Liberty4all
Banned
An unbelievable article posted in Toronto Life. 5 families each making 200 thousand a year claim they are not rich. Wait until you see their monthly budgets. The article author claims these people are not rich, really "just making it" after considering cost of living expenses.
http://www.torontolife.com/daily/informer/from-print-edition-informer/2012/02/15/almost-rich/
Sickening really. here is an example of three of the budgets (there are 2 more examples in the article)
Single guy making 166k
Monthly expenses | Rent: $1,750. Mortgage and property taxes on an Ottawa home he co-owns with his ex: $1,180. Groceries and eating out: $1,400. (“I often order pasta at Grazie or, if I’m in a celebratory mood, North 44°. I buy better cheese and other exotic ingredients at Pusateri’s, and because I cook at home a lot I pack leftovers for lunch.”
Wine: $800. (“I’ll spend anywhere from $15 on a Rhône to $100 on an Amarone, and I open a bottle almost every night. I’m one course away from sommelier certification, and they practically know my name at the Summerhill LCBO. “ Rogers Internet: $40. Clothes at Harry Rosen and shoes from online collectible sneaker stores: $1,000. (“My big buy last year was a couple of Zegna suits for $1,500 each.” Live music: $200. (“I go to all kinds of concerts. Last year, I saw The Weeknd at Lee’s Palace as well as Gordon Lightfoot at Massey Hall.”
Annual expenses | Lease, maintenance and insurance for a 2010 Honda Civic: $7,000. (“I’m at an age now that I don’t care as much about what kind of car I drive.” Travel: $10,000. (“I go to Vegas three or four times a year, though not because I have a gambling problem—my perfect day in Vegas is spent poking around the city’s downtown nooks and dive bars, miles from the tourist zoo along the strip. And I’m a regular at the annual Coachella music festival in Southern California.” RRSP contributions: $20,000.
Family of four making 200k
Monthly expenses | Mortgage on their three-bedroom home: $2,000. Mortgage on their Georgian Bay cottage: $1,200. Utilities: $430. Gas for their Chevy Avalanche and BMW 328xi: $300. Groceries at Highland Farms: $1,200. Eating out, mostly at Swiss Chalet and Jack Astor’s: $840. Rogers for home phone, cable and Internet: $200. Clothes: $1,000. (“I drive across the border to Buffalo all the time on business,” says Antonella. “I shop a lot when I’m over there, mostly at stores like Guess.” Vitamins, creams and lotions at Shoppers: $400. Books and magazines: $100. (“I get Men’s Health, new business books, and a novel now and then,” says Anthony.) Gifts: $250. (“The kids are constantly going to birthday parties. And there’s always a christening or confirmation to attend.”
Annual expenses | Insurance for cars, house and cottage: $3,640. Kids’ RESPs: $4,000. RRSPs and blue-chip stocks: $20,000. Donations to Princess Margaret Hospital, SickKids and women’s shelters: $1,500. Vacations: $7,000. (“In February, we take the kids to an all-inclusive in the Dominican or Mexico,” Anthony says. “Sometimes my wife and I will go to the Bahamas for four days in the winter and leave the kids at home with their grandparents.” Season tickets to the Leafs for Anthony: $2,000. Hockey league fees, tournament fees and new equipment for Marcus: $1,500. Dance classes for Angelina: $700.
Another family of four making 200k
Monthly expenses | Mortgage payment for a three-bedroom house: $2,500. Utilities: $500. Gas for their Jeep Commander and Ford F-150 truck: $440. (“The Jeep was a mistake. We shouldn’t have bought it; we could have used the extra money for travel.” Street parking and two parking permits: $200. Home and car insurance: $300. Cleaning lady: $160. Groceries: $1,000. (“We like Whole Foods and try to eat organic as much as we can. We love the new Leslieville store Hooked for fish. For everything else, Loblaws.” Baby supplies and toiletries at drugstores: $75. Wine: $400–$500. (“We try to get the better $11 bottles, but they go fast.” Eating out: $400. Home phone, cable, Internet and two cellphones: $280. Dry cleaning: $50. Haircuts, nails and waxing: $170. Gifts: $200. (“You have kids, you spend money on toys for other kids. That’s how it goes.” Daycare for both kids: $2,500.
Annual expenses | Property tax: $3,800. Upgrades and maintenance on their house: $5,000. Clothes: $3,000. (“When you have young kids you really cut back on stuff for yourself.” RRSPs and investments: $0. (“Ha! We live month to month. When we have money left over, we go out.” Savings accounts for the kids: $1,500. (“We put money in on birthdays and special occasions.” Hockey league fees for Thomas: $500. Gym classes for Suzanne: $900. Swimming and music lessons for the kids: $900.
Edit: since the thread got so many responses I'm adding in the other 2 case studies:
Family of 2 (seniors) income 160k
HOW THEY SPEND IT
Monthly expenses | Condo fees: $900. Gas for their Mercedes E320: $150. (“We buy a new Mercedes every three years; it’s our big indulgence,” says Doug. “We always pay cash. This one was $80,000.” Groceries: $600. (“We mainly shop at Longos and Metro,” says Shirley. “Doug’s a vegetarian and eats like a rabbit: he can go through a lot of broccoli.” Costco: $300. (“We get everything there. Prescriptions. Fruit. Laundry soap. They have great trout, too.” Eating out: $200. (“We like Swiss Chalet and Great Chefs on Eight in The Bay.” Rogers home phone and Internet service: $70. Skype fees: $2.50. (“We use it for long-distance calls to the kids.” Bathing suits, T-shirts, socks and tennis shoes for the gym: $100. Gym fees at the Mayfair Club: $125. (“I’m there every morning at 7:30,” says Doug.) Newspapers, books and magazines: $70.
Annual expenses | Gifts: $1,000. (“We have two grandkids, and we give them presents for birthdays, Christmas, special occasions.” Insurance for car and condo: $2,400. Slots at Casino Rama and Casino Niagara: $100. (“I take $50 and go with friends in our building,” says Shirley.) Four-month trip to Myrtle Beach: $15,000. A trip to visit their son Brock in Denver: $2,500. Travel insurance: $8,000. (“At our age? And with pre-existing medical conditions? It’s a huge expense. But we don’t want to be in the States and not be covered.”
Family of 3 (all adults) 166k
HOW THEY SPEND IT
Monthly expenses | Mortgage on their four-bedroom house, purchased in 2010: $2,500. Utilities: $300. Rogers for home phone, cable, Internet and two cellphones: $350. Gas for their Chevy Equinox and Chevy Cobalt: $300. Groceries at Loblaws, Metro, Fortino’s and the Oriental Food Mart on Finch West: $1,600. (“I like to cook dishes that I used to make in Nigeria,” Margaret says. “I often make spinach and okra soup and moin-moin, which is black-eyed beans with peppers.” Eating out: $100. (“We sometimes go to Mandarin or Mr. Greek to celebrate.” Lunches and coffees: $50. (“I pack a lunch basket for the family almost every day,” Margaret says. “For our health, we try to avoid eating sugary snacks and drinking coffee. I do occasionally like a Timbit, however.” White wine, usually consumed with Sunday dinner: $80. Books and magazines: $100. Hair salon: $400. Grooming products for Emmanuel and Iyiope: $75.
Annual expenses | Clothing: $3,000. (“I don’t buy as many new outfits as I used to, since I have several nice suits I haven’t worn more than once,” says Margaret. “My new weakness is shoes and bags. I have a red Coach patent leather bag I love that I got for only $379.” Furniture and furnishings, mostly from The Brick and HomeSense: $1,000. Vacations: $0. (“We have not been on vacation since coming to Canada. It has been work-work-work.”
Gawker ripped them a new one.
http://www.torontolife.com/daily/informer/from-print-edition-informer/2012/02/15/almost-rich/
Sickening really. here is an example of three of the budgets (there are 2 more examples in the article)
Single guy making 166k
Monthly expenses | Rent: $1,750. Mortgage and property taxes on an Ottawa home he co-owns with his ex: $1,180. Groceries and eating out: $1,400. (“I often order pasta at Grazie or, if I’m in a celebratory mood, North 44°. I buy better cheese and other exotic ingredients at Pusateri’s, and because I cook at home a lot I pack leftovers for lunch.”
Wine: $800. (“I’ll spend anywhere from $15 on a Rhône to $100 on an Amarone, and I open a bottle almost every night. I’m one course away from sommelier certification, and they practically know my name at the Summerhill LCBO. “ Rogers Internet: $40. Clothes at Harry Rosen and shoes from online collectible sneaker stores: $1,000. (“My big buy last year was a couple of Zegna suits for $1,500 each.” Live music: $200. (“I go to all kinds of concerts. Last year, I saw The Weeknd at Lee’s Palace as well as Gordon Lightfoot at Massey Hall.”Annual expenses | Lease, maintenance and insurance for a 2010 Honda Civic: $7,000. (“I’m at an age now that I don’t care as much about what kind of car I drive.”
Travel: $10,000. (“I go to Vegas three or four times a year, though not because I have a gambling problem—my perfect day in Vegas is spent poking around the city’s downtown nooks and dive bars, miles from the tourist zoo along the strip. And I’m a regular at the annual Coachella music festival in Southern California.” RRSP contributions: $20,000.Family of four making 200k
Monthly expenses | Mortgage on their three-bedroom home: $2,000. Mortgage on their Georgian Bay cottage: $1,200. Utilities: $430. Gas for their Chevy Avalanche and BMW 328xi: $300. Groceries at Highland Farms: $1,200. Eating out, mostly at Swiss Chalet and Jack Astor’s: $840. Rogers for home phone, cable and Internet: $200. Clothes: $1,000. (“I drive across the border to Buffalo all the time on business,” says Antonella. “I shop a lot when I’m over there, mostly at stores like Guess.”
Vitamins, creams and lotions at Shoppers: $400. Books and magazines: $100. (“I get Men’s Health, new business books, and a novel now and then,” says Anthony.) Gifts: $250. (“The kids are constantly going to birthday parties. And there’s always a christening or confirmation to attend.”Annual expenses | Insurance for cars, house and cottage: $3,640. Kids’ RESPs: $4,000. RRSPs and blue-chip stocks: $20,000. Donations to Princess Margaret Hospital, SickKids and women’s shelters: $1,500. Vacations: $7,000. (“In February, we take the kids to an all-inclusive in the Dominican or Mexico,” Anthony says. “Sometimes my wife and I will go to the Bahamas for four days in the winter and leave the kids at home with their grandparents.”
Season tickets to the Leafs for Anthony: $2,000. Hockey league fees, tournament fees and new equipment for Marcus: $1,500. Dance classes for Angelina: $700.Another family of four making 200k
Monthly expenses | Mortgage payment for a three-bedroom house: $2,500. Utilities: $500. Gas for their Jeep Commander and Ford F-150 truck: $440. (“The Jeep was a mistake. We shouldn’t have bought it; we could have used the extra money for travel.”
Street parking and two parking permits: $200. Home and car insurance: $300. Cleaning lady: $160. Groceries: $1,000. (“We like Whole Foods and try to eat organic as much as we can. We love the new Leslieville store Hooked for fish. For everything else, Loblaws.” Baby supplies and toiletries at drugstores: $75. Wine: $400–$500. (“We try to get the better $11 bottles, but they go fast.” Eating out: $400. Home phone, cable, Internet and two cellphones: $280. Dry cleaning: $50. Haircuts, nails and waxing: $170. Gifts: $200. (“You have kids, you spend money on toys for other kids. That’s how it goes.” Daycare for both kids: $2,500.Annual expenses | Property tax: $3,800. Upgrades and maintenance on their house: $5,000. Clothes: $3,000. (“When you have young kids you really cut back on stuff for yourself.”
RRSPs and investments: $0. (“Ha! We live month to month. When we have money left over, we go out.” Savings accounts for the kids: $1,500. (“We put money in on birthdays and special occasions.” Hockey league fees for Thomas: $500. Gym classes for Suzanne: $900. Swimming and music lessons for the kids: $900.Edit: since the thread got so many responses I'm adding in the other 2 case studies:
Family of 2 (seniors) income 160k
HOW THEY SPEND IT
Monthly expenses | Condo fees: $900. Gas for their Mercedes E320: $150. (“We buy a new Mercedes every three years; it’s our big indulgence,” says Doug. “We always pay cash. This one was $80,000.”
Groceries: $600. (“We mainly shop at Longos and Metro,” says Shirley. “Doug’s a vegetarian and eats like a rabbit: he can go through a lot of broccoli.” Costco: $300. (“We get everything there. Prescriptions. Fruit. Laundry soap. They have great trout, too.” Eating out: $200. (“We like Swiss Chalet and Great Chefs on Eight in The Bay.” Rogers home phone and Internet service: $70. Skype fees: $2.50. (“We use it for long-distance calls to the kids.” Bathing suits, T-shirts, socks and tennis shoes for the gym: $100. Gym fees at the Mayfair Club: $125. (“I’m there every morning at 7:30,” says Doug.) Newspapers, books and magazines: $70.Annual expenses | Gifts: $1,000. (“We have two grandkids, and we give them presents for birthdays, Christmas, special occasions.”
Insurance for car and condo: $2,400. Slots at Casino Rama and Casino Niagara: $100. (“I take $50 and go with friends in our building,” says Shirley.) Four-month trip to Myrtle Beach: $15,000. A trip to visit their son Brock in Denver: $2,500. Travel insurance: $8,000. (“At our age? And with pre-existing medical conditions? It’s a huge expense. But we don’t want to be in the States and not be covered.”Family of 3 (all adults) 166k
HOW THEY SPEND IT
Monthly expenses | Mortgage on their four-bedroom house, purchased in 2010: $2,500. Utilities: $300. Rogers for home phone, cable, Internet and two cellphones: $350. Gas for their Chevy Equinox and Chevy Cobalt: $300. Groceries at Loblaws, Metro, Fortino’s and the Oriental Food Mart on Finch West: $1,600. (“I like to cook dishes that I used to make in Nigeria,” Margaret says. “I often make spinach and okra soup and moin-moin, which is black-eyed beans with peppers.”
Eating out: $100. (“We sometimes go to Mandarin or Mr. Greek to celebrate.” Lunches and coffees: $50. (“I pack a lunch basket for the family almost every day,” Margaret says. “For our health, we try to avoid eating sugary snacks and drinking coffee. I do occasionally like a Timbit, however.” White wine, usually consumed with Sunday dinner: $80. Books and magazines: $100. Hair salon: $400. Grooming products for Emmanuel and Iyiope: $75.Annual expenses | Clothing: $3,000. (“I don’t buy as many new outfits as I used to, since I have several nice suits I haven’t worn more than once,” says Margaret. “My new weakness is shoes and bags. I have a red Coach patent leather bag I love that I got for only $379.”
Furniture and furnishings, mostly from The Brick and HomeSense: $1,000. Vacations: $0. (“We have not been on vacation since coming to Canada. It has been work-work-work.”Gawker ripped them a new one.
