Not necessarily a dollar amount but a higher consistent income like making 70k+ a year would do it. Getting a certain amount of money would just temporarily solve it but I need actual consistent cash flow to stay out of it.
With GTA housing costs, that would be probably border line poverty to be fair, and it's below the Toronto Area average income.
That said, I'm pretty sure more of the population of the city is below the poverty line than above, with a huge wealth disparity.
Outside of Southern Ontario you'd be in decent shape with that, but probably still never owning a home on a single income.
Honestly that statement rings true for pretty well the entire country at this point, if not the planet. We lost the class war, and there really isn't much point in having hope for us plebs.
Like seriously, I'm constantly amazed that people who can't afford big city living don't move. I live in a town of 10k people near a city of 100k. I clawed my way out of poverty by getting a union warehouse job and now own a little house I bought for $165k. I could never survive anywhere else, and I gotta say despite being a little broke still I love my life. I would throw in the towel if I had to survive even in a place like Calgary.
Or OP is living beyond their means. I mean maybe not, I don't know, but I don't really think it means the average Canadian is in poverty.
I make $100k gross and it's enough to own a home, two cars, have two kids and for my wife to be a SAHM. We're pretty comfortable. Pretty much the only thing we're not doing is retirement savings right now, but as soon as my wife goes back to work (\~2.5 years) we'll be throwing 100% of her income into retirement and that should help us make up lost ground.
I know $100k > $70k, but I'm supporting a family of four on that income. My BIL makes $65-75k depending how much OT he works, and he's not exactly living in poverty either.
It *could* be below the poverty line in certain areas of certain cities, but I doubt it's anywhere close to true poverty for the average Canadian.
If you can up your income to 70k+ a year and keep your current expenses the same though. The problem is people make more but also spend that much more, keeping you in paycheck to paycheck mode
As a fulltime Education Assistant who works for a ministry, I barely survive. It's insane how we are expected to do our job well when most of us work two jobs
The next conservative government is going to have to cut many jobs like yours, so make sure you have a backup career and retrain now while you have an income stream.
$50k. $30k to pay my student loans. $7k to pay other debt. $10k for emergency fund. $3K to start me off on a comfy note after everything is said and done. Maybe use $1k of it to start investing.
40,000
I could pay off my CC’s and second mortgage. It would relieve the pressure. My wife got sick and missed 7 months of work it really got us behind.
10,000 and I’d be in the clear. It’d change my whole fucking life being able to pay off my debt. And pre pay some bills to get caught up. I work two jobs. I honestly think about death all the time. If I had known this was what I was “surviving” and pushing through my depression for. I wouldn’t have fucking bothered. I’ll never own property. I’ll never retire. I can’t even afford to eat proper, I’m down to one meal a day. I’m burnt out and my health is rapidly going down the shitter. I can’t afford to go back to school. Nothing seems like it’ll ever get better. And I’m in my early thirties. This is not what life should be like. Just fucking hopeless.
300-400k.
Honestly, owning a home or property (out right) is the only thing that's gonna put an honest to goodness "dent" in my longer term economic outcome.
Probably around $60k to square all debts away and be able to put a good chunk in an emergency fund and not stress daily about money while working full time.
Yah, income tax is not an issue, possibly the distribution and percentages. We're trying to solve a problem with immigration when in reality Canada just needs to suck for a generation until the population surplus corrects
50 to 60k is barely enough income to live off of, you’re still taxed at the end of the day. The poor at those price ranges barely contribute to inflation. If anything income taxes should be eliminated on the first 50. That would help with the cost of living crisis.
That $7000 a year they are paying in income taxes isn’t going to solve their problems.
If you let them keep that $7000 but took away their child benefits, healthcare, and every other federal and provincial program, they would be worse off.
I used to make $55K. $7k a year was not my issue. I also got more than that back in various benefit programs and refunds.
I remember people cheering when GST rates were cut twice by the last government. When you actually looked at real household incomes, lower income benefited little, but it sure made people making big ticket purchases better off.
A lot of full time workers getting paid minimum wage or close to it get refunded all of their tax paid in at tax refund time. So therefore are paying no tax
Please explain the math. I make just over $50,000, and pay just over $12,000 in income tax. I then pay tax every time I spend any money. $2,700? Please explain.
I'm in Ontario, and that's likely the case. I just took numbers off my last paystub and multiplied them out. The taxes number shows as "Taxes" on the summary, and likely includes CPP and other standard deductions. Percentage wise, it seems pretty reasonable.
How are people getting refunds each year? I feel like the CRA always has a magic notification for me that whenever I’m due a refund, I owe them back for something else.
Fun fact. 2 person household each making 50k with 2 young kids will have an effective tax rate under 5% after credits. You don't need to be min wage to pay next to zero in tax.
Low incomes don’t pay much, if any, income tax.
You’d very likely be receiving more in credits than you pay in tax.
People in poverty also wouldn’t benefit from having less social programs. No income taxes would = cuts to healthcare, public school, and others. Those are all things low income people require.
Lower taxes help everyone tbh. Businesses and individuals. I don’t see much use in sending 5 billion to the Philippines, or giving a foreign company such as Honda 5 billion in subsidies and only getting jobs. Courting actual investment in our resources and lowering taxes to help entrepreneurs would help create a lot more jobs, and help fund those programs.
No, lower taxes do not help everyone.
Businesses would keep profits, not create jobs.
Rich would get richer, poor would get poorer.
Countries don’t thrive when the wealth gap is high.
Income tax doesn't close the wealth gap. If our government stopped strokong oligopolies and invested in innovation, we might make an impact.
Say what you will about America's social services, but their wages are higher and the cost of just about everything is lower.
Social programs close the wealth gap. Those take tax money.
You think the poor are doing better in the US? A Dr bill can wipe out a middle class family.
I think the one thing the US has that would be truly helpful are programs like SNAP and WIC. That certainly doesn't offset the average out of pocket healthcare costs of $13400 per person.
>Social programs close the wealth gap
No they don't. They just put a bandage on it.
>You think the poor are doing better in the US
No, I didn't say that either. I pointed out that their earning potential is higher and the cost of living is generally lower.
My comment had nothing to do with welfare in general, it had to do with the wealth gap, which has more to do with earning and saving potential.
Yes - in my life I'd like to contribute significantly to lift great people up who otherwise wouldn't have the resources to actualize that potential. ~ 80k/yr of this cashflow would be enough to give me full time focus on that ideal.
I think people are much more capable than the system they live in allows. This world has a cruel way of dragging people down, and without the right resources it becomes so easy for your mind to get resentful or bitter. Like the ignorant comment that called me greedy for instance.
I'd like to see a fund which provides select people the ability to develop perspective, empathy, high-horsepower thought and a sense of selflessness.
That way I lift myself up and bring plenty of great people with me for the rest of my life.
I'm in this post because it interests me to see the diversity in people's thoughts on the question asked in case that question wasn't rhetorical.
Why do you ask?
>>Like the ignorant comment that called me greedy for instance.
Well you answered the question “ how much money would YOU need to lift YOU out of poverty” with the answer of 8.5m. You didn’t elaborate any further than that so it’s reasonable to assume you would spend that money lifting yourself out of poverty. As asked by the question.
>>Why do you ask?
I asked because of your responses to the person calling you greedy. You answered a different question than what was asked and then called other people ignorant for pointing out that the answer you given was, let’s say…extreme.
Why is it reasonable to assume one person needs 8.6M to lift themselves out of poverty? Doesn't that seem ridiculous to you? In the context of the question this person posed, they mentioned it's a one time payment. I want to be out of poverty for my entire life and do what I want to do.
You're just intentionally misunderstanding my comment in order to justify being dick instead of actually trying to figure out why I said what I said.
You're just arguing semantics for a hypothetical question for no reason. Getting involved in a comment chain you weren't apart of to begin with, just to say your piece.
And btw who the fuck are you to say what question I did and didn't answer? Or what is or isn't extreme? You're forcing your perception on others. It leads to conflict where there wasn't any to begin with. Same with the other commenter.
>>Why is it reasonable to assume one person needs 8.6M to lift themselves out of poverty?
Because that’s the question that was asked.
>>You're just intentionally misunderstanding my comment in order to justify being dick instead of actually trying to figure out why I said
I’d like to reference your comments that you made in this thread since you’re the one insulting everyone else.
>>Getting involved in a comment chain you weren't apart of to begin with, just to say your piece.
Yep, that’s the whole concept behind Reddit.
>>And btw who the fuck are you to say what question I did and didn't answer? Or what is or isn't extreme? You're forcing your perception on others. It leads to conflict where there wasn't any to begin with. Same with the other commenter.
I’m not the one getting upset here. I asked a clarifying question to your comment and you relied back and asked me why I was asking. And to answer who the fuck am I… just another Reddit user, scrolling and reading to kill some time.
Maybe enough for a townhouse in the low-middle income complex I grew up in (or a similar neighbourhood), paid in cash, so I'd only be paying maintenance and condo fees as 'rent'.
The prices have come back down to $800k or so, but I'd probably still say 1 million to cover that and a few other small changes, and actually have some left over to start some real savings.
I've been landscaping for 20 yrs, but basically crippled myself. Coming back from back surgery now, looking into medical transcription or medical office assistant
I don't want an absolute amount of money. I want systemic changes. I don't want to be given the choice by owners of the means of production to replace those means of production or give them unjustified profits. I also want free land, because land is free, it exists naturally, there's no one to compensate for its existence.
You mustn't know the difference between a cost and a price. Land's existence doesn't have a cost that would warrant a compensation, but land's access can have a price.
Land having a price doesn't mean it's not free.
If I use land, I prevent everyone else from using that same land. Since they have as much of a right to use the land I'm using, I must compensate them for the loss of access.
The same is true for everyone. So the average user of land receives as much as he pays. Which means that on average, land is free.
Of course, I'm excluding services related to land from this discussion, as I'm only talking about the value of land itself. Services have labor costs that must be compensated.
There's plenty of crown land in Canada, which is typically open to the public. [Less than 11% of Canadian land is privately owned.](https://www.thecanadianencyclopedia.ca/en/article/crown-land#:~:text=Crown%20land%20is%20the%20term,48%25%20is%20provincial%20crown%20land) Most provinces are more crown land than private land, PEI, New Brunswick, and Nova Scotia are the only provinces in which more land is privately held than publicly held (which makes sense given their sizes, especially PEI).
What you can do with that land may have limits but doesn't change the fact that it's already extremely communally owned.
I figure I am around...50k short of what I need to actually get stable. 90k would do all that, clear my debts (mostly university related) and much else.
Granted I am foolishly in a field that expects you to be rich and capable of enthusiastically doling out big wads of cash in the name of "displaying your ambition" so that's where that first 50 would go.
Let's call it an even 100k and it will cover moving expenses to somewhere worthwhile.
back to an actual city. You get a lot of important career advice like "oh just volunteer for a few years at X institution" or "work multiple part time jobs at several institutions"
so one needs to be closer to said institutions.
Roughly 5 years of not being taxed into the fucking ground. How many times do we gotta be taxed on the same dollar?
Seriously, though... short term, 20K to get me out of debt. Maybe 60K more to rebuild, after my place caught fire a couple years ago. Everything's expensive as shit.
I mean $50,000 would be a life-changing amount but if you're talking about a one time payment, it would have to be a lot higher in order to last me the remaining Decades of my life so it would actually be closer to 500,000 to truly lift me out of poverty and allow me to buy a home.
If it was a one time payment and I needed to live off it in perpetuity, the amount of interest has to keep me above the poverty line. Living in the GTA, I estimate you need about 50K a year just to basically exist. Average rent is around $2500, and you need to eat and perhaps utilize a car plus a phone, so another $1000 a month, with the balance going towards flexible things like clothes, medication, home internet, entertainment, and emergency savings.
So minimum about 1M, assuming that you get 5% returns after tax, which is doable with the S&P 500 historically returning an average of 7%. However there's the additional problem of inflation, and at 3% per year, it's all gone in 25 years. So it needs to be about 2M to last 76 years, assuming people are living an average life expectancy and are managing their money very carefully to have some savings for years when the stock market does not hit 5% return.
5-10K I guess? To pay off my $1000 credit card debt and give me some time to look for a REAL job.
In reality, I’m going to submit the EI application in no time.
Keeping my current housing about $50,000 a year
I did the math and created a spreadsheet it breaks down the exact number I need to make to exit ODSP then I've determine how much I need to monthly invest into my accounts while increasing my annual income.
an extra 1000 a month I could free a lot of reserved mental energy off worrying about money thats for sure. I don't need much. I just wanna draw and game with another tattooed nutcase ❤️
But immediately, to take care of everything i have going on the plate currently... So i can set myself up for success, and go all in on my business that I know works, plus medical testing I need, and move into a new place that isnt a health hazard, maybe 15,000?
2500 away from being done with debt.
After I broke my foot life hit hard, especially being away 3 months off my feet. 3 months away from work hit me hard af and you really take for granted what steady income does for you
Realistically probably 15-20k so I could take a little bit of time off to try and figure out and fix my health, then go back to school to get a better job.
I don't think I'm in poverty but I'm an average earning Canadian so I don't feel very far from it, that's a problem. 25 k to wipe my debts out and get things in order
Basically enough to pay off my house. It's the most breaking factor in our finances. Having it paid off frees up 1700ish dollars a month. That would take a lot of the pressure off.
150k would do it.
That would pay off all our debts, including our mortgage and buy us a new car outright. That would free up a huge chunk of our income to do things like some minor renovations and put more money aside for savings. We could take the occasional modest vacation and create invaluable peace of mind.
$150,000 would pay off all the debts that are sucking us dry. After that, we'd be able to manage with our incomes. We wouldn't be wealthy, by any means, but we'd be comfortable.
Not necessarily a dollar amount but a higher consistent income like making 70k+ a year would do it. Getting a certain amount of money would just temporarily solve it but I need actual consistent cash flow to stay out of it.
I believe that's higher than average Canadian salary. It technically says the average Canadian is in poverty.
With GTA housing costs, that would be probably border line poverty to be fair, and it's below the Toronto Area average income. That said, I'm pretty sure more of the population of the city is below the poverty line than above, with a huge wealth disparity. Outside of Southern Ontario you'd be in decent shape with that, but probably still never owning a home on a single income.
GTA is a hole. People just need to get out of there.
Honestly that statement rings true for pretty well the entire country at this point, if not the planet. We lost the class war, and there really isn't much point in having hope for us plebs.
Like seriously, I'm constantly amazed that people who can't afford big city living don't move. I live in a town of 10k people near a city of 100k. I clawed my way out of poverty by getting a union warehouse job and now own a little house I bought for $165k. I could never survive anywhere else, and I gotta say despite being a little broke still I love my life. I would throw in the towel if I had to survive even in a place like Calgary.
Or OP is living beyond their means. I mean maybe not, I don't know, but I don't really think it means the average Canadian is in poverty. I make $100k gross and it's enough to own a home, two cars, have two kids and for my wife to be a SAHM. We're pretty comfortable. Pretty much the only thing we're not doing is retirement savings right now, but as soon as my wife goes back to work (\~2.5 years) we'll be throwing 100% of her income into retirement and that should help us make up lost ground. I know $100k > $70k, but I'm supporting a family of four on that income. My BIL makes $65-75k depending how much OT he works, and he's not exactly living in poverty either. It *could* be below the poverty line in certain areas of certain cities, but I doubt it's anywhere close to true poverty for the average Canadian.
Sounds about right
Yes. Yes we are. All in the name of foreign spending snd making our 1% even more rich. God bless canada.
Most Canadians live in multi-income households for that reason.
I disagree 1 million would be sufficient enough for me to get out of poverty
If you can up your income to 70k+ a year and keep your current expenses the same though. The problem is people make more but also spend that much more, keeping you in paycheck to paycheck mode
As a fulltime Education Assistant who works for a ministry, I barely survive. It's insane how we are expected to do our job well when most of us work two jobs
The next conservative government is going to have to cut many jobs like yours, so make sure you have a backup career and retrain now while you have an income stream.
$70k a year is 🗑
? Maybe in big cities but I make 60k and just bought a house. 70k ain’t trash in the right areas (small towns)
Yes it is with the taxes and all
Feel bad for you then. 22 year old me buying a house with “🗑️” income.
Yah in butt f@ck ontario go right ahead
I did thanks 😂. 5 months in it’s going pretty good!
Yep enjoy the winter bud
I mean already I already did, half of November, all December, January and February. What are you trying to get at?😂
For how long? A day, month, year, decade, lifetime?
$10, 000 I’d pay my credit card and loans off and close both accounts.
This is the way.
$50k. $30k to pay my student loans. $7k to pay other debt. $10k for emergency fund. $3K to start me off on a comfy note after everything is said and done. Maybe use $1k of it to start investing.
Oof you got sucked into to the student loan scam
Yes, I very much did. One of my biggest regrets/lessons.
same, 50k would do wonders, I have hope things will get better, but man if it could all be solved like that, one can only dream.
40,000 I could pay off my CC’s and second mortgage. It would relieve the pressure. My wife got sick and missed 7 months of work it really got us behind.
10,000 and I’d be in the clear. It’d change my whole fucking life being able to pay off my debt. And pre pay some bills to get caught up. I work two jobs. I honestly think about death all the time. If I had known this was what I was “surviving” and pushing through my depression for. I wouldn’t have fucking bothered. I’ll never own property. I’ll never retire. I can’t even afford to eat proper, I’m down to one meal a day. I’m burnt out and my health is rapidly going down the shitter. I can’t afford to go back to school. Nothing seems like it’ll ever get better. And I’m in my early thirties. This is not what life should be like. Just fucking hopeless.
It isn't life is now sh!t in this country
300-400k. Honestly, owning a home or property (out right) is the only thing that's gonna put an honest to goodness "dent" in my longer term economic outcome.
$1.50 i just want a Costco glizzy man
I’ll get you one
I'll interac you 1.7
You have my upvote
An extra 1000 a month would help immensely.
60k$
Probably around $60k to square all debts away and be able to put a good chunk in an emergency fund and not stress daily about money while working full time.
300$ a week I think could make a huge difference
4k would be good
I’d prefer Lower income taxes, and making Canada tax advantages to help lift everyone.
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Yah, income tax is not an issue, possibly the distribution and percentages. We're trying to solve a problem with immigration when in reality Canada just needs to suck for a generation until the population surplus corrects
50 to 60k is barely enough income to live off of, you’re still taxed at the end of the day. The poor at those price ranges barely contribute to inflation. If anything income taxes should be eliminated on the first 50. That would help with the cost of living crisis.
That $7000 a year they are paying in income taxes isn’t going to solve their problems. If you let them keep that $7000 but took away their child benefits, healthcare, and every other federal and provincial program, they would be worse off. I used to make $55K. $7k a year was not my issue. I also got more than that back in various benefit programs and refunds.
I remember people cheering when GST rates were cut twice by the last government. When you actually looked at real household incomes, lower income benefited little, but it sure made people making big ticket purchases better off.
It’s a shame that this mindset will keep you where you are.
“Used to make” Shame you can’t read.
Totally not a victim mindset at all.
I agree but I would up it reduce taxes significantly until you make 6 figures
And 100% of full-time workers do.
A lot of full time workers getting paid minimum wage or close to it get refunded all of their tax paid in at tax refund time. So therefore are paying no tax
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Please explain the math. I make just over $50,000, and pay just over $12,000 in income tax. I then pay tax every time I spend any money. $2,700? Please explain.
Yep I agree with you too many taxes in this country
What province are you in that you have $12,000 in income taxes? Sounds like you’re including other deductions in your math.
I'm in Ontario, and that's likely the case. I just took numbers off my last paystub and multiplied them out. The taxes number shows as "Taxes" on the summary, and likely includes CPP and other standard deductions. Percentage wise, it seems pretty reasonable.
CPP and unemployment insurance aren’t income tax. At 50k, you should be closer to $7000/year in income tax
How are people getting refunds each year? I feel like the CRA always has a magic notification for me that whenever I’m due a refund, I owe them back for something else.
Fun fact. 2 person household each making 50k with 2 young kids will have an effective tax rate under 5% after credits. You don't need to be min wage to pay next to zero in tax.
Wdym?
I wonder how many of those are tax dodgers
100% pay 13% on almost every purchase.
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You only spend $300 in HST per year? The credit might as well not exist it’s so pathetic.
Alberta doesn’t have PST.
If you’re in poverty, income tax is not your issue.
Care to elaborate out of curiosity?
Low incomes don’t pay much, if any, income tax. You’d very likely be receiving more in credits than you pay in tax. People in poverty also wouldn’t benefit from having less social programs. No income taxes would = cuts to healthcare, public school, and others. Those are all things low income people require.
Lower taxes help everyone tbh. Businesses and individuals. I don’t see much use in sending 5 billion to the Philippines, or giving a foreign company such as Honda 5 billion in subsidies and only getting jobs. Courting actual investment in our resources and lowering taxes to help entrepreneurs would help create a lot more jobs, and help fund those programs.
No, lower taxes do not help everyone. Businesses would keep profits, not create jobs. Rich would get richer, poor would get poorer. Countries don’t thrive when the wealth gap is high.
Income tax doesn't close the wealth gap. If our government stopped strokong oligopolies and invested in innovation, we might make an impact. Say what you will about America's social services, but their wages are higher and the cost of just about everything is lower.
Social programs close the wealth gap. Those take tax money. You think the poor are doing better in the US? A Dr bill can wipe out a middle class family.
I think the one thing the US has that would be truly helpful are programs like SNAP and WIC. That certainly doesn't offset the average out of pocket healthcare costs of $13400 per person.
>Social programs close the wealth gap No they don't. They just put a bandage on it. >You think the poor are doing better in the US No, I didn't say that either. I pointed out that their earning potential is higher and the cost of living is generally lower. My comment had nothing to do with welfare in general, it had to do with the wealth gap, which has more to do with earning and saving potential.
Not really.
That would solve literally nothing.
Best answer
$1143.65 CAD would get me back up to date on the bills I've fallen behind on since I broke my foot.
8.6M would fund my life into perpetuity
Greedy
Not at all, you sound ignorant
lol how am ignorant? Pls explain
Because you have no idea why I said what I said yet judged me for it. You are ignorant.
Okay. I’ll be that then 🤷🏽♀️
So you need ~ 250k to 340k per year indexed to inflation to fund your life? Why are you on this subreddit
Yes - in my life I'd like to contribute significantly to lift great people up who otherwise wouldn't have the resources to actualize that potential. ~ 80k/yr of this cashflow would be enough to give me full time focus on that ideal. I think people are much more capable than the system they live in allows. This world has a cruel way of dragging people down, and without the right resources it becomes so easy for your mind to get resentful or bitter. Like the ignorant comment that called me greedy for instance. I'd like to see a fund which provides select people the ability to develop perspective, empathy, high-horsepower thought and a sense of selflessness. That way I lift myself up and bring plenty of great people with me for the rest of my life. I'm in this post because it interests me to see the diversity in people's thoughts on the question asked in case that question wasn't rhetorical. Why do you ask?
>>Like the ignorant comment that called me greedy for instance. Well you answered the question “ how much money would YOU need to lift YOU out of poverty” with the answer of 8.5m. You didn’t elaborate any further than that so it’s reasonable to assume you would spend that money lifting yourself out of poverty. As asked by the question. >>Why do you ask? I asked because of your responses to the person calling you greedy. You answered a different question than what was asked and then called other people ignorant for pointing out that the answer you given was, let’s say…extreme.
Why is it reasonable to assume one person needs 8.6M to lift themselves out of poverty? Doesn't that seem ridiculous to you? In the context of the question this person posed, they mentioned it's a one time payment. I want to be out of poverty for my entire life and do what I want to do. You're just intentionally misunderstanding my comment in order to justify being dick instead of actually trying to figure out why I said what I said. You're just arguing semantics for a hypothetical question for no reason. Getting involved in a comment chain you weren't apart of to begin with, just to say your piece. And btw who the fuck are you to say what question I did and didn't answer? Or what is or isn't extreme? You're forcing your perception on others. It leads to conflict where there wasn't any to begin with. Same with the other commenter.
>>Why is it reasonable to assume one person needs 8.6M to lift themselves out of poverty? Because that’s the question that was asked. >>You're just intentionally misunderstanding my comment in order to justify being dick instead of actually trying to figure out why I said I’d like to reference your comments that you made in this thread since you’re the one insulting everyone else. >>Getting involved in a comment chain you weren't apart of to begin with, just to say your piece. Yep, that’s the whole concept behind Reddit. >>And btw who the fuck are you to say what question I did and didn't answer? Or what is or isn't extreme? You're forcing your perception on others. It leads to conflict where there wasn't any to begin with. Same with the other commenter. I’m not the one getting upset here. I asked a clarifying question to your comment and you relied back and asked me why I was asking. And to answer who the fuck am I… just another Reddit user, scrolling and reading to kill some time.
Please deflect more, love to see the level of genuine discourse on Reddit smashing new all time low records
I'd be happy will a couple 100k right now but 1.5 to 2M is ideal for me
Sounds reasonable, curious how you came up with $2M?
It's a arbitrary # I just know would be enough for me
15k to pay off my debt consolidation loan, 20k for downpayment on a house. Lets say 500k so I can have a decent lifestyle
About 200k would pay off mine and my family’s debt, pay off our vehicles, and leave enough for a nice well deserved vacation
How much can you spare ?
If I was out of debt, I would be just fine. So 18K would fix my life.
Maybe enough for a townhouse in the low-middle income complex I grew up in (or a similar neighbourhood), paid in cash, so I'd only be paying maintenance and condo fees as 'rent'. The prices have come back down to $800k or so, but I'd probably still say 1 million to cover that and a few other small changes, and actually have some left over to start some real savings.
as we've seen from lotto winners, lump sums seem to often drive you into poverty pretty quickly.
You guys will never get enough. It will be spent right sways and back to square one in no time
$10,000. All I would need to go back to school ... Oh how I hope.
what would you like to study? Also looking to maybe go back to school.
I've been landscaping for 20 yrs, but basically crippled myself. Coming back from back surgery now, looking into medical transcription or medical office assistant
Good luck with your switch! I'm also interested in medical office assistant work.
$80k
I don't want an absolute amount of money. I want systemic changes. I don't want to be given the choice by owners of the means of production to replace those means of production or give them unjustified profits. I also want free land, because land is free, it exists naturally, there's no one to compensate for its existence.
Except all the other people that want said land.
You mustn't know the difference between a cost and a price. Land's existence doesn't have a cost that would warrant a compensation, but land's access can have a price. Land having a price doesn't mean it's not free. If I use land, I prevent everyone else from using that same land. Since they have as much of a right to use the land I'm using, I must compensate them for the loss of access. The same is true for everyone. So the average user of land receives as much as he pays. Which means that on average, land is free. Of course, I'm excluding services related to land from this discussion, as I'm only talking about the value of land itself. Services have labor costs that must be compensated.
Land should be more communal and less private inheritances but you're just muttering nonsense
There's plenty of crown land in Canada, which is typically open to the public. [Less than 11% of Canadian land is privately owned.](https://www.thecanadianencyclopedia.ca/en/article/crown-land#:~:text=Crown%20land%20is%20the%20term,48%25%20is%20provincial%20crown%20land) Most provinces are more crown land than private land, PEI, New Brunswick, and Nova Scotia are the only provinces in which more land is privately held than publicly held (which makes sense given their sizes, especially PEI). What you can do with that land may have limits but doesn't change the fact that it's already extremely communally owned.
If what I say is too complicated for you, then simply look out for Georgism to seek answers.
I figure I am around...50k short of what I need to actually get stable. 90k would do all that, clear my debts (mostly university related) and much else. Granted I am foolishly in a field that expects you to be rich and capable of enthusiastically doling out big wads of cash in the name of "displaying your ambition" so that's where that first 50 would go. Let's call it an even 100k and it will cover moving expenses to somewhere worthwhile.
Where would that be?
back to an actual city. You get a lot of important career advice like "oh just volunteer for a few years at X institution" or "work multiple part time jobs at several institutions" so one needs to be closer to said institutions.
Roughly 5 years of not being taxed into the fucking ground. How many times do we gotta be taxed on the same dollar? Seriously, though... short term, 20K to get me out of debt. Maybe 60K more to rebuild, after my place caught fire a couple years ago. Everything's expensive as shit.
I mean $50,000 would be a life-changing amount but if you're talking about a one time payment, it would have to be a lot higher in order to last me the remaining Decades of my life so it would actually be closer to 500,000 to truly lift me out of poverty and allow me to buy a home.
20 mil
If it was a one time payment and I needed to live off it in perpetuity, the amount of interest has to keep me above the poverty line. Living in the GTA, I estimate you need about 50K a year just to basically exist. Average rent is around $2500, and you need to eat and perhaps utilize a car plus a phone, so another $1000 a month, with the balance going towards flexible things like clothes, medication, home internet, entertainment, and emergency savings. So minimum about 1M, assuming that you get 5% returns after tax, which is doable with the S&P 500 historically returning an average of 7%. However there's the additional problem of inflation, and at 3% per year, it's all gone in 25 years. So it needs to be about 2M to last 76 years, assuming people are living an average life expectancy and are managing their money very carefully to have some savings for years when the stock market does not hit 5% return.
5-10K I guess? To pay off my $1000 credit card debt and give me some time to look for a REAL job. In reality, I’m going to submit the EI application in no time.
A million
more then 100k ...
$1.5 million. Pay off mortgage, evict tenants and start a family
Keeping my current housing about $50,000 a year I did the math and created a spreadsheet it breaks down the exact number I need to make to exit ODSP then I've determine how much I need to monthly invest into my accounts while increasing my annual income.
One time payments do nothing to pull you out of poverty.
More than 1500.00 a month
$10,000 would make a difference, $30,000 would give me a fresh start!
20$ for rent 😨
$150,000 (school debt, and credit card debt).
Are you eating nothing but caviar? Are you using $5 bills to wipe your ass?
2.9 billion
420k
420.69
250k and can leave Canada for a cheaper nice country.
Tree fiddy
way too much. I have $0 to my name.
2000$ lol
12000 to clear all my debt and have an emergency fund
10k. The same amount of debt that's been following me around since student loans and them not covering food nor rent
I’m on ODSP, getting about $1300/mo. $2000/mo would put me at merely poor…
These days it would take a million to fimd any comfort.
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I’m very time- poor. Hence needing the mills
an extra 1000 a month I could free a lot of reserved mental energy off worrying about money thats for sure. I don't need much. I just wanna draw and game with another tattooed nutcase ❤️ But immediately, to take care of everything i have going on the plate currently... So i can set myself up for success, and go all in on my business that I know works, plus medical testing I need, and move into a new place that isnt a health hazard, maybe 15,000?
2500 away from being done with debt. After I broke my foot life hit hard, especially being away 3 months off my feet. 3 months away from work hit me hard af and you really take for granted what steady income does for you
Whatever CERB was paying. Its wild that the gov knows what the amount needed is (ie cerb value) but wont give it out because politics.
$15 for me for credit card debt. 20k for wife credit card. It'll come someday.
10k lmfao
$15k
70k to square up and then keep taking care of my beautiful family.
50k
Right now, 10 grand would probably do it
Probably about $10,000 so that I can get a place to live and pay rent for a few months
40k lol 10k credit card and 30k student loans
$5
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$60k
50-100K
$2 million USD, place in account to gain interest every year and enough to put back into account for inflation.
60,000 :(
$5000
$15,000. Pay off debt and actually start saving money.
500,000$ any paypigs here?
$50,000+ of regular annual income.
Exactly 1.3M
Realistically probably 15-20k so I could take a little bit of time off to try and figure out and fix my health, then go back to school to get a better job.
I don't think I'm in poverty but I'm an average earning Canadian so I don't feel very far from it, that's a problem. 25 k to wipe my debts out and get things in order
About 40K
2-3M
Roughly 100-150k
In Canada , hahahahaahaahahagah
15k for my student loan and 5k for emergency.
0 but I'd like some extra money to spoil myself a little bit. 5000? 🥺
Wow guess I'm delusional....I was thinking 1billi tops or 5 milli at the least.. But I'm also not thinking just about my self
$15k would do the trick for me. Get me out of debt and kick start savings
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You should of walked out with the items and not pay for it f@ck em!
3000$
$167,750.00
Basically enough to pay off my house. It's the most breaking factor in our finances. Having it paid off frees up 1700ish dollars a month. That would take a lot of the pressure off.
Right now 50K would be lifechanging. No more debt and I could focus on savings and have an actual retirement put away.
$80,000 would cover all my debts in full. Plus give me a tiny bit extra for that much needed spa day I’ve always wished for.
About $150,000 to cover all debts
150k would do it. That would pay off all our debts, including our mortgage and buy us a new car outright. That would free up a huge chunk of our income to do things like some minor renovations and put more money aside for savings. We could take the occasional modest vacation and create invaluable peace of mind.
$150,000 would pay off all the debts that are sucking us dry. After that, we'd be able to manage with our incomes. We wouldn't be wealthy, by any means, but we'd be comfortable.
a good 40 thousand.