I haven’t read the article. but i feel like if you can’t live well on 300k, even in vancouver or toronto, you likely have some other issues that need to be addressed.
nim_opet on
Well….cocaine is really expensive these days
Intelligent_Top_328 on
If you are making a combined 300k and you are still struggling? You are the problem.
Mark-Syzum on
It’s so sad to see these poor people struggling to get by. This is all Trudeau’s fault!!! /s
Kayge on
It’s always struck me that people don’t realize that money buys happiness if you know what you’re doing.
People think happiness comes from the bigger home, nicer car, fancier…whatever. Generally speaking, people don’t gain long term happiness from any of those things.
The happiest people around are secure, content and have strong interpersonal connections which you can “buy” with money. Pay off the Civic, max out the rainy day fund and set up dinner with the guys every month.
Now when someone brags about going from the 3 Series to the 5, you can smile and know you’ve spent the same amount on things that will reduce your stress and bring you actual long term happiness.
A_Skyer on
Too much debt. They can’t afford a 1.4m house with 300k income.
Previous_Wedding_577 on
The best thing I ever did financially was buying my mobile home for 18k back in 2016. It’s worth at least 200k now. It’s paid for and my pad fees are $540 a month on Vancouver island. I don’t understand why people have to have the biggest houses and be house poor.
stereofonix on
“ wants his wife to start a new company to gain write-offs on other expenses.”
Ya that’s a quick way to get audited.
bcbuddy on
Wife won’t be on mat leave forever – but sucks to be them right now.
CuteFreakshow on
Y’all should listen to the call to the show by that doozer. The conversation just gets worse and worse. Teslas, rental properties, gym fees, car loans, leases, insane VARIABLE mortgage…. And he blames his wife for being on maternity leave! He is not struggling due to lack of finances, but overabundance of idiocy.
You could tell neither the Ramsey hosts were able to get through to him, nor he will listen to them.
SlimCharles23 on
I’m sure there is lots more to the story, they are probably omitting a lot. Downpayment must have been pocket change too.
Disastrous-Aerie-698 on
also won’t let go of buying new clothes every week, eating out every friday, $500 gym membership and living like normal people
galloway188 on
How the fuck do you struggle on 300k!
MustardClementine on
I understand the urge to make fun of this – but I think people also need to realize cost of living truly has gotten this out of hand in Toronto. I know quite a few people in a very similar situation and while yes, it is their own fault in the sense that they really shouldn’t have bought that house – buying a (not at all fancy) home for their family to live in truly is the long and short of their bad decisions.
The fact that something so basic has quite likely screwed them for life, at that income level, should give us all pause. It’s not like they blew it all on coke, or something. That even they truly can’t afford what used to be considered a pretty standard middle class existence matters – because obviously, that has implications as you go down the income scale. What’s the motivation to work hard and succeed, if even those who “succeed” can’t even enjoy a comfortable life, anymore?
No-Wonder1139 on
1.4 million? What’s that like a garden shed these days?
CupidStunt13 on
Looks like Yahoo Finance is starting to copy *Toronto Life’s* habit of ragebait real estate stories.
jjjiiijjjiiijjj on
A 1.4 million dollar home in Vancouver is nothing. That being said, if I was making $300k I’d be doing better than these two.
Windatar on
Wait, a couple makes 300k a year and they bought a house and can’t pay for it?
Why… didn’t they save up for a few years? I mean hell they could have rented for 5 years pooled their money together and put down a massive down payment on the house. Did they both just like one day decide “Hey lets get a house and a baby at the same time.”
88what on
At that point it’s an investment and not a home. So I don’t care.
Televators1 on
The headline suggests 1.4M gets you an opulent house while in Van or Toronto it gets you something a blue collar working family could get 20 years ago.
Former-Toe on
$5,300 more expenses after mortgage has been paid! WOW! these guys are into some serious debt. I wonder if they financed some fancy cars. sorry, but I don’t feel sorry for them. something is wrong with their financial affairs.
and the need for advance financial planning when a child is coming.
Xillllix on
1.4 million barely gets you a house in the city.
DougieCarrots on
They’re not struggling
wabisuki on
300K??? Cry me a river. 🙄
ZennergyBar on
Honestly met so many of these people when I used to work in financial planning.
Their “spending” is another form of dumb, proof that money and high skills do not mean they are smart nor emotionally, mentally mature. And recommending them to adjust their spending habits to better their lives as a whole is borderline impossible.
They tend to become slaves to the money, the high life and the limelight.
ChadFullStack on
Makes no sense, they’re just God awful with money. 300k net is 172k gross or 14.3k monthly (even more if income is split evenly since you’re paying less on highest tax bracket).
If wife is on mat leave, they aren’t making 300 right now so that’s a misleading title. Even with 8k monthly they can afford a comfortable life with the mortgage. But here lies the problems – rental properties, tesla car, etc lol.
Canadian_mk11 on
From the article: the family’s monthly fixed costs were CA$12,500 (~150K/yr), of which $7.2K/mo was the mortgage. Where are the other $5.3K/mo going? Food is like $300/person/month, vehicle operation (presuming 2 vehicles) is ~$1000/mo (assuming $200/mo for insurance and $300/mo for fuel per vehicle), power shouldn’t be more than $100/mo in BC thanks to BC Hydro…where is the rest of the money going? It leads me to believe that they aren’t the best budgeters, as they failed to plan both the cost of a new kid, as well as the loss of income when losing one earner. Their take-home income is now $8,500/mo (or $102K/yr) without the second earner, which means they gotta cut back on whatever the “extra” part of that $5.3K a month is.
AmphibianDowntown892 on
But the Liberals just added new tools to allow for insured mortgage premium up to $1.5M… AND increased amortization to 30 years.
Problem solved, people can now afford more debt… these people are obviously doing it wrong ✌🏼
Monst3r_Live on
sounds like my friend. 200k hhi but 2m dollar house(big downpayment and house nearly doubled), and he owns a second house with his siblings. complains hes poor all the time.
LabEfficient on
Those who make fun of them are entirely missing the point. The point is Canadians shouldn’t have to struggle so much for a house, not even those who make 100k. And judging from the price, it’s not like they have got a luxury mansion. It’s a high income household trying to live life like normal people used to.
And sorry to break it to those of you who think you can do better: between taxes and interest payments and the rising cost of living, an income of 300k simply doesn’t go very far if you buy a house post covid. Especially if you have obligations like taking care of your parents.
Shokeybutsi on
You need 300k income to buy a house in Vancouver
kamguy50 on
Awww, you poor rich people, I feel so sorry for you!
SuperRoboMechaChris on
If you’re calling into the Dave Ramsey show for advice then you are probably already your own problem.
Potential_Ad7993 on
They’re stupid and stubborn. That’s the answer.
Life-Ad9610 on
We say “million dollar home” as if we’re still in the era of Lifestyles of the Rich and Famous. I’ve seen holes in the ground in Vancouver selling for a million. There’s not a single home in the city less than a million.
36 Comments
Suffering from Success.
I haven’t read the article. but i feel like if you can’t live well on 300k, even in vancouver or toronto, you likely have some other issues that need to be addressed.
Well….cocaine is really expensive these days
If you are making a combined 300k and you are still struggling? You are the problem.
It’s so sad to see these poor people struggling to get by. This is all Trudeau’s fault!!! /s
It’s always struck me that people don’t realize that money buys happiness if you know what you’re doing.
People think happiness comes from the bigger home, nicer car, fancier…whatever. Generally speaking, people don’t gain long term happiness from any of those things.
The happiest people around are secure, content and have strong interpersonal connections which you can “buy” with money. Pay off the Civic, max out the rainy day fund and set up dinner with the guys every month.
Now when someone brags about going from the 3 Series to the 5, you can smile and know you’ve spent the same amount on things that will reduce your stress and bring you actual long term happiness.
Too much debt. They can’t afford a 1.4m house with 300k income.
The best thing I ever did financially was buying my mobile home for 18k back in 2016. It’s worth at least 200k now. It’s paid for and my pad fees are $540 a month on Vancouver island. I don’t understand why people have to have the biggest houses and be house poor.
“ wants his wife to start a new company to gain write-offs on other expenses.”
Ya that’s a quick way to get audited.
Wife won’t be on mat leave forever – but sucks to be them right now.
Y’all should listen to the call to the show by that doozer. The conversation just gets worse and worse. Teslas, rental properties, gym fees, car loans, leases, insane VARIABLE mortgage…. And he blames his wife for being on maternity leave! He is not struggling due to lack of finances, but overabundance of idiocy.
You could tell neither the Ramsey hosts were able to get through to him, nor he will listen to them.
I’m sure there is lots more to the story, they are probably omitting a lot. Downpayment must have been pocket change too.
also won’t let go of buying new clothes every week, eating out every friday, $500 gym membership and living like normal people
How the fuck do you struggle on 300k!
I understand the urge to make fun of this – but I think people also need to realize cost of living truly has gotten this out of hand in Toronto. I know quite a few people in a very similar situation and while yes, it is their own fault in the sense that they really shouldn’t have bought that house – buying a (not at all fancy) home for their family to live in truly is the long and short of their bad decisions.
The fact that something so basic has quite likely screwed them for life, at that income level, should give us all pause. It’s not like they blew it all on coke, or something. That even they truly can’t afford what used to be considered a pretty standard middle class existence matters – because obviously, that has implications as you go down the income scale. What’s the motivation to work hard and succeed, if even those who “succeed” can’t even enjoy a comfortable life, anymore?
1.4 million? What’s that like a garden shed these days?
Looks like Yahoo Finance is starting to copy *Toronto Life’s* habit of ragebait real estate stories.
A 1.4 million dollar home in Vancouver is nothing. That being said, if I was making $300k I’d be doing better than these two.
Wait, a couple makes 300k a year and they bought a house and can’t pay for it?
Why… didn’t they save up for a few years? I mean hell they could have rented for 5 years pooled their money together and put down a massive down payment on the house. Did they both just like one day decide “Hey lets get a house and a baby at the same time.”
At that point it’s an investment and not a home. So I don’t care.
The headline suggests 1.4M gets you an opulent house while in Van or Toronto it gets you something a blue collar working family could get 20 years ago.
$5,300 more expenses after mortgage has been paid! WOW! these guys are into some serious debt. I wonder if they financed some fancy cars. sorry, but I don’t feel sorry for them. something is wrong with their financial affairs.
and the need for advance financial planning when a child is coming.
1.4 million barely gets you a house in the city.
They’re not struggling
300K??? Cry me a river. 🙄
Honestly met so many of these people when I used to work in financial planning.
Their “spending” is another form of dumb, proof that money and high skills do not mean they are smart nor emotionally, mentally mature. And recommending them to adjust their spending habits to better their lives as a whole is borderline impossible.
They tend to become slaves to the money, the high life and the limelight.
Makes no sense, they’re just God awful with money. 300k net is 172k gross or 14.3k monthly (even more if income is split evenly since you’re paying less on highest tax bracket).
If wife is on mat leave, they aren’t making 300 right now so that’s a misleading title. Even with 8k monthly they can afford a comfortable life with the mortgage. But here lies the problems – rental properties, tesla car, etc lol.
From the article: the family’s monthly fixed costs were CA$12,500 (~150K/yr), of which $7.2K/mo was the mortgage. Where are the other $5.3K/mo going? Food is like $300/person/month, vehicle operation (presuming 2 vehicles) is ~$1000/mo (assuming $200/mo for insurance and $300/mo for fuel per vehicle), power shouldn’t be more than $100/mo in BC thanks to BC Hydro…where is the rest of the money going? It leads me to believe that they aren’t the best budgeters, as they failed to plan both the cost of a new kid, as well as the loss of income when losing one earner. Their take-home income is now $8,500/mo (or $102K/yr) without the second earner, which means they gotta cut back on whatever the “extra” part of that $5.3K a month is.
But the Liberals just added new tools to allow for insured mortgage premium up to $1.5M… AND increased amortization to 30 years.
Problem solved, people can now afford more debt… these people are obviously doing it wrong ✌🏼
sounds like my friend. 200k hhi but 2m dollar house(big downpayment and house nearly doubled), and he owns a second house with his siblings. complains hes poor all the time.
Those who make fun of them are entirely missing the point. The point is Canadians shouldn’t have to struggle so much for a house, not even those who make 100k. And judging from the price, it’s not like they have got a luxury mansion. It’s a high income household trying to live life like normal people used to.
And sorry to break it to those of you who think you can do better: between taxes and interest payments and the rising cost of living, an income of 300k simply doesn’t go very far if you buy a house post covid. Especially if you have obligations like taking care of your parents.
You need 300k income to buy a house in Vancouver
Awww, you poor rich people, I feel so sorry for you!
If you’re calling into the Dave Ramsey show for advice then you are probably already your own problem.
They’re stupid and stubborn. That’s the answer.
We say “million dollar home” as if we’re still in the era of Lifestyles of the Rich and Famous. I’ve seen holes in the ground in Vancouver selling for a million. There’s not a single home in the city less than a million.