Occupation: Resident Physician
Industry: Health Care
Age: 31
Location: Toronto, ON
Salary: $90,000
Net Worth: -$94,000 (I have $6,000 in a TFSA.)
Debt: $100,000
Paycheque Amount (2x/month): $2,700
Pronouns: She/Her
Monthly Expenses
Rent: $2,450 (I live alone.)
Heat & Hydro: About $122
Loans: $200
Netflix: $0 (I'm on my family's plan.)
Phone: $120
Cable, TV & Internet: $130
Gym & Spinco: $250
Health & Dental Benefits: $17
Disability Insurance: $30
TFSA: $160
Was there an expectation for you to attend higher education? Did you participate in any form of higher education? If yes, how did you pay for it?
Yes. My parents are both immigrants to this country, and their mentality has always been that education is the key to success and improving your standing in life. I'm not totally sure if that's accurate, especially in 2020 when there seems to be such an expansion of job opportunities that don't require post-secondary education. Regardless, it was important for me to attend higher education. I was lucky that my parents paid for my undergraduate degree, and then I took out loans to pay for medical school.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
Although I didn't know it when I was growing up, we struggled financially. My dad arrived with a medical degree that didn't translate to much here in Canada. He and my mom had to work many odd jobs while he studied to retake his exams and redo his residency training. We didn't openly discuss money in those early days, but I remember the stress that came around "bill day" and feeling like I never wanted to be in a situation like that.
What was your first job and why did you get it?
My first job was my residency. I'm lucky for this to be the case. I spent my summers in undergrad volunteering and trying to bolster my application for medical school. It makes me frustrated to speak about our education system, particularly with respect to medical school. People who need to work during their summer and can't spend this time doing free research or volunteer jobs are at such a disadvantage when applying to competitive spots at medical school. I'm not sure what the solution to this problem is, but I don't think my time spent directing patients to the correct hallway in a hospital has made me a better physician than someone who spent that time making money to support themselves or their family.
Did you worry about money growing up?
I didn't worry about money as a child, but I was very aware that we didn't have as much as other kids. As time went on, and my parents became more successful, I became more aware of our privilege.
Do you worry about money now?
I have a massive loan. Everyone thinks that doctors make a lot of money, but after taxes, overhead, and putting money away for retirement (I don't get a pension), it isn't as much as you'd think. I've spoken to senior physicians who say I should be able to pay my loan back in a few years, once I get a "real job," but I do feel anxiety about my debt.
At what age did you become financially responsible for yourself and do you have a financial safety net?
At the age of 20. My safety net would be my family, but I'm thankful I haven't had to go that route.
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December 22, 2020 at 08:00PM
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A Week In Toronto, ON, On A $90,000 Salary - Refinery29
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