are we a middle class ?

[slcchyd]

Hello all;

deleted

[kvg]

In Calgary your at least upper middle class:thumbsup: .

[J-hop]

are you planning on having kids? if not I would agree with above. But if you do that could change you situation (would put you from above average to middle of the pack). The combined income of my parents is over 300k/year but with 3 kids in our family I would not consider our family above average at all!

[scottv442]

Originally posted by J-hop
The combined income of my parents is over 300k/year but with 3 kids in our family I would not consider our family above average at all! [/B]

you have GOT to be kidding right?......median income for a family of five in calgary is 70-80k per year. A 300k/year income would put them in the upper tax bracket and top 20% in canada.

[Sugarphreak]

...

[ZenOps]

If those are Canadian dollars, you are fine.

I pity the hockey players who locked in their contracts based on US dollars.

American New Peso!

[slcchyd]

Originally posted by J-hop
are you planning on having kids? if not I would agree with above. But if you do that could change you situation (would put you from above average to middle of the pack). The combined income of my parents is over 300k/year but with 3 kids in our family I would not consider our family above average at all!

I tend to agree with you .

our asset is around 700k now. from this point of view, you think we are on the right track in mid 30's.

[sabad66]

Originally posted by J-hop
are you planning on having kids? if not I would agree with above. But if you do that could change you situation (would put you from above average to middle of the pack). The combined income of my parents is over 300k/year but with 3 kids in our family I would not consider our family above average at all!
Well at least your parents did a good job of not spoiling you... > 300k/year household income is VERY well off. Do you realize that after 5 years or less, your parents would have had over $1,000,000 flow into their bank account(s)? Some families won't ever touch that mark in their whole lives.

As for the OP, you guys are doing well for yourselves... I'd even say top 10% in Calgary with your combined yearly income of 240k. No need to worry about keeping up with the Jones' for now.

[Canucks3322]

OP is a fucking retarded sheltered and stuck up rich person...go outside...meet normal people.

[GTI CANADIAN]

If you scrape by in life..... Then u are middle class. Fuck u OP, fucking braggart. Obviously wants everyone to tell him how good he's doing. WELL YOU CAN'T TAKE IT WITH YOU.

[slcchyd]

Originally posted by GTI CANADIAN
If you scrape by in life..... Then u are middle class. Fuck u OP, fucking braggart. Obviously wants everyone to tell him how good he's doing. WELL YOU CAN'T TAKE IT WITH YOU.

sorry to make you upset. I don't mean to it. I just want to know how it can lead us to a good retirement .

we don't have a fancy car , take lunch to work most of time and always buy discounted stuff.

[masoncgy]

OP... according to Beyond standards, you are living in poverty.

Tsk. Do better.

[grampafunk]

hahhaa. this is a joke right?

[EvolutionI]

Originally posted by Canucks3322
OP is a fucking retarded sheltered and stuck up rich person...go outside...meet normal people.

this whole thread reeks of "I put my work ahead of everything in life, please show me respect, since I feel none towards my own self"

[turbotrip]

yes you are middle class

[kvg]

I've been waiting for a "slit your wrists and shot your self in the head, your broke".:rofl:

[max_boost]

Post your T4 along with your bank and investment statements just to verify what you are saying is true.

Just want to make sure, since too many people make things up. If you can do that, I would say you are upper middle class. :thumbsup:

[ee2k]

Op that's a quite impressive state to be in. How long have you two been in the industry? What did it take to be where you are at? Do you sacrifice much in terms of entertainment, travel, family etc? Those down payments are impressive: is it all saved up money or inheritance?

[Jlude]

It's not outrageous for a household to make 300k/year... but to consider yourself middle class... now that's what makes this suspect.

[Weapon_R]

Originally posted by slcchyd


we don't have a fancy car , take lunch to work most of time and always buy discounted stuff.

In that case you're a cheap bastard.

[Choice]

OP - I can't believe you would even consider yourself middle-class. The question should be 'how rich do you think I am?'
Seriously, to own a rental property with a 70K down payment - alot of middle class folks can't even put that down for their primary property.

[kwjent]

You are in a fine position. You are more in the upper class of Calgary.

My advice, save a little but enjoy life. You sound like you are cheap and miserable.

[Sugarphreak]

....

[ZenOps]

Did you know that you can put gold bullion into an RRSP?

They changed the rules back in 2005 to include silver and gold bullion, but the vast majority of people don't know about it. If you want a little bit of diversification, you might consider a few ounces stuffed away every year. It must be Canadian mint certified.

Now... As to why Canada would change the RRSP rules to allow bullion which they have never allowed in history - is a conspiracy theory in itself.

[se7en]

Wait. U make a combined $20000 per month, and only buy discounted stuff and take lunch to work? Sounds like you have some fuckered morals and need to start spending more.

Hmm. Sounds like lies. People that make money like that don't tell others lol. My
Family makes 100k per year, and i can do whatever the hell i want. More than double would make me feel sofa king rich.

Go buy a baller car and a nice rolex.

[se7en]

Want to add, what kind of idiot asks " I am a millionaire. Am I middle class?"

[holden]

if you and you're spouse are making a combined 240K per year, you would think you would know enough about the economy and our society to be able to answer that question yourself... let alone create a thread topic that uses proper English...

[redblack]

OP is probly sooo cheap that he doesnt turn on the heat at home, takes showers at work and poop's at the gas station.

If your really worried about your financial position, go ask a financial planner not a car forum where most of the people here are younger and just making ends meet

[nrt_vw]

......CHEAP....

[slcchyd]

Originally posted by ee2k
Op that's a quite impressive state to be in. How long have you two been in the industry? What did it take to be where you are at? Do you sacrifice much in terms of entertainment, travel, family etc? Those down payments are impressive: is it all saved up money or inheritance?

We have been industry 10 years but only 6 years in Canada .
this down payments are all saved up.

BTW ,we have one infiniti FX 35 ( a decent but not fancy car)
we normaly do two trips every year and go ski and golf few times.

[Tik-Tok]

Originally posted by J-hop
are you planning on having kids? if not I would agree with above. But if you do that could change you situation (would put you from above average to middle of the pack). The combined income of my parents is over 300k/year but with 3 kids in our family I would not consider our family above average at all!

:facepalm:

Guess my wife and I are in the lower class then, only taking in 130g last year combined.



Originally posted by slcchyd


We have been industry 10 years but only 6 years in Canada .
this down payments are all saved up.



So you've ONLY been in the industry 10 years and making $120g a piece, and you have no problem saving up $70g in less than 6 years to buy investment property.

Yeah, you're totally piss poor.


This whole fucking thread

.......:facepalm:
.....:facepalm: :facepalm:
...:facepalm: :facepalm: :facepalm:
:facepalm: :facepalm: :facepalm: :facepalm:

[benyl]

Originally posted by Tik-Tok


:facepalm:

Guess my wife and I are in the lower class then, only taking in 130g last year combined.



Don't worry, you aren't alone.

I expect to be at the poverty line in a couple of weeks when my kids pops out. :facepalm:

Our income will be cut in half and I will have a kid! OMG, the world is ending.:banghead:

[Kloubek]

I can't help but think this is a troll thread. Purpose: Unknown.

[C_Dave45]

Originally posted by se7en
Want to add, what kind of idiot asks " I am a millionaire. Am I middle class?"



Originally posted by holden
if you and you're spouse are making a combined 240K per year, you would think you would know enough about the economy and our society to be able to answer that question yourself... let alone create a thread topic that uses proper English...

^ Agreed



Originally posted by slcchyd


We have been industry 10 years but only 6 years in Canada .



On behalf of Canada; "you're welcome"


:rolleyes:

[corsvette]

Originally posted by Kloubek
I can't help but think this is a troll thread. Purpose: Unknown.

I agree with that. Maybe its another "Beyond Boast Thread"

[The_Rural_Juror]

The math doesn't add up.

[BrknFngrs]

Originally posted by se7en
Wait. U make a combined $20000 per month, and only buy discounted stuff and take lunch to work? Sounds like you have some fuckered morals and need to start spending more.

OP is clearly a little bit out there, but this post takes the cake. You're questioning his morals on the grounds that he brings a bag lunch and buys things on sale? :rofl:

[ZenOps]

How does it not add up?

Hes probably overcontributing to RRSP, which personally I think is *insane* for anyone who is in the black.

For anyone owing credit card debt at high levels, borrowing against RRSP can get you out ahead as long as the Canadian dollar does not collapse. I would say its a win-win, but for the US the risk would be too high - its much better to just hang ondo credit debt than risk RRSP debt.

Hanging onto credit debt means that if SHTF, you can declare bankruptcy immediately. If you delay the pain with an RRSP, you may have to take the pain later, which can be worse.

Its sort of like Chicken pox in that way. Sometimes its better if you take the pain early.

[B18C]

OP: You really need to meet with a good financial advisor and get a realistic financial/investment plan for whatever your retirement goals are. You and your wife make good money and are obviously good savers but to have $400k in investments and have no idea where you are financially doesn't sound very smart. You definitely shouldn't be doing self-directed RRSP and TFSA investments if that's the case anyways.

[The_Rural_Juror]

Op = Russian 89coupe

[se7en]

Originally posted by BrknFngrs


OP is clearly a little bit out there, but this post takes the cake. You're questioning his morals on the grounds that he brings a bag lunch and buys things on sale? :rofl:

I buy carparts on sale, and bag my lunch. If I made double what I do I sure as fuck wouldn't bother. Sounds like OP is wasting his life a bit.

[jaysas_63]

making 240k a year BEFORE tax isn't grounds to live "la vida loca":rofl:

i don't know why ppl are chastising this guy for bagging lunches and buying shit on sale. you cant live a crazy life on that kind of income, especially if you want to save for retirement/kids future college, and invest.

and OP ur an attention whore, keep your financial statements between you, and your financial planner. you dont need a bunch of 18 yr old beyonders to analyze your financial situation hahahahha

[Jlude]

Originally posted by jaysas_63
making 240k a year BEFORE tax isn't grounds to live "la vida loca":rofl:

i don't know why ppl are chastising this guy for bagging lunches and buying shit on sale. you cant live a crazy life on that kind of income, especially if you want to save for retirement/kids future college, and invest.

and OP ur an attention whore, keep your financial statements between you, and your financial planner. you dont need a bunch of 18 yr old beyonders to analyze your financial situation hahahahha

While I agree with this statement...

Is beyond still full of 18 yr olds? haha

The majority of us that have been on here for a while are now in our mid 20s to mid 30s. :dunno:

[jaysas_63]

Originally posted by Jlude


While I agree with this statement...

Is beyond still full of 18 yr olds? haha

The majority of us that have been on here for a while are now in our mid 20s to mid 30s. :dunno:

no ur right, i joined when i was 18ish back in 03, so whenever i think of the beyond audience i have an image of what i was back when i first joined.

but in any case, the answer to his question was obvious. OP is obviously upper middle class. no he isn't a part of the super elite, the highest class, the group of 500 or so ppl in NA that control the same amount of money as the bottom 50% of the population. hes a guy that's upper middle class, doing well for himself, living a comfortable life, with a few luxuries at his disposal, and could potentially make some serious coin in the future if he invests properly.

[slcchyd]

Originally posted by jaysas_63
making 240k a year BEFORE tax isn't grounds to live "la vida loca":rofl:

i don't know why ppl are chastising this guy for bagging lunches and buying shit on sale. you cant live a crazy life on that kind of income, especially if you want to save for retirement/kids future college, and invest.

and OP ur an attention whore, keep your financial statements between you, and your financial planner. you dont need a bunch of 18 yr old beyonders to analyze your financial situation hahahahha

Can you believe the so-called financial palner can make you rich. To me they are just blood suckers who are trying to steal your hard earn money away and make themselves rich.

I intend to trust some beyonders who may have an insight on my situation.

[max_boost]

Look at it this way, you are in the top 5% for income earners in all of Canada.

That means you are better than 95% of the population.

Just relax and keep saving your money.

[eblend]

A saying I once heard "You don't get rich by wasting all your money", so his saving technique is understandable, I am still very ecomonical with my money, no matter how much I make. I bring lunch from home because my wife makes amazing food, takes much better and healthier than any shit you can buy in a store, so why not? I buy stuff on sale all the time too, and I think I am pretty well off for my age, I don't think that your saving or spending habbits depend on income much, but one thing is for sure, the OP is trying to show off by boasting all his financials online.

[89s1]

Originally posted by max_boost
Look at it this way, you are in the top 5% for income earners in all of Canada.

That means you are better than 95% of the population.

Just relax and keep saving your money.

:werd:

Most "middle class" households don't enjoy an income anywhere near yours OP.

There are also many families that don't make a household income over 100k and manage just fine.

[Supa Dexta]

Originally posted by max_boost

That means you are better than 95% of the population.

ummm no..

[max_boost]

Well "better" probably wasn't the right word to use but it's just to show him that he makes more money than most. If he wants to gauge where he's at compared to others, he's ahead.

[89s1]

i think you were just missing the word "off" after "better" that's all.

[J-hop]

Originally posted by scottv442


you have GOT to be kidding right?......median income for a family of five in calgary is 70-80k per year. A 300k/year income would put them in the upper tax bracket and top 20% in canada.


well if you think about it a 2 parent household with both parents as teachers with 10+ years experience will be taking in around or over 100k a year and I'll bet their budgets are super tight. I would like to see the stats that claim 70-80k combined is the median because those people would be nearly on the streets with a 3 children family, I could see if that number was per parent, that would make sense, but combined doesn't make sense.

when you factor in mortgage payments, car insurance and maintenance, putting your kids through k-12, cell phone, home phone, cable, electricity, internet, car payments (possibly), food costs (especially if you have kids)...(list goes on and on), you are probably just barely making ends meet.

My personal view is under 100k per parent (before taxes) is the bare minimum.

Yea my family does live a comfortable life. No I am not one of those douche bags whose had everything paid for and cars bought for them (my first car was one I bought for $500 and my second car I bought 6 years after that was 10k of my own money). But I wouldn't say we live at all above average.

[Tik-Tok]

Originally posted by J-hop

Yea my family does live a comfortable life. No I am not one of those douche bags whose had everything paid for and cars bought for them (my first car was one I bought for $500 and my second car I bought 6 years after that was 10k of my own money). But I wouldn't say we live at all above average.

Funny how poor kids always know they're poor, but rich kids never realize they're rich.

Calgary (Alta.) Median Family Salary 2008 - $91,570
(Note this was at peak boom, so probably less now)

http://www40.statcan.gc.ca/l01/cst01/famil107a-eng.htm?sdi=calgary

Don't feel bad your family is well-to-do, but don't trying fucking denying it either, it demeans every family who is in poverty, or even below the median.

edit: And you're right, a family making the median with with several kids IS just making ends meet, especially if they have a post boom mortgage. Why do you think it's such a HUGE deal when gas prices, and food prices go up? Just because people are cheap and feel like complaining?

[Sugarphreak]

...

[J-hop]

Originally posted by Tik-Tok



Don't feel bad your family is well-to-do, but don't trying fucking denying it either, it demeans every family who is in poverty, or even below the median.

edit: And you're right, a family making the median with with several kids IS just making ends meet, especially if they have a post boom mortgage. Why do you think it's such a HUGE deal when gas prices, and food prices go up? Just because people are cheap and feel like complaining?


I am not trying to demean anyone here, and for the record, I am also not one of those douche bags that associates their parents wealth with their own personal wealth. I personally am poor as shit and I will be until I start my job. I couldn't stand all those "rich kids" in high school that thought because they're parents were rich that some how made them hot shit.

I just feel the average person these days doesn't understand how expensive living in a place like Calgary is. I don't view living average as living by some magical median number, but rather- not having to constantly worry about money and not having to pinch every last penny, I am already high strung as it is and if I was worried about making sure I could put food on my table and provide for my family I think I'd tear my hair out.

but anyways that is where I stand, if you don't agree with it that is fine, most people on beyond seem never to agree with me so I don't take offense!

[slcchyd]

Originally posted by J-hop



I am not trying to demean anyone here, and for the record, I am also not one of those douche bags that associates their parents wealth with their own personal wealth. I personally am poor as shit and I will be until I start my job. I couldn't stand all those "rich kids" in high school that thought because they're parents were rich that some how made them hot shit.

I just feel the average person these days doesn't understand how expensive living in a place like Calgary is. I don't view living average as living by some magical median number, but rather- not having to constantly worry about money and not having to pinch every last penny, I am already high strung as it is and if I was worried about making sure I could put food on my table and provide for my family I think I'd tear my hair out.

but anyways that is where I stand, if you don't agree with it that is fine, most people on beyond seem never to agree with me so I don't take offense!

I agree,thanks

[Supa Dexta]

Originally posted by J-hop
well if you think about it a 2 parent household with both parents as teachers with 10+ years experience will be taking in around or over 100k a year and I'll bet their budgets are super tight. I would like to see the stats that claim 70-80k combined is the median because those people would be nearly on the streets with a 3 children family, I could see if that number was per parent, that would make sense, but combined doesn't make sense.



You have no clue and therefore no business even giving your opinion on what it costs to raise kids if you think you need +100k to make it work...:rolleyes: As mentioned its an insult to those who might not even make half that and make it work.

[Guillermo]

LOL @ all of the bragging going on in this thread...

...but i call bullshit. people who actually have something to brag about generally don't. :rolleyes:

[slcchyd]

Originally posted by Supa Dexta


You have no clue and therefore no business even giving your opinion on what it costs to raise kids if you think you need +100k to make it work...:rolleyes: As mentioned its an insult to those who might not even make half that and make it work.

our concerns :
1) to support aging parents who do not live with us;
2) raise one or two kids in the near future;
3) help my brothers who are in a poor situation
no mention to bad economy in the future

all the responsibilities make us suspect we can lead to a good retirement .

we really don't have something and no any intention to brag

if you both are university gratudates and stay in industry above 10 years you will get a better situation than ours

[BMDUBS]

This is a Troll thread.

If not, tell me OP which country did you come from? What is a middle class wage there?

[CHICHARITZHI]

Originally posted by BMDUBS
This is a Troll thread.

If not, tell me OP which country did you come from? What is a middle class wage there?


sound like he's from Philippines, i know some people showing off their salary and they get laid off after 2 years..

[atgilchrist]

Originally posted by slcchyd


our concerns :
1) to support aging parents who do not live with us;
2) raise one or two kids in the near future;
3) help my brothers who are in a poor situation
no mention to bad economy in the future

all the responsibilities make us suspect we can lead to a good retirement .



And this is why you consult a financial advisor or professional, to help you plan for all these events.

[J-hop]

Originally posted by Supa Dexta


You have no clue and therefore no business even giving your opinion on what it costs to raise kids if you think you need +100k to make it work...:rolleyes: As mentioned its an insult to those who might not even make half that and make it work.

again I am not trying to insult people, but I feel some people are pulling a cover over there eyes when it come to the cost of living. I know how much it costs to raise childeren because I know how much my parents spent on myself and my brothers, children are not cheap.

this is a good read here:

http://www.ehow.com/how_4486915_determine-cost-child.html

they estimate between birth and 18 the averaged out cost per child is about $30,000 per year (if you factor in day care so that both parents can work), which I say is a fairly good estimate if you want to give your kids every opportunity available to them.

Lets say you think that number is ridiculous, fine. Lets assume you pinch every last freaking penny and spend 15k per child per year.

So your combined income is 100k before taxes. After taxes you probably are left with 2/3 that right? so 66,000. Lets say you have two childeren. so 15k/year *2 = 30k. So you are left with 36k.

Now factor in a mortgage of 2000/mo. 2000*12= 24, 000/year.

36-24 = 12,000

now factor in cable/internet at 60/mo? 12*60=720
car insurance for two people =$3000/year
gas= 100/month= 12*100= 1200
recreation 70$/mo = 70 * 12= 840/year
car repairs = 1000/year

above adds to $6760


so now you are looking at $5240 left over.


That is about as far as I feel like going, but the above barely scratches the surface of the cost of living and I personally think a lot of the numbers above are on the conservative side. I haven't included cell phones, new tires for your vehicles every few years, extra food expenses (15k for kids does not include food for parents!!! so add in another 200/month or so). Also doesn't include a 4% RRSP contribution. If you add that into the mix you'll be sitting in the red.

So you see 100k combined ends up with a very tight budget for a 2 child family to live off of.

I am NOT trying to demean or insult anyone, that is NOT my goal. What I am trying to demonstrate is the reality of things.

[CHICHARITZHI]

Originally posted by atgilchrist


And this is why you consult a financial advisor or professional, to help you plan for all these events.


He just asking if he's in middle class or not cause he has no idea..

[atgilchrist]

^ A few pages back, he claimed that he didn't trust Financial planners, as they are crooks who try and steal money.

[CHICHARITZHI]

of course financial planner wants to make money from u, there's no work for free., he didn't trust them cause he's avoiding charges and he's not used to it. it just hard to deal with cheap people cause every penny they count it.

[atgilchrist]

I never said an Advisor would work for free. The benefit comes from a good advisor's ability to help you make money and plan for the future, greatly eclipsing the small fees embedded within the solutions offered.

[Xtrema]

Originally posted by slcchyd
Hello all;

My wife and I are working for the oil & gas industry and in mid 30's without kids

Here is our financial status:
annual household income: 240K before tax

own one residential property : down payment 270k and mortgage 340K ( 2011 property assessment 647K)

one rental property: down payment 70K and mortgage 260K ( 2011 property assessment 370K)

Company pension plan: 100k
self ¨Cdirect RRSP account: 90k
TFSA : 25k
Other investment: 170 k
saving for emergency : 10k

I am just wondering if this financial situation in age mid 30¡¯s can lead to a good retirement life when we turn 60¡¯s .

We don¡¯t have any idea what kind of mid-class really is in Calgary Since we are immigrant and don¡¯t have any Canadian-born friends.

So I just post our situation here and would like to get your opinions about our situation.

Thank you

It may be a troll thread but I think that's pretty normal in Calgary for someone in mid career.

[sabad66]

Originally posted by J-hop


again I am not trying to insult people, but I feel some people are pulling a cover over there eyes when it come to the cost of living. I know how much it costs to raise childeren because I know how much my parents spent on myself and my brothers, children are not cheap.

this is a good read here:

http://www.ehow.com/how_4486915_determine-cost-child.html

they estimate between birth and 18 the averaged out cost per child is about $30,000 per year (if you factor in day care so that both parents can work), which I say is a fairly good estimate if you want to give your kids every opportunity available to them.

Lets say you think that number is ridiculous, fine. Lets assume you pinch every last freaking penny and spend 15k per child per year.

So your combined income is 100k before taxes. After taxes you probably are left with 2/3 that right? so 66,000. Lets say you have two childeren. so 15k/year *2 = 30k. So you are left with 36k.

Now factor in a mortgage of 2000/mo. 2000*12= 24, 000/year.

36-24 = 12,000

now factor in cable/internet at 60/mo? 12*60=720
car insurance for two people =$3000/year
gas= 100/month= 12*100= 1200
recreation 70$/mo = 70 * 12= 840/year
car repairs = 1000/year

above adds to $6760


so now you are looking at $5240 left over.


That is about as far as I feel like going, but the above barely scratches the surface of the cost of living and I personally think a lot of the numbers above are on the conservative side. I haven't included cell phones, new tires for your vehicles every few years, extra food expenses (15k for kids does not include food for parents!!! so add in another 200/month or so). Also doesn't include a 4% RRSP contribution. If you add that into the mix you'll be sitting in the red.

So you see 100k combined ends up with a very tight budget for a 2 child family to live off of.

I am NOT trying to demean or insult anyone, that is NOT my goal. What I am trying to demonstrate is the reality of things.


Originally posted by J-hop

My personal view is under 100k per parent (before taxes) is the bare minimum.


I'm sorry, but you really have no idea what the fuck you're talking about. Nobody thinks you're demeaning anyone, it's just that your opinion is WRONG, and has no merit because you haven't been in the situation. When you have a family where the household income is 200k and you prove that you are "barely scraping by", then your opinion counts. Otherwise, don't try to tell people that have REAL LIFE, FIRST-HAND experience in the matter what your incorrect opinion is.

Your logic is very flawed. First of all 100k/yr works out to about 73k x 2 parents = 146k total take-home. You can figure out the rest on your own since you think you apparently know how the world works already, but I'll give you some clues:
a) Not all mortgages are $2000/month. In fact, you can mortgage a decent townhome in the suburbs for around $1200 or less.
b) You really think kids "cost" > $1100/month each? I don't know what the fuck the author of that article you cited was smoking, but 30k/year per child? LOL

TLDR; There are many people in Calgary with families of 3 that have a household income of 70k (or even less) that get by just fine, so your opinion that 200k is the "bare minimum" is just plain wrong. I think you are the one that needs the reality of things demonstrated.

[J-hop]

I don't think you comprehend, the bare minimum I listed was my own personal number. I don't want to be scraping by, I don't want to ever be pressed for cash, I want to live a life that isn't plagued by money management. like I said in my original post it was my personal opinion.

please run through your list of child expenditures if you believe a 2 or 3 child family earning under 100k combined will do just fine. Also project a retirement date for the parents. I want around 2 million to retire on (if I can retire by 65). And I don't think retiring with less than 1mil in an RRSP is going to be a comfortable retirement.

Please inform me, run the numbers, especially for the first few years of a childs life when you are paying for diapers, baby formula, car seats, strollers, toys, clothes etc etc. Show me how out to lunch I really am, don't just say that you know a guy who knows a guy who knows a family that does just fine on 70k/year.

[max_boost]

So J-hop, are you finished school yet? What field are you in?

Will you make a $100k? now? in 5 years?

So I take it you are going to need a wife who's on a professional level as well.

Which is entirely possible, lawyers/doctors/engineers, I believe nurses and teachers max out around $80k.

Do you plan to have kids?

BTW, I get what you are saying. For your living standards, $200K combined gross is ideal but the reality, a lot of people get by and get by fine with much less.

[Cos]

.

[Xtrema]

Originally posted by sabad66
a) Not all mortgages are $2000/month. In fact, you can mortgage a decent townhome in the suburbs for around $1200 or less.
b) You really think kids "cost" > $1100/month each? I don't know what the fuck the author of that article you cited was smoking, but 30k/year per child?

http://www.babycenter.com/cost-of-raising-child-calculator

If you take out the cost of housing and transportation (as something you need anyway). It costs $5K/year to raise a child. Not counting saving for college funds.

But you know what, life is how you make it. I have seen couple with $120K combine pretax and live a reasonable life styles (house paid off, good RRSP/RESP portfolio, vacation every year etc).

Although, I don't know anyone who try to start a family after 2005. Since housing is so much more expensive these day, may be you don't need mad cash to stay out of the slums.

[max_boost]

I don't think J-hop is that far off. I mean if you live in a nice house, a few nice cars, dining out lots, vacations, putting your kids through all the sports and keep them styling and shit, investing etc. It gets expensive.

It's just trying to keep a certain standard of life.

[Sugarphreak]

...

[J-hop]

Originally posted by max_boost
So J-hop, are you finished school yet? What field are you in?

Will you make a $100k? now? in 5 years?

So I take it you are going to need a wife who's on a professional level as well.

Which is entirely possible, lawyers/doctors/engineers, I believe nurses and teachers max out around $80k.

Do you plan to have kids?

BTW, I get what you are saying. For your living standards, $200K combined gross is ideal but the reality, a lot of people get by and get by fine with much less.

yea I finish school in may, and start with a major in june, in the same profession as my father. no i don't plan on kids (told the gf she can have as many dogs as she wants, just no kids haha), she will be working as well, she will be starting out in an admin position and probably going back for an mba in a couple years, I agree people can "get by" on under 100k but I don't think comfortably, and by comfortably I don't mean the whole family rolling in benzs with recaro baby seats for the kids and a carbon fibre stroller. I mean living a life where you could lose your job and be out of work for a couple months and it not be detrimental, if the last few years hasn't been warning enough, you have to plan for things like that in your life.


edit: and yes sugarphreak, I agree that 30k is out of line, which is why I proposed a number of 15k which is similar to yours.

[carzcraz]

Originally posted by max_boost



Which is entirely possible, lawyers/doctors/engineers, I believe nurses and teachers max out around $80k.



max_boost is probably estimating close regarding (RN) nurses' max salary if you work straight hours (no O/T, weekends, stats) for Alberta Health Services.

For anybody studying or completing their nursing degree on here, I'd strongly recommend pursuing Occupational Health nursing if you're fortunate enough to land a job...particularly in Oil & Gas.

As an RN working in Occupational Health for an oil and gas company, I gross comfortably over $100k with only two years of experience.

[Sugarphreak]

...

[J-hop]

Originally posted by Sugarphreak


I know, but lets compromise for a moment and say that 1 kid costs 13.5K a year... my point was that with multiple kids you don't get multiple costs. Hand me down cloths and toys, taking kids to school at the same time, bulk foods... ect. All of these add in efficiencies and reduce your overall costs.

yea I agree on that point, I lucked out and am the oldest but most of my brothers' wardrobes consisted of my hand me downs until we hit highschool, I know it can be done but I think people also have to acknowledge the fact that kids are extremely expensive and not everyone is financially fit to have them (IMO) again not trying to insult anyone but you have to face the cold reality.

[B18C]

Originally posted by J-hop
[B
Please inform me, run the numbers, especially for the first few years of a childs life when you are paying for diapers, baby formula, car seats, strollers, toys, clothes etc etc. Show me how out to lunch I really am, don't just say that you know a guy who knows a guy who knows a family that does just fine on 70k/year. [/B]

I have a 2year-old and our child costs us a grand total of $150 a month in food, toys and clothes. Plus another $231 into his RESP every month. Minus the $100 that every family gets per kid from the Universal Child Benefit. Our kids costs us a grand total of ~$183/month these days. It was even less than that when he was breast-feeding.

I'm not going to go into details of costs but rest assured they are accurate. My wife keeps meticulous spread sheets on our household accounts.

I know you can spend a hell of a lot more on a child than $200/month if you want but that's by choice not necessity. Even at $183/month I can assure you our child is not a starving hobo by any stretch of the imagination. He has 2 rooms FILLED with toys and enough clothing to clothe a small army.

[max_boost]

Originally posted by J-hop


yea I agree on that point, I lucked out and am the oldest but most of my brothers' wardrobes consisted of my hand me downs until we hit highschool, I know it can be done but I think people also have to acknowledge the fact that kids are extremely expensive and not everyone is financially fit to have them (IMO) again not trying to insult anyone but you have to face the cold reality.

Your parents gross $300k/year and your brothers were wearing hand me downs? LOL

[J-hop]

Originally posted by max_boost


Your parents gross $300k/year and your brothers were wearing hand me downs? LOL

Both my parents basically came from nothing and thus my parents made no unnecessary expenses when we were kids. Their rational was that we were growing so fast that buying everyone a new wardrobe every year would be stupid.

My parents have always made us understand the value of money. I've had to work my ass off for everything I own, hand outs were few and far between. As of late though my parents have started to spend on themselves as they are nearing retirement and can afford to now without worrying about not having enough for the future.

edit: also note 20+ years ago they weren't grossing 300k....

[Rat Fink]

.

[whodiman]

Agreed. You don't need to make 100k/parent. Make 80k/year, have one child and my wife stays home. We bought our house in 2006 and still bank about 2k/mth (or put it towards the mortgage). Sure we don't have the typical "Beyond Baller's" house but we're doing ok. Our house is not in a bad area of town and it's big enough for us. We are frugal though. We definitely don't take a big vacation annually and I drive a crappy used car. Some here will argue that we are not enjoying life but we will by next year when the mortgage is gone. It's all relative too. I probably don't work anywhere as hard as my parents did who slaved their life away as they were first generation immigrants. Some of the people here may understand this.

[dimi]

It's unbelievable how much personal and financial information some people willingly volunteer.

:rofl:

[sexualbanana]

This thread sounds like a humble-brag to me.

[se7en]

Ncis quote. I love it!

[Guillermo]

Originally posted by Rat Fink
100K/year per parent is bare minimum? Some of you guys are fucking hilarious. I'm likely going to make 70-80K this year off my job before tax yet I am pitching between 2000 and 2500/month into savings and this is while living with a girl who is going to uni that I support a little bit too. I'm also not living too bad, I go out and do whatever I want with friends. Last year I made 45K as an apprentice and still lived good. I do make money on investments but I don't count those since i don't pull money out of my investment account.

My mom and step-dad are both teachers....looking at a combined income of 150,000/year yet they raised myself and my SIX step-siblings just fine. When my parents got married there was 5 of us raised in the house as the oldest 2 were already moved out. My mom just retired last year and my step-dad has 2 more years to go and he is done too and they don't have to worry about money.

best post in this thread.

:closed:

[J-hop]

Originally posted by Rat Fink
100K/year per parent is bare minimum? Some of you guys are fucking hilarious.

like I repeatedly stated (please read back a bit). The 100k/parent number is my personal benchmark. For the lifestyle I want to live that is the bare minimum, which is why my gf and I have spent the last few years of our lives living poor as shit so that we could both get degrees....

[89coupe]

LOL, I tried I tried, I can't resist.

Based on my experience, $300k/year for two working professionals in the O&G industry is pretty standard, nothing out of the ordinary there.

Why the original OP would have to ask this type of question though, is a whole other story...LOL

[Guillermo]

^^take it from beyond's biggest braggart. :rolleyes:

as I said before, people who really have money don't have to talk about it. :rolleyes: :rolleyes: :rolleyes:

[Xtrema]

Originally posted by 89coupe
LOL, I tried I tried, I can't resist.

Based on my experience, $300k/year for two working professionals in the O&G industry is pretty standard, nothing out of the ordinary there.

Why the original OP would have to ask this type of question though, is a whole other story...LOL


Originally posted by sexualbanana
This thread sounds like a humble-brag to me.

IMO, nothing to brag about until you have 0 debt and mortgage free.

[in*10*se]

Originally posted by sexualbanana
This thread sounds like a humble-brag to me.

nice oxymoron...

This thread sounds like a brag to me

[max_boost]

Originally posted by 89coupe
LOL, I tried I tried, I can't resist.

Based on my experience, $300k/year for two working professionals in the O&G industry is pretty standard, nothing out of the ordinary there.

Why the original OP would have to ask this type of question though, is a whole other story...LOL

Are you and your wife part of the $300K club?
:bigpimp:

[in*10*se]

Originally posted by 89coupe
LOL, I tried I tried, I can't resist.

Based on my experience, $300k/year for two working professionals in the O&G industry is pretty standard, nothing out of the ordinary there.

Why the original OP would have to ask this type of question though, is a whole other story...LOL



Originally posted by Guillermo
^^take it from beyond's biggest braggart. :rolleyes:

as I said before, people who really have money don't have to talk about it. :rolleyes: :rolleyes: :rolleyes:



:werd:

[codetrap]

Originally posted by Rat Fink
100K/year per parent is bare minimum? Some of you guys are fucking hilarious. I'm likely going to make 70-80K this year off my job before tax yet I am pitching between 2000 and 2500/month into savings and this is while living with a girl who is going to uni that I support a little bit too. I'm also not living too bad, I go out and do whatever I want with friends.

I don't believe you.

$80 Gross puts you in a marginal tax rate of 32%

That means you keep roughly $4500/month.
Minus your $2000-2500 / month in savings, you're living on 2k/month.

That means you definitely don't have a house, and you probably aren't making car payments. Most likely you live in a small apartment too, and don't eat very well.

Or you're lying through your teeth.

[Xtrema]

Originally posted by codetrap
That means you definitely don't have a house, and you probably aren't making car payments. Most likely you live in a small apartment too, and don't eat very well.

Or you're lying through your teeth.

Or he bought pre 2005 or have a huge down.

[dimi]

Originally posted by codetrap

That means you definitely don't have a house, and you probably aren't making car payments. Most likely you live in a small apartment too, and don't eat very well.

Since when is it mandatory to own a house, and make car payments to live well?

[Cos]

Rat Fink has talked considerably about his financial choice to drive rare old cars. Look at his signature. A bonnyville and some old Dodge trucks.

The trucks always look sick when he posts pictures.

[Guillermo]

car payments? only if you're in debt up to your teeth. :dunno: