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Orginally posted by chandresh


Well each has his perspective of lower middle class perhaps. When I came to Canada and saw the apartments which rent for about 1000-1200 per month, I almost decided to leave the country immediately - because the peple told me that these are some of the best apartments - and I was used to living in much better apartments in Singapore/Indonesia.

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What can be imagined, can be achieved.

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I consider my self as a middle middle class (not a higher middle class), and I live in an apartment which rents for 2,200 per month and I have to pay another 50 bucks for an additional car park and 30 for cable! By the way, remember as per Ontario rules, a family of 4 with even 1 child over 12 (if both children are of different sexes) has to live in a minimum of 3 bedroom apartment.

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Cheers!!!!!!!

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Orginally posted by gujju

I can't even think of renting a apt worth of $2200 pm if I am making 70 k = 3300 net per month.

$2200 rent
$1000 car (two cars)
$ 100 parking + cable
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$3300

wow... 70 k what a decent salary???? still have to struggle for necessity.

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What can be imagined, can be achieved.

With an income as high as 70K all u get can afford is a decent lifestyle .Atleast i am shocked.I think some pieces of facts are still missing as we desis are good tax planners and so our nett in hand will definately be much higher then 3300 p.m .

3300 per month as per Purchasing power parity is around 39600 in India and i think its easier to earn 39600 in India then earning 70 K in Canada .
What are your thoughts.

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Sucess is not an accident it is a result of hardwork with intelligence.

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Orginally posted by gujju


I can't even think of renting a apt worth of $2200 pm if I am making 70 k = 3300 net per month.

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Chandresh

Advice is free – lessons I charge for!!

with 70K even a single person with no dependents paying maximum tax deductions should be able to take home around $4100.
but lets not change the topic ...i am really keen to get your responses on my "renting Vs buying" post earleir on this thread
would really appreciate comments esp from Chandresh on evaluating renting vs buying options.

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What can be imagined, can be achieved.

Say you magically manage to cut corners somehow and save 30k out of a 70k salary. This would obviously mean

1) No weekend ski trips
2) Never ever going to watch a Hockey / baseball / basketball live at the stadium.
3) No outdoor camping in summer.
4) No stopping by over the weekend at the Baskin Robbins with the family for a treat.
5) No going to concerts or theaters.
6) No..................

What's the point then of making 70k?

Of course, it is very important to live within your means. But I think its a flawed approach to calculate a big savings amount at the beginning of the year and then make a box within which to live.

A million dollars at the age of 40 won't give you a fraction of the pleasure you'll get backpacking through Europe in the summer at the age of 20-25 with a few dollars in the fifth pocket of your torn cargos. Don't bleed the present to put away for the future, unless your circumstances force you to.

Not trying to say I've hit upon a magic formula for saving while enjoying life, I think I spend way too much. But don't have any complaints, at least not so far. And yes, I still do put away for the future.

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