Quote: (07-03-2015 09:39 AM)SunW Wrote:
I'll take a slightly different angle than most. You're 24 years old and you make $40K a year. According to some Canadian economic data, the median age for men is 39 and median household income is $76K. But household income is generally 2 earners, so $76K divided by 2 equals $38K. We could safely assume that about half or slightly more median age Canadian males are making in the $35-40K range based on the median income figures.
What does that mean? You're 24 and you're making $40K, and you've saved quite a bit for your age (sorry, don't have median savings' figures).
First, acknowledge that you're doing well so that you can build on what you're doing. You won't hit it rich over night and anyone who tells you is lying (or worse, trying to sell you something). Look at what you've done right (because you have done some things right) and build the same systems for the next steps.
It's just as important to acknowledge when you're doing some things right as it is to acknowledge when you need to improve.
Yeah he's making average income, which is a good starting point, but as we know regarding all areas covered here in the RVF, average is not nearly enough.
Especially when living costs are so astronomically high as they are in the GTA.
Ditto with building upon it.
If you were looking to settle for life here, as a single man you should be aiming for $60k
minimum. If you're living downtown Toronto, bump that up even more.
I'm still naïve in these matters, but this mentality of making just enough to get by, especially in a place where costs are so high (relative to Canada), is just not enough.
Not saying that's what you were suggesting, but that's how most people think around here. Seems like the OP has the right mindset though, glad he's realized it's a serious waste of potential to accept just a comfortable average living, especially in Toronto.