70 k/a salary: alot of money?

[malboro_man]

Someone mentioned in another thread (maybe the Doc) that 60k/a of salary is considered "rich" or "middle class". I've been away from Mtl for quite some time, although I visit often. There might be an job opportunity around 70k/a.

For a single guy, how much savings can I expect?

I'll pay rent up to 800/month (can I find a 1.5)....I remember the good old days of < 400/month in a prime location in downtown for a 1.5.

Thanks for any comments you can offer.

 

[Halloween Mike]

i would be happy as crazy would i get this... thats all i can say

 

[Sol Tee Nutz]

For a single guy, how much savings can I expect?

Impossible to answer. Do you plan to live like a monk? Holidays? Car? Girlfriend ( future )? Eat out? Eat proper? Dental bills? and the list goes on.
You know what you spend in a month, do the math.

 

[SamKlemmons]

Someone mentioned in another thread (maybe the Doc) that 60k/a of salary is considered "rich" or "middle class". I've been away from Mtl for quite some time, although I visit often. There might be an job opportunity around 70k/a. For a single guy, how much savings can I expect?

Depends where you live. In Manhattan you would live like garbage on that amount.

Here in Montreal, you will be a king. You should be able to finance one escort a week, from among the classiest most beautiful ladies in the world, and put away $20,000 a year into an RSP on that salary.

Making $70,000 a year in Montreal, is like making double that anywhere else in North America.

 

[PSEfreak]

Hmmmmm...Let's do some easy math.

Rent: $10,000 / year (average but nice place)
Utilities: $ 2,000 / year (overestimating here)
Car: $ 10,000 / year (assuming you are leasing, this amount includes gas money)
Food: $ 10,000 / year (assuming you eat out 2x week, once again overestimating)
Misc: $ 5,000 / year (I know it might be a lot but better be safe than sorry)

Total: $37,000 / year

Leaves you with $32,000 / year of spending money, over $600 a week. You could see 1 SP weekly and live in style!

I'm jealous

 

[EagerBeaver]

You would not be able to live inside Manhattan on $70,000 or, as Sam said, at best you would live like garbage in a small crappy studio apartment for $2,000 a month. I would say pulling in $125,000 is needed for decent living space although it should be noted many people who live in NYC do not have or need cars so most of the disposable income is pumped into housing (which is extremely expensive), utilities and food. Taxes are not part of disposable income because in most cases people have taxes withheld from their paychecks in some amount designed to equal their ultimate tax liability.

 

[Vajatron]

Hmmmmm...Let's do some easy math.

Rent: $10,000 / year (average but nice place)
Utilities: $ 2,000 / year (overestimating here)
Car: $ 10,000 / year (assuming you are leasing, this amount includes gas money)
Food: $ 10,000 / year (assuming you eat out 2x week, once again overestimating)
Misc: $ 5,000 / year (I know it might be a lot but better be safe than sorry)

Total: $37,000 / year

Leaves you with $32,000 / year of spending money, over $600 a week. You could see 1 SP weekly and live in style!

I'm jealous

You forgot about taxes in your math. $70k pre-tax is probably $40k take home net of tax. That leaves $3k a year for entertainment.

 

[bond_james_bond]

and savings?

 

[LadyLover]

Vajatron hit it right on.

You guys forget about Quebec's highest tax rate in NOrth America.

70k is not a lot of money. It's decent if you are good at budgeting and not going out much.

 

[dude79]

70k is nothing if you leave alone.

That would leave you close to 900$/week clear.

Do the math.

 

[PSEfreak]

I did not fail math guys.

I made the assumption that his deductions at source were already done, hence ~70k clear.

Even if it is 70,000 gross he's still left with ~ 45k after taxes. He said he was single, no kids, 45k is plenty to live comfortably single.

My ex-wife was making over 80k and paid little to no tax at the end of the year because her deductions on her income were taken out of her paycheck.

 

[dolt]

900$/week net sounds good to me. at 500/week net, I'm living paycheck to paycheck. And if I had no dependent, AND netting 900/week my life would be all gravy all the time

 

[Luck3069]

Not sure why you brag about this.
Also he better hope that he does get audited.

 

[Luck3069]

Meant not get audited.

 

[Luck3069]

Got it. Not trying to be an ass. Just hope he is not being reckless since if you make that kind of money taxes are generally unavoidable!

 

[dolt]

I know what he makes for sure ,and it always seems proportionatly ,he pays less for everything than I do.

Warren Buffett was saying how it made no sense that his tax burden was only 17% while the average struggling schmucks get 35% sucked out of them.

http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?_r=0

 

[joelcairo]

70K a year gross is certainly not a lot of money. A liveable wage but not one that would support an extravagant lifestyle.

EB and JSB are right when they stress budgeting and frugality. Sadly most people spend every penny and beyond...regardless of their income, which is why even rich celebrities like Michael Jackson, Burt Reynolds, Tom Petty, Mickey Rooney, Errol Flynn, Ric Flair, Gary Busey and on and on and on have had $$$$ troubles and/or bankruptcies.

When paycheques go up, most people raise their expectations and their spending and end up in the same relative financial position as they were before their increase.

 

[Sol Tee Nutz]

My ex-wife was making over 80k and paid little to no tax at the end of the year because her deductions on her income were taken out of her paycheck.

Unless you are self employed this happens to everyone and most get money back and never pay extra. Was your ex's 80G net or gross?

 

[rumpleforeskiin]

Hmmmmm...Let's do some easy math.
Rent: $10,000 / year (average but nice place)
Utilities: $ 2,000 / year (overestimating here)
Car: $ 10,000 / year (assuming you are leasing, this amount includes gas money)
Food: $ 10,000 / year (assuming you eat out 2x week, once again overestimating)
Misc: $ 5,000 / year (I know it might be a lot but better be safe than sorry)

Let's do some easier math. Get rid of the car and get an Opus card. Bingo. Just saved $9K. All of a sudden life's a whole lot easier. Most people I know who live in Montreal do not have a car. Get a Bixi membership and you save another 500$ since you only need to feed the Opus card for half the year.

 

[EagerBeaver]

but now I shop smart and limit reaturants to a few occasions or when im lazy and cut that expence in 1/2

No reason to cut out the Wok Cafe, a meal or two, or even three a week there is not going to send you into bankruptcy.