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How To Spend a Bay St Salary

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Lawyers, if you had no loans... what would you do with a Bay St salary? Always been curious what people would buy (or save up for) first.

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This is a pretty broad question. A Bay St. salary can be 100k/year or 600k/year. 

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Before I had a mortgage and a kid I spent my money on:

- Rent

- Eating out

- Toys (Bike, Switch, Apple Watch etc.)

- Nice clothes

- Vacations

- Savings

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1 hour ago, whoknows said:

This is a pretty broad question. A Bay St. salary can be 100k/year or 600k/year. 

You think someone on Bay Street could earn a SALARY of 600K per year? 
 

As a salaried associate, you would earn an above average income, for sure, but in the range of $100K to $200K. 

Unless you’re 25 and live at home, it’s not the kind of money you’ll have trouble spending. Rent a nice condo, eat out regularly, and buy a few good suits and it’s gone. 
 

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26 minutes ago, QuincyWagstaff said:

You think someone on Bay Street could earn a SALARY of 600K per year? 
 

As a salaried associate, you would earn an above average income, for sure, but in the range of $100K to $200K. 

Unless you’re 25 and live at home, it’s not the kind of money you’ll have trouble spending. Rent a nice condo, eat out regularly, and buy a few good suits and it’s gone. 
 

First of all, OP didn't ask what a salaried employee on Bay makes. He asked what you do with a bay street salary. People who aren't necessarily thinking about the nuances of how lawyers get paid will often use salary as a catch all to mean yearly pay or take home. OP probably wanted the standard Bay 10-25% bonuses included in the calculation, which isn't a "salary" either. 

So yes, the yearly pay of a Bay St. lawyer can hit 600k.

But let's assume OP was going to come back and say "I meant guaranteed income, no bonus, no partnership draw, no other arrangements", because they're being practical, as everyone is in the fantasy world of spending money we aren't yet making. The difference between making 100k and 200k a year is literally 50k/year in net income terms. That can represent a pretty big difference in how someone would answer the question of what would you do/buy/save. 

Edited by whoknows

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58 minutes ago, QuincyWagstaff said:

Unless you’re 25 and live at home, it’s not the kind of money you’ll have trouble spending. Rent a nice condo, eat out regularly, and buy a few good suits and it’s gone. 

You can rent a really nice place, eat out at nice places, travel regularly and save money on a salary of anything 100K or above.

When I started on Bay St in 2008, travel was our priority, so we rented a 1 bedroom apartment and had no car. We ate out luxuriously and traveled twice a year.

After a year, you get a raise. So we moved to a 2 bedroom rental, ate out luxuriously and traveled twice a year.

After another year, you get another nice raise. So we bought the place we were renting, kept eating out luxuriously and traveling twice a year.

A few more years, a few more raises, and we bought a car. Which I have regretted ever since. And we moved to a nicer apartment.

A Bay St salary, even from year 1, even in Toronto, is enough to never worry about money.

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27 minutes ago, Jaggers said:

You can rent a really nice place, eat out at nice places, travel regularly and save money on a salary of anything 100K or above.

When I started on Bay St in 2008, travel was our priority, so we rented a 1 bedroom apartment and had no car. We ate out luxuriously and traveled twice a year.

After a year, you get a raise. So we moved to a 2 bedroom rental, ate out luxuriously and traveled twice a year.

After another year, you get another nice raise. So we bought the place we were renting, kept eating out luxuriously and traveling twice a year.

A few more years, a few more raises, and we bought a car. Which I have regretted ever since. And we moved to a nicer apartment.

A Bay St salary, even from year 1, even in Toronto, is enough to never worry about money.

Did you have student debt? 
 

Also, how much was the average 2 bedroom in downtown Toronto at the time? 

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Purchase a home...

Then furnish it with enough bare essentials and Netflix - you can re-enact my pfp.

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I had about $35,000 to pay off. I recognize that tuition is a lot more now, so it's hard to escape with that level of debt.

When we rented the 2 bdrm condo, it cost about $1.8K/month. When we bought it, the cost was about $3K/month. That apartment would probably cost around $2500/month to rent now.

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9 hours ago, Jaggers said:

When we rented the 2 bdrm condo, it cost about $1.8K/month. When we bought it, the cost was about $3K/month. That apartment would probably cost around $2500/month to rent now.

South of bloore? Two bedroom? And "nice"? Most listings I've seen that aren't west or east in the boondocks cost 2900+ for a two bedroom.

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Yeah, maybe $2800-$2900 would be more accurate. I haven't tried to rent anything in a while.

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48 minutes ago, pzabbythesecond said:

South of bloore? Two bedroom? And "nice"? Most listings I've seen that aren't west or east in the boondocks cost 2900+ for a two bedroom.

Which isn't even that bad considering nice 2 beds in downtown Toronto nowadays are being sold for $900k+ *cries in Toronto*

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2 minutes ago, besmackin said:

Which isn't even that bad considering nice 2 beds in downtown Toronto nowadays are being sold for $900k+ *cries in Toronto*

Depends on what square footage you're looking at.

But yes, it's a good time to rent right now and put the extra money into maxing out your TFSA/RRSP

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12 hours ago, testcase said:

Mortgage, TFSA and RRSP.

This sounds so boring but so responsible. 

- immature, irresponsible child in my 30s

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Ours was around 750 square feet, which was perfect for two people.

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If I worked on Bay St, I would save as much money as possible to move off of Bay St as quickly as possible.

If I were making a Bay St salary outside of Bay St, I would invest in property and help my immediate family members with financial burdens. I'd also like to travel to Japan/Switzerland/Spain with my girlfriend.

And of course, I'd buy a pair of those ridiculous thick-soled shoes to flex on everyone. For reference:

https://www.versace.com/us/en-us/men/shoes/2chain-reaction-sneakers-d43/DSU7526-D12TG_D43.html?cgid=230000#start=1

 

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Just curious, how do people travel more than once a year? Vacation days is just 10 days? Unless its two  5 days  vacations (and assuming no other days off), but that seems a bit short just 5 days for a vacation when you consider the travel times can easily take up a day each way. 

 

Edited by Newfoundland

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I have always had four weeks of vacation. One week long trip, a two week long trip, and use up the rest around Christmas. 

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