Yes and yes. I completed a bachelor's degree, but my parents hoped for more. I got scholarships, grants, and OSAP, and my parents covered the rest. I worked throughout university and paid off the OSAP loan shortly after graduation, before any interest could accumulate.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
My parents came from a generation that necessitated frugality, which I inherited. As a result, I'm probably the least-materialistic person you'll ever meet. I live minimally, and I'm not motivated by money alone. When I was in middle school, my dad enlisted me to help do my parents' taxes by hand, because there was no Simple Tax back then. I was genuinely happy to be involved and learned so much in the process. I still do their taxes, though it's easier now thanks to good software that does most of the heavy lifting. My family operates on an unspoken what's-mine-is-yours philosophy. It goes both ways, no one keeps track, and no one takes advantage. I contributed several thousand dollars towards the house they live in now. They didn't ask me to, but I felt that it was the best use of my money at the time, and I fully intend to support them in their old age. One thing I didn't learn from my parents is how to invest. They are very risk-averse and don't believe in investing in anything except real estate. They also don't do much charitable giving. I support friends' fundraisers, although the WE Charity scandal makes me skeptical of the kinds of organizations that I usually want to support.
What was your first job?
During university, I worked the front desk at campus residence buildings, checking in guests in the evenings. That first work experience led to a live-in residence advisor position in my second and third years, a summer job as an administrator at a camp, and eventually to my first job in the real world. I learned transferable skills and gained confidence that made me unafraid of going after progressively challenging and better-paying positions. I knew I was capable of anything I put my mind to and became good at articulating that on paper and in interviews.
Did you worry about money growing up?
I knew that my parents didn't make a lot of money, and we didn't have much when we first came to Canada, but I also knew that they were frugal and avid savers. I participated in extracurriculars, school trips, summer camps, and I didn't want for anything.
Do you worry about money now?
In general, no. Right at this moment, yes. I worry about how long this bout of unemployment will last and how much it will affect my long-term goals. I also worry about getting back to the salary I was making before I got laid off. But between severance, savings, CERB, and EI, I know I'll be okay.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I consider myself financially independent since age 22, when I graduated, but I'm sure readers will disagree in the comments. I lived away from home for school and moved back afterward to live rent-free. I spent three hours a day commuting from the suburbs to downtown Toronto for four years while saving and investing a huge portion of my income. At first, I was making a below-average, entry-level salary, which made it imprudent to live closer to work. I worked hard and did extensive research on industry salaries as well as negotiation tactics to successfully earn several raises, promotions, and new job offers. After four years, it made sense for my parents and I to purchase a place downtown with an extra bedroom to rent out, which is still the plan once it's safer to do so. Joining forces with my parents allowed us to buy a better place with greater potential for appreciation, while securing a mortgage with better terms than if I'd bought on my own. I currently have enough savings to keep me going for a long time as well as investments that I can liquidate if it comes to that. My financial safety net also includes the income potential of my condo, because I always have the option of moving back with my parents to rent it out. I fully appreciate the immense sense of security that the parental option provides and recognize that not everyone has this at their disposal.
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A Week In Toronto, ON, On $10,000 Severance - Refinery29
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