Industry: Natural Resources
Age: 37
Location: Toronto, ON
Salary: $190,000
Net Worth: $350,000 (This includes $230,000 in registered investments and retirement savings and $120,000 in a high-interest savings account that's earmarked for a downpayment.)
Debt: $0
Paycheque Amount (2x/month): $5,029
Pronouns: She/Her
Monthly Expenses
Rent: $1,300 (My partner, M., and I share a one-bedroom-plus-den that's $2,000 a month. We split the cost proportional to our incomes.)
Hydro: $50–60
Renter's Insurance: $50
Phone: $100
Streaming Services: $60
Internet: $0 (It's $55 but my partner pays for it.)
Donations: $150 ($75 to the Daily Bread Food Bank, $75 to Youth Without Shelter)
Health Benefits For My Partner: $10
Disability Insurance: $180
Life Insurance: $400
RRSP: $500 (My company contributes 9% of my gross income.)
Pension: $900
Savings: $2,000 (I aim for this each month, but the total varies significantly depending on my expenses and spending.)
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?
I grew up with the expectation that I would attend post-secondary school, although it was never clear what that meant. I went to university and earned a BA. My parents covered two and a half years' worth of tuition, and I covered the rest through bursaries, summer jobs, and $20,000 in student loans. I was fortunate enough to land a good job right out of school and live with my parents for a year, so I paid off my student loans within 18 months.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
Growing up, we had strained conversations about money. My father was the breadwinner and had an amazing career trajectory, so our lifestyle changed from working-class to upper-middle-class as I grew. Because my mother didn't work, there was a perception that she didn't have any money — that it was all my father's. He made the financial decisions, set the budget, and was the decider on whether or not we got new things. My mother had problems with credit card debt. She'd get into it pretty deep, she would hide it, then my father would find out and bail her out. It wasn't until much later in life that I saw my parents working and talking about their finances as a team. My dad taught me how to file my taxes as a teenager, and before university started each year, I had to prepare a budget and present it to him. We'd review it together before my tuition bill was due. He was big into investing but didn't pass on any of that knowledge or advice.
What was your first job and why did you get it?
I did a bunch of regular young adult jobs, like delivering magazines, babysitting, and chores. I got my first real job in high school, at McDonald's, because I didn't receive an allowance and was tired of stretching $40 from the occasional babysitting job for months. It was an excellent first job and had a positive influence on my life.
Did you worry about money growing up?
Yes. My mother always felt constrained by the budget my father gave her, and it trickled down into a perception that we were poor. We had everything we needed, so this was not at all the case, but even simple wants were treated as giant extravagances. My hometown relied on one manufacturing company that had an end date for when it would cease operations, so there was anxiety in my social group about finances and whether or not someone's parent would have a job next month.
Do you worry about money now?
Yes. I'm the primary earner in my relationship, and M. works in an unstable career, making a quarter of what I make. While we work to keep a balance in our spending, my financial situation is the reason we can afford our lifestyle. After growing up with the power imbalance between my parents based on who was earning more, I feel a certain sense of power in being the primary earner, but I feel anxiety about what would happen to both of us if my financial situation were to become unstable. That's why I'm such an aggressive saver.
At what age did you become financially responsible for yourself and do you have a financial safety net?
My father's contributions ended in my third year of university, and I was responsible for making all monetary and budgetary decisions for myself. But I wasn't completely financially independent until I finished paying off my student loan and moved out into my own place at age 23. My safety net is my savings account. My parents left Canada, so I don't have the option of moving home should the need arise.
Do you or have you ever received passive or inherited income? If yes, please explain.
I received a $40,000 inheritance from my grandfather, which is part of my nest egg for a downpayment on a home.
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A Week In Toronto, ON, On A $190,000 Salary - Refinery29
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