what jobs are people doing that makes them able to live downtown and afford telsas and expensive cars

  1. I think some of them are genuinely rich. Some of them make good money but are going almost broke trying to live the lifestyle of the rich. And the other factor: rich parents.

  2. You found the key factor the parents! 70% of my friends who own houses had or continue to have help from their parents the other 25% moved an hour+ out of the city then that last 5% are just genuinely successful and have been smart with their money ie bought a house when they were still found for $300k in the city.

  3. Most people are living beyond their means, but there is genuinely a lot of very successful people/couples in Toronto as well. And of course there is the obligatory grew up rich kids

  4. Yeah reality is there are a lot of high paying jobs in Toronto and money being passed down through generations as well. Downtown Toronto is not the average Canadian by a long shot.

  5. I wonder this a lot too. Not because it’s a surprise to me living in an expensive city, your are going to have people with a lot of money. What I scratch my head at, is that it seems like all these 30 year olds don’t work. Just drive through Liberty Village during the day. It’s crazy to me. Everyone is in an Audi or higher, and they all seem to be dog walkers. Haha

  6. If you have a partner with a second income you could easily afford to lease an expensive car. Doesn't mean it's not a hilariously bad financial decision.

  7. And they are now offering near 10 year financing. Know two guys who justified it 'well they will break down less, should be able to get easy 10 years out of it'. Wtf

  8. This. A lot of these people in Toronto are saving big bucks living with their partner/roommate/family member. If I didn’t live alone paying the rent I do, I could afford to lease a tessie too.

  9. But you also have braggers like “ I’m a DINK with a HHI of 400k no debts can we afford a mid range SUV”

  10. There are also those adds I keep seeing that will finance you one for 100 bucks a month, so in 80 or 90 years you can have that all payed off and be good to go

  11. Don't believe a word of what you hear on that subreddit, and never take any of the advice offered. It's a disaster.

  12. Im a 23 year old guy, and dont even have a car in my 75k a year base salary. Because why would I pay 1950 a month plus hydro to live close to my workplace and splurge on a car and parking?

  13. A rep at Tesla Oakville told me that about 90% of new buyers are using their Home Equity Line of Credit. So a loan using their home. This was last year when rates were so low that it was worth considering.

  14. There's lots of 300K a year Tech people whose job descriptions don't even sound like English. What we used to call computing has become a separate universe with its own laws of nature.

  15. There are many many many MANY people with high paying jobs in this city. Lots of bankers, corporate lawyers, doctors, management consultants, accountants, and company executives - so very many company executives. Getting that kind of money is actually kind of... straightforward... if you've got the right kind of brain, ambition and focus. Study hard at something white collar there's demand for. Normally there's a straight line recruiting system to grab the top 10% to 1/3 of the graduating class and put them into entry level positions in whatever the organization is (a law firm, a hospital, a bank etc.) Do the work. Do a good job. Do all the things that everyone tells you to do to make the people you work for confident that you will solve problems for them and not make problems for them. Work hard, be humble. Oh - and marry somebody from your program - or at least that strata. No falling in love with social workers or would be academics allowed. You want that double executive income.After that you just move to a nice small $2 million house in the Beaches, and have a couple of kids and drive them around in your Tesla.

  16. Guess I’m screwed. Brain’s all wrong- I’m an artist, not that good at math. Seriously, all my aptitude tests point to arts or trades. And I am asexual so marriage isn’t going to happen either. That and the thought of having to wear a suit, makeup, heels, and all that other stuff makes me nauseous. Pure sensory hell plus a massive waste of time that literally never ends. (Spending time every day applying makeup and professional hairstyling, plus having to keep your wardrobe current, since women’s fashion changes so quickly)

  17. Toronto is the financial hub of Canada, so it shouldn't be a surprise that there are tons of wealthy people living downtown. There are more than 1,500 companies listed on the TSX, so you should have somewhere close to 1,500 CEOs pulling in millions annually, apart from other high-paying roles in those companies. It would be strange if we didn't see any expensive cars in Toronto.

  18. Just wanted to point out that not all companies listed on the TSX have HQ and/or CEO in Toronto. Many are based elsewhere in Canada, or internationally.

  19. There’s a huge divide among people who purchased homes 10 years ago and now. Many people are living off that increase and enjoying life.

  20. A lot of people live above their means in this city. I remember going to university with a guy who was leasing a BMW while living rent free at his parents home and acting like he had money. Dude was 25 living at home and his mom was doing his laundry for him. He was bartending part time just to pay for his car.

  21. There's a ton in my area (The Junction) and I've wondered the same. Most of my neighbours are lefty types I'd think of as middle to upper-middle class... professors, librarians, teachers, government workers. But the area's getting more affluent with the housing prices, a bunch of relatively tiny "fixer upper" houses on my street have all sold for $2M to $3M in the last few months.

  22. For the life of me, I have no idea. Born and raised here and been scraping and grinding away while being flabbergasted at how seemingly easy some have it. I say seemingly of course, since some present to be better off than they actually are. Nonetheless, I do see what you mean.

  23. Finance, tech, and law all pay highly. I have multiple friends making $150K first year out of university as investment bankers.

  24. Partner at a law firm can pull in seven figures. If you have a couple where both spouses are bank vps/specialist physicians/dentists/management consultants/investment professionals/ibankers/high level tech ppl you can easily have a family income in the 7 figures. Lots of high income families with 'mere' professional jobs, no risk taking or entrepreneural skills required.

  25. People always say “people are living beyond their means” because they are unaware how much money there is in this city. Think of the number of households there are with $200-300k incomes when you factor in all the jobs here in finance, tech, law, universities etc. Plus remember how wealthy the real estate crisis has made some people - if you had your mortgage paid off and your house was suddenly worth twice as much and you could borrow money at 3%, buying a fancy car doesn’t seem so hard.

  26. Poor people spend a lot of their money to make it look like they have money. While wealthy people use their money to make money. Always remember that.

  27. Some people spend all their money on eating out, luxury items, and probably on cars as well. At the end, they have no savings.

  28. I live downtown, rent, and drive a bicycle. Most people I know who own houses in my neighborhood and drive decent cars have rich parents, regardless of how talented/educated/motivated they themselves are.

  29. It’s the fact they live downtown they can afford a Tesla. Namely if these people bought a home 10 years ago they’ve done nothing but gain home equity to the tune of like $600 to $900 K literally sitting at home doing nothing.

  30. Software engineers, finance, lawyers, consultants, medical professionals, high end sales. If somebody is doing really well for themselves, it’s very likely in one of these fields.

  31. Very few luxury cars you see are owned or purchased outright. A lot of people can come up with $800-1000 a month to pay a car lease for a $90,000+ car, $2600-2700 rent a condo, and still have a few dollars left for a bit of shopping. Next time you see a high end car luxury car ($100k plus) look at who's driving it too. The 19-25 year olds are likely not the ones who are earning the money to buy them. Something something foreign corruption money laundering.

  32. That is incorrect. Im 23. I make 75k a year. I might get transferred to my company's US office and make almost 329k a year (my coworker from the US makes this much, and he's 25.)

  33. I live downtown, run a very small web agency (3 employees, myself included) pay myself 175,000.00 and we do well enough to be making profit each month. I dont have a “fancy” car but I bought a classic 91 Dodge d250 that has gone up in price since purchasing. That being said, there are ups and downs. I am in debt to some degree, but its below 75% on my CCs limits. I also decided to live in a basement apartment that sees little light for roughly 1600/mo + utilities. Moved in in 2018 though and the landlord hasnt raised rent since 2019… I consider myself very lucky. Learn to code in your free time? Tech industry is wild. /shug

  34. that's like $600 a month car payment. And 2 to 3k a month rent. 2 people making middle class income of like 4k a month each can donthat easily.

  35. You don’t have to buy “brand new” but buying a car that’s only 2-3 years old is a lot smarter then buying a 10 year old car if you need something dependable repair bills can add up quite quickly. 2.5 k for downtown is better then 2k for Brampton or Mississauga 🤷‍♂️

  36. A lot of people have good jobs that pay a lot of money. A lot of people have parents/ grandparents who bought a condo for them. A lot of people are in debt and don’t know how under water they are yet.

  37. There are a lot of people in finance or consulting or law or tech who have salaries over $200k. Some of them have partners in the same bracket so like $400k household income.

  38. I wonder that even myself. I earn a very decent amount and even I’m afraid of buying an expensive depreciating asset like a luxury car. Maybe those people have some super profitable business that makes them a lot of money or maybe they’re writing off everything as business expense…idk I’m just making assumptions. Don’t forget there are also a group of people who try to look rich (not just in Toronto but everywhere)

  39. I currently have two jobs totaling almost 70hrs a week. My main job is a chef de partie which is hourly, the second one is my own gig from home where I'm a social media manager, I pay myself at the end of the month based on revenue. I could genuinely quit my main job and focus on my own gig which usually generates more but that means losing a more stabilized form of income in case worse things come to worst.

  40. Couples that work in well paying jobs like tech, health, law firms, etc. Also to add, Small business owners as well. Thinking about it, I’m sure those type of people you’re talking about probably have a s/o to help pay for expenses.

  41. I financed mine for $580/month. With 0 gas cost and 0 maintenance cost so far in 3 years, it was far cheaper than my gas cars. I was spending $400+/month on gas and probably averaged over a year about $200-300/month on maintenance because of the combustion engine. At the end of it I will have an assist with residual value vs the outflow of cash my gas car costed me. So it’s actually cheaper for me to buy a Tesla.

  42. Marketing? Maybe VP or director of marketing, but you’d also have to have a partner earning that high as well.

  43. Some people have side hustles or are wiser with money, usually the people that scratch their head wonder how people can afford things are the ones that never put money aside and are constantly spending it on unnecessary things

  44. Not really. My wife is a CPA and I’m a sales Manager. We make $150,00 each per year. Have great investments. Bought out Tesla Y without a second thought for $86,000 in October for the long range. That’s affordable. Ended up paying it off right away.

  45. I find a lot of people who own property downtown we’re gifted a very generous sum for the down payment from family, or are in a position where any gaps in their income can be supplemented by family finances.

  46. Tons of high paid couples that may not be rich but have enough salary that the bank will lend them millions of dollars. Or they are just rich

  47. Mommy & Daddy. I saw a post on reddit recently about how someone’s parents bought them a 300-400k condo in cash in Toronto. Probably happens more than we think. Know somebody in my personal life that had their parents buy him a Tesla.

  48. They are all faking it.. Most of thoes expensive cars are leased not owned, most of the apartment's they live in although very nice are with 2 or 3 other room mates and they are renting and dont own the place they live in. Most people are living pay cheque to pay cheque and have 0 savings and 0 owned property.

  49. Dual incomes. Some people do make good money, or they put all their money into the cars and are broke. A lot of fancy cars are rentals too.

  50. I might be wrong but I remember in 2017, tesla didn’t have leases available and also no financing options. Now they do. So you don’t need to save really. Also living downtown might not be that expensive if they have no kids and live in 1 or 2 bedroom apartments.

  51. Those are th exceptions. Mostly Raptors, maybe a few rappers like Drake, Toronto city council ;), some wealthy businessmen. The rest of us (99% of Toronto) by cheap cars and live hand to mouth.

  52. I just moved into downtown TO after selling an apartment in Amsterdam for a new Tesla’s worth of profit. However, I didn’t buy one because I prefer walking, biking and public transit.

  53. I’m one of them. The jobs are investment banking and other capital markets gobs. Tech jobs. Doctors and lawyers. Entrepreneurs.

  54. For one thing these people are likely married, each making around 100k, at the very least. Marrying like this, with a steady job, increases your buying and borrowing power exponentially.

  55. I work as a software engineer. I make 75k a year. I dont even own a car and walk to work. On the weekends im usually at my parents' and uber to union snd take a bus.

  56. The worse part is the vast majority of the big money in Toronto doesn't even live downtown. All the exotics are usually elsewhere but most people don't even really notices Rolls Royce or Bentley's when they drive down the road.

  57. Some people just like cars. I wouldn’t say I make a lot (110k) but my daily driver is around 110k which is a considered ridiculous to a lot of people, but Ive been driving fast cars since I was 16 and it’s very hard to downgrade. With cars going electric, I also want to enjoy the last of the great gas cars before everything becomes silent and boring.

  58. If there was a number written above everyone's heads like a nametag In a video game and it reveals the amount of money they have minus thier debt. You would quickly learn how rich of a society we are. The poor homeless man on the corner who got a few bucks and a sandwich would be a green +2, the guy playing his stereo really loud in his driveway of his big house in his brand new fancy car would be red and probably flashing at -800,000. Now continue down that street and after you see red number, after red number and fancy things left and right. You really see who has got it figured out. Homeless guy ain't gotta do shit tomorrow morning. See you at work tomorrow sucker, once you see the world this way you realize the system figured out, slaves do not need chains. Debt is, and always will be shackles on your wrists that you cannot see.

  59. Live within your means, who cares about those people. You will never know everyones situation, but from what I've seen and learned - most are not doing it on their own, or are living in crazy debt.

  60. Toronto is a city full of businesses, from big to small. People own / run / have senior positions in these. How do people find it surprising that there are some wealthy people in a big city?

  61. A lot of households have 2 incomes. You can live basically anywhere in this city if you split all your costs. My partner and I make around $110k combined (Healthcare and Real Estate) and have no problems living downtown. I also realize how fortunate we are though because we definitely live a lifestyle some people can’t afford 🙏

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