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| Author: | Newsbot [ Mon Dec 03, 2012 1:10 am ] |
| Post subject: | Family with six-figure income broke every month |
Title: Family with six-figure income broke every month Category: Business Posted By: kitty Date: 2012-12-02 08:59:07 Canadian |
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| Author: | martin14 [ Mon Dec 03, 2012 1:10 am ] |
| Post subject: | |
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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| Author: | andyt [ Mon Dec 03, 2012 9:14 am ] |
| Post subject: | Re: Family with six-figure income broke every month |
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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| Author: | bootlegga [ Mon Dec 03, 2012 9:53 am ] |
| Post subject: | Re: Family with six-figure income broke every month |
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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| Author: | BartSimpson [ Mon Dec 03, 2012 10:36 am ] |
| Post subject: | Re: Family with six-figure income broke every month |
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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| Author: | peck420 [ Mon Dec 03, 2012 10:53 am ] |
| Post subject: | Re: Family with six-figure income broke every month |
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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| Author: | OnTheIce [ Mon Dec 03, 2012 11:13 am ] |
| Post subject: | Re: Family with six-figure income broke every month |
They're just poor money managers. 'tis all I see. |
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