Emirates - Trying to understand the financial Equation
Like all of us I’m trying to get a head, however, tough times for everyone. Before I consider this I need to gather financial facts and determine if its smart from an accounting standpoint. Fellow Pilots I’m flying a business jet making 120k Canadian a year. Decent lifestyle, however, the major cities including a one-hour drive from the downtown core isn’t cheap. Rent has also sky rocketed. Anyways lets jump right into this….The cost of living as a single guy living downtown (condo) with a mortgage includes the following payments…Fixed monthly ( all numbers are Canadian)
Mortgage 1750.00 month
Maintence fees 500.00 month
Property tax 220.00 month
Electiricity 120.00
Cable/internet – 175.00 (lets consider this fixed)Cell 150.00 (and this is a good month – Canadians providers are terrible)
Total Fixed - 2915
Variable monthlyCar payments – 500.00
Car insurance – 200.00
Fuel – 225.00Food – 650.00 ( this may seem high for a single guy. Lets assume this includes date money too)Total Variable 1575.00 Grand Total Fixed and Variable 4490.00At 120,000k a year which is about average for a challenger captain in Canada that equates to 10,000 gross per month. The government takes 4000.00 which leaves me with 6000.00 per month. Take my fixed and variable expenses and voila I have 1510.00 left over. No retirement, no shopping, maintenance for a car …bla bla bla. Having a mortgage is the cheaper route if you can gather the down payment considering rent these days in about 2500.00 to 2800.00 a month. Now it’s your turn. To my understanding first officer salary is 30,125 which equates to 8200.00ish. You get 14325 for housing - 3800.00usd. So, your fixed cost would be what? House is taken care of right? If not how much is being added on top of the allowance? Please don’t say it depends where you live. The whole “depends where you live “applies to everywhere and anywhere and not just the middle east. I noticed condos beside the Marina for less than what EK grants. Does that seem accurate? Yes I’m aware rent can be raised. It happens here too. So for the single people or even ones with partners can we assume rent is free?Emirates fixed cost
Rent free? (therefore no other fees involved right?)
Electricity for the month?
Cable/internet?
Cell phone?
Emirates VariableCar ( don’t want to know the payment. Just curious if I could use a taxi service for less than a 500.00 a month?) Lets say I’m living downtown.
Car Insurance – Expensive??
Gas - ??
Food? ( dinners in Toronto for two - about 150.00 if your doing drinking as well. A glass of wine at a fancy establishing is about 18.00. Similar to Dubai?If a first officer is making 8,200, has no rent, property tax, maintenance fees to pay that leaves the following….car, gas, internet, tv, insurance for a car, electricity, cell phone and food. Let’s just pretend for one second and picture all the above expenses costing 3,000. That leaves you with 5,000 at the month end. On that saving plan is 60,000 a year realistic to nest away? Is there anything I should be made aware of? What am I not accounting for? Making 120k in Canada is okay money, however, that salary gives you a net profit of 6000.00 a month. Then comes paying for the house which chews up a lot. Anyways I’m curious what insight you can bring. I don’t want to underestimate this by any means . Thank you!