How much income is enough?

TrollfaceDeux

TrollfaceDeux

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Making $60,000 makes you top 25% in my town so if I make $50,000 this year from car sales I would.be making more money than majority.

With $50,000 I can buy myself a house valued at $250,000 after 25% downpayment 20 years. I am pretty much dead set on this car career until I grow the fuck up which will take years. Still, knowing that I could make more than 70% of my friends is saddening.
 
Mist

Mist

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I feel like its a mix of money and time. The more free time you have outside of work, the less money you need, because you can repair things yourself, do your own yard work, etc, and don't have as many expenses to maintain the same overall quality of life. Also that stuff can be really relaxing if you make it into a sort of hobby for yourself.

Buf if you're working 60 hours+ a week it better be enough money to pay for everything you'd otherwise need to do yourself, and pay for disposable fun as a substitute for legitimate relaxation, or you're still going to have a shitty life.

This is the sort of trap that I'm in right now.
 
TrollfaceDeux

TrollfaceDeux

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Mist said:
I feel like its a mix of money and time. The more free time you have outside of work, the less money you need, because you can repair things yourself, do your own yard work, etc, and don't have as many expenses to maintain the same overall quality of life. Also that stuff can be really relaxing if you make it into a sort of hobby for yourself.

Buf if you're working 60 hours+ a week it better be enough money to pay for everything you'd otherwise need to do yourself, and pay for disposable fun as a substitute for legitimate relaxation, or you're still going to have a shitty life.

This is the sort of trap that I'm in right now.
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Smart people just work 40 hours a week and make $200000
 
Mur

Mur

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If he was single, with no kids I could see it, but how it would be possible with those in Vancouver I can't see.

I'm single / no kids, fairly frugal, and my yearly expenses are right around 19K. Most of that is a truck payment and rent.
 
Khane

Khane

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Mur said:
If he was single, with no kids I could see it, but how it's would be possible with those in Vancouver I can't see.

I'm single / no kids, fairly frugal, and my yearly expenses are right around 19K. Most of that is a truck payment and rent.
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Well he doesn't have any debt. And it's pretty clear most people posting in this thread have no idea what that really means. And according to this article property taxes in Vancouver are insanely low. Like how the fuck are they this low?

Residential property tax rates

Unless my math is wrong a $400k house would only be ~$1200/yr in property taxes. My $250k house costs me $7800/yr in property taxes.

It's sad that so many people don't understand just how little money you can comfortably live on when you have no debt.
 
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Furious

Furious

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To clear things up, I make decent money but spend on average under $30,000 Canadian (Like 23K US) a year.

Paid off my house @33 so no mortgage.
Paid off all vehicles but they are all old and shitty now. 2007 Civic, 2002 Tundra, 2015 Dr650 (bonus gift)

Also, my property tax is not cheap
Property Taxes were $4,000
Plus we don't get free medical in Canada, I pay $160 a month plus extras for everything!

This year I plan to spend even less, so Ill let you know how that goes :)
 
Khane

Khane

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Furious said:
Also, my property tax is not cheap
Property Taxes were $4,000
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So which is it?
Are property taxes not cheap, or did you only pay $4000 in property taxes last year? Because those two statements contradict each other. Especially if the link I posted above is accurate and you only pay ~$3 for every $1000
 
ZyyzYzzy

ZyyzYzzy

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Khane said:
So which is it?
Are property taxes not cheap, or did you only pay $4000 in property taxes last year? Because those two statements contradict each other. Especially if the link I posted above is accurate and you only pay ~$3 for every $1000
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My house and my father's are worth roughly the same. He pays about $2k more in taxes. CT sucks.
 
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Furious

Furious

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I'm not sure about property taxes in the US.

Some Rough numbers for me here in Vancouver.
Property taxes are $3800 For assessed value of 1.1 Million.
I also pay $1000 for water and garbage tax
House Insurance is about $1500
Car insurance on My 2007 civic is $1450 per year. (With a 44% discount for never being in accident)

I paid $68,000 in Tax on $170,000 Income Federal (I owe more)

Gas is $1.40 per liter or $5.60 per gallon

I collect no welfare or any government subs.
 
iannis

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That property tax seems high. Of course the assessed value is also pretty high.

Ratewise you actually pay less property tax than I do. And I feel like my property taxes are fairly low. It's ~0.85% roughly around here.
 
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Furious

Furious

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iannis said:
That property tax seems high. Of course the assessed value is also pretty high.

Ratewise you actually pay less property tax than I do. And I feel like my property taxes are fairly low. It's ~0.85% roughly around here.
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There are grants you can apply for to bring taxes down but is not much. We have 3 Grants to help low income seniors and such.
 
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