How good is a salary of $85,000 to $90,000 in Canada?
A salary of $85–$90K is above average for an individual, average for a family, and below average for a Manager in the construction industry, worker in the health industry, and workers in the Oil and Gas and mining industry. This salary puts an individual and/or small family squarely in the middle class of working Canadians.Rental Cost: August 2017 Canadian Rent ReportUnfortunately rental inflation has made it more expensive to live in Canada’s larger cities - 1 bedroom in Vancouver is now around $2000 Cad and $3200 for a two bedroom, per month and before utilities.Taxes are also a very heavy burden on Canadians, as other commentators have noted “In 2017, the average Canadian family will earn $108,674 in income and pay a total of $47,135 in taxes (43.4%)” Canadians Celebrate Tax Freedom Day on June 9, 2017If the $85–$90K salary is in addition to a good retirement benefit program or pension (such as a public service job), as well as a supplemental health care plan then you will be doing well and will live comfortably with good clothing, a newish vehicle, and the ability to have discretionary spending/saving of a few thousand dollars per month.If you have to fund your retirement and pay for dental/vision/prescription coverage out of pocket than you will still have enough money be able to cover all basic and most extras to live a comfortable life but you will be challenged to:Retire before 65Travel internationally for 10 days more than once a yearPurchase a home near Toronto or Vancouver or surrounding suburbsHave more than 2 children (unless you live in Quebec where childcare and education costs are subsidized)Have a spouse stay-at-home and not workAlso, if you live in the Northwest Territories or near Wood Buffalo Alberta, a salary below $100K is difficult to live on due to higher cost of living.
What is Ari Gold's salary?
What do you think Ari Gold's salary is? One website said $86,454 (http://jobs.aol.com/article/_a/emmy-character-salaries/20070809123809990002 or type in Ari Gold salary on Google) but I think thats rediculous. He drives a Mercedes, BMW, lives in Beverly Hills, sends his kids to private schools, donates $100,000 to a charity and one episode on one of his rants he told his wife that if she liked their villa in the south of Spain she better shut up. So I was wondering what your estimate was.
How high does your salary need to be to get a $200,000-$400,000 boat?
I want to know how high your salary needs to be to afford a boat around the price of 200,000-400,000 (us dollars). Like if your salary isn't that high, how long do you need to save up for it. I know this is a really hard question to answer but please do to the best of your abilities. :D thanks!
With what salary can I comfortably afford a $60,000 car (a BMW M6 2010 convertible)?
These answers are complicated and I don't think they tell you what you want to know. First off, let me tell you the answer based on new cars, because it's much simpler.As a general rule, you never want to spend more than 20% of your monthly income, after taxes, on car payments. If you factor in closing costs, which vary by location (I used $197, which is what we used at my dealership), a nice 3% interest rate (really hard to get), a 60 month loan term (to make the math easier), and sales tax of 6.75% (in my state), a $60,000 car will bring about a $1200 monthly payment, with no downpayment and no trade-in. Multiply this by 5 and you need to make at least $6000 a month, after taxes. This next part is incredibly simplified, and may not apply to your situation directly.Okay, so taxes are marginal: The first $9225 is taxed at 10%The next $28225 is taxed at 15%The next $53300 is taxed at 25%Total taxes on $90750 is $18481.25That leaves $72,268.75 per year, divided by 12 is about $6022 per month.So, to afford a $60,000 new car, you need to make around $90,750 a year. At least, I would. Your situation will almost certainly be different.Now, remember that this only applies to NEW cars. Used cars are an entirely different story. If you have stellar credit and low expenses, a bank might lend you the $60000 on your $90750 salary, but, since the car is older, we (and the banks) expect it to need more upkeep than a new one. For this reason, it is harder to get a loan, and it should be, unless you have a cushion between the car payment and your maximum. I would say an extra income of $25k per year ought to cover the difference, so about $115,000 - about the price of a brand new M6. But hey, selling cars, I've seen some crazy shxt happen. I've seen people making $100,000 a year get turned down for a $30,000 car loan, and people who make $25,000 a year get approved for a $70,000 truck. There's really a huge amount of factors. What I've found on the internet is that if your rent and bills are approximately 1/3 of your post-tax monthly income, and your payment is 1/5, you should be squarely in a comfortable existence. By my calculations, you should be comfortable with $60,000 car and a $90,750 salary.tldr; $90750
How do people afford $150,000 for a down payment on a house in the San Francisco Bay area? Do parents and relatives chip in? Does an FHA help reduce the down payment required?
To get together the down payment for a $800K home, which is about the entry point in early 2016 for the San Jose Bay Area, you should change your thought process and it'll get much easier. Rather than try a brute force attempt to save up $160K, you should break the process up into manageable steps. (BTW, plenty of people work in two income households and earn over $300K a year, allowing them to save $50-100K per year. That's how they can afford $800K homes as first time home buyers. Of course, those tend to aim even higher and buy $1.5M homes.)When you live in an area that has such high home prices and high appreciation rates, saving for an ever increasing downpayment is tough. And, I strongly advocate avoiding an FHA loan. Rather, an easier way is to save up $40K and buy a small condo for $400K at 10% down. (A few years ago when prices were about half, I helped some buyers start with about $20K.) After a few years, you can trade up your increased equity to a $600K townhome along with another $20-30K in savings. Do it again in a few years to a $800-900K homes and you're there, having saved only $80-100K total in 5-6 years. You get to leverage all the tax free gains as a homeowner. It's quite a sweet deal.EDIT (2-24-16): Based on the comments about the anticipated appreciation rates, I want to re-iterate that I'm assuming Bay Area home prices will continue to appreciate given the current dynamics. If you don't agree with that assumption, then the logical choice is to continue saving until you've put together the downpayment. Of course, who knows how long the current appreciation will last before the next correction. Still, for those home owners who are able to hold on for at least 5 years, buying a home in the Bay Area (in particular the peninsula and south bay) has not been a losing proposition for the past 40 years.
I lost over $80000 gambling?
I know how you feel. You probably think that things couldn't get any worse, but I'm sorry to tell you the CAN get worse, and they WILL get worse! That is unless you truly go through with your "I am not going to gamble again......" If you are strong, and if you follow through with GA, then yes - there is hope. Just don't fool yourself into thinking this is the worst things could get. If you do anything silly, things will get worse. Here's more good news - I know you feel that 26 is "old". You can't believe that you're already 26, and you can't believe you've f***ed up your life so bad. YOU ARE YOUNG!!! It's going to take you quite a while to crawl out of the hole you dug for yourself, but if you work hard and stick to your resolution, you WILL get through this! (Especially if your job is a good job, which many jobs at law firms are.) One last thing - Do the people at your law firm know what you're going through? Think long and hard about the "right" thing to do. Are you jeopardizing your career by withholding important information from your employers? Should they know what's happened? Or not? I have no idea, but this is another area that has great potential for disaster if you lie to people or break any laws or contracts because of this problem. Figure out the right thing to do, legally speaking, and do it!