Our Monthly budget and how we SAVE more than 40% of our salary in Canada 🤑🇨🇦
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- Опубликовано: 5 окт 2024
- This video is about salaries, taxes, monthly expenses, how to budget your household income in order to maximize your savings as a new immigrant in Canada.
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2. Money mistakes by every new immigrant: • 5 money mistakes we ma...
Disclaimer: These videos are our personal views and opinion, they should NOT be considered as legal advice. We are not affiliated with any government organization or division. We assume no liability for how the information on this channel is used or interpreted and hence take no responsibility for any decisions that is made with regards to your application based on the information shared on this channel.
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We don't like immigration agents - the ones' that aren't authorized by ICCRC and qualified to help you with your application in exchange for money - first of all, it's not legal to do that, and second of all, it's so easy that you don't really need paid help! We are a young couple who started their Canadian Immigration journey in 2018 and moved to Canada 3 days before the pandemic hit in March 2020. Over the course of our application, we have seen so many people getting screwed over by greedy / fraudulent and unauthorized immigration consultants who promise you the world in exchange for thousands of dollars and deliver a whole lot of NOTHING; to an extent that in many cases, the applications get rejected, due to their negligence.
Therefore, we are taking matters in our own hands. After months of research and our own experience of applying for a Canadian PR, we came up with an e-book series & this RUclips channel which would include - errors to avoid, perfect sample documents (my own) and alternate ways of immigrating to Canada - 100 pages of absolute goldmine between these 3 e-books - no filters, no premium versions to these ebooks... everything is out there FOR FREE, for you to read and execute the process yourself! All we are doing in these ebooks is sharing our experience of applying for PR ourselves / structuring and pointing you in the right direction via various different resources that are available on IRCC's official website. The RUclips channel will compliment the e-book and add some personality and entertainment to the entire process :-)
Volume 1: Step by step express entry process from know nothing about immigration all the way to getting an invitation to apply (ECA, IELTS etc). Download here - www.potatotalk...
Volume 2: Post ITA express entry process - documentation, samples, POF, Proof of work, medical, biometrics all the way to getting a stamped passport ;-) Download here - www.potatotalk...
Volume 3: Alternate ways of moving to canada | Provincial Nominee program - OINP, AINP, MPNP, NSNP, SINP, RNIP and more. Download here - www.potatotalk...
Save your money, and if you find these e-books useful, do not forget to buy us a coffee when you reach Canada :-)
Do not forget to subscribe to our channel :-)
#monthlyexpenses #budgetting101 #savemoneyincanada #potatocouple #immigratetocanada #ultimateplaybook #youtube #ebook #expressentry #potatocouple #movetocanada #lifeincanada #canadavlogs
Excellent Video! Nicely covered! I like the way you explain things with realistic numbers. One more thing you can include is RRSP. Of course new immigrants cannot take immediately benefit from this but they can plan about it and take advantage after first tax return. First benefit is of course the lower tax bill and second benefit is tax free withdrawal in case of buying first house (Up to 35000 CAD). EQ bank is really good, which I am using too, But you can also recommend wealth simple invest, which is helpful for newbies to invest and get good returns... without any fees. Money remains flexible, so can be withdrawn anytime. One more thing, you can explain features of RESP as well. It is for the guys with kids, best feature about this investment is 20% govt match upto 500 CAD every year.. Which is anyhow free money.......... Keep up doing the good things!!!!
Great tips 👏👏👏
Pinning the post 😀
@@Potatotalkies Thanks Guys!
Hi im frome pakistan mein n ap ki video abhi dekhni shoro ki h n its ammezing ap logo k video bhat infometive hoti h or sb s achi baat ap dono bolte bohat acha ho bohat sweet lugte ho ap dono:)
Starting early is the best way of getting ahead to build wealth, investing remains a priority. Even in a downtrend, the stock market/crypto market has plenty of opportunities to earn a decent payout, with the right skills and proper understanding of how the market works.
Courage taught me: that no matter how bad a crisis gets, any sound investment will eventually pay off
Hey! Please who is this advisor of yours? I guess success really means total knowledge and I hope he/she can help me get back what I lost. Can I have easy access to reach out?
@Manuel Andrea Access to good information is what we investors need to progress financially and generally in life. here's a good one and I am grateful. Found her website and it was really impressive
You said it all. It's hard to predict the future, but one thing you can always rely upon is human GREED. Once stocks start rising again, people are going to think back and kick themselves and ask why they weren't willing to buy things at a 60-80% discount. Interesting I'm also a subscriber of *PRISCILLA DIANE AIVAZIAN* signals and if I were to rate her accuracy, I would say perfect 👌
I met the guy on Niagara fall in April. Amazing humble and down to earth guy.
Oh yes! I remember you... 😀👍 hope all well
so what? you are so fuking free to check humility
Yes I too felt the same humble, knowledgeable and helpful
Am i married - No. Am I visiting Canada anytime soon- No.. Am I going to watch this Video till the end- YESSSSSSSSSSSSSSSS 😍😍😍😍😍 I'm addicted to you Guys, my whole family waits for your videos to show up... 🥰😘
Wow!!! Thanks you.. lots of love and regards to your entire family ❤
Navjot bro you are like perfect cricket player just like MS Dhoni who do his work like pro and he knows that how to win hearts of audience,same as you...the perfect player i love you so much....you allway get the best in life...
Thank you so much Dhaval 😀👏
I've had Canadian PR since 2019, but I've been hesitant to move there despite having close relatives living in the country. None of them have been able to clarify my doubts like you guys have.
Thank you for making these videos! Because of you guys I'll be taking my decision of moving there pretty soon. Thanks again! Keep it up! 🙏🏻❤️
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You what!!!!
Can you transfer your PR if aren’t using?😀
Just kidding, congrats!
@@yoloyogi haha I wish!! I would absolutely give it away considering there are so many people so passionate about the country.
Anjali Malik thanks a ton 😊🤣 May be you are in your twenties, if in forties , you too may love .
I really liked the video! Although, there is one point of disagreement, I don't think so that majority of skilled workers are able to make 60k to 90k in their initial years and hence might end up saving less. As a matter of fact average Income in Canada is in 50K range. If you are spending less than 30% for you accommodation in Toronto, you are doing a good job!
I have two kinds of feel when I saw your this video 1) Wow so cool couple, they are really planning so much in depth that they are aware of each and every coin the account. And then 2) I feel yaar if this is how you wanted to live your life then I guess you had much much much better life in India and HK where you use to work and live with bigger house ,more servent to help, better cars.I personally feel canada is beautiful country and country like this should not be waste on rat race which people in India do always. This is a country which is meant for experiencing and seeing the beauty of nature. No offense to you both please 🙏
Everything is accurate expect for the average salary.
Avergae salary is about 20 to 21 dollars an hour which is about 42000 (gross) dollars per anum.
Cheat sheet for salaries in ontario:
Clerk/worker/GL/Linesman: 25k to 30k
Coordinator/analyst/officer/scheduler: 40 to 45k
Supervisor/team leader/senior analyst/Master scheduler: 57k to 65k
Manager: 75k to 90k
GM/director/department head: 100k to 150k
Imma visit Canada particularly to see the “sabzi mandi”.
I already like this from the Intro !!! The reason we Indians survive in any circumstance is our ingrained habit of saving ! Kudos to you guys for carrying the torch ! God bless
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Your content is super informative. Just lovely!!
Waiting for the international student playlist like how can we complete the admission and visa process by ourself without any agent and then the PR chances. That would be great.
Ummm.. will do a collab soon :)
Yes Much Needed...
@@Potatotalkies Yes that is very much needed.. Please make it soon.. How can one go by SDS scheme, which colleges or universities we can choose.. Which courses are in demand in software industry? Please please make the video soon. 🙏
Wow veerji, you are so lucky to have a lady who supports your financial planning. Kudos!
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The way you design and present the content is mind blowing. Once I start watching the video, I dont feel like pausing it even to open the door if someone is ringing the bell.
God Bless You Two Beautiful Souls !!!
Thank you 😊
Getting interest from Savings account gets added to your earning and you need to pay the tax on that which goes missing from the information. Moreover, the insurance of car depends on many factors in your case it tends to be lower, travelling for work is an additional cost for people not living Toronto. People with kids will end up paying day care facility fees which is around $1200 per month.
All great points 👍
Hi PTs, I have been following your videos since beginning. We just arrived in Toronto on PR n finished our quarantine. Since my son will be going to high school we have figured out the schools with required programs and now finding houses in their catchment. Hope to plan a meeting with you guys and see you around soon. Cheers
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Hi Tarun , have you landed under express entry or PNP program.
I am 31. Planning to move with my husband on PNP immigration programme.. so guide accordingly..
Hi Amarjot, we have landed under PNP program.
@@tarunsareen5748 what's ur age and professional skill. Pls reply
Would be good to share your thought process behind choosing TFSA over RRSP. Thanks.
That is absolutely correct information!!
I have also calculated average monthly expenses during covid and pre covid times and it falls between 4500-5000 CAD.
Amazing suggestions. This is like talking to a family member. Great job guys !! This is actually helpful irrespective of the country lol
Nice! This was much needed. Thank You🙏🏼. Looking forward to indepth videos on all "complicated" topics discussed in this one. This also goes to my 'Moving To Canada' Playlist.
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This video is a GEM 💎 !!! Your method reminds me of Rancho from 3 idiots......sab chij example deke 🤪😂 This will remove the slightest of doubt that anyone may have around savings in Canada 👍👍👍
#Gharche😉
Thank you so much ❤
In the video you said TFSA is for retirement , well yeah if that is your goal. However , TFSA is used mostly for some shorter term time horizon financial goals like saving for a vacation as the income you make is not taxed.
If you guys do RRSP deductions on your paycheque that will be beneficial not only for your retirement but also when you buy your first house since you can withdraw 35K each under the first time home buyer program by the CRA.
The amount of information shared here is very valuable for aspirants like me.
See you Canada in 4 years.
Hey, just a small observation. I may be wrong, but did some research on CPP And EI. For CPP the max deduction available for employees $ 1449 p.a ($121 pm) for employees contribution. Employers contribution may be exempted if the earnings are above 58,700. Similarly for EI it will be $856 pa. Was doing some initial research for myself and compared it with your table.
Was trying to reach via your website, but couldn’t find any source to write back.
Thanks. Do correct if I was wrong.
Really impressed by the way you have empathized for you viewers and its amazing that you have created such a budgeting tool.. For me its going to be really useful..Thanks guys
Greetings. I watch your video because I like them, but I am also planning for Masters in Canada. I take your managing finance videos as online Finance Managing class. You are imparting maturity through your video. Now, I can see footsteps to follow. Expressing sincere most gratitude to you.
Every video of u guys gives me a reason to smile.. full of positivity
Cheers and god bless
Thank you 🥰🥰
Guys if you can add one drop down for CN states, as provincial state tax is different for each state. I guess this sheet would be more generic, i know it would be a bit of extra task. but as you made it, would be easier for you to do. i tried to do it for myself, but got confused with rules.. :) With that one can select his/her state, then provincial taxes get calculated accordingly.
The calculator is more for budgeting and less for tax... for tax, I would recommend to use online tool called simple tax calculator
Hey potatoes, here's my piece of story. I was an anti-immigrants kind of person and felt bad for people who were leaving India. But after being a chipku follower since your very first video, my viewpoint has turned 360°. Now I'm craving for Canada and this is all your fault 😡😂😂 anyway, thanks for making us believe that we deserve a better lifestyle, too. Good vibes to you!!
Thank you 😀🙃 more power to you 👏
360 degrees=0 degrees, geometrically speaking.
@@MegaRaseel haha, nice one, but my focus is on ielts rather than mathematics these days
The monthly expense for us is rough $7000 -$8000 . 2 Adults and 2 kids (4 people total). It all depends on where you living and at what stage you are at in your life. I have been in Canada for about 23 years and lived in various provinces
Superb video 👍
Please make a detailed video on tax system in BC & Alberta too as alot of new immigrants wish to settle there but are a little bit skeptical about the taxation system.
Its less than ontario 😀 will try !
Hey I m Deepak Gandhi,saw ur lots of videos,and inspired to move Canada,but unfortunately can't due to eligibility ,But thought , will try for my son.
I like and love both of u,Ki Baba ji essi jodi bi banate h, Really Baba ji ki full blessings h ,aapke sath.
If a person is alone, getting 50,000 a year, I do not think he can survive. I think Canada is for those who can earn more than 5 to 6,000 per month at least.
Coming towards the immigration program like Rural and Northern, salary will be not that much high. So, if anyone is just thinking to move to Canada, he should consider the expenses mentioned by you.
Even I was also in a dilemma that one person can survive but survival is not the only thing, lifestyle up-gradation is also the main point.
The expenses should be less than hours and cut down on car / live in a $1300 basement... till you improve income
If we talk about toronto (GTA), which is expensive, then yes, Its a bit difficult, but still possible with 2000-2500 per month. Obviously, it won't be very comfortable but not that bad either.
@@kkbinwal What about total expenses for a couple with a child? And only one person is working.
@@punit0031this is ideal example no one talks about
Your video makes sense for couples who are both working. But not for single person. The problem is rent is so expensive in Toronto, for one/single person with $4000/mo carryhome income, the total expenses (rent, car, grocery, phone, electric etc) are also same as for couple, around $3,500. Then you save $500 or less or nothing if you spend some extra money on shopping/travel.
Navjot - Bless you bro for sharing the budgeting tool (excel). You (not you alone :) ...Simran as well) are a star...
Thank you 👏🙏
Who gives such advices nowadays for free, excellent and very helpful information. God bless u guys. A long way to go....
This budgeting calculator is amazing
Exceptional, precise n truly informative ...navjot n simran ..kudos!!...u guyz r really doing a great job!!...keep up d good work guyz👍🏻👍🏻
Budgeting forecasting controlling and growing:
You guys have chosen very important subject (income & expenditure) to provide practical information about it by the videos, specially to manage it to grow to live better.
Keep it up and it clearly differentiate your thinking & working from rest of the you tubers currently.
Looking forward
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It's a helpful video. The Sheet created by you is good but it needs a bit more customization like additional column where the person can add there own expenditure and then calculate savings. Also I don't get to know what are those amounts under FT and PT they must have a name for what that calculation is and how it came up. So just a suggestion, there is a room for improvement of this tool.
The moment i saw the Excel budget sheet i was like "Saviorrrrrrrr 🙌"
You always manage to make the content informative and fun at the same time. ✨
Love the Bloopers 😂#Gharche
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You two are just blowing our minds with all this relevant information and the tools and the cuteness overload. Can i just tell you that whoever i talk to are recommending me your channel. And i always end up telling them that i have been following you since day 1. Aap logo ko idea bhi nahi hai aap kitna zada popular ho rahe ho. Keep it going guys. 1 million bhot door nahi hoga. God bless and love you guys.
Thank you so much! You made our day 🥰❤
My favourite couple. Navjot u r younger than me but I am inspired to have organized thoughts like u.
Thank you so much for saying that
This is the best video of yours so far. I have been following your channel very religiously as my context is kind of similar to yours. We landed in Toronto three weeks back as PR. Thanks.
All the best 👍
YOU GUYS ARE THE BEST
Thank you 😀😀
Yes, please make separate video on investment options. My husband is very indulgent and doesn't care about saving. However, I am thinking to invest some of the money for our future and kiddo. Highly Appreciate.
Hi, I sent you a msg on messanger. Please let me know the procedure to bring my mom with Canada forever. My mom and I are the only two person in my family and she is my top most priority.
Will make a video on that soon. In the meantime, search for super visa on Google
Money h to sb hta h
The gharche thing was very funny 🤣🤣 I watched it a few times, just because I found it so funny. (Well consider this as a compliment). Love you both guys, you are amazing. Love the way you explain these super critical issues. Very well rounded. Thank you ☺️
So when you guys talked about house fund, suppose I have an active bank account back in India and I'm putting some money in that account on monthly basis, won't that be a good idea as well? Kyuki India mei banks ka interest rate zyada hai.
Yup... there will be loss of exchange rate + NRI tax on the interest earnt in india.. especially when you take it out of the country
@@Potatotalkies I thought otherwise here, please correct me if I am wrong. If we open NRE account in India, the interest earned is quite good and also there is no tax deducted when we bring money out
Simple,Informative, crisp and genuine as always..best ever channel..Rab Raakha
You guys are so so cute ❤️😁
Hey there I am in India but definitely planning the future for my kids.waiting for my daughter's bachelor's to get over your videos really inspire me.and yes you people are family.
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Randomly ran into the video however ended up seeing it till the end. Loved the simplistic way in which you’ll explained something as important as budgeting. Kudos. Moving to Canada in March 2021 and I’ll definitely be watching more of your videos for information
Good analysis on personal finances and expense budgeting. This report indeed cooled off some worries related to taxation in Canada. For family with one child, day care would amount to CAD 800-1000 p.m., hence, I can think of parting with car, temporarily. Thanks!!
I have seen this video so many times every time I forget the ratios :D . Today I finally downloaded the excel. Thank you guys :)
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This is the best channel for someone who is coming to canada. You guys deserve more than a million subs. Keep doing the great work. 🙏🏼👏🏼❤️
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I watched this video for the first when I was in India. It feels really great to watch it again after landing here. Thanks you so much for all the tricks and tips all these years. By far the most amazing couple's I ever known and wish to meet you in person if fate permits 👍☺️🙏
Fantastic! It looks really helpful guys. Practical numbers always help. Thanks a lot!🙌🏻
You can also put $35K per person in your RRSP and use that towards first time homebuyer benefits which you have to return over 15 years interest fees. Perhaps topic for another vlog
Thanks 😀
Can't do that in the first year as an immigrant
Good to know thanks for the clarification
I dont know when I will be able to come to Canada but you inspire me.. load of love to you.. may you grow more
Thank you for sharing the real picture on how things are managed and how to be money smart.
Kudos to you both. Randomly ran into your videos but just fell in love with them at first sight. I have been in Canada for over 2 decades. Your videos are a blessings for newcomers as well as people who have been here for long. Wish you both good luck. Hope to meet you guys one day.
Finally, some good content, no show-off for popularity. Kudos to you both.
Yeah, it’s a beautiful thing
Informative one! I like the rules that we can apply on our income and save.Thanks👍
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Thanks both of you for being Real and not ashamed of our Indian Culture. I saw a couple of vlogs of a person from Toronto she is completely fake and giving wrong messages to people who are sitting back in India. Thank you so much for creating informative vlogs. Best wishes to both of you
Superb ...so much infomative❤️
Just thankyou wont be enough for u😀👍👍
Sir ji october ka travel plans wud be full of surprise😎😎😎
Maam kitna sweetly baat krte just wow🙏
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Amazing video guys!!! You are so thorough about all the calculations and data!!! Superb!!! Thanks for all the information!!! 🤗
first time I gave rating to app in play store is yours. Hope you guys reach all your goals and live a happy life.
If i come to Canada with my family definitely we will meet you 🤗🤗😇😇
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Thank you so much guys. Absolutely loved your videos. My Wife and me are currently in the pool and awaiting ITA. Your videos are super helpful and instill confidence in us to take the plunge. God bless.
Equity investment should be 100- your Age = percentage of saving in equity market like stocks , Funds.
Hey Guys , initially I was a bit hesitant to follow you on RUclips and assumed that it will be like any other gyaan channels on Canada . I must say I was totally wrong and you two are doing superb !
You two are honest with your suggestions and that’s what makes you stand apart from the crowd!
I subscribed today for an insightful future with your videos. Thank you for the great work! Keep going 😊
Why are you not doing NRE fixed deposits? This will give you up to 5.5% return every year. Even if you calculate inflation that is a better rate. What do you think?
Absolutely
Although I am still not in Canada but I genuinely feel some sorta connection with you both. Thanks for being so warm, funny and informative. Hope our path crosses.
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Very good information. Its imperative to save money. with little contributions you can save a lots. There are so many tools available like Tfsa,rrsp one can utilise to save. Using them effectively can make huge difference . The best way is dont spend $ on things you dont need. Way to go potato couple.
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Biggest takeaway from the video is given at the very end. When you plan how much you want to save, you deposit that amount from your salary in the Bank on the day of your paycheck. Super idea as also emphasized by Warren Buffet.
Very nice video! thanks guys. Subscribed! looking forward to those breakdown videos.
We've taken our PR last year and were supposed to shift in April 2020, which got postponed you must know why :). Now given the current scenarios we started getting few apprehensions as to what should we do is it going to work and how wherein your interview series has helped a lot. Hope to get there early next year and start our initial struggle and also wish to meet you someday. All the best!!
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I don’t know what you guys searched but you can get 8-10% interest by saving in tfsa account.
Fantastic video guys!
Navjot your analysis is spot on
Keep up the great work !
Happy to learn from your experience
Come to Aus , 9.5% goes in your retirement plan and that is on top of your salary. Also, insurance is maximum 100$/m and for ultra luxury cars it’s around 150/m
I agree Navjot. Regarding your reply on last week video. Your rule is better than 50-30-20 rule. 😅
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Bro you've coined a new term "Gharche".
Loved it.
Use it in your upcoming videos.
Hahaha for sure
Canada has marginal taxes which is why you get taxed more if you earn more and that sucks. If I compare it then I definitely miss my US paychecks lol. Also, I am not sure but I think EI and CPP deductions gets capped at a certain amount per year. I moved to Canada in Feb and noticed these deductions in my paystub till my last pay check. CPP and EI deductions were $0 in my current paycheck so I guess that is extra cash till the end of the year.
Yeah... high salary is always welcomed.. thats more money in the bank despite the marginal tax 😀 if you can control your expenses, you will be better off with more cash ;)
First time anyone sharing how much they save.. awesome..
Love the way u guys simplify and explain things one by one❤️👍
Thanks, praji for the calculator and explaining it in such a simple manner. kudos to both of you again and be safe and keep smiling 😇
Thanks for this enlightening video . God bless . A penny saved is a penny earned. Very well explained. Thank you.
Love the budgeting tool. It's AMAZING and super helpful!
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Your videos are so knowledgeable always...👍🏻 I think you are the only one Canadian youtubers who have disclosed the salary details and given true information to people like us... 👍🏻 Thank you so much... ☺️ May both of you always stay blessed and happy ❤️
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Nice video, but in my humble opinion TFSA is not actually tax free saving compared to RRSP. As you mentioned TFSA as tax free saving account _ person will only save tax on the income the person earn on TFSA (like interest or if stocks in TFSA). RRSP is a good way to save money and tax. For TFSA and RESP person had already paid tax. With RRSP you will get tax break on the money you put in RRSP and then you can earn more in interst or in stocks....even that would be tax free.
Very informative, indepth and exhaustive vlogs.
Loved it. Gonna fully apply this.
You guys are pyaar. Thanks.
Such an informative video. Thanks a lot guys! Just one suggestion - please increase the lighting while shooting. Currently it looks a little dark. Otherwise it is just perfect. 😍
Yes.. still working on the light.. 🙈
Coming from China... so delayed!!
@@Potatotalkies Oh that's great! Can't wait ♥️
Thank you for keep posting videos with such minute details, they are really helpful for aspirants like us
You both are soo good!! Love these videos. They are super informative and helpful.
Guys u always make very motivational and realistic videos . Other RUclipsrs runs only for sake of subscribers and money whereas u make videos for True and perfect information.
Keep on doing great work . Love from India..
$150k is considered a very high household income in Canada.
The problem is most people make between 75-90k and when you have kids wife can’t work as daycares are very expensive.
So now do the math it just won’t add up
U guys are Awesome...One of the best video on budgeting if not the best.!! Keep it going.
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Thank you for making this video, mostly the exact take home and EQ bank which I was not aware. Thank you once again!
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SUPERB efforts guys. Excel should come handy.