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Thread: How much of your money do you actually keep?

  1. #1
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    Default How much of your money do you actually keep?

    I never had a budget, but I've started keeping track of my spending/income a little better over the last few years. My habits have not changed yet. I'm still a cheap ass. My cars are old (2000, 2003, etc), I don't go on many vacations, I rarely eat out, and I basically scrutinize most expense.

    I'm curious what everyone's % of income (after tax), that you're actually keeping vs losing. By keeping, I mean it's growing your net worth.

    Examples of keeping:
    • Mortgage principle.
    • TFSA/RSP contributions.
    • Other savings.


    Examples of losing:
    • Mortgage interest.
    • Groceries.
    • Utilities.
    • Property Tax
    • Insurance.


    I'm personally keeping approx 46% and losing 54%. I think this is decent, but I have no reference, and I'm also disgusted with how much I'm spending on groceries, prop tax, insurance, etc.
    What I'm 'keeping' is made up of mortgage principle, retirement saving contribution, and general savings from salary. Again, this is all after-tax, so net.
    Last edited by Ekliptix; 03-18-2019 at 04:20 PM.

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    In b4 this turns into a shit show.

    Aside from that Good for you OP, that’s a pretty enviable position to be in.
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    Que up the humble brags in 3...2...1..

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    I don't even wanna look at the real numbers, but I hope I'm at least 25%?

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    I'm not sure enviable, but having no student load debt helps (I went to SAIT), and having a sweet 2.8% mortgage interest rate helps too. They'll change at renewal time in a couple years. I'm about to have my first kid, so I expect the 'kept' amount will start shrinking soon.

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    This number varies massively year to year for me but last year I’d say I kept approximately 20% which was pretty rough.

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    Anyone over 25% is doing pretty good IMHO.
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    Looks like you took down your pie chart which was a good idea. I did some quick reverse engineering of the numbers based on some simple assumptions (Wifi, etc) and easily calculated your take home pay haha. Good on you for keeping on top of things.


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    18% for RRSP is a given. Max out TFSA as well. The rentals are self sufficient.

    I won't put mortgage principle for primary residency on the keeping column however. While it's nice to get to a point where you are mortgage free and live for practically free, I don't know if RE market will continue the way it had for the last 30-40 years. And depends on when you buy in, you may actually have to deal with a loss.

    Chances of turning into Detroit is low but it's not 0.
    Last edited by Xtrema; 03-18-2019 at 04:32 PM.

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    I'd say I'm at ~40% based on principal and retirement savings.

    I'm fairly invested in my business, and that takes time to see actual quantifiable ROI. But yea, based on the numbers I just added up, my net worth increases by about 40% of my total take home pay year/year. Of course its not very liquid/accessible, but I also keep a decent enough buffer if I don't get too ham-fisted with the racing and buying of car parts. Can be tough to keep myself in check as a bachelor though

    Personally, if I could it would be lower, which has always been my argument against Defined Benefit Pensions (no access to the cash when you really need it, which is young). But then again, for 95% of people, it probably works well for them so they don't just waste the extra money every month. I certainly don't know many people my age with as much retirement savings as I have.

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    Quote Originally Posted by HiTempguy1 View Post
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    I'd say I'm at ~40% based on principal and retirement savings.

    I'm fairly invested in my business, and that takes time to see actual quantifiable ROI. But yea, based on the numbers I just added up, my net worth increases by about 40% of my total take home pay year/year. Of course its not very liquid/accessible, but I also keep a decent enough buffer if I don't get too ham-fisted with the racing and buying of car parts. Can be tough to keep myself in check as a bachelor though

    Personally, if I could it would be lower, which has always been my argument against Defined Benefit Pensions (no access to the cash when you really need it, which is young). But then again, for 95% of people, it probably works well for them so they don't just waste the extra money every month. I certainly don't know many people my age with as much retirement savings as I have.
    What age did you start with RSPs, and why?
    My parents beat it into my head, so I started RSPs as soon as I had my first pay cheque as a teenager. Plus they also brainwashed me into the debt-is-bad mentality, which is why having a mortgage stresses me out.

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    Secured debt and unsecured debt. Don't sweat secured debt.

    Debt free is nice but it doesn't really change anything day to day.

    Of course you gotta go through it yourself to figure it out or simply take my word for it or listen to @ExtraSlow as I always agree with him.
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    in about 60 years you'll be dead.

    You don't keep any of it.

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    Quote Originally Posted by HiTempguy1 View Post
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    I'd say I'm at ~40% based on principal and retirement savings.

    I'm fairly invested in my business, and that takes time to see actual quantifiable ROI. But yea, based on the numbers I just added up, my net worth increases by about 40% of my total take home pay year/year. Of course its not very liquid/accessible, but I also keep a decent enough buffer if I don't get too ham-fisted with the racing and buying of car parts. Can be tough to keep myself in check as a bachelor though

    Personally, if I could it would be lower, which has always been my argument against Defined Benefit Pensions (no access to the cash when you really need it, which is young). But then again, for 95% of people, it probably works well for them so they don't just waste the extra money every month. I certainly don't know many people my age with as much retirement savings as I have.
    This is the best way to look at it.

    The OP is trying to ask a question, but the simplest way to ask it is: how much is your Net Worth changing over the period of a year based on your income level.

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    Quote Originally Posted by Buster View Post
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    in about 60 years you'll be dead.

    You don't keep any of it.
    100%

    Quote Originally Posted by Ekliptix View Post
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    What age did you start with RSPs, and why?
    My parents beat it into my head, so I started RSPs as soon as I had my first pay cheque as a teenager. Plus they also brainwashed me into the debt-is-bad mentality, which is why having a mortgage stresses me out.
    22, and since pension, because it was forced on me (the why). Debt doesn't scare me at all, and in my opinion, the key is to have the mortgage paid off by retirement age. Anything sooner and you are unnecessarily putting financial strain on yourself.

    The system that we call society/life is designed around having a mortgage, including people's pay rates. Bucking that system for no reason isn't a good idea. There are certainly reasons to BE mortgage free, but I can think of about 40 more financially important things to accomplish prior to being about 50.

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    OP, you know what's going to happen right? You will keep saving into your old age, and when you think it's time to retire you will still be cheap and won't waste any money, and eventually die, donating all that money to some charity...while you could be enjoying it while you are young.

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    Which begs the question, would you enjoy hookers and blow more at 30 or 65?
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    Quote Originally Posted by msommers View Post
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    Which begs the question, would you enjoy hookers and blow more at 30 or 65?
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    Quote Originally Posted by max_boost View Post
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    Debt free is nice but it doesn't really change anything day to day.

    I would disagree with that 100%. Most people spend 100% of their income left over after paying basic living expenses, to service debt. If you have no debt it changes everything.

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    Quote Originally Posted by msommers View Post
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    Which begs the question, would you enjoy hookers and blow more at 30 or 65?
    I would definitely enjoy 30 year old hookers more than 65 year old ones.

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