I earn 72,000 $ and i have to say no to my kids for so many things.
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You know you are a desi when ........ You spew forth the virtues of India, but don't want to live there...............You've never had a tanning salon membership
Quote:
Originally posted by Loser
I earn 72,000 $ and i have to say no to my kids for so many things.
By the way, your description of Canada is a real punch. *Garibon ka USA*
Median annual income of NRI's in USA must be more than 2 times that of NRI canadians.
*Canada-Garib neighbour of USA*
Interesting topic.
All depends on the individual(s). If u r in the rat race, then u need more money to live up to someone else’s expectations. Rat race is a common phenomenon in all societies and is rampant among desis living abroad.
I have seen desi parents collecting child benefits showing lower income (e.g. cab drivers). I believe child benefits are paid till 18. More kids, more benefits. Your tax dollars at work.
Location: Western Hemisphere
Posted on: 10-11-06 11:52:30
I think the original poster inquired about wealth and not income. Wealth would be what the net worth should/could be at different stages of one's life, irrespective of income, in order to sustain the varying lifestyle.
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Dimple2001
I would like to hear more opinions about the range cut-offs in India.
I was in USA for 8 years and have been in Canada for 3 years.
Even though I was a grad. student in USA on assistantship and in Canada we are a dual income family with comfortable six figure income (and 2 kids), the wealth effect felt far greater in US.
I believe it is because of lower taxes (both personal income tax & GST PST) but mostly because shopping/prices are far more phenomenal than ones in Canada. I've bought Gap shirts for USD 3 on clearance & Tanger outlet Tommy Hilfiger shirts sells on after Christmas for USD 11! On Boxing day Osco Drugs/Walgreens/Walmart clear away perfume gift packages from USD 2.5-15; I've yet to see anything comparable here in Toronto. You can really get good stuff here in Toronto but mostly at boutique style shops and fairly steep prices. US has far more departmental stores, 10 times bigger econonmy hence greater cosumer purchase/spending power....
So far in terms of big stores I've only seen Bay, Sears, Zellers, Walmart, Best Buy/Future Shop, Canadian Tire, Ikea, Winners (where it combines with HomeSense)........... the list and merchandise does not even begin to compare.... The Dollar stores are a poor substitute for "Big Lots"/"Aldi" kind of US stores which move quality goods inventory for throw-away prices.
I would say that in US a middle class income is- 50 K in midwest is perhaps equivalent of about 70K in US East coast and about the same in Toronto.
Also probably half a million in London, ON would feel far richer than a million in Toronto if I were living next to folks in Post Rd. area. 
BTW TK if you think 42K is enough to bring up 2 kids in Toronto, you clearly have yet to pay childcare costs in Toronto or even start saving up for higher education (which is estimated at 100K+ for 4 year degree in another 20 years!). Get real!!! 
Location: God's own country
Posted on: 10-11-06 16:03:07
Quote:
Originally posted by rashmig
BTW TK if you think 42K is enough to bring up 2 kids in Toronto, you clearly have yet to pay childcare costs in Toronto or even start saving up for higher education (which is estimated at 100K+ for 4 year degree in another 20 years!). Get real!!!
I made that statement with the assumption that either one spouse stays to lookafter kids or kids go to school.
For 2 kids you put an extra handful of rice for their food. TV would be entertainment for them.
For higher education, I assumed that they would either go to India or be on OSAP.
Remember, I just said it is an income to get by. If it was me , I can do it for even as low as 35K ( and i am considered a big spender by desi standards).
Rent : 900
TTC : 300 (2 adults + 2 child on student pass)
groceries : 400
Phone/TV/Cable/I net: 125
Entertainment : 200
Basic comes to $23,100 per year.
Everything extra is luxury.
Calculations with car :
Rent : 900
Car insurance +petrol : 400 (1 car)
groceries : 400
Phone/TV/Cable/I net: 125
Entertainment : 200
Car repairs : $75
Basic comes to $25,200 per year.
TK A
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I am a Gents and not a Ladies.
Quote:
Originally posted by rashmig
BTW TK if you think 42K is enough to bring up 2 kids in Toronto, you clearly have yet to pay childcare costs in Toronto or even start saving up for higher education (which is estimated at 100K+ for 4 year degree in another 20 years!). Get real!!!
The projections for the higher education are just scaring you. Though numerically they look true - they are not real. The Future value of money always look big.
You will just need to start investing $200 per kid per month from grade 1 and the 4 year education cost would be covered.
So add $200 to the TKs calculation. (And if you earn less you will automatically get Child Tax Benefit)
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A Proud Indian Canadian
