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What is the optimal gross yearly income?

5K views 24 replies 19 participants last post by  yatko 
#1 ·
Maybe from what you've heard or from real-life experience here, what would the average person here on ehMac think the optimal yearly gross income to live "comfortably?" Personally, I think anything under $35,000 is too low. What do you think? (and be realistic.. i.e; anything under $100,000 isn't "unreasonable.")


(EDIT: Wow, I just hijacked my co-workers ehMac account like he hijacked mine.. stupid cookies - Lars.)
 
#2 ·
Jae said:
Maybe from what you've heard or from real-life experience here, what would the average person here on ehMac think the optimal yearly gross income to live "comfortably?" Personally, I think anything under $35,000 is too low. What do you think? (and be realistic.. i.e; anything under $100,000 isn't "unreasonable.")
renting or owning your home?
kids or no kids?
a lot depends on your lifestyle

daily mochaccino?
 
#3 ·
Define "comfortable".

Housing being such a big part of the average person's living expenses, it also depends on where you live. A comfortable income in Toronto will get you a lot farther in a less expensive city.

Heard a rule of thumb somewhere where 50% of your take-home should cover all your needs (food, shelter, etc.), 30% your wants, and 20% for savings. Mind you, what's a want and what's a need? Is a car a want or a need? Depends a lot on your life.
 
#5 ·
I hate to say this but the more you make the more your lifestyle costs. I am a the more the merrier type of guy. I think you could live a decent life with 80,000 a year but realistically living in Toronto and having and doing nice things (like taking vacations, living in a house, nice cars, apple computers) you shoulf be making 120,000 and up. But this is in Toronto, because when i lived in Winnipeg you could get by on much less.
 
#7 ·
Optimum? Hard to say....

If you have a mortgage on a smallish house in Gnat's Armpit, Saskatchewan, and don't have kids.... then 35 grand is probably plenty. If you are buying in a tony part of southern Vancouver Island (or the vastly more expensive Gulf Islands) then 200 thousand is only just good enough. No Beemers for YOU!

Me? Last years income was just shy of 120 grand. I am working very hard to double that figure for this year. (doing pretty good, too). Which will just about equal what I used to make in the oilpatch almost five years ago.

The first year in business (2001) my company only grossed about 35 grand. Take home was in the negative numbers. And I've been working 24/7/365 since april of 2001 BTW...no vacations. No weekends off. LOT's of headaches.

Owning your own business is a tough road. Especially for the first few years.

Trust me on this.
 
#8 ·
MacNutt said:
Owning your own business is a tough road. Especially for the first few years.

Trust me on this.
I not only trust you on this one, but agree 110%!!!

As for a comfortable living, for my family 90 to 110 is comfortable. But Toyota, not BMW. We have made significantly more but there is a price to making big bucks. You do get the Beemer though.
 
#9 ·
Nothing wrong with Toyota, iPetie. Especially if you are more interested in having a good reliable vehicle than you are in "impressing" the neighbors. ;)

I drive a twenty year old Chevy Silverado shortbox pickup truck. I like it! It's a great truck! And I couldn't give a fat rat's ass what people think about me. :D

You might have noticed this..... ;)
 
#13 ·
iPetie said:
You do get the Beemer though.
Just to let you guys know, it's "bimmer" not "beemer". Beemers are BMW motorcycles. Bimmers are the automobiles.

Worth noting, is that someone could buy a nice MINI for significantly less then a 3-series and enjoy much of the same qualities of owning a Bimmer (the only thing is not quite as much space--but the MINI is still an eye-catcher!).
 
#14 ·
AppleAuthority said:
Worth noting, is that someone could buy a nice MINI for significantly less then a 3-series and enjoy much of the same qualities of owning a Bimmer (the only thing is not quite as much space--but the MINI is still an eye-catcher!).
The downside is that you pay the exhorbitant Bimmer service rates for the Mini. But I agree, the Mini Cooper S is one nice little car!
 
#18 ·
dona83 said:
$35,000 for a single person who doesn't need a car.
And that's almost exactly what a scientist in a basic research lab earns (after 15+ years of post-secondary education and accumulating student loans). Something to keep in mind if you want a lifestyle that's more expensive. Fortunately, for us working scientists, when you work 70+ hours per week in the lab, you don't have time to spend money anyway.

Cheers
 
#20 ·
iPetie said:
I did not know that!
I was just about to say that I didn't know that, either! And I'm a high performace car freak/photographer/former Jap Bike rider who hangs around with a whole lot of motorcycle people...(did I just say "motorcycle people"???....GAKKKK).

Anyways...these "motorcycle people" I'm referring to, often call Beemer motorcycles "German Hondas". ;)

Which might explain why I wasn't aware of the correct nomenclature. :eek:

(actually...to be truthful...they usually refer to them as "F**kin German Hondas." Just to be precise.)

In fact...a couple of years ago I watched while a bunch of bikers roasted a "Beemer" with a jet drag car on full afterburner. It blowed up REAL GOOD!! :D
 
#21 ·
AppleAuthority said:
Just to let you guys know, it's "bimmer" not "beemer". Beemers are BMW motorcycles. Bimmers are the automobiles.

Worth noting, is that someone could buy a nice MINI for significantly less then a 3-series and enjoy much of the same qualities of owning a Bimmer (the only thing is not quite as much space--but the MINI is still an eye-catcher!).
just to let you know, no one else calls BMW's bimmers, or beemers, other than Americans or Canadians. it's just "BMW". as for buying a Mini, it depends how old you are. I can't help but laugh at old stiffs driving around in Mini's... to me, buying a Mini is the same as buying a Boxster. the only reason you do so is because you can't afford a proper Porsche, or BMW in this case. If you're young, you'll have an excuse to own one. Not to mention the insurance prices for a Mini. It's in the same category as the 3-series. I'd get a 3.
 
#22 ·
Well the MINI has a very different target group than the 3-series. The MINI really was a British run a 'bout, but now is owned by a German company. It it just so happens to share a lot of parts with the 3-series. I personally would still get a 3, but the MINI again is for a more specific market and isn't really a "poor man's BMW".
 
#24 ·
What the hell, the Mini's an awesome car. High on the cool factor, definitely stands out from the crowd, and is one sweet ride. Mind you I can't afford to buy a car (well I can but that pretty much wipes out the money alloted to savings each year).
 
#25 ·
Mini sucks in reliability reports. Just another fad in identity crisis. BMWs or bea-een-veh's are not for north (east) bumpy american roads. The ride comfort is harsh and it also is (or should be) a crime drive them here in rusty climate.

As for the income goes, for a single person anything below $60K is low to have a comfortable life.

For a family $60K is almost on the powerty line.

Someone said $168 a day, it would make above $5K a month net which is $100K annually. Yeah it is so called 6 figure.

To calculate gross to net use this if you can :)
http://www.cra-arc.gc.ca/tax/business/tod/
 
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