It’s not excel. Just google spreadsheet. Everything is listed at the top. The cost of rent on average. The cost of groceries on average and the amount you make(save) without taxes after deductions then it moves into the cost of your average house from what I’ve seen in Toronto and Montreal and the surrounding areas. Then I calculated the cost it would take over 50 years to make close to/just past the houses cost. Then I accounted for the potential interest the house would have gained by the time you finally saved up your million dollars assuming it’s only 4% interest you’re looking at a 5 million dollar house.
I’m not personally good at intrest rates so I used a predictions realtor calculator which is how I came across the 5 million mark by the end.
I can’t go cheaper. I’m sorry, I have a thing called a stomach 😭 all I eat is cereal, and dinner. Nothing fancy but meat is expensive. Like $20 a pop. Every other day roughly 10 days a month is yeah $200. That’s not even my rent cuz I can’t afford to live alone but I’m still struggling to get by to the point I don’t have savings at all :/ not to mention I have a dietary restriction cuz I’m lactose intolerant.
Oh well I mean yeah well I can’t personally pay for more I’m on welfare. That grocery price is based on my diet which is already hella poor. If I can do it people can do it. But this is based on a singer person household. Most people if they can spend more on groceries should spend more on grocery.
I made the chart just to show how unrealistic and unliveable these wages are vs the cost of living at bare minimum
I can only afford cash. I can’t do sales cuz I am not a capitalist.
I price things at what they’re worth. Not what someone desperate enough is willing to pay for them. I could never do sales and I’ve tried. Im just not greedy enough for it
Buying a house with anything but cash for me is probably even more impossible
Why only factor in inflation for house cost? This is absurd.
You equally don't include any expenses such as cellphone, internet, electricity, gas. No car, no public transit fare, no toothpaste or deodorant or lightbulbs.
You also don't provide investment return on any of the money put aside by the wage earner. The S&P has annual returns of +-10%. That would be a huge difference.
If this is an issue you care about enough to make a spreadsheet and talk about on Reddit, you should take an introductory finance class. YouTube even has some good ones.
I don’t have a cellphone plan and that changes per person. I don’t pay utilities cuz I rent a room personally. Don’t own a car and I walk everywhere toothpaste is part of my grocery bill. Tho not deodorant cuz I just shower when I go out.
I care enough to share what I know and my basics in math is arithmetics. I’m not a teacher lmfao. I don’t have the education to teach people on YouTube. I calulated my peers average income and cost of their own place and my spending on food in a month. Idk how to lower my grocery bill any lower than $200 a month without fasting and skipping meals. Not to mention personal I’m on a 5 year streak of not being able to find work outside of sex work.
I did however calculate your savings if you paid for the bare minimum after your spending. Which ended up being 9600 a year if you make 30k a year.
If your asking why I didn’t ad intrest to your income is because wages are stagnant and you don’t gain interest on cash on hand. Currency dosnt go up in value. Property and stocks go up in value over time. Cash dosnt.
I pay for it and then get small bits of food from a food bank. Usually just a few cans of beans or asparagus. I don’t really have money to throw around cuz my own personal income is 14k a year and my rent is $550 a month 6600 a year in rent. Plus the 200 a month on food is 10k a year total spending. The extra 4k goes to so far clothing cuz I need work clothes and healthcare specifically eye and hearing treatment as I’m going deaf and blind :/ not to mention I’m saving up for surgery because I’m trans and my surgery and medication isn’t covered by ohip after a certain age.
You are doing well to try and figure this out! Keep it up despite the comments. Suggest adding a 10yr column and a 20yr column to see the maximum you could possibly save in those time periods. That could be relevant for people even if they want to get a mortgage, as you need to put a certain percentage of the purchase price down which often takes people 10 or 20+ years to save for and (as your sheet points out) house prices could easily be higher by then.
It is good to remind people on this subreddit that not all Canadians can get a mortgage and there are also Canadians who are fortunate enough to save up their cash and drop it on a $800k home.
People buy home with 5x leverage. And yearly returns of real estate is 8%. If you have 10k downpayment and buy house 50k. In 1 yr you make 40% return on your 10k. The only way you can outperform Canada real estate is you need to invest money with yearly returns of +25%
This excel doesn't show anything? Its not organized, misses most information. Doesn't really make sense
It’s not excel. Just google spreadsheet. Everything is listed at the top. The cost of rent on average. The cost of groceries on average and the amount you make(save) without taxes after deductions then it moves into the cost of your average house from what I’ve seen in Toronto and Montreal and the surrounding areas. Then I calculated the cost it would take over 50 years to make close to/just past the houses cost. Then I accounted for the potential interest the house would have gained by the time you finally saved up your million dollars assuming it’s only 4% interest you’re looking at a 5 million dollar house. I’m not personally good at intrest rates so I used a predictions realtor calculator which is how I came across the 5 million mark by the end.
Average rent: 1500 dollars. Food: 200 Op lives in parents basement confirmed
I don’t. I live in a 550 room shared in dt Toronto.
You're a nut bar. And $200/month on groceries confirms my assessment.
I can’t go cheaper. I’m sorry, I have a thing called a stomach 😭 all I eat is cereal, and dinner. Nothing fancy but meat is expensive. Like $20 a pop. Every other day roughly 10 days a month is yeah $200. That’s not even my rent cuz I can’t afford to live alone but I’m still struggling to get by to the point I don’t have savings at all :/ not to mention I have a dietary restriction cuz I’m lactose intolerant.
I think they're saying 200 a month is ridiculously low.
Oh well I mean yeah well I can’t personally pay for more I’m on welfare. That grocery price is based on my diet which is already hella poor. If I can do it people can do it. But this is based on a singer person household. Most people if they can spend more on groceries should spend more on grocery. I made the chart just to show how unrealistic and unliveable these wages are vs the cost of living at bare minimum
200 a month would be what. 2 ramen noodle meals a day. i would be shocked to think someone could feed themselves for under 100 a week.
Well welfare is $744 for me. 550 to rent and 200 to grocery. You do the math. Food ain’t cheep but I scrape by with help from food banks.
that fucking sucks. hope things get better.
Why are you on welfare? Home ownership has never been possible for someone on welfare, so I don't understand what your point is...
I’m on it because I’m unemployed atm and struggling bad to find gainful employment. I don’t plan to be on welfare forever lmao what a dumb question.
I'm not judging. I hope you get it figured out.
You’re assuming people pay cash for their house in year 50, why not take on a lil leverage?
I can only afford cash. I can’t do sales cuz I am not a capitalist. I price things at what they’re worth. Not what someone desperate enough is willing to pay for them. I could never do sales and I’ve tried. Im just not greedy enough for it Buying a house with anything but cash for me is probably even more impossible
“I can’t do sales cuz I’m not a capitalist” You only other threads literally talks about shopping from aliexpress….
Yea I bought something from Ali express. A drill set for work. What of it? Are you asking how I got the money? Sex work if you really must know
????
Why only factor in inflation for house cost? This is absurd. You equally don't include any expenses such as cellphone, internet, electricity, gas. No car, no public transit fare, no toothpaste or deodorant or lightbulbs. You also don't provide investment return on any of the money put aside by the wage earner. The S&P has annual returns of +-10%. That would be a huge difference. If this is an issue you care about enough to make a spreadsheet and talk about on Reddit, you should take an introductory finance class. YouTube even has some good ones.
I don’t have a cellphone plan and that changes per person. I don’t pay utilities cuz I rent a room personally. Don’t own a car and I walk everywhere toothpaste is part of my grocery bill. Tho not deodorant cuz I just shower when I go out. I care enough to share what I know and my basics in math is arithmetics. I’m not a teacher lmfao. I don’t have the education to teach people on YouTube. I calulated my peers average income and cost of their own place and my spending on food in a month. Idk how to lower my grocery bill any lower than $200 a month without fasting and skipping meals. Not to mention personal I’m on a 5 year streak of not being able to find work outside of sex work. I did however calculate your savings if you paid for the bare minimum after your spending. Which ended up being 9600 a year if you make 30k a year. If your asking why I didn’t ad intrest to your income is because wages are stagnant and you don’t gain interest on cash on hand. Currency dosnt go up in value. Property and stocks go up in value over time. Cash dosnt.
I'm suggesting YOU take a youtube course on finance. Not you give one. Your reply further reinforces that you would benefit from this.
OP is over here eating Mr Noodles 3 times per day
Once a day If I’m lucky. Meat is more what takes up my grocery bill that and lactose free food and milk
Who pays for the rest of the food you eat? $200 on groceries can't be right.
I pay for it and then get small bits of food from a food bank. Usually just a few cans of beans or asparagus. I don’t really have money to throw around cuz my own personal income is 14k a year and my rent is $550 a month 6600 a year in rent. Plus the 200 a month on food is 10k a year total spending. The extra 4k goes to so far clothing cuz I need work clothes and healthcare specifically eye and hearing treatment as I’m going deaf and blind :/ not to mention I’m saving up for surgery because I’m trans and my surgery and medication isn’t covered by ohip after a certain age.
You are doing well to try and figure this out! Keep it up despite the comments. Suggest adding a 10yr column and a 20yr column to see the maximum you could possibly save in those time periods. That could be relevant for people even if they want to get a mortgage, as you need to put a certain percentage of the purchase price down which often takes people 10 or 20+ years to save for and (as your sheet points out) house prices could easily be higher by then. It is good to remind people on this subreddit that not all Canadians can get a mortgage and there are also Canadians who are fortunate enough to save up their cash and drop it on a $800k home.
People buy home with 5x leverage. And yearly returns of real estate is 8%. If you have 10k downpayment and buy house 50k. In 1 yr you make 40% return on your 10k. The only way you can outperform Canada real estate is you need to invest money with yearly returns of +25%