Title, age: Anderson, 26
Annual revenue: $73,000
Financial savings: $2,045.88 in financial savings account; $1,227.06 in chequing account; $57,514.88 in TFSA
What he does: Movie distribution assistant
The place he lives: Toronto
High monetary concern: “The query of safety is an enormous a part of my career. … Within the subsequent 10 years I need to have a starter house in Toronto. … I’m my friends and I hope the items will fall into place.”
Paycheque Mission is a non-judgmental have a look at how younger adults in Canada are spending their cash.
Twenty-six-year outdated Anderson is anxious about his monetary future. Having grown up in an prosperous a part of Toronto with a doctor father, his childhood was stuffed with extracurricular actions, journeys to Europe and summers spent away at camps.
At college, he studied movie and historical past and opted for a fast-paced profession within the movie business. And though he’s obtained a facet gig and shifting up the ranks at work, he worries about making sufficient cash to purchase a house within the metropolis. “I simply obtained promoted the opposite day,” he says. “And on the facet, I’m working as a videographer. However I’ve these moments: The place is that this going to steer me in 30, 40 years?”
Anderson pulls in $73,000 from his movie job and his videographer facet gig, the latter which he hopes to increase this yr. He’s been diligent about placing away cash and his tax-free financial savings account, which incorporates bonds and equities, has grown to $57,514.
However he’s jumpy about investing extra aggressively, regardless of desirous to personal property sooner or later. “I need to be sure I’ve one place the place I’m saving safely,” he says, including he makes use of his mother and father’ monetary adviser to handle his TFSA. “Within the subsequent 10 years I’d wish to have a starter house – and long-term, I’d wish to have a cabin up north.”
Within the meantime, he’s having fun with residing a car-free downtown life-style, renting an condominium in Toronto’s Little Italy neighbourhood with two associates, planning a visit to New York in February and catching the odd indie band efficiency or a film together with his girlfriend. He eats out at lower-cost Center Jap takeout locations or sushi eating places the place he can dine with associates.
He retailers at City Outfitters, Zara or Frank and Oak. He says he steers clear of massive purchases, apart from a dear digicam that he just lately used to shoot a music video. He’d wish to journey to Japan and Latin America within the coming years.
Given his profession has been going properly – he introduced in $3-million in income for his firm final yr – Anderson is cautiously optimistic concerning the future. However when he compares himself with associates and colleagues that selected extra profitable careers, he worries.
“I’m my friends and I hope the items will fall into place.”
His typical month-to-month bills:
Funding and financial savings: $2,116.62
$1,000 to TFSA. “I’m in a low-risk TFSA managed by a CIBC adviser – he manages my mother and father’ accounts. I’m in a mixture of equities and bonds. I’d take extra dangers in a Wealthsimple account going ahead. However I’ve been taught to be extra conservative.” He pays his adviser 1.1 per cent in charges to handle his TFSA.
$0 to a registered retirement financial savings plan. “I don’t have an RRSP arrange. “
$1,116.62 to bank card.
Family and transportation: $1,300
$1,250 to hire. “I hire a room in a pleasant outdated Toronto house with two associates from Queen’s College. We don’t pay for utilities.”
$0 on cellphone. “It’s sometimes $90 to $150 however my work compensates me.”
$50 on transit. “I’m taking transit fairly a bit. I’ve no plans to get a automobile. Communauto, a car-sharing service, makes extra sense.”
$0 on Netflix. “I entry my mother and father’ account.”
Food and drinks: $590
$225 on groceries. “I normally solely go a few times a month. I’ve a terrific market within the neighbourhood – or I am going to Metro. My mother and father give me leftovers and my girlfriend cooks for me.”
$250 on consuming out. “It’s a 2023 aim to chop down and restrict myself to consuming out simply as soon as every week. I wish to go to Ghazale, a Center Jap restaurant for $13 shawarmas, sushi locations, small plates – nothing too costly.”
$75 on alcohol. “I drink on the weekend. I’ll purchase four-six cans of beer – Modelo – twice a month. I’ll purchase a bottle of gin each two to a few months.”
$40 on espresso, tea. “On Saturdays my girlfriend and I’ll get a cappuccino someplace. There’s a espresso place referred to as Sam James – I simply obtained an enormous bag of espresso there and I’m making it at house.”
$25 on clothes. “I simply obtained three new pairs of pants from City Outfitters. I’m a Zara shopper or generally I am going to Frank and Oak. I like fashionable however reasonably priced locations.”
$35 on haircuts.
$30 to health. “I don’t play aggressive sports activities. I’m going to resume my membership at Hone Health. I am going 3 times every week.”
$41.67 on hashish.
$12.50 on web site. “I make a good revenue off household photographs and videography.”
$100 on items/dates.
$40 on live performance tickets. “I like up-and-coming native artists. I additionally like Fleet Foxes, Bon Iver. I drove to Portland final summer season to see the Fruit Bats.”
$8 on films. “I attempt to go on Tuesdays however generally I am going on Saturdays when it’s $20.”
$250 on hobbies. “This yr I purchased a brand new digicam and lenses for $3,000. It’s the kind of factor that can pay for itself.”
$108.33 on holidays. “I’m going to Israel in a couple of weeks for an organized journey via Birthright – it’s free. I’m additionally going to New York in February. I’ll hopefully be spending CIBC Aventura factors. I’ll stick with my cousin free.”
Some particulars could also be modified to guard the privateness of the particular person profiled. We need to thank him for sharing his story. Are you a millennial or Gen Z who wish to take part in a Paycheque Mission? Ship us an e-mail.