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CKA Uber
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PostPosted: Mon Dec 03, 2012 1:10 am
 


Title: Family with six-figure income broke every month
Category: Business
Posted By: kitty
Date: 2012-12-02 08:59:07
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CKA Uber
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PostPosted: Mon Dec 03, 2012 1:10 am
 


Nice pension. :)

Though I wonder how Canadians have a pension like that.

The rest of the math is just .. stupid.

Start with carrying $2300 in credit cards, and $6800 in the bank.

It goes downhill from there, I think they are in the position
to have some of that OAS money clawed back as well.


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CKA Uber
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PostPosted: Mon Dec 03, 2012 9:14 am
 


With pension splitting, they won't have much clawed back at alll. You only lose all your OAS at >100k.

They owe 132,000 on their line of credit - wonder where that money went.

And, the story doesn't mention their mortgage costs. In Vancouver, that's the killer, Kelowna has a pretty hot housing market too.


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PostPosted: Mon Dec 03, 2012 9:53 am
 


I'm guessing they used the line of credit to pay off their mortgage - but why are they paying credit card interest when they have savings in the bank? That's just poor financial management.

In general, the family simply spends too much money - they need to learn the difference between needs and wants. I don't know about most people, but I don't buy clothes every month, I don't spend nearly that much on food and I don't spend anywhere near that amount on my vehicles.

The striking thing I see is that 'Ted' is 53 and only has $83k in his RRSP. He should have six figures by now. That would go a long way to providing a financial cushion when he retires.


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CKA Uber
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PostPosted: Mon Dec 03, 2012 10:36 am
 


No sympathy from me. Lisa and I managed to save money back when we only made $900 per month between the two of us. That these folks can't get by on 100k is their problem.


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PostPosted: Mon Dec 03, 2012 10:53 am
 


Food: $1,450/month

??

Wtf?

How much does food in Kelowna cost?

My personal info (family of 5):
Food: $800/month.

And, I could probably get that a lot lower if I took the non essential food stuffs out.


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PostPosted: Mon Dec 03, 2012 11:13 am
 


They're just poor money managers. 'tis all I see.


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