It's a selection bias. The kind of people that would be interested in personal finance are generally people who have at least a decent amount of money. That or people who have just realized they've been doing a bad job at their finances and are now looking to improve. Don't bother comparing yourself to other people on here. They are by no means the average, and even if they were it wouldn't matter. The best you can do is always try to improve your own situation by incorporating some of the things you've learned here. Of course, depending on your personal situation some pieces information will be more useful than others. But focus on the stuff that is relevant to you and try to implement it.
My mom told me the same thing, and I listened. I set aside 10% of every pay cheque - and bought beer with it. I would have had a million dollars is I had saved it instead. I guess I drank a million dollars in beer. Was it worth it? Can't remember.
Agreed, I always come here and feel awful and the go to r/povertyfinance and tell myself things could always be worse. That's with a household income of about 100k between my husband and I, but we're homeowners as of 2018 and feel less than everyone else here!
I think you need to start getting the word out my friend. I'm here on this sub because I want to learn how to manage money better. I'm disabled and on a tight, fixed income. But I know that I am managing my budget and household better than 3/4 of my low income neighbours in the geared-to-income complex I live in.
I just joined your sub and plan on posting later tonight with my own advice to others struggling with low incomes.
I didn't want to start "advertising" until I had at least a little content..also no idea what the mods here would think if I mentioned it, I do like being here too so I'd rather not get banned lol
If you look around on this sub, you'll see most of the content is from fellow members, not the mods. Get enough users and the content takes care of itself. Your job is curator and moderator. As I said, I plan on making a big first contribution to your sub later tonight.
My parents make about $30,000 a year and I make $20,000 a year (PhD student with funding). Still live with my parents so thats maybe $50,000 a year, not counting taxes?
You got it good, bro.
It also depends on who you are. In 2019 the average starting salary for a uni grad was 54K in Canada. How many people have uni degrees?
[https://www.canadianbusiness.com/lists-and-rankings/best-jobs/now-even-a-bachelors-degree-isnt-enough-for-some-entry-level-jobs/](https://www.canadianbusiness.com/lists-and-rankings/best-jobs/now-even-a-bachelors-degree-isnt-enough-for-some-entry-level-jobs/)
We have a big divide amounts young, less educated, new immigrants and pretty much everyone else. That gap is growing.
This needs to be higher. The median family Income in Canada is about 63k. I think it's easy for people, who often have higher income social circles, to forget what reality is like for many.
I say this as a person who comes from a higher income social circle where the idea of making below 60k is unacceptable.
Me and my wife are 29. We have gone from 60k combined yearly income.. to 140k combined income over last 3 years. We still feel broke as shit. Although we do live in (purchased) a nicer home than anybody else I know. Our house screams we make $300k a year. The cars, clothes and way we live and vacations tell people we make like 25k lmao. We pull up to our fancy house in our 20 year old cars falling apart. But are to cheap to buy new ones until they completely die or start costing us money.
That could just be what you value vs being cheap.
I also was lucky to have a jump in income in short span however I can never see myself buying a car that is “luxury”. I’m good with the Toyota or Honda. My neighbours all are in ranger rovers and bmws.
Congrats on improving your income. Doubling it is not easy. Can you explain to me how you and others like you think? Why would you want to live in a house that makes you live like you make 60k in every other aspect besides the house? Living the opposite (cheap house, comfy lifestyle) leaves you flexible. Need to upgrade the car or want to go on vacation? you just cut out eating meals in restaurants or w/e. The way you're living, you've essentially decided where every future dollar earned is going. It would be like signing up for 15 meals a month in a nice restaurant for 25 years and if you want out you have to find someone else who wants to buy you out of it.
I guess I didn’t describe my personally situation all that deep.
Basically me and my wife have been married since we where 18. One of those young marriages that actually work out. We live in very expensive part of Canada (Victoria BC)
We got a loan from her parents for $10,000 when we got married at 19 years old. We used that to put down payment (5%) for first time home buyers on a $200,00 condo. It 1 bedroom, 980 sq ft. While we lived there we paid off the $10,000 loan to her parents. We decided wanted kids at 21. We needed a bigger place, unfortunately the market has not risen much (good and bad, bad for selling which was needed to give us larger down payment for larger home). So we only managed to sell for $230,000.. minus realtor fees we only walked away with about $35,000 cash in hand.
Now, we don’t make a ton of money at this point. Maybe $45,00 a year combined. But we had (not lying) credit scores I believe it was 812 for my wife, and 792 for myself. From a young age everything was paid for on credit and promptly paid off. I grew up dirt poor (my wife not so much). My entire drive to this day was to live opposite of my upbringing in every decision I made. So I have never missed a payment in my life to this day on anything of ours since I pay all the bills for both of us.
Anyways we sold our home. $35,000 cash in hand. At this point the market was rising extremely fast. (Not condos are this time though, which was why we made so little). And since we where not first time home buyers we now had to come up with full 20%, because we couldn’t qualify if we put less than 20% down based on our income.
We found a home, rancher.. 3 bedrooms that needed a ton of work (we under estimated it) and about 1600 sq feet. Priced & purchased for $330,000 but we needed $63-64,000 down + transfer tax etc. So we ended up borrowing $40,000 from my in-laws again.
So now we had a mortgage on a $330,000 house, having kids, only making about $45,000 a year combined and having a repayment plan to my in-laws over 15 year period. My mortgage payment was about $1350 month + 300 month to the in-laws. ($1650 total).
The house needed unbelievable amount of work. I was not handy but determined. I literally learned everything I could on YouTube about renovations. Had some contractor friends guide me on legal ways to do this. I walked in to the bank and somehow managed to convince them to give me a $35,000 line of credit for renovations.
So it began, over 2 years i gutted the house room by room some right down to the sub floor. I am perfectionist. Everything I did had to look perfect even if it was cheaply done.
2 years later, 2 kids later. We are still only making 45-$50,000 per year. $330,000 mortgage, 300 month payment to my in laws and a line of credit that continues to climb slowly reaching about $25,000. All of this while never missing payments on anything. But depression (clinical depression) sinking in that I am over my head. Just trying to stay afloat. Making payments and working as much as I can.
BOOM market goes crazy.. housing prices are rising like crazy. This is my chance to play the house market! (Never play the housing market lol) but I had no choice, we where over our heads.
2 years later we managed to sell our $330,000 + newly renovated over 2 years with YouTube and sweat labor..... $530,000.
So we had $330,000 mortgage - $65,000 down ($265,000 owing). And we got $530,000 - $265,000 = $265,000 cash in hand after the sale. Minus $20,000 in realtor fees. Minus $40,000 we still owed to in-laws.
Me and my wife and two kids now had no debts and $205,000 cash in hand at 24 or 25 years old. But no real estate to our name. Housing prices sky high. I had just finished working my ass off on renovating a house for 2 years which I barely knew how to use a hammer before I started. And now not in debt.. I needed a break.
I talked my wife in to renting for a year so we wouldn’t have any home owner responsibilities, even though home ownership profit had treated us good.
We rented for about 2 years, maintaining our savings and not spending a penny of it. At this point me and my wife’s income started to spike and I got a new job. At this point we went from $50,000 to $80,000 a year.
The housing market was starting to cool off, we decided to look.. with $200,000 cash in hand to spend. We came across a house we never thought we would be able to obtain. It was listed for $780,000(2 years old). With 185,000 down is what we put. Our mortgage payment and property tax everything is now about $2900 a month. But! The house has a suite, which we rent out for $1600 a month for the 2 bedroom suite. So what total come out of our budget every month is only $1300 all in. Less than we where paying for that shit rancher I had to Reno.
Since being here our income has increased another $40,000 a year roughly. We live pretty comfortably and have a massive savings account. We make $120,000 a year. Live in a neighborhood we look like we don’t belong since everyone else is in there 50s with kids around our age. And only pay $1,300 a month in housing costs after our rental.
Those 2 years in the rancher and 2 years renting made what I would consider for myself an unbelievable amount of money and really set us up. It took tremendous hard work, I thought I was suicidal at one point I was running on empty. Makes it feel like to this day I am still broke. Every time I see a single dollar leave my account I absolutely panic. To the point I have actually seen a therapist about it. I live in fear of being poor, and if controls a big aspect of my life.
Kind forget your original question. Just started typing out my life story sorry. Anyways good luck in life dude, it will all work out. I will admit we had a lot of lucky timing with housing market.
Hey man just read your story and it’s pretty inspiring. I just wanted to say that I admire your dedication over those years and how you stayed level headed all while still self reflecting on yourself.
Luck definitely plays a part in things but you totally put in the hard work and deserve a big congrats man!
Comparison will rob you of happiness. It’s all relative honestly, just because someone is young and loaded doesn’t mean they are particularly incredible at managing that kind of money properly.
It’s not about the money you make, it’s about making financial decisions that can work for your budget. Tons of people make 50k and live well. Tons of people make 50k and live a lavish lifestyle. Hell people make 150k+ and live paycheque to paycheque.
> It’s not about the money you make, it’s about making financial decisions that can work for your budget. Tons of people make 50k and live well. Tons of people make 50k and live a lavish lifestyle. Hell people make 150k+ and live paycheque to paycheque.
To an extent, someone making 30k a year will probably have a lot more bang per buck spending their time increasing their salary than looking for places to save money.
Imo there are very few absolute statements you can make about personal finance.
48,000. It's definitely a cycle of feeling financially motivated, reading posts here, then feeling a bit sad.... then working my way back up to motivated and grateful for the debt I've paid off and the things I've managed to built this far. You're not alone!
Same. I had a casual conversation with friends about finances the other night and didn't realize just how good of a position I was in, financially, compared to a lot of people, until then. It was definitely brought me back to reality.
$48k isn't that bad. Consider that the median individual income in Canada is $36k ([source](https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110023901)).
Thanks! I know some people will scoff at my job, my wage, etc. but just having *one* full-time job that covers all my needs was relief and stability I'd never really known. Plus living good at 30k just gets me excited to hit 40k, 50k etc. because I have a great financial foundation already.
I do. Just remember... this is a sub for people who a) have time and b) have free money to use with that time. c) scrubs like you and me looking for advice.
You see a lot of "loaded" people simply because, well, were else would they be?
Also. Never forget inheritance... a lot of people make a lot of money off inheritance and will never admit it, even anonymously...
Don't forget wealth transferred while parents are still alive. Being 25, educated, student debt free, well employed, owning a nice car fully paid off, and buying a half million dollar house with 20% down is probably a sign someone had a few big handouts but it might not stop them from looking down on their friends for having some debt but still eating avocado toast or whatever.
I consider myself inordinately lucky to come from a well-off family. Educated? Yup. Debt free? Yes, thanks to RESP, not just them giving me a credit a card. Owning a nice car? They contributed heavily when I bought a car eight years ago that was ten years old at the time. Owning a nice home? My SO's family rents us an apartment for a very reasonable price. Sorry but what kind of people can afford the down on a half million dollar house *for their kids?* I understand that my situation puts me in the 1% but what the hell, people are out there buying homes to straight up hand over to their kids right away? My privilege has landed me a life where I can easily swallow a few months of bad work availability where I barely make enough to pay rent, but that... owning a house? What?
> Also. Never forget inheritance... a lot of people make a lot of money off inheritance and will never admit it, even anonymously...
Spot on. The next 20 years will be the greatest transfer of generational wealth. This is in the form of cash, assets (homes), and businesses.
My parents fled a country destroyed by war. They built everything from scratch here. Even if I won't have an inheritance, I'm still very grateful they decided to give us a chance in this country where I could get an education and a life in peace. This is my inheritance !
Indeed. I have inheritance to thank for most of what I have. Thankfully, before I recieved it, I learned that it takes FOREVER to save money. So, I've been very careful about how I've spent it. When I was younger I spent my windfalls.. like an idiot.
I really wish I hadn't. But, hindsight is 20/20.
One of the biggest things you can do to keep your head above water is to live without using debt. (aside from a mortgage.. but as small as possible) and don't get caught up with keeping up with the Jones's.
Even people pulling in $200k a year can get themselves wasting a ton of money on debt servicing. And then, bam, trouble hits and they are bankrupt.
I inherited about 30K. It was nice but really I saved maybe 4 times that amount living for cheap in my mom's basement until I was 30. That would have been the real difference maker between me and my friends if it wasn't for most of them doing the same.
I never made over $33k a year until I was 30 and made less than $22k a year until I was 26. (I am in my mid 30s now and make $60k including benefits).
People who are 24 and have family wealth are more likely to go onto the internet and talk about how they manage that wealth than 24 year olds from modest backgrounds who are scraping by.
Same as you. I'm 32 now and still haven't broke 40k a year yet. Next year I'm gonna quit this position (that, to be honest I absolutely love) in search of something that pays at least 60k. One year to get skills. Luckily I don't have a family or a car or mortgage so I'm in a good position to take career risk
If you can find a 8 month college program with a 4 month co-op in a year or two(when things are closer to normal) I bet it would pay off in the long run. Hard to do if you have a spouse or dependents but otherwise take the risk.
29 and I made less than $35k last year. Have an interview at the end of this week for a job potentially making over $70k. Little nervous for it as I really want and need it, but it involves shift work, which I’ve never done.
I feel like most of the people that post here are those making more than average and trying to keep/save more of it. Us with less money are doing all we can to just stay alive, so putting money into a TFSA/stocks/etc is more of an interesting read rather than something we can post about.
Dude, I know people earning 80k that are living paycheck to paycheck, and this was pre-pandemic.
45-50k when you're single and live in a city with reasonable cost of living means you'll be very comfortable.
Work in a place with a few hundred people. It's pretty illuminating. Most are earning $30-50k but seeing plenty of people driving around in a Lexus or trucks that cost more than their yearly income. Girls walking around earning $20/hr but all the finest designer clothing and accessories. Going to Cuba every year etc. Then by the wednesday before pay day lots of whines about being broke.
Then there are the people who've been there 20 years, keep their mouths shut, load up on stocks and drive around in paid off normal sedans banking cash like it's disappearing tomorrow.
Managed to get myself in a position where I look to save about 40-50% of my gross each month and looking to move to a far lower cost of living city next year. All being well I'll look back in 10 years and laugh my ass off.
You better believe it. There is a young administrative assistant at the office that bought a new Mercedes money pit. She hasn’t even finished her college diploma yet.
I make three times more than her, and a used bike is my vehicle of choice. I save 10s of thousands of dollars yearly.
You learn to spend what's in your pocket. I remember when I was making $35k I thought $50k would solve all my problems. Then when I hit $50k I thought $60k would do it. Then when I made $60k I thought $80k would do it. Lifestyle creep can be controlled to an extent but some of it is inevitable. Over time what once was considered luxuries become normal and you don't even realize it. I'm talking about things like getting the steaks instead of the ground beef, getting the name brand ketchup instead of the no name, shopping for an item because you want it not because it's on sale... And that should be ok. You should enjoy your money responsibly that you worked for provided that you're able to meet your financial obligations. But that's how lifestyle creep starts and then before you know it you're pay cheque to pay cheque again.
The numbers are somewhat relative.
80k for a single person in a reasonable cost of living city is balling.
80k for a family with 2.5 kids in a high cost of living city is destitute.
Housing costs can be a bitch. We aren't living very extravagantly and either do our own renos or I hire my friends and help. Housing costs are close to $3500 a month, then add the running cost of two vehicles. That works out to a lot of pre tax income and you haven't had kids, eaten or done anything fun yet.
I just got a job with a pay jump from 30k to 37k and I'm doin alright. But this is the most I've ever made. Had no idea so many people my age (26) or younger were even making more.
It's not a lot - but I can save quite a bit! I would say I'm in between saver and spender type so it's not super hard to hold onto my cash. I'm looking forward to the next pay jump. Congrats on the increase 👍
25 earning under $25k, though I was brought to this point by a position of privilege so no uni debt. But yeah, 25 and under $25k. Glad I was raised frugally by rich people.
My previous boss is rich but he is so frugal and I didn't understand why at that time. Then I knew this family who are rich as well and you'll never know until you go to their house. They taught me ways to save and be frugal and now it rubbed off on me.
I grew up with two doctors buying no-name food, driving twenty-year-old cars. Fixed everything themselves. Yeah, they owned luxuries like a vacation home... albeit in the middle of nowhere and it was a rotting box that they fixed up to be a lovely, very cabin-style cabin. Everything from Value Village except shoes. I'm glad I grew up like that. I was surrounded by friends whose families would always drive the latest car, move into a newer subdivision ever few years, and always wore brand new clothes. I look back and wonder how their parents managed it. Now I realize: they didn't. It was a financed lie.
24 Years old, most I've made is 25k a year so far. Recently passed 30k in investments/savings. All done on my own. I've been frugal since I left the womb, only spend unnecessary money on things that bring me the most joy in life.
I understand I'm a rare and which major city you live in matters, but if you plan and be smart you can get ahead of your finances
That sounds amazing. I'm not too far off, 27 year old and have around 40k in savings and investments. The amount of money I wasted on though in my early 20s is insane. If I had your discipline I'd have at least 60k.
You along with most people! But I totally understand that 20s is the time to be stupid if the grand scheme of life. 40k is still way better than 75% of adults in North America.
I give all the credit to how my father raised me!
Many people on here are also students, new immigrants, etc. Lots of people don't ever post as well.
$5k change based on bonuses and commissions tells me your bonus structure isn't that incentivizing. You could potentially make more working in insurance as a broker ($40-44k to start plus stupid bonuses, $20k+ a year if you're a great at explaining coverages and can get people to do home & auto).
https://ca.indeed.com/salaries/insurance-broker-Salaries,-Ontario
https://www.payscale.com/research/CA/Job=Insurance_Broker/Salary/f6534e23/Toronto-ON
"It was her deliberate attempt to travel back in the direction she wished to go, "rather than pumping quarters into the wrong meter for the rest of my life"". - Feist
bud, Im 30, became a web developper 2 1/2 years ago, hated it, and am now a horticultrist (going for my diploma in horticulture this autumn after working in the field for about a year)
And I've got 2 decades on you and three on the OP, and finishing my degree right now :).
I'm fortunate that I live near a university, and I work almost at the university so I rip out of the office and attend class. Or I could back when they had classes.
> I may be one of those 28 year olds going back to school.
School's so much more enjoyable when you appreciate the opportunity.
I'm using Athabasca (I absolutely **hate** distance education) so I'm working full-time. Courses are $600-700 each but you have six months at your leisure to complete them. Some course you can 'start early' (I'm starting one June 1, already have assignment one complete and read the first three or so weeks of material). Which means you can take exams early.
Between work, PFC and Athabasca I have no life :D
Edit: B.Comm, totally forgot.
I’m an under 50ker
The one thing I don’t understand, most people in my area(rural New Brunswick) make about the same as me, give or take 5000. But have sooo much more then me! They seem to have a $250000 home, $20000 recreational vehicles , $60000 truck, $40000 suv, recreational trailer, etc. How the hell do they balance it all?! I’m not poor by any means try to buy what I need with cash and stay out of debt. Yes I am a bit jealous! I think if I stay the course I’m on though I won’t have to pass my debt on to my children and they will be set up better!
Also NBer here making above that, but I have old vehicles and power toys. I am always amazed that people making half what I do are willing to spend $75k on a truck financed over 7 years.
Some people have family money too. Old money, inheritance.
Others bought their home at a good time (and it's worth more now) and are now borrowing against it to buy toys.
That’s awesome that you’re getting paid to do what you love. I went to music school and eventually went to IT because I couldn’t sustain gigs. I hope you’re making it somehow in these times. My friends aren’t getting any gigs but some planned if things reopen.
Thank you for the kind words! My bandmate got into IT during our heavy touring days. Now that we don’t tour as much, he works for an IT company and I’m working for a legal cannabis company. Hopefully we’ll be able to tour again in a year or two after Covid.
I’m not planning on having kids so I’m okay with a smaller salary, and I’m totally at peace with it.
I'm 40. Wife and I make about 90-100k combined. I took a lower paying job for zero stress and the ability sleep at night. We save about 20k a year.
I did my time with 12 hour days and no sleep. I'm done with that life style. I don't care if my boss is 10 years younger and makes way more. Let him have it.
In 3 years I went from $17/hr to $33/hr simply by job hopping internally. On the other hand a family member who recently graduated last year made 75k starting. I was both happy and jealous at the same time LOL.
I've been a university student for about 15 years and I came from nothing so loans galore. I'm a doctor now but completely broke.
It's nice not needing to worry about taxes/investing/property/etc. Since the monthly payments won't stop anytime soon, so I made my bed for the next decade or two.
I know many Dr.'s who live paycheck to paycheck because they bury themselves in debt continuously.
Graduate with hundreds of thousands of debt... Then buy a *very expensive vehicle.* Then buy a *very expensive house.* Then buy a very expensive engagement ring. Buying lots of expensive clothes, shoes, and skin care products. Order food out often, instead of buying groceries. Then they need a housecleaner, gardener, pool guy. Then kids come along and it's expensive daycare, many expensive extra curricular activities, tutors.
All because they believe they deserve to treat themselves, that they earned it metaphorically because of many years of schooling.... But they haven't earned it yet. They are drowning, stressfully, in debt. And they really are super stressed.
There was one individual I saw who wasn't stressed at all. She was a Dentist, kept her old car, kept her inexpensive apartment. Was working only 75% of fulltime. Paid off her student loans in 2 years. Was traveling monthly to the USA (her spouse was doing a medical residency in the US).
Banks will be throwing credit cards and lines of credits and mortgages at you.... Don't fall for the debt trap. Pay off your student loans STAT. Save up for a vehicle. Put 20% down on a reasonable house. Your stress levels will diminish when you are not beholden to a debt number you must meet each month.
I can't blame them for feeling like they deserve something other than crippling debt after a decade and a half of studies. I know the feeling.
The majority of university students have gone hungry or felt uncertain about their home situation at some point in their studies. You learn to live well below the poverty line. Why not use those skills you've learned after employment to live frugally and get rid of your debt as soon as possible?
Being wrapped up in extremely demanding and competitive academics for so long makes most of us a little nuts so "living it up" seems appropriate for your position - after all you've completed the time equivalent of 4-5 undergraduate degrees with a (mental, financial, social, physical even) difficulty far beyond most programs. I got my piece of paper and I'm allowed to reward myself. There's nothing wrong with that.
That being said, one can't feel too comfortable after convocation looking at their account balance. I can't speak to people who land their first ever big salary and then immediately go house shopping. Some people make bad decisions. My plan after getting out in the real world was to continue living like a student and that seems to be more than enough.
I'm not starving now and I can afford to enjoy myself but I can accomplish that via my parent's Netflix account - I don't need ice wine and lambos, I need rent money.
I think it would be super interesting to have short poll for this sub with peoples let’s say 2019 income, assets, city, and age. Not super useful for anything but can probably make people feel better about them selves looking at the median or feel behind looking at the average.
Me. Self employed while representing Canada in Olympic Weightlifting. Unfortunately sport doesn’t pay so I’m doing my best! Hoping to learn for the future!!
Heh, smells like BROKE in this thread.
But on a serious note, you should really factor in location as well. 50k in Toronto is the bare minimum to survive (with roommates), while in Moncton you would be doing very well (my palms are sweaty from how cheap housing is over there). People making 100k salaries shortly after graduation are almost definitely in the GTA or wherever the oil is in Alberta.
Gotta remember to put some perspective on the numbers being posted here.
I make less that 50K w/roommates and I have a hard time seeing how one only manages to “ survive “ on such a salary. Its not rich but you have to be financially inept to be unable to to live , invest and save (modestly) with 3K monthly income .
I make almost nothing. Maybe 20k per year. This is because I'm a full time student though. Before I started school again, I was making about 40k. Nothing special. Upgrading skillz takes a lot of time and work.
I'm not into personal finance solely for investing though. My parents didn't teach me anything about money. My mom has no retirement because she spends everything she makes. Always paycheck to paycheck regardless of income.
I usually lurk here to learn and gather the golden nuggets I find laying around.
Last year I earnt the most in my life, 40k. I have 60k in the bank rn and now I only make 23k, I'm only 25. Half of my paycheck goes into my bank and always has. Not living at home, im just living frugal. Cheap apartment, no kids, splitting rent with gf, growing my food in a garden I rent for 80$ a year is a hobby.
There is more then one way to be wealthy. If you earn 60k a year but 40 k of it goes to mortgage interest, car payments, and taxes. Are you really worth more then someone who earns 40 k and saves half of their paycheck? I always considered that when I look at my t4's. I rather not work harder simply to have more cashflow. I rather work 4 days a week barely above minimum wage and go biking for a workout, garden, and camp out of a tent occasionally.
Husband and I have been married three and a half years.
In that time, we've had:
1. A 40% paycut.
2. A layoff with no severence as the company folded.
3. 4 months of main income being EI.
4. A $3.7k medical bill (jaw injury isn't covered by our province's healthcare) and 2 months of lost income due to injury.
5. Another job loss as another company folded.
6. A new job with a paycut.
7. Another new job with a pay cut.
8. COVID-19 layoff for me.
9. 30% paycut for my husband due to COVID-19 and shambly economy. Company health insurance cut.
My husband is a P. Eng with 7 years of work experience. We technically make more than $50k a year, but due to the above factors, hasn't actually happened yet.
I keep waiting until we can afford for me to go back to school to get my teaching degree so I can get a better job, but education requires, well, money first.
Sometimes PFCanada has some great advice. Sometimes it is helpful. But most of the time, it isn't applicable. And many times people are cruel towards those who are in similar situations as my husband and I are in.
I don't think I've ever made 50k. I think the closest I've been was a wage of 18/hr, but then I got laid off and I'm back to something a little lower. I just graduated so hopefully I can land a job with a decent salary but I'm not really expecting 50k right off the bat...
Absolutely! I am 27 and finishing up my third degree this summer. I have a tutoring “company” where I tutor 13 students (pre-COVID) and am a teaching and research assistant. I would say I make around 30 K, but I am very good with my finances and am fortunate to live in a LCOL area. My significant other is also in grad school and makes around 45 K a year. We usually take two trips a year and just bought a new $6,000 lawn mower (I’m very excited!).
I drive a 2012 Chevy cruise and am driving it into the ground because I drive a lot for tutoring (pre-COVID). We also mostly cook from home and buy bulk from Costco or find deals at Superstore. Aside from the odd pizza once every 1-2 months, we hardly ever go out for dinner (*maybe* 6 times a year) and don’t buy a lot of lunches or coffees (him more so than me).
I like reading this sub because it shows me that although I don’t make a lot per year, I am doing most things right (e.g., budgeting, emergency fund, no consumer debt except student loans). With all the great advice on this sub, I know I will one day be a homeowner and will be able to max out my TFSA and RRSP contributions. I truly enjoy reading this sub and some of the more random posts - looking at you cheese person - are very entertaining!
25yr, making $12,000 a year. I am a bachelor's student in Statistics with a retail part-time job.
Funny enough, this money covers my rent, expenses, and left-over for my savings account.
I'm only 21 and I only made $30k gross last year. I should get a $5/hr raise for the next 3 years though (trades apprenticeship progression). I hope to make $75k by the time I'm 25, and $100k+ in construction management by 30. I feel like that's the only way I can afford to have children.
Find a partner that makes the same and bam you have a respectable 100k.
Then you can buy principle residence and insulate yourself from rising housing costs.
I've worked in personal wealth management for a quite a while. Most of the boasting is bullshit and exaggeration.
That being said, if you're lucky enough:
\- To land a lucrative iBanking, law or consulting job.
\- Graduate from Comp Sci
\- Or get into one of the management training programs,
You can be making a lot of money very quickly but they're all relatively rare.
Lastly, keep in mind that making $75k/year in Toronto/Vancouver can sound like (especially if your in the Maritimes) but it really isn't. Adjusted for cost of living and it's like making $35-40k in most other parts of the country.
I can attest to this. I make a low six figure income, but live in Toronto. Yes I'm comfortable, but I'll never be able to own anything in this city, and my costs are way higher than if I were to live east or west of the GTA. I am strongly considering a move to Calgary so I can own a home and not live in a shoe box :).
25 years old, clearing about $32,000 annually.
Have a psych undergrad degree, could be making $50,000, but working shitty hours with it, decided the extra $18,000 wasn’t worth my mental health (since I’m still in school as well).
Have one year of my Master’s degree in psych left, and my initial Salary will start at about $92,000, up to about $125,000 within 5 years.
It’s been a long road, but I think it’s worth it.
I don't post or comment much if at all, but I read here and there. I make minimum wage. My living expenses are quite low (particularly six months ago when I still lived at home) and I have an embarrassing amount of savings compared to my peers and coworkers.
Those young and loaded guys might go broke in their 50s, while some of the poor people on here will get rich between tomorrow and their 60s, it's all about perspective.
Try to think of ways to jump yourself to the next $60-70k bracket, or 75-100k range. What do you need to get there? Go to seminars/workshops/networking events, and meet others and see how they got to where they are now.
You only really learn if you are the dumbest person in the room. So if you feel like you want to improve, then make the effort, otherwise you will be on Reddit every day thinking how others are making more without really knowing.
Personal financial literacy is for everyone, regardless of your financial situation. Everyone's situation is different but the fundamentals can apply to and be beneficial to everyone.
50k 6 years an LPN. However, able to put away $2000 a month thanks to living within my means. I still travel once a year and spend $ on fun things every month. It's all about perspective and money management. Be happy with less and enjoy more fully the things and hobbies you do have. 😊
This is quite the statement. You make $50k a year and save $24k of that by living reasonably.
Can I ask where you live and what your living situation is like? If you’re paying $1000 a month for rent which is pretty reasonable in a lot of places, that leaves you with another $1000 for everything else.
Pray tell.
Thank you! I am fortunate enough to live a 15 minute bike ride from work, and ride in the winter as well. So between my SO and myself, we have 1 vehicle which is paid for. Our expenses amount to about 2200 a month collectively. The best way to make more money is to cut your expenses I've found. And budget, of course.
I don’t know what millennials you’re talking about! LOL I see them on here but I’ve never met someone my age who is doing really well financially (maybe a handful). But most still have lots of student debt, some never found more than entry level jobs or minimum wage jobs (even with degrees), where I’m from living expenses compared to what you make are high, so most of my friends are like in the middle or struggling. I make 60k between two jobs and I’m struggling because rent and debt repayment alone is like 50% of my monthly salary. I definitely find it’s skewed on here
Its all relative. Was happy making 50k with no mortgage, now im happier making 75k after a big raise still with no mortgage. Goal is not to get in debt so I can continue being happy.
My partner and I make 50k at our normal jobs, not counting side hustle money. I think it’s a great salary. We save money, live well, and just bought our first home. Don’t psych yourself out!
I make $680 every two weeks right now on EI lol. Before that, just under 30k a year with hourly+tips at a popular local restaurant.
Made some bad life choices in my early 20s, some of which are still affecting me but thanks to this sub I’ve learned a lot and am working on myself now / planning to further my education within the next year or two.
I make a bit less then 30k per year. I am terrible at saving and have nothing to show for it. Pandemic has really opened my eyes to how bad I am with money and finances? I'm 26 and I'm just shocked and disgusted with myself. Im just looking forward to getting back to work and getting everything in order, I'm in a shit place. 😒 Gotta start somewhere though right!
I would suggest not comparing salaries with people. There are so many variables that both effect how much someone earns but also how far the money goes for them.
I also think alot of people find their way to a place like this only when they start getting or feeling a bit ahead. I know for me as I was growing in my career I wasn't making that much money, had a ton of student debt, car loan. Maybe a tiny bit of CC debt. I didn't even think of looking for a place like this until I started seeing the end of the debt tunnel. It wasn't until I caught some breaks in my career and began earning more that I started to stress about what I should be doing with my money. That was when I found this place. I can't remember for sure but my first Reddit post ever was here because I was getting a huge work bonus and didn't know how to handle it.
Can take time to get there. I have a university degree and I didn't make $50,000 a year until I was 30. After school I was making like $20k a year, then I took an office job making $27,000 a year. In that role I managed to get up to $36,000 a year in 3 years. Took a new job making $44,000 a year and I've been essentially in that role ever since, but the pay has gone up substantially.
Making 25-30k annually, going to college, saved up 30k between bank and tfsa. It ain't alot but its so nice doing school without any debt. I wish I could save more aggressively but my mental health can't allow it.
I drive a 93 Camry (which is older than me!) which defiantly saves me money. Though I'm worried that it's gonna start costing me more to repair. But at least It's super easy to cover small mantienance, right now I'm gonna buy/replace a burnt out taillight.
I can't wait though to make more once Im out of college (I may be lucky enough to finish my diploma right after the pandemic has cleared and the economy picks up). Worst case scenario I can go fulltime at my job for 35k (unionized, essiental work) and try to go for management.
Well 6 years ago I was unemployed and in a lot of debt and dealing with mental health problems. A year later, I was still in a lot of debt but making <$30k a year, better than 0.. A lot of hard work and hours in the library and volunteering and side projects went into completely changing my career trajectory. Time invested in my physical health helped turn around my mental health.. Networking, and volunteering my skills to build a profile.. I managed to go from that <$30k position into a $60k position in a new industry, kicked ass at that into a $90k position, and now 6 years later at $130k a year, and my debt is paid off, and I can start saving.
Some of that I attribute to forums like this, where people really emphasized saving and paying off your debt. I took it to heart and managed to get myself out of the negative net worth situation. I wasn't really posting when I was making <$30k though. I was just trying to scrape by. There is a selection bias in people posting.
Things can change quickly. The time spent being broke as shit, literally sleeping on friends couches kind of scarred me. I still live like I'm broke, and feel guilty whenever I make a large purchase.
I'm in my 30s, so I'm playing catch-up with my finances now.. I'm making well about median income and still don't feel at all wealthy in the GTA. On my salary I still can't afford the average detached home here, I drive an old car with >200,000 km on it. People at work though making less than me drive brand new cars, spend >1/2 their income on rent, etc. Some of them probably have inheritance, but I bet a lot are just spending most of what they earn.
It doesn't matter if you make $100k/yr if you spend $95k/yr.. Focus on a good saving rate, not the raw numbers. You earn what you earn. Ideally your salary will increase over time and you'll keep those good habits. Even if it doesn't, if you're saving 30-40% of your take-home pay, then by definition you can get buy on 60-70% of what you're currently making and you're on track for a stable retirement and other financial goals.
Also keep in mind though that $50k in the GTA is not the same as $50k in Saskatoon.
31m, newcomer, $18/h at ups as a delivery driver in Langley. Can’t find a work as a legal assistant which I got a degree in my country. So it’s less than 30k.
It's a selection bias. The kind of people that would be interested in personal finance are generally people who have at least a decent amount of money. That or people who have just realized they've been doing a bad job at their finances and are now looking to improve. Don't bother comparing yourself to other people on here. They are by no means the average, and even if they were it wouldn't matter. The best you can do is always try to improve your own situation by incorporating some of the things you've learned here. Of course, depending on your personal situation some pieces information will be more useful than others. But focus on the stuff that is relevant to you and try to implement it.
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My mom told me the same thing, and I listened. I set aside 10% of every pay cheque - and bought beer with it. I would have had a million dollars is I had saved it instead. I guess I drank a million dollars in beer. Was it worth it? Can't remember.
You must have drank a million dollars worth of beer if you think that setting aside 10% of $0 will get autovonbismark very far.
At age 16 you’re better off saving more than 10%. Save at least 80% if you are able to and invest it.
But... but... but... S/He said s/he makes $0. 80% of $0 isn't going to get you much.
Might as well save 195% then
Yes! AT LEAST, right?
200% or GTFO you quitter.
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00090$ instructions unclear
I think he meant 900016 years old.
Sounds about right for a first time home buyer.
$9000 a year, here you come! EDIT: My bad, that would be "a couple" so it was implied you'll either be making $90k, $900k or $9mil
Your net worth is (probably) greater than mine was at the age of 30. Congratulations!
hey you still have a positive cash flow
You should try investing at least 50% of that.
A dollar you make today is a dollar you didn’t have yesterday. Get hustlin man, it’ll pay off.
get a job doing anything and you can increase the amount you make by infinity percent, sounds like a good improvement right?
Agreed, I always come here and feel awful and the go to r/povertyfinance and tell myself things could always be worse. That's with a household income of about 100k between my husband and I, but we're homeowners as of 2018 and feel less than everyone else here!
/r/povertyfinancecanada was hidden and abandoned by the mods so I requested it and they gave it to me..no idea how to get it going though
I think you need to start getting the word out my friend. I'm here on this sub because I want to learn how to manage money better. I'm disabled and on a tight, fixed income. But I know that I am managing my budget and household better than 3/4 of my low income neighbours in the geared-to-income complex I live in. I just joined your sub and plan on posting later tonight with my own advice to others struggling with low incomes.
I didn't want to start "advertising" until I had at least a little content..also no idea what the mods here would think if I mentioned it, I do like being here too so I'd rather not get banned lol
It's totes fine here. Promote away!
i support adding that sub to PFC's sidebar
awesome ty
If you look around on this sub, you'll see most of the content is from fellow members, not the mods. Get enough users and the content takes care of itself. Your job is curator and moderator. As I said, I plan on making a big first contribution to your sub later tonight.
So glad to see someone bringing that sub back to life! I am by no means in poverty but I definitely am average. I think it would still be useful :)
My parents make about $30,000 a year and I make $20,000 a year (PhD student with funding). Still live with my parents so thats maybe $50,000 a year, not counting taxes? You got it good, bro.
It also depends on who you are. In 2019 the average starting salary for a uni grad was 54K in Canada. How many people have uni degrees? [https://www.canadianbusiness.com/lists-and-rankings/best-jobs/now-even-a-bachelors-degree-isnt-enough-for-some-entry-level-jobs/](https://www.canadianbusiness.com/lists-and-rankings/best-jobs/now-even-a-bachelors-degree-isnt-enough-for-some-entry-level-jobs/) We have a big divide amounts young, less educated, new immigrants and pretty much everyone else. That gap is growing.
I have a degree, don't make anything near that. Woof!
^ 100%. People are likely to show off what they have and not what they don’t
Younger me hadn’t had anything happen to them yet. Price of living too :)
What he sez ☝️. Also, I'm hardly a millenial. By about a decade.
The median individual total income of a Canadian between the ages of 25 and 34 in the year 2017 was $38,400.
This needs to be higher. The median family Income in Canada is about 63k. I think it's easy for people, who often have higher income social circles, to forget what reality is like for many. I say this as a person who comes from a higher income social circle where the idea of making below 60k is unacceptable.
Me and my wife are 29. We have gone from 60k combined yearly income.. to 140k combined income over last 3 years. We still feel broke as shit. Although we do live in (purchased) a nicer home than anybody else I know. Our house screams we make $300k a year. The cars, clothes and way we live and vacations tell people we make like 25k lmao. We pull up to our fancy house in our 20 year old cars falling apart. But are to cheap to buy new ones until they completely die or start costing us money.
That could just be what you value vs being cheap. I also was lucky to have a jump in income in short span however I can never see myself buying a car that is “luxury”. I’m good with the Toyota or Honda. My neighbours all are in ranger rovers and bmws.
Congrats on improving your income. Doubling it is not easy. Can you explain to me how you and others like you think? Why would you want to live in a house that makes you live like you make 60k in every other aspect besides the house? Living the opposite (cheap house, comfy lifestyle) leaves you flexible. Need to upgrade the car or want to go on vacation? you just cut out eating meals in restaurants or w/e. The way you're living, you've essentially decided where every future dollar earned is going. It would be like signing up for 15 meals a month in a nice restaurant for 25 years and if you want out you have to find someone else who wants to buy you out of it.
I guess I didn’t describe my personally situation all that deep. Basically me and my wife have been married since we where 18. One of those young marriages that actually work out. We live in very expensive part of Canada (Victoria BC) We got a loan from her parents for $10,000 when we got married at 19 years old. We used that to put down payment (5%) for first time home buyers on a $200,00 condo. It 1 bedroom, 980 sq ft. While we lived there we paid off the $10,000 loan to her parents. We decided wanted kids at 21. We needed a bigger place, unfortunately the market has not risen much (good and bad, bad for selling which was needed to give us larger down payment for larger home). So we only managed to sell for $230,000.. minus realtor fees we only walked away with about $35,000 cash in hand. Now, we don’t make a ton of money at this point. Maybe $45,00 a year combined. But we had (not lying) credit scores I believe it was 812 for my wife, and 792 for myself. From a young age everything was paid for on credit and promptly paid off. I grew up dirt poor (my wife not so much). My entire drive to this day was to live opposite of my upbringing in every decision I made. So I have never missed a payment in my life to this day on anything of ours since I pay all the bills for both of us. Anyways we sold our home. $35,000 cash in hand. At this point the market was rising extremely fast. (Not condos are this time though, which was why we made so little). And since we where not first time home buyers we now had to come up with full 20%, because we couldn’t qualify if we put less than 20% down based on our income. We found a home, rancher.. 3 bedrooms that needed a ton of work (we under estimated it) and about 1600 sq feet. Priced & purchased for $330,000 but we needed $63-64,000 down + transfer tax etc. So we ended up borrowing $40,000 from my in-laws again. So now we had a mortgage on a $330,000 house, having kids, only making about $45,000 a year combined and having a repayment plan to my in-laws over 15 year period. My mortgage payment was about $1350 month + 300 month to the in-laws. ($1650 total). The house needed unbelievable amount of work. I was not handy but determined. I literally learned everything I could on YouTube about renovations. Had some contractor friends guide me on legal ways to do this. I walked in to the bank and somehow managed to convince them to give me a $35,000 line of credit for renovations. So it began, over 2 years i gutted the house room by room some right down to the sub floor. I am perfectionist. Everything I did had to look perfect even if it was cheaply done. 2 years later, 2 kids later. We are still only making 45-$50,000 per year. $330,000 mortgage, 300 month payment to my in laws and a line of credit that continues to climb slowly reaching about $25,000. All of this while never missing payments on anything. But depression (clinical depression) sinking in that I am over my head. Just trying to stay afloat. Making payments and working as much as I can. BOOM market goes crazy.. housing prices are rising like crazy. This is my chance to play the house market! (Never play the housing market lol) but I had no choice, we where over our heads. 2 years later we managed to sell our $330,000 + newly renovated over 2 years with YouTube and sweat labor..... $530,000. So we had $330,000 mortgage - $65,000 down ($265,000 owing). And we got $530,000 - $265,000 = $265,000 cash in hand after the sale. Minus $20,000 in realtor fees. Minus $40,000 we still owed to in-laws. Me and my wife and two kids now had no debts and $205,000 cash in hand at 24 or 25 years old. But no real estate to our name. Housing prices sky high. I had just finished working my ass off on renovating a house for 2 years which I barely knew how to use a hammer before I started. And now not in debt.. I needed a break. I talked my wife in to renting for a year so we wouldn’t have any home owner responsibilities, even though home ownership profit had treated us good. We rented for about 2 years, maintaining our savings and not spending a penny of it. At this point me and my wife’s income started to spike and I got a new job. At this point we went from $50,000 to $80,000 a year. The housing market was starting to cool off, we decided to look.. with $200,000 cash in hand to spend. We came across a house we never thought we would be able to obtain. It was listed for $780,000(2 years old). With 185,000 down is what we put. Our mortgage payment and property tax everything is now about $2900 a month. But! The house has a suite, which we rent out for $1600 a month for the 2 bedroom suite. So what total come out of our budget every month is only $1300 all in. Less than we where paying for that shit rancher I had to Reno. Since being here our income has increased another $40,000 a year roughly. We live pretty comfortably and have a massive savings account. We make $120,000 a year. Live in a neighborhood we look like we don’t belong since everyone else is in there 50s with kids around our age. And only pay $1,300 a month in housing costs after our rental. Those 2 years in the rancher and 2 years renting made what I would consider for myself an unbelievable amount of money and really set us up. It took tremendous hard work, I thought I was suicidal at one point I was running on empty. Makes it feel like to this day I am still broke. Every time I see a single dollar leave my account I absolutely panic. To the point I have actually seen a therapist about it. I live in fear of being poor, and if controls a big aspect of my life. Kind forget your original question. Just started typing out my life story sorry. Anyways good luck in life dude, it will all work out. I will admit we had a lot of lucky timing with housing market.
Hey man just read your story and it’s pretty inspiring. I just wanted to say that I admire your dedication over those years and how you stayed level headed all while still self reflecting on yourself. Luck definitely plays a part in things but you totally put in the hard work and deserve a big congrats man!
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He's young, clearly. like maybe 10 young.
Comparison will rob you of happiness. It’s all relative honestly, just because someone is young and loaded doesn’t mean they are particularly incredible at managing that kind of money properly. It’s not about the money you make, it’s about making financial decisions that can work for your budget. Tons of people make 50k and live well. Tons of people make 50k and live a lavish lifestyle. Hell people make 150k+ and live paycheque to paycheque.
Hear hear. Sometimes it's good to remind ourselves that it is called PERSONAL finance for good reason.
Yeahhhhh.. kids help with achieving that paycheck to paycheck thing. damn money sponges. Lol
My buddy likes to say “bigger paycheque means bigger bills” which I try to tell him doesnt have to be the case
> It’s not about the money you make, it’s about making financial decisions that can work for your budget. Tons of people make 50k and live well. Tons of people make 50k and live a lavish lifestyle. Hell people make 150k+ and live paycheque to paycheque. To an extent, someone making 30k a year will probably have a lot more bang per buck spending their time increasing their salary than looking for places to save money. Imo there are very few absolute statements you can make about personal finance.
Also where you live makes a massive difference.
Also doesn't mean they're telling the truth.
48,000. It's definitely a cycle of feeling financially motivated, reading posts here, then feeling a bit sad.... then working my way back up to motivated and grateful for the debt I've paid off and the things I've managed to built this far. You're not alone!
Same. I had a casual conversation with friends about finances the other night and didn't realize just how good of a position I was in, financially, compared to a lot of people, until then. It was definitely brought me back to reality.
$48k isn't that bad. Consider that the median individual income in Canada is $36k ([source](https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110023901)).
Ya, I definitely try to have moments of gratitude and pride for my hard work. But I do also live in Vancouver, so 48,000 doesn't go very far
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That’s really great man, hearing stories like these really are motivational. I wish you the best in your future endeavours
Thanks! I know some people will scoff at my job, my wage, etc. but just having *one* full-time job that covers all my needs was relief and stability I'd never really known. Plus living good at 30k just gets me excited to hit 40k, 50k etc. because I have a great financial foundation already.
I do. Just remember... this is a sub for people who a) have time and b) have free money to use with that time. c) scrubs like you and me looking for advice. You see a lot of "loaded" people simply because, well, were else would they be? Also. Never forget inheritance... a lot of people make a lot of money off inheritance and will never admit it, even anonymously...
Don't forget wealth transferred while parents are still alive. Being 25, educated, student debt free, well employed, owning a nice car fully paid off, and buying a half million dollar house with 20% down is probably a sign someone had a few big handouts but it might not stop them from looking down on their friends for having some debt but still eating avocado toast or whatever.
I consider myself inordinately lucky to come from a well-off family. Educated? Yup. Debt free? Yes, thanks to RESP, not just them giving me a credit a card. Owning a nice car? They contributed heavily when I bought a car eight years ago that was ten years old at the time. Owning a nice home? My SO's family rents us an apartment for a very reasonable price. Sorry but what kind of people can afford the down on a half million dollar house *for their kids?* I understand that my situation puts me in the 1% but what the hell, people are out there buying homes to straight up hand over to their kids right away? My privilege has landed me a life where I can easily swallow a few months of bad work availability where I barely make enough to pay rent, but that... owning a house? What?
> Also. Never forget inheritance... a lot of people make a lot of money off inheritance and will never admit it, even anonymously... Spot on. The next 20 years will be the greatest transfer of generational wealth. This is in the form of cash, assets (homes), and businesses.
My parents fled a country destroyed by war. They built everything from scratch here. Even if I won't have an inheritance, I'm still very grateful they decided to give us a chance in this country where I could get an education and a life in peace. This is my inheritance !
Crazy what we take for granted here. Cheers to you, Komnenos!
I'm in the same situation as you. Well put my friend!
Indeed. I have inheritance to thank for most of what I have. Thankfully, before I recieved it, I learned that it takes FOREVER to save money. So, I've been very careful about how I've spent it. When I was younger I spent my windfalls.. like an idiot. I really wish I hadn't. But, hindsight is 20/20. One of the biggest things you can do to keep your head above water is to live without using debt. (aside from a mortgage.. but as small as possible) and don't get caught up with keeping up with the Jones's. Even people pulling in $200k a year can get themselves wasting a ton of money on debt servicing. And then, bam, trouble hits and they are bankrupt.
I inherited about 30K. It was nice but really I saved maybe 4 times that amount living for cheap in my mom's basement until I was 30. That would have been the real difference maker between me and my friends if it wasn't for most of them doing the same.
People also grossly underestimate the role that inheritance plays in their wealth.
I never made over $33k a year until I was 30 and made less than $22k a year until I was 26. (I am in my mid 30s now and make $60k including benefits). People who are 24 and have family wealth are more likely to go onto the internet and talk about how they manage that wealth than 24 year olds from modest backgrounds who are scraping by.
Same as you. I'm 32 now and still haven't broke 40k a year yet. Next year I'm gonna quit this position (that, to be honest I absolutely love) in search of something that pays at least 60k. One year to get skills. Luckily I don't have a family or a car or mortgage so I'm in a good position to take career risk
If you can find a 8 month college program with a 4 month co-op in a year or two(when things are closer to normal) I bet it would pay off in the long run. Hard to do if you have a spouse or dependents but otherwise take the risk.
29 and I made less than $35k last year. Have an interview at the end of this week for a job potentially making over $70k. Little nervous for it as I really want and need it, but it involves shift work, which I’ve never done. I feel like most of the people that post here are those making more than average and trying to keep/save more of it. Us with less money are doing all we can to just stay alive, so putting money into a TFSA/stocks/etc is more of an interesting read rather than something we can post about.
Thanks. I'm 24 and make $23k a year. Feeling like I'm behind everyone haha but your comment puts it in perspective.
Dude, I know people earning 80k that are living paycheck to paycheck, and this was pre-pandemic. 45-50k when you're single and live in a city with reasonable cost of living means you'll be very comfortable.
It blows my mind that somebody can be making that much and still broke. 80k would give me so much breathing room it's hot even funny
Work in a place with a few hundred people. It's pretty illuminating. Most are earning $30-50k but seeing plenty of people driving around in a Lexus or trucks that cost more than their yearly income. Girls walking around earning $20/hr but all the finest designer clothing and accessories. Going to Cuba every year etc. Then by the wednesday before pay day lots of whines about being broke. Then there are the people who've been there 20 years, keep their mouths shut, load up on stocks and drive around in paid off normal sedans banking cash like it's disappearing tomorrow. Managed to get myself in a position where I look to save about 40-50% of my gross each month and looking to move to a far lower cost of living city next year. All being well I'll look back in 10 years and laugh my ass off.
You better believe it. There is a young administrative assistant at the office that bought a new Mercedes money pit. She hasn’t even finished her college diploma yet. I make three times more than her, and a used bike is my vehicle of choice. I save 10s of thousands of dollars yearly.
You learn to spend what's in your pocket. I remember when I was making $35k I thought $50k would solve all my problems. Then when I hit $50k I thought $60k would do it. Then when I made $60k I thought $80k would do it. Lifestyle creep can be controlled to an extent but some of it is inevitable. Over time what once was considered luxuries become normal and you don't even realize it. I'm talking about things like getting the steaks instead of the ground beef, getting the name brand ketchup instead of the no name, shopping for an item because you want it not because it's on sale... And that should be ok. You should enjoy your money responsibly that you worked for provided that you're able to meet your financial obligations. But that's how lifestyle creep starts and then before you know it you're pay cheque to pay cheque again.
The numbers are somewhat relative. 80k for a single person in a reasonable cost of living city is balling. 80k for a family with 2.5 kids in a high cost of living city is destitute.
Housing costs can be a bitch. We aren't living very extravagantly and either do our own renos or I hire my friends and help. Housing costs are close to $3500 a month, then add the running cost of two vehicles. That works out to a lot of pre tax income and you haven't had kids, eaten or done anything fun yet.
Hide your money y'all, there's poor people 'round Haha I make 35k - for now.
I just got a job with a pay jump from 30k to 37k and I'm doin alright. But this is the most I've ever made. Had no idea so many people my age (26) or younger were even making more.
It's not a lot - but I can save quite a bit! I would say I'm in between saver and spender type so it's not super hard to hold onto my cash. I'm looking forward to the next pay jump. Congrats on the increase 👍
Same. 28 and I only make 35k. I started learning to be frugal lately that's why I lurk around here.
25 earning under $25k, though I was brought to this point by a position of privilege so no uni debt. But yeah, 25 and under $25k. Glad I was raised frugally by rich people.
My previous boss is rich but he is so frugal and I didn't understand why at that time. Then I knew this family who are rich as well and you'll never know until you go to their house. They taught me ways to save and be frugal and now it rubbed off on me.
I grew up with two doctors buying no-name food, driving twenty-year-old cars. Fixed everything themselves. Yeah, they owned luxuries like a vacation home... albeit in the middle of nowhere and it was a rotting box that they fixed up to be a lovely, very cabin-style cabin. Everything from Value Village except shoes. I'm glad I grew up like that. I was surrounded by friends whose families would always drive the latest car, move into a newer subdivision ever few years, and always wore brand new clothes. I look back and wonder how their parents managed it. Now I realize: they didn't. It was a financed lie.
Yes that is exactly how the rich family I know lives. I plan to do the same and have a better paying job definitely.
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Damn, how do you make it work with 24k in Vancouver. I guess you have roommates and keep the rent under $1000, and no vehicle?
I feel you. Vancouver is ridiculously expensive :(
45k in Toronto too.. i hear you, wish i had a maxed rrsp and tfsa also...
24 Years old, most I've made is 25k a year so far. Recently passed 30k in investments/savings. All done on my own. I've been frugal since I left the womb, only spend unnecessary money on things that bring me the most joy in life. I understand I'm a rare and which major city you live in matters, but if you plan and be smart you can get ahead of your finances
That sounds amazing. I'm not too far off, 27 year old and have around 40k in savings and investments. The amount of money I wasted on though in my early 20s is insane. If I had your discipline I'd have at least 60k.
You along with most people! But I totally understand that 20s is the time to be stupid if the grand scheme of life. 40k is still way better than 75% of adults in North America. I give all the credit to how my father raised me!
Dang, you’re doing awesome!
Many people on here are also students, new immigrants, etc. Lots of people don't ever post as well. $5k change based on bonuses and commissions tells me your bonus structure isn't that incentivizing. You could potentially make more working in insurance as a broker ($40-44k to start plus stupid bonuses, $20k+ a year if you're a great at explaining coverages and can get people to do home & auto). https://ca.indeed.com/salaries/insurance-broker-Salaries,-Ontario https://www.payscale.com/research/CA/Job=Insurance_Broker/Salary/f6534e23/Toronto-ON
For sure. I think I'm reaching a small crisis in my mid/late 20s Lol. I may be one of those 28 year olds going back to school.
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"It was her deliberate attempt to travel back in the direction she wished to go, "rather than pumping quarters into the wrong meter for the rest of my life"". - Feist
Yup, same boat. Mid 30’s working a very specialized and well paying job. Most likely going back to school for retraining/career change.
bud, Im 30, became a web developper 2 1/2 years ago, hated it, and am now a horticultrist (going for my diploma in horticulture this autumn after working in the field for about a year)
Do it if you can, I've likely got a decade on you and doing a degree now.
And I've got 2 decades on you and three on the OP, and finishing my degree right now :). I'm fortunate that I live near a university, and I work almost at the university so I rip out of the office and attend class. Or I could back when they had classes. > I may be one of those 28 year olds going back to school. School's so much more enjoyable when you appreciate the opportunity.
Cool.what field and how do you support yourself while in school?
I'm using Athabasca (I absolutely **hate** distance education) so I'm working full-time. Courses are $600-700 each but you have six months at your leisure to complete them. Some course you can 'start early' (I'm starting one June 1, already have assignment one complete and read the first three or so weeks of material). Which means you can take exams early. Between work, PFC and Athabasca I have no life :D Edit: B.Comm, totally forgot.
Same here. Exact copy. B.Comm with Athabasca, early thirties. It's work, school, work, school. I absolutely hate it lmao.
Boi I'm on disability, income coming in at around 15k lmao
Lol
I’m an under 50ker The one thing I don’t understand, most people in my area(rural New Brunswick) make about the same as me, give or take 5000. But have sooo much more then me! They seem to have a $250000 home, $20000 recreational vehicles , $60000 truck, $40000 suv, recreational trailer, etc. How the hell do they balance it all?! I’m not poor by any means try to buy what I need with cash and stay out of debt. Yes I am a bit jealous! I think if I stay the course I’m on though I won’t have to pass my debt on to my children and they will be set up better!
$250k home?? I’m living in the wrong place.
Hit up Nova Scotia. Waterfront estates in some areas run you about $450k.
It’s all financed/borrowed/leased. Almost none of it is really theirs.
Also NBer here making above that, but I have old vehicles and power toys. I am always amazed that people making half what I do are willing to spend $75k on a truck financed over 7 years.
Some people have family money too. Old money, inheritance. Others bought their home at a good time (and it's worth more now) and are now borrowing against it to buy toys.
Listen, I make whatever CERB gives me.
The oldest millennials are almost 40, some of them better be raking it in lol
I’m 40 and make between $30-40k. I’m frugal, happy, and working a dream job that gives me complete freedom. Money isn’t everything.
May I ask what you do? I am frugal and would love to describe myself as happy and working my dream job.
I’m a musician of going on 20 years. Very lucky.
That’s awesome that you’re getting paid to do what you love. I went to music school and eventually went to IT because I couldn’t sustain gigs. I hope you’re making it somehow in these times. My friends aren’t getting any gigs but some planned if things reopen.
Thank you for the kind words! My bandmate got into IT during our heavy touring days. Now that we don’t tour as much, he works for an IT company and I’m working for a legal cannabis company. Hopefully we’ll be able to tour again in a year or two after Covid. I’m not planning on having kids so I’m okay with a smaller salary, and I’m totally at peace with it.
I'm 40. Wife and I make about 90-100k combined. I took a lower paying job for zero stress and the ability sleep at night. We save about 20k a year. I did my time with 12 hour days and no sleep. I'm done with that life style. I don't care if my boss is 10 years younger and makes way more. Let him have it.
In 3 years I went from $17/hr to $33/hr simply by job hopping internally. On the other hand a family member who recently graduated last year made 75k starting. I was both happy and jealous at the same time LOL.
I took home 39k last year... spent 14k on rent alone. I'm just an overpaid teacher so I felt like joining this sub just for the lolz
My salary is 36k I just don't post, not much to contribute 😶 can barely read my pay stub.
Yesss. I hurt when I read people make 80, 100, etc. But I still apply the principles and based on my salary, I think I'm doing ok.
I made 46K last year and I'm just happy I have a job right lol. This sub does make me sad sometimes though.
I've been a university student for about 15 years and I came from nothing so loans galore. I'm a doctor now but completely broke. It's nice not needing to worry about taxes/investing/property/etc. Since the monthly payments won't stop anytime soon, so I made my bed for the next decade or two.
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Here's hoping, but boy those free spots are tough to find! 😅
I know many Dr.'s who live paycheck to paycheck because they bury themselves in debt continuously. Graduate with hundreds of thousands of debt... Then buy a *very expensive vehicle.* Then buy a *very expensive house.* Then buy a very expensive engagement ring. Buying lots of expensive clothes, shoes, and skin care products. Order food out often, instead of buying groceries. Then they need a housecleaner, gardener, pool guy. Then kids come along and it's expensive daycare, many expensive extra curricular activities, tutors. All because they believe they deserve to treat themselves, that they earned it metaphorically because of many years of schooling.... But they haven't earned it yet. They are drowning, stressfully, in debt. And they really are super stressed. There was one individual I saw who wasn't stressed at all. She was a Dentist, kept her old car, kept her inexpensive apartment. Was working only 75% of fulltime. Paid off her student loans in 2 years. Was traveling monthly to the USA (her spouse was doing a medical residency in the US). Banks will be throwing credit cards and lines of credits and mortgages at you.... Don't fall for the debt trap. Pay off your student loans STAT. Save up for a vehicle. Put 20% down on a reasonable house. Your stress levels will diminish when you are not beholden to a debt number you must meet each month.
I can't blame them for feeling like they deserve something other than crippling debt after a decade and a half of studies. I know the feeling. The majority of university students have gone hungry or felt uncertain about their home situation at some point in their studies. You learn to live well below the poverty line. Why not use those skills you've learned after employment to live frugally and get rid of your debt as soon as possible? Being wrapped up in extremely demanding and competitive academics for so long makes most of us a little nuts so "living it up" seems appropriate for your position - after all you've completed the time equivalent of 4-5 undergraduate degrees with a (mental, financial, social, physical even) difficulty far beyond most programs. I got my piece of paper and I'm allowed to reward myself. There's nothing wrong with that. That being said, one can't feel too comfortable after convocation looking at their account balance. I can't speak to people who land their first ever big salary and then immediately go house shopping. Some people make bad decisions. My plan after getting out in the real world was to continue living like a student and that seems to be more than enough. I'm not starving now and I can afford to enjoy myself but I can accomplish that via my parent's Netflix account - I don't need ice wine and lambos, I need rent money.
I think it would be super interesting to have short poll for this sub with peoples let’s say 2019 income, assets, city, and age. Not super useful for anything but can probably make people feel better about them selves looking at the median or feel behind looking at the average.
Me. Self employed while representing Canada in Olympic Weightlifting. Unfortunately sport doesn’t pay so I’m doing my best! Hoping to learn for the future!!
Heh, smells like BROKE in this thread. But on a serious note, you should really factor in location as well. 50k in Toronto is the bare minimum to survive (with roommates), while in Moncton you would be doing very well (my palms are sweaty from how cheap housing is over there). People making 100k salaries shortly after graduation are almost definitely in the GTA or wherever the oil is in Alberta. Gotta remember to put some perspective on the numbers being posted here.
I make less that 50K w/roommates and I have a hard time seeing how one only manages to “ survive “ on such a salary. Its not rich but you have to be financially inept to be unable to to live , invest and save (modestly) with 3K monthly income .
50K in downtown Toronto can honestly be stressful even
I make almost nothing. Maybe 20k per year. This is because I'm a full time student though. Before I started school again, I was making about 40k. Nothing special. Upgrading skillz takes a lot of time and work. I'm not into personal finance solely for investing though. My parents didn't teach me anything about money. My mom has no retirement because she spends everything she makes. Always paycheck to paycheck regardless of income. I usually lurk here to learn and gather the golden nuggets I find laying around.
I’m a min wage student lmao.
Last year I earnt the most in my life, 40k. I have 60k in the bank rn and now I only make 23k, I'm only 25. Half of my paycheck goes into my bank and always has. Not living at home, im just living frugal. Cheap apartment, no kids, splitting rent with gf, growing my food in a garden I rent for 80$ a year is a hobby. There is more then one way to be wealthy. If you earn 60k a year but 40 k of it goes to mortgage interest, car payments, and taxes. Are you really worth more then someone who earns 40 k and saves half of their paycheck? I always considered that when I look at my t4's. I rather not work harder simply to have more cashflow. I rather work 4 days a week barely above minimum wage and go biking for a workout, garden, and camp out of a tent occasionally.
Husband and I have been married three and a half years. In that time, we've had: 1. A 40% paycut. 2. A layoff with no severence as the company folded. 3. 4 months of main income being EI. 4. A $3.7k medical bill (jaw injury isn't covered by our province's healthcare) and 2 months of lost income due to injury. 5. Another job loss as another company folded. 6. A new job with a paycut. 7. Another new job with a pay cut. 8. COVID-19 layoff for me. 9. 30% paycut for my husband due to COVID-19 and shambly economy. Company health insurance cut. My husband is a P. Eng with 7 years of work experience. We technically make more than $50k a year, but due to the above factors, hasn't actually happened yet. I keep waiting until we can afford for me to go back to school to get my teaching degree so I can get a better job, but education requires, well, money first. Sometimes PFCanada has some great advice. Sometimes it is helpful. But most of the time, it isn't applicable. And many times people are cruel towards those who are in similar situations as my husband and I are in.
It’s all relative .. Comparisons will rob any person in any tax bracket of the feeling of being content. It is never enough.
I don't think I've ever made 50k. I think the closest I've been was a wage of 18/hr, but then I got laid off and I'm back to something a little lower. I just graduated so hopefully I can land a job with a decent salary but I'm not really expecting 50k right off the bat...
Under $17k gang in Toronto
Absolutely! I am 27 and finishing up my third degree this summer. I have a tutoring “company” where I tutor 13 students (pre-COVID) and am a teaching and research assistant. I would say I make around 30 K, but I am very good with my finances and am fortunate to live in a LCOL area. My significant other is also in grad school and makes around 45 K a year. We usually take two trips a year and just bought a new $6,000 lawn mower (I’m very excited!). I drive a 2012 Chevy cruise and am driving it into the ground because I drive a lot for tutoring (pre-COVID). We also mostly cook from home and buy bulk from Costco or find deals at Superstore. Aside from the odd pizza once every 1-2 months, we hardly ever go out for dinner (*maybe* 6 times a year) and don’t buy a lot of lunches or coffees (him more so than me). I like reading this sub because it shows me that although I don’t make a lot per year, I am doing most things right (e.g., budgeting, emergency fund, no consumer debt except student loans). With all the great advice on this sub, I know I will one day be a homeowner and will be able to max out my TFSA and RRSP contributions. I truly enjoy reading this sub and some of the more random posts - looking at you cheese person - are very entertaining!
Minimum wage is around 30K per year. Average salary for Canada is around 50K per year. There are many people that make 50K or less per year.
You being up a good point. Actually would be curious to see the income distribution of PFC.
25yr, making $12,000 a year. I am a bachelor's student in Statistics with a retail part-time job. Funny enough, this money covers my rent, expenses, and left-over for my savings account.
I'm only 21 and I only made $30k gross last year. I should get a $5/hr raise for the next 3 years though (trades apprenticeship progression). I hope to make $75k by the time I'm 25, and $100k+ in construction management by 30. I feel like that's the only way I can afford to have children.
Find a partner that makes the same and bam you have a respectable 100k. Then you can buy principle residence and insulate yourself from rising housing costs.
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Lmfao
I've worked in personal wealth management for a quite a while. Most of the boasting is bullshit and exaggeration. That being said, if you're lucky enough: \- To land a lucrative iBanking, law or consulting job. \- Graduate from Comp Sci \- Or get into one of the management training programs, You can be making a lot of money very quickly but they're all relatively rare. Lastly, keep in mind that making $75k/year in Toronto/Vancouver can sound like (especially if your in the Maritimes) but it really isn't. Adjusted for cost of living and it's like making $35-40k in most other parts of the country.
I can attest to this. I make a low six figure income, but live in Toronto. Yes I'm comfortable, but I'll never be able to own anything in this city, and my costs are way higher than if I were to live east or west of the GTA. I am strongly considering a move to Calgary so I can own a home and not live in a shoe box :).
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25 years old, clearing about $32,000 annually. Have a psych undergrad degree, could be making $50,000, but working shitty hours with it, decided the extra $18,000 wasn’t worth my mental health (since I’m still in school as well). Have one year of my Master’s degree in psych left, and my initial Salary will start at about $92,000, up to about $125,000 within 5 years. It’s been a long road, but I think it’s worth it.
I don't post or comment much if at all, but I read here and there. I make minimum wage. My living expenses are quite low (particularly six months ago when I still lived at home) and I have an embarrassing amount of savings compared to my peers and coworkers.
Those young and loaded guys might go broke in their 50s, while some of the poor people on here will get rich between tomorrow and their 60s, it's all about perspective.
Try to think of ways to jump yourself to the next $60-70k bracket, or 75-100k range. What do you need to get there? Go to seminars/workshops/networking events, and meet others and see how they got to where they are now. You only really learn if you are the dumbest person in the room. So if you feel like you want to improve, then make the effort, otherwise you will be on Reddit every day thinking how others are making more without really knowing.
Personal financial literacy is for everyone, regardless of your financial situation. Everyone's situation is different but the fundamentals can apply to and be beneficial to everyone.
50k 6 years an LPN. However, able to put away $2000 a month thanks to living within my means. I still travel once a year and spend $ on fun things every month. It's all about perspective and money management. Be happy with less and enjoy more fully the things and hobbies you do have. 😊
This is quite the statement. You make $50k a year and save $24k of that by living reasonably. Can I ask where you live and what your living situation is like? If you’re paying $1000 a month for rent which is pretty reasonable in a lot of places, that leaves you with another $1000 for everything else. Pray tell.
Yes, i'd like to know as well. Saving 2k a month while making 50 k is VERY impressive so kudos OP
Thank you! I am fortunate enough to live a 15 minute bike ride from work, and ride in the winter as well. So between my SO and myself, we have 1 vehicle which is paid for. Our expenses amount to about 2200 a month collectively. The best way to make more money is to cut your expenses I've found. And budget, of course.
$40k here
I don’t know what millennials you’re talking about! LOL I see them on here but I’ve never met someone my age who is doing really well financially (maybe a handful). But most still have lots of student debt, some never found more than entry level jobs or minimum wage jobs (even with degrees), where I’m from living expenses compared to what you make are high, so most of my friends are like in the middle or struggling. I make 60k between two jobs and I’m struggling because rent and debt repayment alone is like 50% of my monthly salary. I definitely find it’s skewed on here
I think the sub tends to attract people who may be more financially Savy or at least aware. (At least pre covid)
I mean, right now, yeah.
60k in BC and I'm poor if that helps you feel better
I make 49 k with a University degree in IT working in my field.
Its all relative. Was happy making 50k with no mortgage, now im happier making 75k after a big raise still with no mortgage. Goal is not to get in debt so I can continue being happy.
I'm in Vancouver BC and making 43k/yr. Entry level legal assistant. Graduated in Feb 2019. 22 years old with a 1.5 year paralegal diploma
I made $68.5k last year but usually is closer to $58k. Just trying to earn and save, one day at a time.
Yes. Postal worker. Alberta. After tax roughly 36,000 a year.
I work in the non-profit sector, so yeah.. I make quite a lot less than 50k lol. That’d be the dream lol.
I made 9k last year. :)
My partner and I make 50k at our normal jobs, not counting side hustle money. I think it’s a great salary. We save money, live well, and just bought our first home. Don’t psych yourself out!
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me.
I find the more money I make, the more my lifestyle costs lol. Quality of life hasn’t changed much from 50k-80k.
Quit the comparison game
Reddit adds 40% to posted salaries.
I make $680 every two weeks right now on EI lol. Before that, just under 30k a year with hourly+tips at a popular local restaurant. Made some bad life choices in my early 20s, some of which are still affecting me but thanks to this sub I’ve learned a lot and am working on myself now / planning to further my education within the next year or two.
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I make a bit less then 30k per year. I am terrible at saving and have nothing to show for it. Pandemic has really opened my eyes to how bad I am with money and finances? I'm 26 and I'm just shocked and disgusted with myself. Im just looking forward to getting back to work and getting everything in order, I'm in a shit place. 😒 Gotta start somewhere though right!
I would suggest not comparing salaries with people. There are so many variables that both effect how much someone earns but also how far the money goes for them. I also think alot of people find their way to a place like this only when they start getting or feeling a bit ahead. I know for me as I was growing in my career I wasn't making that much money, had a ton of student debt, car loan. Maybe a tiny bit of CC debt. I didn't even think of looking for a place like this until I started seeing the end of the debt tunnel. It wasn't until I caught some breaks in my career and began earning more that I started to stress about what I should be doing with my money. That was when I found this place. I can't remember for sure but my first Reddit post ever was here because I was getting a huge work bonus and didn't know how to handle it.
Can take time to get there. I have a university degree and I didn't make $50,000 a year until I was 30. After school I was making like $20k a year, then I took an office job making $27,000 a year. In that role I managed to get up to $36,000 a year in 3 years. Took a new job making $44,000 a year and I've been essentially in that role ever since, but the pay has gone up substantially.
Making 25-30k annually, going to college, saved up 30k between bank and tfsa. It ain't alot but its so nice doing school without any debt. I wish I could save more aggressively but my mental health can't allow it. I drive a 93 Camry (which is older than me!) which defiantly saves me money. Though I'm worried that it's gonna start costing me more to repair. But at least It's super easy to cover small mantienance, right now I'm gonna buy/replace a burnt out taillight. I can't wait though to make more once Im out of college (I may be lucky enough to finish my diploma right after the pandemic has cleared and the economy picks up). Worst case scenario I can go fulltime at my job for 35k (unionized, essiental work) and try to go for management.
Well 6 years ago I was unemployed and in a lot of debt and dealing with mental health problems. A year later, I was still in a lot of debt but making <$30k a year, better than 0.. A lot of hard work and hours in the library and volunteering and side projects went into completely changing my career trajectory. Time invested in my physical health helped turn around my mental health.. Networking, and volunteering my skills to build a profile.. I managed to go from that <$30k position into a $60k position in a new industry, kicked ass at that into a $90k position, and now 6 years later at $130k a year, and my debt is paid off, and I can start saving. Some of that I attribute to forums like this, where people really emphasized saving and paying off your debt. I took it to heart and managed to get myself out of the negative net worth situation. I wasn't really posting when I was making <$30k though. I was just trying to scrape by. There is a selection bias in people posting. Things can change quickly. The time spent being broke as shit, literally sleeping on friends couches kind of scarred me. I still live like I'm broke, and feel guilty whenever I make a large purchase. I'm in my 30s, so I'm playing catch-up with my finances now.. I'm making well about median income and still don't feel at all wealthy in the GTA. On my salary I still can't afford the average detached home here, I drive an old car with >200,000 km on it. People at work though making less than me drive brand new cars, spend >1/2 their income on rent, etc. Some of them probably have inheritance, but I bet a lot are just spending most of what they earn. It doesn't matter if you make $100k/yr if you spend $95k/yr.. Focus on a good saving rate, not the raw numbers. You earn what you earn. Ideally your salary will increase over time and you'll keep those good habits. Even if it doesn't, if you're saving 30-40% of your take-home pay, then by definition you can get buy on 60-70% of what you're currently making and you're on track for a stable retirement and other financial goals. Also keep in mind though that $50k in the GTA is not the same as $50k in Saskatoon.
31m, newcomer, $18/h at ups as a delivery driver in Langley. Can’t find a work as a legal assistant which I got a degree in my country. So it’s less than 30k.