Today: an account executive working in advertising who makes $60,000 per year and spends some of her money this week on prosecco.
Occupation: Account Executive
Industry: Advertising
Age: 26
Location: Toronto, ON
Salary: $60,000
Net Worth: $35,000 (I'm debt-free thanks to my parents, who paid for my bachelor's degree, and a scholarship that covered my master's. I have about $500 in a TFSA, $7,500 in my emergency fund, and the rest is invested in my brokerage account in Germany, my home country.)
Debt: $0
Paycheque Amount (2x/month): $1,874
Pronouns: She/Her
Monthly Expenses
Rent: $1,900 (I live alone in a studio, and I just negotiated down my rent, so it will be $1,600 a month starting in March.)
Hydro: About $40
Renter's Insurance: $18.92
Phone: $0 (I'm on a company plan.)
Internet: $56
Health & Dental Benefits: $56 (deducted from my paycheque)
Netflix: $9.99
Spotify: $9.99
Adobe Lightroom & Photoshop: $9.99
TFSA: $100 (This is low right now because I'm building up my emergency fund.)
Emergency Fund: $600–1,000 (I'm aiming for $13,200, which would cover six months of basic expenses. I'm currently on track to reach this goal in May 2021.)
Macbook Fund: $50 (I've had mine since 2016, so I know I'll have to buy a new one in the next few years. Putting away $50 a month isn't a lot for me right now, but it will help when I face that large expense.)
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?
My parents were always clear that I could do whatever I wanted with our lives but encouraged me to get a degree as a backup. I chose to study in the UK, which is much more expensive than in Germany. My undergraduate degree was paid for by a trust fund I received when I was 18. For my master's, some of my living expenses were still covered by the trust fund, but I also had a scholarship and a part-time job.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
My parents didn't actively educate me about money, and I didn't get "good" with it until after university when I started working full-time and reading about personal finance. However, I believe my general mindset regarding money was positively influenced by the fact that I never had to worry about it, so I've always been able to see money as something that you can make work for you rather than something that's scarce.
What was your first job and why did you get it?
My first job was in university, working at a tourist attraction. I got it to help pay for my living expenses but also because I wanted to be more independent.
Did you worry about money growing up?
I'm very lucky that I never had to worry about money. In fact, I don't think I ever thought about it at all.
Do you worry about money now?
At the beginning of the pandemic, I spent a large portion of my savings to move to Canada, and I was aware that if I lost my job I wouldn't have any of my own money to fall back on, so I threw everything I could at my emergency fund. Now that it's almost fully funded, I feel a lot better.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I became financially responsible for myself at age 22. That's when my trust funds ran out, and I started working full-time. My parents thought I wouldn't be able to live on my salary and would be asking them for money six months in, but thankfully I didn't. I definitely have a safety net in the form of my parents. However, I will do my best to avoid that.
Do you or have you ever received passive or inherited income? If yes, please explain.
I received the trust fund, which I used to pay for university. I also sometimes receive monetary gifts from my parents, which my dad invests for me (contributing to my net worth). My parents have also gifted me real estate, but I won't have access to it or the profits from it until they pass away.
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January 12, 2021 at 08:00PM
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A Week In Toronto, ON, On A $60,000 Salary - Refinery29
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