Note: If we deduct CPP and EI , the 'after-tax income' in the example should be closer to 46k (instead of $50.5k). The principles of the Payday Routine still stands though.
@Prioridigitalstudio
2 күн бұрын
Love how simple and real your video feels! It's so refreshing 😊
@LivinginCanada
2 күн бұрын
Thanks so much 😊
@user_j_9one
7 күн бұрын
Subscribed. Simple, comprehensive and str8 to the point
@LivinginCanada
7 күн бұрын
Welcome to the channel!
@JayB-JayB
7 күн бұрын
Awesome always.😊❤ I've found following a ROUTINE in all aspects of life can't help but generate success 😊
@LivinginCanada
7 күн бұрын
That's true. Useful in almost all areas of life. Create and follow a routine, then, once in a while, break it and set up a new one to prevent monotony!
@JayB-JayB
7 күн бұрын
@@LivinginCanada😂👍
@TrueRay17
6 күн бұрын
I'm from Toronto and trying to get to a point of 50% of my pay in my emergency fund which is a TFSA. I don't really believe in rrsp...I heard horror stories about.. instead every 6 months or so I put spending money that I save into investments...like buy shares and stuff using wealthsimple. In regards to food I become more efficient with it I do intermittent fasting and only eat two meals a day which helps me stay in shape but also helps me save on groceries. Once you realize you can't have everything things will become easier
@seethruhead7119
5 күн бұрын
if you're not using an rrsp you are flushing money down the toilet it would be absolutely non-sensical to avoid rrsp
@maguito000
4 күн бұрын
Could you share those horror stories about rrsp?
@2abalsys
2 күн бұрын
Try to make up your own mind about rrsp’s. Do some reading or YouTubing using credible resources. Unless you are extremely wealthy, most Canadians find rrsp’s useful. Good luck in your financial endeavours. :)
@ZeroIsEven
Күн бұрын
@@seethruhead7119Agreed. I started putting $50/mo into RRSPs when I was 18 and thought it was silly … but then I was able to withdraw $5k (borrow from myself because I had to pay it back to my RRSPs) when I was 26 to use on first time homebuyer mortgage. When I was in my 30’s I used our RRSPs to pay for my Master’s degree. Again, I had to pay it back to myself, but my pay increased by more than that after having a degree. In my 40’s a took a few years off for health and wellness and my income was really low, so I used RRSPs as income because I paid almost no taxes on the withdrawal. Last year, the money remaining in my RRSPs increased over 20% and I did no work for that and wont have to pay taxes on it until I retire. They have been great my whole life for homes, school, retirement, and in emergencies, and are free money when my employer matches.
@tonyp9313
Күн бұрын
Just become a minimalist. That'll save you a lot of money. Not a lot of people are making 60 k a Year. So I wonder where she pulled out this avg number from.
@vancouverdiaries738
6 күн бұрын
With that take home salary, I cant even pay my rent, haha! Lower mainland is crazyyyyy!
@The_real_Toddington
4 күн бұрын
We must by an RV with solar power
@LivinginCanada
Күн бұрын
That's right, it can only work for people splitting rent, staying at their parents home, or if they're still benefiting from an old cheap rent contract. For people renting as and individual in 2024, it's impossible.
@varunraimalhi3893
6 күн бұрын
Very informative Huge shout outs to u 💐💐🌸
@LivinginCanada
6 күн бұрын
Thank you! Cheers!
@dchang1983
5 күн бұрын
Good tips overall! Only suggestion would be to include insights to help small businesses owners. Tax structure is different and as an entrepreneur there are no RRSP matching benefits.
@Mike-bo9ne
2 күн бұрын
Excellent strategy... You're right, the only difficult part is getting that job first that pays more than your expenses, if We can all do that, We'll be millionaires in no time at all!!! Set goals, save $50,000 year at 4% for example... If you have a good job and still live with your parents, or your split rent with someone else, you can easily do this! Thanks for the video, byeeeee 🎉
@LivinginCanada
Күн бұрын
Sounds like a great plan!!
@Bipbapbop_
4 күн бұрын
I get paid bi-weekly, per cheque I put 200 into rrsp, 100 in tfsa, and 200 into fhsa totalling 500 per cheque, or 1000 per month. Seems to be going well so far, I live in small town in the west rent is 850 and cost of living is pretty affordable compared to big cities. Could live off 2k fairly easy luckily I make more than that.
@LivinginCanada
2 күн бұрын
That's awesome!
@miguelviau3163
2 күн бұрын
In Ontario we also pay CPP (6%) and EI (1.7%) and usually a retirement fund (10%). So lets take another 18% off of that $50,500 before we play with our buckets!
@LivinginCanada
Күн бұрын
You're right! Yes, that reduces the number even further. Turbotax calculates the estimate for CPP and EI as well, I just haven't included it in the calculation. So the net should be closer to 46k. Thanks for noting!
@tekunji9884
7 күн бұрын
Lovely insights!❤
@LivinginCanada
7 күн бұрын
Thanks as always🤩
@thilokasapugasthanna7059
Күн бұрын
‘Put part of your paycheque to FHSA to avoid tax’ means the paycheque you get after deducting the taxes?
@lipefranca2957
6 күн бұрын
Watching fron Brasil =D
@LivinginCanada
6 күн бұрын
Welcome to the channel!🇧🇷🇨🇦
@ucheuwah5729
5 күн бұрын
The whole tax thing is confusing. My mates pre-tax is 70k but his monthly is less than 4200, while the pre-tax example of 60k is equivalent to 4200 monthly. Confusing.
@LivinginCanada
2 күн бұрын
The example is only an estimation. In reality there are different factors that flow into the tax calculations (e.g. deductions)
@chiagozieoyeka6250
7 күн бұрын
Does money in a FHSA accrue interest?
@LivinginCanada
7 күн бұрын
It depends on where you invest the money within the FHSA. The FHSA itself is just like a pot with tax advantages. The returns you get will depend on the particular investment products you invest it in, e.g. if you put the money in GICs, you get a fixed interest, if in stocks, appreciation (growth) and sometimes dividends.
@je5terc0re
7 күн бұрын
Rayday Poutine
@HeroDefi
Күн бұрын
The real question is who's making $4200 a month in Canada...?
@tonyp9313
Күн бұрын
Yeah nobody lol. I make $2000 a month after taxes a month maybe a bit more now that's it. To make $4200 you have to be working a high class job for the city or be a low end teacher with University degrees.
@The_real_Toddington
4 күн бұрын
Hey, I pass by your videos from time to time. I love your advice, I wish you could guide me with a few little things along the lines of wealthsimple. But it's crazy when I started with them it started at 5% and now it's down to 3.25. I guess it's better than nothing right.
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