study done concluding that the correlation between happiness and money ends at around $75,000/yr - which was a Canadian average - where in Canada many homes do not cost as much as the ones found in GTA, GVA (main populace on this forum). In today's dollars that is loosely $95K. Running the math and putting yourself in the shoes of the average Canadian (who likes to enjoy his/her money, especially on experiences)... you can see that's about right... as increases after that usually just presents fancier toys, but the true quality of living does not increase noticeably, unless you want to have a lot of kids and ex wives.

e.g. Last year's take-home for myself as $96,178 (which is roughly the same as someone who takes home $137,000 as a pure employee, or net sole-proprietorship business income). My budget follows roughly the one listed above, except I have 2.5x the vehicle allowance... generally, I am happy to put away 1500 - 2000/month. But I work so much and spend a lot of time away from home, so while many of my colleagues are getting married or travelling, I'm usually outside in the freezing cold, desert hot heat, or inside a truck, machine, or a room sitting at a desk... single with no kids, pets.
If someone is taking home 6k per month and spending two-thirds of that on housing and transportation, they are living beyond their means (unless one is accelerating mortgage payments intentionally). That type of budget should not be considered normal.
Deal Addict
Feb 19, 2017
1145 posts
879 upvotes
FirstGear wrote: $100K is what, around 6000/month take home, depending on province?

-> 3000/mo. to mortgage and other related housing costs for a condo in a given metropolitan area, or a house that is not within the GTA, GVA.
-> 600 between eating out and groceries.
-> 100 to the phone bill.
-> 250 for misc. odd costs like an occasional appliance
-> 150 for hobbies
-> 100 for clothing (averaged)
-> 300 for fuel
-> 800 between vehicle maintenance, payments, and insurance

Already you're at 5300 and left with just 700/mo. of wiggle room (which, in my opinion, is not enough, but then that's subjective). At some point then you'll want to make a big purchase, like a vacation, camera, TV, etc.

Enough, yes, but it's really not all glorified as it is to be.

8 years ago there was a study done concluding that the correlation between happiness and money ends at around $75,000/yr - which was a Canadian average - where in Canada many homes do not cost as much as the ones found in GTA, GVA (main populace on this forum). In today's dollars that is loosely $95K. Running the math and putting yourself in the shoes of the average Canadian (who likes to enjoy his/her money, especially on experiences)... you can see that's about right... as increases after that usually just presents fancier toys, but the true quality of living does not increase noticeably, unless you want to have a lot of kids and ex wives.

e.g. Last year's take-home for myself as $96,178 (which is roughly the same as someone who takes home $137,000 as a pure employee, or net sole-proprietorship business income). My budget follows roughly the one listed above, except I have 2.5x the vehicle allowance... generally, I am happy to put away 1500 - 2000/month. But I work so much and spend a lot of time away from home, so while many of my colleagues are getting married or travelling, I'm usually outside in the freezing cold, desert hot heat, or inside a truck, machine, or a room sitting at a desk... single with no kids, pets.
Nice blog. Could you share what you read (books, sites, etc.) ?
Crypo/NFT-enthusiast
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Feb 19, 2017
1145 posts
879 upvotes
Legend24 wrote: If someone is taking home 6k per month and spending two-thirds of that on housing and transportation, they are living beyond their means (unless one is accelerating mortgage payments intentionally). That type of budget should not be considered normal.
With housing prices being what they are, I think it's very normal.
Aside from rent/mortgage, there's also utilities, strata fees, insurance, property taxes. Add's up quickly even if the initial mortgage payment is only 1/3rd of take home.
Crypo/NFT-enthusiast
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User avatar
Mar 29, 2008
4117 posts
1216 upvotes
FirstGear wrote: 8 years ago there was a study done concluding that the correlation between happiness and money ends at around $75,000/yr - which was a Canadian average - where in Canada many homes do not cost as much as the ones found in GTA, GVA (main populace on this forum). In today's dollars that is loosely $95K. Running the math and putting yourself in the shoes of the average Canadian (who likes to enjoy his/her money, especially on experiences)... you can see that's about right... as increases after that usually just presents fancier toys, but the true quality of living does not increase noticeably, unless you want to have a lot of kids and ex wives.
I remember reading that and either I’m not average or that’s b.s.
Deal Addict
Mar 7, 2011
3744 posts
1986 upvotes
Vancouver
FirstGear wrote: $100K is what, around 6000/month take home, depending on province?
-> 3000/mo. to mortgage and other related housing costs for a condo in a given metropolitan area, or a house that is not within the GTA, GVA.
Owning wasn't mandatory last time I've checked. Even if a miracle happens and tomorrow I start making $100k I'd never leave the place I'm currently renting. And no, I don't live under a bridge.
Newbie
Jan 17, 2018
12 posts
5 upvotes
Age 5-13 hustling toys, pokemon cards and yugioh cards.
from age 13-19 I was making around $3000 to $10 000 (mainly through video games: habbohotel, guildwars, world of warcraft, runescape)
I think when I was 19 i was making 24K (ebay mainly)

Then nothing for 2 years after due to school, then dropped out.

22 I was making around $36 000 (shopify)
23 around $60 000 (shopify)
24 around $80 000 (shopify)
25 business partners and I had a disagreement... Which led to destruction, so 0 dollars.

Currently working on 4 ventures with NO business partners... So this time I am really sure I can make atleast 4x amount of previous years or like 16x the amount.

Lesson learnt, dont get business partners, get mentors, and create a contract/proposal for everything business related (obvious, but most young especially males dont).

Anyways, Only worked once, at Home Depot, got fired 6 months after. I think I swore at a customer.
Banned
Oct 10, 2016
758 posts
339 upvotes
tcharged wrote: $200K is the new $100K
100K is not a lot to be honest. Well it's not what is used to be, If we go by the median Canadian salary we're way below 100K and people blow money like it's nothing restaurants etc expensive houses , travels, looks at their FB pages instagram looks like everyone is rich and live like superstars. Refinancing+high credit cards debts FTW and pretend to make more seems a popular thing nowadays. Less then 10% of Canadians earn more the 100K.
Jr. Member
Aug 5, 2017
184 posts
92 upvotes
AmexPlus99 wrote: Age 5-13 hustling toys, pokemon cards and yugioh cards.
from age 13-19 I was making around $3000 to $10 000 (mainly through video games: habbohotel, guildwars, world of warcraft, runescape)
I think when I was 19 i was making 24K (ebay mainly)

Then nothing for 2 years after due to school, then dropped out.

22 I was making around $36 000 (shopify)
23 around $60 000 (shopify)
24 around $80 000 (shopify)
25 business partners and I had a disagreement... Which led to destruction, so 0 dollars.

Currently working on 4 ventures with NO business partners... So this time I am really sure I can make atleast 4x amount of previous years or like 16x the amount.

Lesson learnt, dont get business partners, get mentors, and create a contract/proposal for everything business related (obvious, but most young especially males dont).

Anyways, Only worked once, at Home Depot, got fired 6 months after. I think I swore at a customer.
What did you sell on shopify ?
Deal Addict
Jan 21, 2009
2507 posts
551 upvotes
TO
estevens wrote: 100K is not a lot to be honest. Well it's not what is used to be, If we go by the median Canadian salary we're way below 100K and people blow money like it's nothing restaurants etc expensive houses , travels, looks at their FB pages instagram looks like everyone is rich and live like superstars. Refinancing+high credit cards debts FTW and pretend to make more seems a popular thing nowadays. Less then 10% of Canadians earn more the 100K.
Actually a fair amount of Canadians and Ontarioans make $100K or more (over 800,000 Ontarioans)
And most make over $70K
https://www.google.ca/amp/www.macleans. ... ensus/amp/

$100K is nothing and many people are now making it in Canada.
Banned
Oct 10, 2016
758 posts
339 upvotes
tcharged wrote: Actually a fair amount of Canadians and Ontarioans make $100K or more (over 800,000 Ontarioans)
And most make over $70K
https://www.google.ca/amp/www.macleans. ... ensus/amp/

$100K is nothing and many people are now making it in Canada.
Ontario and Alberta probably count for a high %
100K in the maritimes or over here in Quebec and you're doing very well as the cost of living is cheaper. Well taxes are a killer in Qc tho.
Banned
Jan 3, 2018
321 posts
61 upvotes
Eric1010 wrote: I think in order to earn $8K+, one has to work for entities that suck money easily from public - like monopolies, oligopolies and big businesses - investment banks, mining/oil, service monopoly, and government.

Also giant NGOs - you will be amazed how much their ET team get paid! Good thing that it is pretty transparent in Canada. CRA charity listings list the top 10 executives pay range, 99.9% are 6+ figures. Given that most are small to mid size their pay is relatively handsome comparing to the market. But I believe running giant NGOs are tough as one has to make sure government and public findings keep flushing in, which requires high level of flattery.
You could be Darren Entwistle, CEO of TELUS. Inherit an effective government monopoly and get paid over $13M a year.
Deal Guru
Oct 3, 2006
10493 posts
793 upvotes
Toronto
tcharged wrote: Actually a fair amount of Canadians and Ontarioans make $100K or more (over 800,000 Ontarioans)
And most make over $70K
https://www.google.ca/amp/www.macleans. ... ensus/amp/

$100K is nothing and many people are now making it in Canada.
Actually the $70k is median household income, not personal income. The median personal income is around $35k. $100k is still a lot for most people.
Deal Addict
Apr 14, 2017
1967 posts
621 upvotes
DT Calgary
Only 10% of Canadians make 100k, so definitely not that common.
Deal Expert
Oct 6, 2005
16872 posts
2557 upvotes
FreshCo wrote: Only 10% of Canadians make 100k, so definitely not that common.
There's also a large percentage of under-18, students, homemakers, and retirees. Plus a lot of people who are under-educated.

If you look at full-time workers with a degree, median income is like the mid-70s to just below 100K in Alberta.

So if you have a degree, 100K is pretty obtainable...
Sr. Member
User avatar
Dec 27, 2007
511 posts
70 upvotes
coolspot wrote: There's also a large percentage of under-18, students, homemakers, and retirees. Plus a lot of people who are under-educated.

If you look at full-time workers with a degree, median income is like the mid-70s to just below 100K in Alberta.

So if you have a degree, 100K is pretty obtainable...
That is a pretty specific subset of the population:

Men, aged 25-64, full-time for the entire year, university education working in Alberta in 2015. I don't think that is representative of Canada as a whole. I think the statement that $100k is not that common is accurate - even given the "ideal" scenario, the average wage still falls short.
Banned
Oct 10, 2016
758 posts
339 upvotes
Legend24 wrote: That is a pretty specific subset of the population:

Men, aged 25-64, full-time for the entire year, university education working in Alberta in 2015. I don't think that is representative of Canada as a whole. I think the statement that $100k is not that common is accurate - even given the "ideal" scenario, the average wage still falls short.
Yep its a very limited sample
Deal Fanatic
User avatar
Nov 2, 2013
5697 posts
1522 upvotes
Edmonton, AB
FreshCo wrote: Only 10% of Canadians make 100k, so definitely not that common.
It also depends on where the statistics are pulled too. Business owners/major shareholders usually write low Net Incomes for tax benefits - i.e. income splitting, tax deductions. It's kind of silly in my case, as in 2017 my net income has been actually higher than my true gross.

I've actually been fighting mortgage lenders over the years from this issue, as in 2017 my net after-tax was a little over $96K, but for financing and tax purposes I'm only considered to make $75-80K based on Line 150 (net income before tax).

You can also potentially make up to $50,000/year and pay no tax, if paid only in dividends. Here A lot of people make holding companies to take advantage of perks like this, especially people with family members they can trust to income split to.
tcharged wrote: Actually a fair amount of Canadians and Ontarioans make $100K or more (over 800,000 Ontarioans)
And most make over $70K
https://www.google.ca/amp/www.macleans. ... ensus/amp/

$100K is nothing and many people are now making it in Canada.
The average household income in Edmonton, Alberta is over that - and it has a heavy trades populace where the woman does not work.
Though the buying power of $100K has decreased significantly over the years.
AmexPlus99 wrote: Age 5-13 hustling toys, pokemon cards and yugioh cards.
from age 13-19 I was making around $3000 to $10 000 (mainly through video games: habbohotel, guildwars, world of warcraft, runescape)
I think when I was 19 i was making 24K (ebay mainly)

Then nothing for 2 years after due to school, then dropped out.

22 I was making around $36 000 (shopify)
23 around $60 000 (shopify)
24 around $80 000 (shopify)
25 business partners and I had a disagreement... Which led to destruction, so 0 dollars.

Currently working on 4 ventures with NO business partners... So this time I am really sure I can make atleast 4x amount of previous years or like 16x the amount.

Lesson learnt, dont get business partners, get mentors, and create a contract/proposal for everything business related (obvious, but most young especially males dont).

Anyways, Only worked once, at Home Depot, got fired 6 months after. I think I swore at a customer.
Your story reminds me of my real estate consultant... he's been fired from every job he's ever had. Guy does well for himself though; net of all expenses he's still $100K+/year and he enjoys being the captain of his own ship.

Business partners can be a hit and miss. Problem is risk appetite and discipline can vary widely from person to person. I never found anyone I could work with with my money to this day, as most people would be horrified to see what I do with my money, and vice versa.

For instance, I work with a guy who builds and flips houses for a living and will gladly max his credit cards to the tens of thousands for materials. The guy also has an odd obsession with picking cheap lots in the middle of nowhere for pennies to the dollar to build his homes on - extremely illiquid and risky, but very profitable if the right buyer(s) can be found. Things I would not touch with a 10 foot pole, but somehow he makes it work.
charlesd79 wrote: Owning wasn't mandatory last time I've checked. Even if a miracle happens and tomorrow I start making $100k I'd never leave the place I'm currently renting. And no, I don't live under a bridge.
Legend24 wrote: If someone is taking home 6k per month and spending two-thirds of that on housing and transportation, they are living beyond their means (unless one is accelerating mortgage payments intentionally). That type of budget should not be considered normal.
My housing bill is around 2250/mo., though I'm almost never home so my power bill is significantly less than the norm.

Depends on where you live too. Here for that budget you can get a brand new detached in a newer neighbourhood. If you're in GTA, GVA area that figure can be several times that.

Housing has always been a split opinion, but I found myself happier spending my money on a more diverse spread of experiences. Most people forget that they really only spend <30% of their time physically in their home aside from sleeping. For myself, it is less than 15%.
Walch1102 wrote: Nice blog. Could you share what you read (books, sites, etc.) ?
Thank you. I don't have a particular author(s) I follow as I enjoy reading industry news and financial articles from many perspectives. It's always interesting to see what each person says as there are so many different angles just one particular say, investment avenue can be approached by.
e.g. Smith Manoeuvre, value investing, growth investing, real estate investing/speculation, index investing, etc.
e.g. #2 - Guys like Warren Buffet shun gold, but then others see it as a useful diversification tool.

Even on a forum like this one can be very different than one dominated by blue collar workers/investors as the approaches taken and risk appetites can diverge wildly. I find having an open mind you will learn a lot more, even if you don't agree with everything you see (which is usually the case). Just one's experiences and upbringing can shape such person's risk appetite and how he/she does things with his/her money. Once you do a certain job for a while, it's also interesting to see how each person does things, as the same task can be performed with so many different permutations.

I also read a lot on WWII - especially the Asian and Russian perspectives on the war or the experiences of an individual US Marine that are seldom presented in the west.
Accountant (Public Practice)
Deal Expert
Oct 6, 2005
16872 posts
2557 upvotes
Legend24 wrote: That is a pretty specific subset of the population:
Like I said, if you have a degree, it's quite obtainable - especially later in life where the median income rises.

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