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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsVancouver couple struggles to make ends meet on only $25,000 a month
Meet Eric and Ilsa. Eric, 41, is a physician who works one day a week in a medical clinic, for which he earns $200,000 a year. He works one additional day at a university, for which he makes another measly $100,000 annually.
Ilsa, 39, is a dentist currently on maternity leave who will bring in another $150,000 when she returns to work.
And yet, despite their seeming prosperity, this Vancouver couple cant make ends meet. Whats to be done?!
The doctor and dentist wrote in to the Globe and Mail recently and their story was featured in Fridays financial facelift advice column, in which experts weigh in on how regular folks can balance their budgets.
Read more: http://www.canada.com/life/Vancouver+couple+struggles+make+ends+meet+only+month/10742014/story.html
benz380
(534 posts)Liberal_in_LA
(44,397 posts)hobbit709
(41,694 posts)NoJusticeNoPeace
(5,018 posts)NoJusticeNoPeace
(5,018 posts)is an imposition on him, I see.
the $400,000 a year isnt enough, I see.
Real class warfare will occur if these people dont figure out what is going on and quick.
this should make everyone mad as hell
Coventina
(27,115 posts)TheNutcracker
(2,104 posts)Bad Granny
(28 posts)serious doubt their dedication to "healing" when their focus is obviously and so ignorantly on money.
Cretins like this are the ones holding up the corrupt capitalist structure in support of the billionaires.
These are the people we have to make sure are disappeared along with the 1%ers.
Without toadies like this propping up the oppressive system, the billionaires would be all alone and more easily disposed of.
These assholes are not "regular folks" by any stretch of the imagination.
I would not even classify them as human beings.
benz380
(534 posts)Do they get to opt out of Canada's health care system if they want?
tblue37
(65,340 posts)don't know if that is true, but I'd be careful about swallowing the story without further checking. The original story was on o.canada.com.
I found this--again, I don't know how true anything like this is:
http://o.canada.com/tag/satire
n2doc
(47,953 posts)Here is the original article
http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/debt-doubts-cast-a-shadow-for-this-professional-couple-with-five-kids/article22496585/
Not Satire.
tblue37
(65,340 posts)comment about o.canada.com. The numbers in the monthly disbursement summary are kind of odd, though, so that made me wonder, as did the statement at the end of the OP's linked article that the husband works 100 hours per week, which was then corrected to 80 hrs/week. I don't see where such a number could come from, so that made me wonder about the whole story.
Dreamer Tatum
(10,926 posts)How does one day of work a week at a university net $100k?
Nye Bevan
(25,406 posts)that salary would be understandable.
Douglas Carpenter
(20,226 posts)considering condo fees, how outrageous Neiman Marcus has gotten lately, the ridiculous cost of flying even business class with the dregs of society - and to say nothing of the shameful demands of domestic help these days - how do these poor oppressed people survive at all?
Well - after reading the piece I see how they survive - by slumming it:
http://www.canada.com/life/Vancouver+couple+struggles+make+ends+meet+only+month/10742014/story.html
Ms. Toad
(34,069 posts)uppityperson
(115,677 posts)Health insurance $50.
I like the updates at the bottom of the article
bluedigger
(17,086 posts)A lot of expenses are income dependent, but that's crazy. Are they the size of hippos?
glasshouses
(484 posts)Douglas Carpenter
(20,226 posts)Lately?
bluedigger
(17,086 posts)Douglas Carpenter
(20,226 posts)inanna
(3,547 posts)I doubt it. They've probably got the "elite" gym memberships as well - and maybe even a personal chef.
Priorities. Y'know....
hughee99
(16,113 posts)and the other on maternity leave, especially since they have a child/children in full-time school.
According to the updates, the man somehow works 80 hours in those two days, but the "professional associations" are $6k a year, not a month, so that should basically make this all work out for them.
Nothing in this story adds up.
I'm skeptical that this story is true. If the news source is reputable, I think someone is screwing with them.
ND-Dem
(4,571 posts)inanna
(3,547 posts)for fucking groceries?!
Look, I'm not one to tell others how to spend their money but holy shit.
Slumming it. Yeah.
Ms. Toad
(34,069 posts)I was about to feel sorry for them.
I wish I thought this was a joke article...but unfortunately it is probably not.
csziggy
(34,136 posts)But then I don't have a mortgage on a $4,000,000 condo or $2800 in child care to pay for.
Ms. Toad
(34,069 posts)On a per capita basis, it's more than my annual income...I just have to get rid of a couple of freeloading capitas and then I'll be able to buy a $4,000,000 condo...
csziggy
(34,136 posts)My farm isn't that high end. Rather than costing me money it supported itself over the years we've owned. And even though I make less per year than that couple does in a month, I live well and have reasonable debts for my income.
Liberal_in_LA
(44,397 posts)That is where they need to cut
hifiguy
(33,688 posts)I have some advice for ya. Both of you tie three cinder blocks around your waist and jump into the fucking ocean. Say hi to the sharks.
FLPanhandle
(7,107 posts)Which is why something like 80% of NBA players are broke just a few years after leaving the league.
tammywammy
(26,582 posts)It's available on Netflix.
http://espn.go.com/30for30/film?page=broke
FLPanhandle
(7,107 posts)I will watch it soon. Looks great.
tammywammy
(26,582 posts)And I highly recommend it. I'm not even into sports, but each episode is really interesting.
Nye Bevan
(25,406 posts)Four words: live below your means. Problem solved.
Mass
(27,315 posts)Also, working 2 days a week. Really? Many people work 5 days a week to earn those $25,000 in a year.
I thought it was a hoax when I read it.
RushIsRot
(4,016 posts)The Velveteen Ocelot
(115,683 posts)riverbendviewgal
(4,252 posts)They made the decision to have 5 kids. Kudos to them having a professional career. THey also choose to send their kids to private school.
Duh.
I am Canadian. born in the USA. Came to Canada with my husband and 2 suitcases and $200 US. Lived in a flat the first year, then a one bedroom apt with our infant son We chose to have only 2 kids. Had one 4 years after arriving in Canada. We intentionally only had 2. We said if the money was greater in the future we could adopt.
I stayed home until the younger one was 4. Then I worked the afternoon shift while hubby worked days. We did not have daycare. We took family vacations, mostly camping. Everything was centered around our kids. The first holiday without them was our 25th anniversary...
We borrowed for our retirement funds - RRSPs, a thousand each year. and then re borrowed again a year later when paid off.
Our combined incomes when working was about 60 - 80 k a year. Our life was happy and we had a nice rented home, no bills, nice clothes, (some were second hand which I like very much.)
The kids went to public school. Nanny!!!! LOL. The kids did not get a car for themselves nor paid college.but were in sports and clubs.
We occasionally ate out but I cooked from scratch meals. Often I would cook 3 or 4 meals on a Sunday and I froze them for the rest of the week.
We rented our home for over 20 years. We had many friends who visited and we had BYOB and potluck for many get togethers. I bought a house after hubby died from cancer at 54. Life insurance helped with the down payment.
I do not feel sorry for this couple. They can get the cheap term life insurance which when they die there is money but it is never accumulated.. My hubby and I had that.
I am thankful to live in Canada where there is one payer health care. My hubby and younger son were diagnosed with cancer two months apart. there were no medical bills. I got burial funds ($2k) each when they died.
This couple has to make decisions and their income is really really good . they do not need donations. They are not the pizza delivery guy .
hfojvt
(37,573 posts)so far from $160,000 to $220,000 they all seem to be apartments, and small apartments at that.
Here's one for a mere $219,000 908-1720 Barclay St. 1 bedroom, 1 bathroom 577 square feet
$230,000 110 3638 Vanness avenue, 0 bedrooms, 1 bathroom 440 square feet
Really?
I've seen several like that.
$273,500 220 - 1422 East 3rd avenue 1 bedroom, 1 bathroom 624 square feet
$324,950 206 3506 W 4th Avenue 1 bedroom, 1 bathroom 495 square feet
Of course, they paid $1.1 million for an empty lot. This one might not be too bad.
$409,900 2 2560 Kingsway 2 bedrooms, 2 bathrooms 1055 square feet and there are presumably others like that in the $400,000 to $800,000 range.
A metro area of 2.4 million people. I don't see how they can afford to live there. 13 years ago I bought a house here. if I'd bought one in Vancouver instead, I probably could retire on the capital gains.
riverbendviewgal
(4,252 posts)The price for detached houses, condos and townhouses sold in Greater Vancouver is on track to average $811,000 this year, up 5.6 per cent from $767,765 in 2013, according to Canada Mortgage and Housing Corp.Nov 4, 2014
hfojvt
(37,573 posts)If you figure that a house should only cost 2.5 times your annual income then to buy an $800,000 house you need to make $320,000. If they can squeez by on 4 times annual income, they still need $200,000 in income for that. And who makes that kind of money? Median income in British Columbia in 2012 was $71,660.
Hmm, but the Canadian dollar is down to just 83 cents. Last I heard it was worth more than the US dollar, a mere 3 years ago.
riverbendviewgal
(4,252 posts)these people will be stuck. Vancouver boomed with the Hong Kong people coming over when Hong Kong was being returned to China.
Lovely area but I would not buy a home these days. I sold my home that I bought after my husband died and bought another one moving out of the city. then sold that ... I live simply now. with the profits of my house sales (Canada does not tax the profits made on your resident home.) and my RRSPs and my pension and my Late husband's pension. I never had rich taste.
In the 60s the Canadian dollar was worth about 14 cents more than the US dollar.
Sen. Walter Sobchak
(8,692 posts)BC in general, but Vancouver specifically is a good cautionary tale about how not to do anything.
Industry was replaced with residential development and industrial jobs were replaced with McJobs. Vancouver is headed to being nothing but crackheads and junkies and vacant condos owned by numbered companies.
Salaries are low and blue and white collar jobs are scarce.
A lot of it is Chinese "firing squad money", real estate in Canada is a safe investment the family of a gangster or corrupt businessman, politician or bureaucrat can draw on after they're executed or imprisoned.
progressoid
(49,988 posts)KT2000
(20,577 posts)A friend works as a dental assistant in a high production office (one dentist) - which means the assistants do a lot of the work. They have daily staff meetings. At one of those meetings the dentist announced that he took in one million dollars in 2014. He does not offer his staff health benefits and the only benefit he does offer is one week paid vacation after a year.
At another meeting he bemoaned the fact that his son who is still in college, is only making $18 an hour. This is about what he pays his assistants.
He has created about as much resentment as an employer could in a matter of days.
Octafish
(55,745 posts)Have they considered selling their stocks and bonds?
Does anyone in the United States have similar problems?
glasshouses
(484 posts)a clinic in Canada and pull $200,000 a year
dixiegrrrrl
(60,010 posts)We had a doc--a shrink--at our Mental Health clinic who came by for 3 hours twice a week.
In prep for his visit we had patients waiting, charts up to date, took the patient in, gave the doc a 3 minute update, the doc filled out scripts for the meds,
on to the next patient.
Under Medicaid law, he could bill for a 30 minute visit, cause Medicaid allowed for record keeping time.
His record keeping consisted on a scrawl in the chart on the Medical page, we staff would write a fuller note about the patient.
In reality, he would see each patient for less than 10 minutes.
Then he would drive out to the local airport, hop into his private small plane, fly off to the next clinic in the next county.
On a good day, he could do 3 clinics.
200,000 thou a year easily.
This was in late 1980's.
The interesting thing was that he listened to staff in that short time, would make proper med changes if needed.
JustAnotherGen
(31,818 posts)They should never have bought a home - and lived under their means.
yeoman6987
(14,449 posts)This happens to many no matter the annual salary. Living beyond your means is very dangerous.