70 k/a salary: alot of money?

[dude79]

No problem man.

Yeah IT is really harsh for starters but is rewarding for hard workers and those with ambition. Lots of room to grow both in income and career paths.

I remember starting at 30k, now making 5 times that in less than 15 years. Cant imagine where it'll bring me in the next 15 years!

Good luck.

 

[2tuff2quit]

Thank you Tiannas ----all these guys watch too much tv with ads at 199$ a month for a car but forget the 3500$ cash down and the 17% taxes .I own a very clean Ford f150 2005 with 120,000km and went to see 2013 models at 1200$ a month rent or own!! I will keep my truck !!!

 

[erotq]

Thats is a decent salary and above average. you should be ok.. until you get married heheh

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.

 

[2tuff2quit]

Ok Ill take my son's example,35 and bus driver making 68k a year ,bought a little house for 275k last year 40k down Cost him 2750$ taxes de bienvenue.Mortage payments are 1300$ for a small bungalow (not talking about 400-700k houses) then taxes are 3200$,then insurance is 1400$ therfore ....just the house is 20k a year AFTER TAXES.His take home pay is 40k. Thats 50% just on housing. His car payments are 440$ a month (insurance 100/month,1 tank a week of gas is 80$ times 4=360$,tire rotation twice a year@ 85$,maintenance is almost 60$ a month .So just the car is 960$ a month (Not a Hummer and not a Echo just a regular Chevy Impala.His girlfriend is at school with a part time job.Food is 200$ a week therfore 200x4.3=860$ a month Lets just put ONE resto a week @ 100$ oups another 400$ a month.His cell is a SMART phone @ 80$/month,,internet@39$/month,,hydro budget plan is 188$/month,,tv is 68$/month
These are real facts
68k net is 40K
housing is 20k balance 20k
car is 12k balance 8k
Food with resto and utilities is 19k so 7k is missing,and yea he didn't take a vacation anywhere or take 8000$a year in rrsps like some of you would!!!!
So you guys are saying what 275k for a house is too much and an Impala is tooo expensive or he should live in my bsmt for 800$ a month
I dont't know where you guys shop but give me some info please!!!!

You see this is not some bla bla bla but real numbers and facts

 

[simonpaul]

I write that before ,if you look at the number i am sure that you can only have a regular good life if you earn a salary around 100k before all the taxes.My two oldest sons do that salary and each month they come at home and ask me for money to stay out of the water and they don't have a house,they only rent an appar tand they rent a regular car.

 

[EagerBeaver]

JSB,

When a "kid" gets to be about 25 you have to let them swim or sink. At some point the chick has to leave the nest. I see people I work with shower their kids with more cash than they really need. At some point the umbilical cord has to be cut. They have to learn to survive on their own and not have Daddy around to bail them out with every wrong turn they make in their life.

 

[rumpleforeskiin]

I dont't know where you guys shop but give me some info please!!!!

Tuff, I think the point of this exercise is that $70K is enough to live on for one person. It sounds like your son it at least partially supporting his girlfriend. That makes it much tougher.

When a "kid" gets to be about 25 you have to let them swim or sink.

Which, of course, is how you handled things with your kids, right? What? Oh, you have not kids, but as usual you're quite willing to tell people who do how they should raise them, because, as usual, you're an expert on all things.

Let me tell you, Beav, parenthood doesn't end at 21; it's a lifetime commitment. Yes, there are some, certainly, who enable their adult children, but there are all kinds of circumstances.

PS. I know a lot of lawyers. I've never met one, before you, who does ZERO pro bono work. Some successful people feel an obligation to society, some don't give a shit about anybody but themself.

 

[rumpleforeskiin]

and as long as my kids stay out of trouble work hard and are respectful ill help them along.

Absolutely. You never stop being a parent.

 

[simonpaul]

I totaly agree ,if you can help your family do that,i never saw a safe following a guy after his death.The life i think is more difficulft now than it was when i strart my carreer
35 years ago.

 

[Sol Tee Nutz]

,then insurance is 1400$

I agree with your numbers except the insurance ( Not saying he does not pay that amount ). I have a house with pool ( extra insurance ) and I pay $640.00 Wawanessa ( spelled wrong )
His car is killing him at $960 a month. His car insurance seams high also, did he shop around? My son at 21 has a 98 328i, 05 civic and 89 240sx insured at $111.00 a month, same place Wawanessa. The civic is his main transportation and costs him $50.00 a week in gas and he drives a lot.

 

[simonpaul]

,then insurance is 1400$

I agree with your numbers except the insurance ( Not saying he does not pay that amount ). I have a house with pool ( extra insurance ) and I pay $640.00 Wawanessa ( spelled wrong )
His car is killing him at $960 a month. His car insurance seams high also, did he shop around? My son at 21 has a 98 328i, 05 civic and 89 240sx insured at $111.00 a month, same place Wawanessa. The civic is his main transportation and costs him $50.00 a week in gas and he drives a lot.

the numbers can be different for each person but the fact is now to have a decent lfe you need to earn a lot of money when you will retire escpely if you don't for the governement.

 

[simonpaul]

welcome to the life of a parent with adult kids.(over21)
like you
my 2 oldest make saleries in this range and more,
youngest works part time and a student
id rather help them now, where I can see them enjoy it and help them get ahead,
I could buy a new 2013 car with money given to them in the last 2 yrs

Me also i can have a new car each two years if i don't give money to my sons but i have more satisfaction to help them than i will have to buy a new car.

 

[EagerBeaver]

PS. I know a lot of lawyers. I've never met one, before you, who does ZERO pro bono work. Some successful people feel an obligation to society, some don't give a shit about anybody but themself.

I have no idea where this statement comes from but it's totally false. I worked with Habitat for Humanity building homes for homeless people. I even signed a liability waiver for it. It's not pro bono work per se but it is charitable work.

I posted based on my parents and the way they raised me which I think was the right way. I am entitled to have an opinion on how my parents raised me.

It would be appreciated if you can cease the trolling responses.

 

[rumpleforeskiin]

It would be appreciated if you can cease the trolling responses.

Quite an ironic response, considering that a thread had to be shut down last night after you spent the entire day under the bridge.

 

[EagerBeaver]

Quite an ironic response, considering that a thread had to be shut down last night after you spent the entire day under the bridge.

No, the thread was shut down after I was attacked for stating my opinion and then defended myself. I also received insulting trolling PMs which I did not dignify with response.

 

[Sol Tee Nutz]

,then insurance is 1400$

the numbers can be different for each person but the fact is now to have a decent lfe you need to earn a lot of money when you will retire escpely if you don't for the government.

Agreed but my point was to let people know to shop around and you can save a lot of money, a 21 year old should be paying more that a 25 year old for insurance and my son has tickets, his son may have more????
When I shopped for insurance the high was $1,000.00 and low was $640.00, my son looked also for the cars and found that Wawanessa was the best price for him with some coming in much more.
Yes it would be nice to have a government pension......

 

[2tuff2quit]

Sol Tee it's not only about shopping around ....
My dad bought his first triplex on Le Plateau completly detached in 1973 for 17k.He was working for CNR back then and making 8k a year ,therefore the triplex was twice his salary.The 3 tenants paid for the mortage,paid the taxes and money was left over for him to use on renos.
Now if my son wanted to buy this triplex (his revenue is 68k/ year ,therefore the triplex should be 140k,right but no!!!! it's 950k,plus tax de bienvenue of 1% (10,000$) 7000$/year taxes.It is impossible for my son to buy this property.Thats what i'm saying! Even if every flat was 1200$ a month(you guys say 800$) IMPOSSIBLE even with a 100K deposit!

 

[rumpleforeskiin]

tuff, three comments.

1. You can't compare the Plateau in 1973 with the Plateau today. Then it was a working class neighbourhood; today it's the most desirable neighborhood in the city. Watch the prices there in 5 years after Ubisoft adds another 2,000 jobs. Compare what your dad bought with another working class neighbourhood and the difference will shrink...but

2. What you say is just another indication of the shrinking middle class. The rich get richer, the rest just get the shaft.

3. Yes, 800$ is accurate for the Plateau. I was paying 925$ until I bought just a year ago and I had a fabulous place, fully renovated 4.5, sizeable, on a great street. I could have moved across Papineau and done quite well for 800$.

 

[simonpaul]

tuff, three comments.

1. You can't compare the Plateau in 1973 with the Plateau today. Then it was a working class neighbourhood; today it's the most desirable neighborhood in the city. Watch the prices there in 5 years after Ubisoft adds another 2,000 jobs. Compare what your dad bought with another working class neighbourhood and the difference will shrink...but

2. What you say is just another indication of the shrinking middle class. The rich get richer, the rest just get the shaft.
That's the truth the rich get richer and the middle class is not longer in a financial position to buy a house with all the taxes and with the increase of interest morgage.
3. Yes, 800$ is accurate for the Plateau. I was paying 925$ until I bought just a year ago and I had a fabulous place, fully renovated 4.5, sizeable, on a great street. I could have moved across Papineau and done quite well for 800$.

Also with the rent who are so hight in downtown Mlt the only place you can live NOW with a regular salary in the south shore(Longueil)

 

[ezekiel]

Well i'm far from 70K..... and i pay under 600$ for my 4 and half that is located in an amazing location near Jean-talon market