I am working for last 6 years in Canada , changed 3 jobs, currently having stable job but it's hard to save anything after meeting all family expenses and tax deductions.

expenses always rise and income remains same, it's a vicious circle which most people are in.

national average income is like $ 40000 (gross) a year,

So how does a average person make above average income in Canada to live a decent life style ?

Thanks !

its a good question. Frankly, the only way I see myself save is if my spouse also earns and you can leave your kids with your parents (they should be PR) instead of day care.

One more thing to check, is why do you want to save? Govt takes care of basic pension and healthcare in old age. You just need to pay for house / car mortgage, food and utilities. The mindset in Canada needs to be different from India, there is no need to think of leaving property and money for your kids.

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Originally posted by Amvk

I am working for last 6 years in Canada , changed 3 jobs, currently having stable job but it's hard to save anything after meeting all family expenses and tax deductions.

expenses always rise and income remains same, it's a vicious circle which most people are in.

national average income is like $ 40000 (gross) a year,

So how does a average person make above average income in Canada to live a decent life style ?

Thanks !

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Real estate ? Stock market ? gold ? forex ?

1. If possible upgrade your skills and try to climb up the ladder in your existing job .
2. Add additional skills out of your expertise and it will bring revenues as the customer base will increase. Ppl with technical skills are always in demand.
3. Start a small scale business . Flea market is not a bad place to start with .
4. Lot of people do RE in part time and are relatively successful .

Good luck .
AG

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Growing Old Is Mandatory ..Growing UP is Optional

Dude:
For some professions, you will never be able to make the kind of money that you want, as long as you remain in the same profession.

For example :
1. Arts and humanities professor
2. Foreign trained doctor or nurse.
3. Architect / Draftsperson
4. Desi English teacher
5. Receptionist
Etc..

So either change your profession or do so private jobs to save money.
For example, you can save money by
1. Taking the TTC or walking instead of having a car
2. Befriend rich friends who will drive you / give treats.
3. Get food from food banks (Friday is always the best day to get supplies at 4 pm)
4. Use internet business (like survey fillings) from office.
5. Visit Redflagdeals website to get more ideas.
6. Try to get all your benefits from the govt. like ontario child tax credit, CCTB, HST credit (man this will work out to $ 600- $800 a month- if on salary less than 36K a year)
7. Buy a home, rent it out (for bachelors) and stay in a basement.
8. If nothing works, try to get a job in Qatar / Saudi where the job market is hot.

Hope this helps.

Peace by Murali

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I am a Gents and not a Ladies.

The ultimate truth is this: There is no simple answer to your question. From my years in Canada, I have learnt that life is difficult. There is a limited job market, and entry into any profession is made up of processes and certifications. Then again, people from the desi community do not support each other because we are either too selfish or too warped in our obsession with caste, community or family.

If I were you, I would do a self appraisal of my skills and get into a profession that will be around a long time, with good income potential. I found that skilled trade like electricians, plumbers and tradesmen are in high demand, and charge as much as $ 100 an hour, depending on the work to be done. All that said and done, there is a price tag, or a trade off. There are disadvantages(or downsides) with each profession - so there is no perfect job or profession.

The last thing I would like to emphasize is stay positive. There are numerous individuals who are very negative, and pessimists by nature. They will do their best to pull you down, discourage you and tell you that poverty, ill health, and misery is all that life offers. Stay away from people who talk about getting food stamps going on welfare, and those who offer shortcuts to success. These people are miserable, and spread misery and negativity - you don't need them. These people are best ignored.

There are no shortcuts to the issues of life. Patience, creativity, and staying positive are the key to success.