Yesterday (April 6, 2017), we were at a GenY Entreprenuer Seminar in Markham, Toronto. (We love going to GenY events! Lots of energy, fresh ideas, never boring 😉 )
What caught my attention when they talked about what the picture looks like concerning the cost of living in Toronto. It really drives home many issues that comes to mind.
But, let’s first jump in and see what this picture looks like.
We wanted to double-check with other evaluation of the picture and we found the following after some quick search.
The variation is expected because it depends on the basket of items used to determine the cost of living, the lifestyle etc.
Notably, cost like mortgages and loan financing is totally excluded from these estimates. And we know very well that most people are saddled with this category of financial commitment to some degree.
Nevertheless, it drives home the message that it is quite some financial discipline is required to earn and make sure to make ends meet for the average person living in the modern economy.
This segment of the Entrepreneurship Seminar also raise some questions:
- What does it take to be able to bring in the income to sustain the required standard of living? That is, the amount over and above the cost of living, so that one will not dip into negative income
- With the quality of job falling into temp and contract, it takes discipline to set aside buffer for period of unemployment or under-employent
- How do one manage to earn, save and pay off mortgage and loans
- Is it necessary to work for a side or Plan-B income stream that can generate a good source of on-going revenue
Perhaps you can think of even more questions!
What are your thoughts?