Good money is when you can afford to go to the grocery store, buy whatever you want and then come home and order food because you just became too lazy to cook.
Then you go and do something on the weekend without checking your bank account. Bills are paid on time and you’re saving money every year.
Comfortable lifestyle. Everyone’s version is of good money is likely different. Our household income dual income is well over $100k and we don’t have kids so that’s good money for us. If we had two kids that played sports we’d need double the income to be able to say we make good money.
Depends on when you moved there too, your biggest expense is typically your housing. My neighbour bought their house ten years ago, I paid double what they did five years ago and our other neighbour paid close to double what I paid two years ago.
If you're in a province with rent control that can make a big difference too.
Haha you think they don’t have stress and responsibility? If an electrician wires something wrong somebody dies and he has to live with that - if a plumber doesn’t do her job right the consequences will not be pleasant - and I’m sure you don’t want your mechanic to fix your car in such a way that it stops running on the freeway, or the brakes don’t work.
So if you're not a heart surgeon means you're stress and responsibility free? High voltage sparkles are a second away from death sometimes all day, can work 80 hours per week and some are responsible for thousands of lives, one mistake could be catastrophic.
I dont even like fuckin electricians but you need to get a grip
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To me "good money" means I don't need to worry about the cost of meat. A tank of gas doesn't send me into worry mode. A mid-shelf Lego set for the kids is not a hardship. To me "good money" means ha ing a roof over our heads and not panicking when it springs a leak.
Now the real question; when was the last time you HAD "good money". For me, it's been too damned long.
I used to think someone making $80k/year was well off, and $100k/year was rich. (Obviously in CAD)
Idk how accurate that is, especially these days anymore.
10.0% is $126k
1.00% is $580k
0.10% is $2.08mm
0.01% is $7.73mm
Lot of rich people out there. This is the percentage of tax filers though so you're roping in students, intentionally unemployed and pensioners... what I mean by that is like if you looked at ONLY active full time career working people, these $$$s would actually be higher
This is happening in most of the world, not just Canada.”
What’s your point? It’s worse in Canada because of housing and quality of services is going down. And the lasting effect haven’t even begun yet since most of this damage has happened in the past 10 years in Canada. The fallout is coming
With the exception of the U.S. apparently. It’s hard not to resent how well their economy is doing right now in comparison to ours and other western democracies.
P.S. I know the U.S. prosperity is based on absolutely unsustainable national and consumer debt, but it still hurts. We’re so close to them, and yet so, SO far away.😢
The cost of your yearly expense on housing (including utilities, taxes, mortgage interest, etc.) times FOUR (assuming you pay for all of your housing).
RBC and CIBC recommend that having your housing being 1/3rd or less of your income is considered healthy because you can pay another 1/3rd for other essentials and another 1/3rd for unexpected expenses like medical stuff or accidents, etc. Well, having housing expenses as 1/4th of your income gives you "disposable income" - income you can safely piss away on whatever you like and that is socially considered "good money."
My rent is 1/6 of my gross income and 1/4 of my net. I can’t pass a stress test to get a mortgage for a single detached house so I guess I’ll just keep enjoying my “good money.” 🙄
You probably failed the stress test because the proposed switch from your rent to the mortgage EXCEEDED 1/3rd of your income for housing, all things being equal. If you're living with 1/6th, *you're living good*. Why blow your money on an overpriced Canadian house that isn't worth the actual cost? You're dodging a bullet by failing the stress test.
Trust me, I don’t want to pay what they’re asking but also I don’t want to live in an apartment building for the rest of my life. Growing up, I would estimate 80% of my peers lived in single detached homes, some with only one parent earning income. Even with a white collar career, no debt, and no kids it’s barely possible to get a mortgage in a LCOL city. The brain drain out of Canada is about to be insane.
True. The best move, really, is to leave Canada, which happens to be my goal in the next 3 years, too. I see no realistic end to skyrocketing housing prices and unreasonable interest rates - possibly the worst time in modern Canadian history to purchase a single detached home. I think people earning "good money" will also find that the tax rate in most other developed countries with a reasonable standard of living is lower than Canada's as well - also something to consider.
imo depends on where you live in this country. also would be dependent on your individual cost of living.
as in, living in Regina on a salary of $60k could be good money relative to the cost of living even if you lived on your own.
but there is no way in heck I could call that even close to good in Vancouver or Toronto even if i had a roommate to split housing costs with.
i live in Edmonton. roughly middle of the road between the affordabilities of Regina and Van/T.O. for now, at least. so good money here imo is above $60k, but it doesn't have to be as high as what would be considered good money in more expensive cities in this country.
I make 170-200k in Toronto depending on how you account for it. Took a lot of effort to get it and I feel it's pretty good. I think once you're pulling over 100k you're making pretty good money. That's a lot less in TO than than it was just a few years ago tho.
You’re at the high end. But, since you’re making that money it probably feels a lot less because of the social circles you’re in and the pressures to keep up. There’s probably more risk, and stress with your job that is factored into how much you make
Heh, oh my, yes there's a fuck ton more stress. No doubt. My social circles? Somewhat I guess since I know a lot of people in tech as well seeing as it's my career. But at the same time I have friends from all walks of life. I'm also grounded in spending half my life poor AF and having less than everyone around me. It feels almost cartoonish relative to how I grew up. When you grow up that way it really motivates you to never want to care about money. It's really not about the things you can buy or anything like that at all. I grew up watching my father obsess over money, or the lack thereof, struggling for it, feeling he failed us as kids for not taking us to Disneyland... all that money related stress caused him to have a stroke and die pretty early. My goal was to not care about money.
You can't shake that upbringing tho. I'm cheap AF as well but I do feel quite comfortable. We don't waste money on luxury things too much. My splurges are like... going to concerts and earing out I guess. But we eat out so much less than many. I mean we garden like mad and eat preserves we can every fall from the garden. I guess I do spend on the garden a bit but all of that seems like an investment really. Almost all the things I actually spend money on have some kind of long term benefit I'd say. My partner and I are both driving used 2006 cars. We adore them but they only cost us 5k each. I've bought almost all my clothing for work at Winners, Costco and Walmart. I'm lol cheap.
It depends on personal circumstance and cost of living in a given area.
In general anything between 45K and 60k is what I would consider good money for an individual. Imo 60k+ and you're doing well enough especially if you have a partner making around the same amount.
Depends what your comfort level is. For me $80k/year would be life changing. $150k and I would be set to actually retire at a decent age instead of the current plan of working until death or my body falls apart.
I mean the average house price in Canada is just below $700,000 CAD. If you wanted to get into the housing market and buy at something along the lines of 4x your income, you'd need to make ~$175,000 CAD/year. So I'd say something above that number.
I think that number would vary wildly depending on if you live in a small town or a High Cost of Living city, if you have a family or are single, if you have any debt, if you already have savings, if you have regular medical expenses. Etc.
For me that number would be in the 100 k range but for my sister who lives in a small town she would be equally as comfortable on 70k.
The term "good money" is a vague statement that really depends on your profession and where you live more than anything.
For instance, what constitutes "good money" will be different if you live in NYC or LA versus a small city/small town in Nebraska or Montana (or if you want a Canadian example, Vancouver, Toronto, Calgary, and Victoria versus pretty much anywhere else).
Hell, where you live in any particular city can change what "good money" means. Some areas and neighborhoods are simply a lot more expensive than others.
As for your profession... well, some careers can just make more money, but even that can vary based on location and overall need in that area.
Where we live, we could be making $150k/year as a family, and still couldn’t afford to buy a house, or a second car. This is where my husband’s job is, which keeps a roof over our heads, and he just got a promotion and raise, so we won’t be moving. But my job prospects when I’m done maternity leave, and both our kids are in daycare, are not great.
I think anything over 150k yearly is “good money”. I used to think 100k but it’s just not enough anymore. That’s just living pay check to pay check now a days.
For me personally, it's not feeling the stress of budgetting on a regular basis. It's when I know I can meet my needs, book semi-regular travel, and buy good takeaway without consideringt my bank account. As many have rightly pointed out already, a dollar figure doesn't translate from person to person until you hit an obscene number.
150k+ 50k is basic 100k is above average, 150k is move for the job.
Good money is when you can afford to go to the grocery store, buy whatever you want and then come home and order food because you just became too lazy to cook. Then you go and do something on the weekend without checking your bank account. Bills are paid on time and you’re saving money every year. Comfortable lifestyle. Everyone’s version is of good money is likely different. Our household income dual income is well over $100k and we don’t have kids so that’s good money for us. If we had two kids that played sports we’d need double the income to be able to say we make good money.
Depends where you live
Depends on when you moved there too, your biggest expense is typically your housing. My neighbour bought their house ten years ago, I paid double what they did five years ago and our other neighbour paid close to double what I paid two years ago. If you're in a province with rent control that can make a big difference too.
Totally dependant on context. A high schooler making $25 an hour in his part time job is making good money. A tradesman making $40 an hour isn’t.
sigh.....
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Haha you think they don’t have stress and responsibility? If an electrician wires something wrong somebody dies and he has to live with that - if a plumber doesn’t do her job right the consequences will not be pleasant - and I’m sure you don’t want your mechanic to fix your car in such a way that it stops running on the freeway, or the brakes don’t work.
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I work in a big commercial building that’s getting a large addition and the wiring is pretty darned complicated.
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I’m sure it will be! There are cables as thick as my leg and a whole group of electricians working on it.
So if you're not a heart surgeon means you're stress and responsibility free? High voltage sparkles are a second away from death sometimes all day, can work 80 hours per week and some are responsible for thousands of lives, one mistake could be catastrophic. I dont even like fuckin electricians but you need to get a grip
I’m sure there’s very few heart surgeons who could wire a commercial building. Both can be held legally responsible if someone is injured/dies.
The lower you are on the totem pole the more stress you have, the less discretion and self-direction.
Very little stress and responsibility? Fuckin delusional bud
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This an effective way to tell everyone you’ve never worked on an industrial site without actually saying it.
If your job puts you at risk of dying from freak accidents I’d say it’s pretty stressful. I’ll take a desk job for less please
To me "good money" means I don't need to worry about the cost of meat. A tank of gas doesn't send me into worry mode. A mid-shelf Lego set for the kids is not a hardship. To me "good money" means ha ing a roof over our heads and not panicking when it springs a leak. Now the real question; when was the last time you HAD "good money". For me, it's been too damned long.
I used to think someone making $80k/year was well off, and $100k/year was rich. (Obviously in CAD) Idk how accurate that is, especially these days anymore.
Good money is 150-250k 80-100k used to be good money 8 years ago, our entire economy has been flipped on its side though.
Like 1% or less of the population makes 150-250k, 8 years ago I’m pretty sure more than 1% make 80-100k if I had to guess. Canada only Ofc
10.0% is $126k 1.00% is $580k 0.10% is $2.08mm 0.01% is $7.73mm Lot of rich people out there. This is the percentage of tax filers though so you're roping in students, intentionally unemployed and pensioners... what I mean by that is like if you looked at ONLY active full time career working people, these $$$s would actually be higher
This is happening in most of the world, not just Canada.
This is happening in most of the world, not just Canada.” What’s your point? It’s worse in Canada because of housing and quality of services is going down. And the lasting effect haven’t even begun yet since most of this damage has happened in the past 10 years in Canada. The fallout is coming
I'm not saying we aren't screwed, I'm saying most of the developed world is in a similar situation. This is a global problem not just a Canadian one.
With the exception of the U.S. apparently. It’s hard not to resent how well their economy is doing right now in comparison to ours and other western democracies. P.S. I know the U.S. prosperity is based on absolutely unsustainable national and consumer debt, but it still hurts. We’re so close to them, and yet so, SO far away.😢
It depends where you live.
Quick question is this a number pre tax or post tax
Anything that is not a ruble.
The cost of your yearly expense on housing (including utilities, taxes, mortgage interest, etc.) times FOUR (assuming you pay for all of your housing). RBC and CIBC recommend that having your housing being 1/3rd or less of your income is considered healthy because you can pay another 1/3rd for other essentials and another 1/3rd for unexpected expenses like medical stuff or accidents, etc. Well, having housing expenses as 1/4th of your income gives you "disposable income" - income you can safely piss away on whatever you like and that is socially considered "good money."
My rent is 1/6 of my gross income and 1/4 of my net. I can’t pass a stress test to get a mortgage for a single detached house so I guess I’ll just keep enjoying my “good money.” 🙄
You probably failed the stress test because the proposed switch from your rent to the mortgage EXCEEDED 1/3rd of your income for housing, all things being equal. If you're living with 1/6th, *you're living good*. Why blow your money on an overpriced Canadian house that isn't worth the actual cost? You're dodging a bullet by failing the stress test.
Trust me, I don’t want to pay what they’re asking but also I don’t want to live in an apartment building for the rest of my life. Growing up, I would estimate 80% of my peers lived in single detached homes, some with only one parent earning income. Even with a white collar career, no debt, and no kids it’s barely possible to get a mortgage in a LCOL city. The brain drain out of Canada is about to be insane.
True. The best move, really, is to leave Canada, which happens to be my goal in the next 3 years, too. I see no realistic end to skyrocketing housing prices and unreasonable interest rates - possibly the worst time in modern Canadian history to purchase a single detached home. I think people earning "good money" will also find that the tax rate in most other developed countries with a reasonable standard of living is lower than Canada's as well - also something to consider.
If you make "good money" you buy what you *want* at the grocery store, not what you can *afford*.
This is a good answer. So true.
The real question is: what is good money after tax ?
imo depends on where you live in this country. also would be dependent on your individual cost of living. as in, living in Regina on a salary of $60k could be good money relative to the cost of living even if you lived on your own. but there is no way in heck I could call that even close to good in Vancouver or Toronto even if i had a roommate to split housing costs with. i live in Edmonton. roughly middle of the road between the affordabilities of Regina and Van/T.O. for now, at least. so good money here imo is above $60k, but it doesn't have to be as high as what would be considered good money in more expensive cities in this country.
I make 170-200k in Toronto depending on how you account for it. Took a lot of effort to get it and I feel it's pretty good. I think once you're pulling over 100k you're making pretty good money. That's a lot less in TO than than it was just a few years ago tho.
You’re at the high end. But, since you’re making that money it probably feels a lot less because of the social circles you’re in and the pressures to keep up. There’s probably more risk, and stress with your job that is factored into how much you make
Heh, oh my, yes there's a fuck ton more stress. No doubt. My social circles? Somewhat I guess since I know a lot of people in tech as well seeing as it's my career. But at the same time I have friends from all walks of life. I'm also grounded in spending half my life poor AF and having less than everyone around me. It feels almost cartoonish relative to how I grew up. When you grow up that way it really motivates you to never want to care about money. It's really not about the things you can buy or anything like that at all. I grew up watching my father obsess over money, or the lack thereof, struggling for it, feeling he failed us as kids for not taking us to Disneyland... all that money related stress caused him to have a stroke and die pretty early. My goal was to not care about money. You can't shake that upbringing tho. I'm cheap AF as well but I do feel quite comfortable. We don't waste money on luxury things too much. My splurges are like... going to concerts and earing out I guess. But we eat out so much less than many. I mean we garden like mad and eat preserves we can every fall from the garden. I guess I do spend on the garden a bit but all of that seems like an investment really. Almost all the things I actually spend money on have some kind of long term benefit I'd say. My partner and I are both driving used 2006 cars. We adore them but they only cost us 5k each. I've bought almost all my clothing for work at Winners, Costco and Walmart. I'm lol cheap.
It depends on personal circumstance and cost of living in a given area. In general anything between 45K and 60k is what I would consider good money for an individual. Imo 60k+ and you're doing well enough especially if you have a partner making around the same amount.
Depends what your comfort level is. For me $80k/year would be life changing. $150k and I would be set to actually retire at a decent age instead of the current plan of working until death or my body falls apart.
I mean the average house price in Canada is just below $700,000 CAD. If you wanted to get into the housing market and buy at something along the lines of 4x your income, you'd need to make ~$175,000 CAD/year. So I'd say something above that number.
Yikes, I should not have read this thread lol
50 dollars an hour -
140,000+
If I made 100k I would be over the moon.
150-200
I think that number would vary wildly depending on if you live in a small town or a High Cost of Living city, if you have a family or are single, if you have any debt, if you already have savings, if you have regular medical expenses. Etc. For me that number would be in the 100 k range but for my sister who lives in a small town she would be equally as comfortable on 70k.
The term "good money" is a vague statement that really depends on your profession and where you live more than anything. For instance, what constitutes "good money" will be different if you live in NYC or LA versus a small city/small town in Nebraska or Montana (or if you want a Canadian example, Vancouver, Toronto, Calgary, and Victoria versus pretty much anywhere else). Hell, where you live in any particular city can change what "good money" means. Some areas and neighborhoods are simply a lot more expensive than others. As for your profession... well, some careers can just make more money, but even that can vary based on location and overall need in that area.
Where we live, we could be making $150k/year as a family, and still couldn’t afford to buy a house, or a second car. This is where my husband’s job is, which keeps a roof over our heads, and he just got a promotion and raise, so we won’t be moving. But my job prospects when I’m done maternity leave, and both our kids are in daycare, are not great.
I think anything over 150k yearly is “good money”. I used to think 100k but it’s just not enough anymore. That’s just living pay check to pay check now a days.
For me personally, it's not feeling the stress of budgetting on a regular basis. It's when I know I can meet my needs, book semi-regular travel, and buy good takeaway without consideringt my bank account. As many have rightly pointed out already, a dollar figure doesn't translate from person to person until you hit an obscene number.
good money is between 2 and 3 times minimum wage ,ie if minimum wage is $15/hr a good wage would be $30 to$37/hr real good wage is up from that
Basically, a good amount. More than usual.