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Name, age: Ray, 29
Annual income: About $70,000 from work, depending on commission and bonus, $18,600 from renting out basement apartment
Debt: $420,000 on mortgage
Savings: $11,500 in savings account, $5,000 in registered retirement savings plan (RRSP), $41,000 in registered disability savings plan (RDSP), $58,000 in other investments
What he does: Route sales representative in food and beverage industry
Where he lives: Penticton, B.C.
Top financial concern: “Inflation. It’s why I try to have as much as possible invested.”
Ray, 29, started saving when he was 15, putting away cash he made working part-time at a grocery store. He was promoted to assistant manager after high school and worked full-time while going to university, which he paid for himself.
He was still living with his parents for the first two years of his degree, which allowed him to continue to save. He then moved into a house with four friends, paying $500 a month in rent.
“I ate spaghetti and tomato sauce with no meat five nights a week,” said Ray, who bought a condo in Richmond, B.C., with his own money at the young age of 22. “It was 600 square feet and pretty simple, but it was my own place.”
He has since sold the condo and bought a house in Penticton, where he lives with his fiancée and dog.
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Ray works in the food and beverage industry as a sales rep. He appreciates the fact his job has benefits, because he has type 1 diabetes. He pays $60 a month for enhanced benefits that cover prescriptions at 95 per cent instead of 80 per cent, making it more than worth the extra cost, given the insulin and medical supplies he needs, he says.
Having diabetes has also allowed him to open an RDSP, a registered account that provides access to government grants and bonds. Ray says he’s had the account open for about four years and contributes $3,000 a year. He has received $25,000 to $30,000 in contributions from the government in that time.
His main financial drain is his love for sports cars, but he’s even managed to find ways to make that an income driver. He bought a new Corvette in 2021 for roughly $112,000 in cash but was able to make $40,000 renting it out through Turo, “like Airbnb but for cars.” He sold it last year for $76,000.
“I was planning to do a lump-sum payment into my condo mortgage, but when I saw that car I knew I had to have it,” he said. “I went into hard-core savings mode.”
He now owns a 2004 Chrysler Crossfire that he only takes out on the road in the warmer months, as well as a Buick SUV he drives day-to-day. It’s fairly new and still under warranty, so he doesn’t have to spend much on it. “There’s two free oil changes remaining,” he said.
His typical monthly expenses:
Investment and savings: $250
$250 to RDSP. “I am type-1 diabetic.”
Servicing debt: $2,390
$2,390 to mortgage. “I bought the house last November.”
Household and transportation: $1,316
$163 on home insurance
$213 on property tax
$400 on utilities
$100 on gasoline
$308 on car insurance. “Three cars, [including] a 2004 Chrysler Crossfire sports car that I only insure in the warmer weather for some fun.”
$42 on car maintenance. “My dad was a mechanic, so he taught me everything about basic to intermediate vehicle maintenance.”
$28 on cellphone
$62 on internet
Food and drink: $525
$400 on groceries
$100 at restaurants
$25 on alcohol
Miscellaneous: $2,378
$1,194 on income tax
$322 to Canada Pension Plan
$87 to Employment Insurance
$50 on entertainment
$12 on streaming services. “YouTube premium mainly for no ads as my fiancée likes to put on some background noise to fall asleep to.”
$17 on electronics. “$200 annually.”
$25 on clothing
$75 on pet. “Neither of us are that interested in kids. We got a dog last year and we’re very happy with her.”
$13 on fishing gear
$12 on massage. “I get 95-per-cent coverage with my work plan so I usually go once a month.”
$30 on prescriptions
$250 on vacations
$33 on boat. “I got a speedboat when I moved to the Okanagan because of the proximity to the lake.”
$8 on donations
$83 on gifts
$167 on life insurance. “After 20 years, it pays dividends every year.”
Some details may be changed to protect the privacy of the person profiled. We want to thank them for sharing their story. Are you a millennial who would like to participate in a paycheque profile? Send us an e-mail.
Participate in the Paycheque Project
Welcome to Paycheque Project, a regular series in The Globe and Mail that looks at how much young Canadians are earning – and where that money is going. We’d like to hear from young adults from a diverse range of backgrounds, geographic locations, and earnings ranges.
If you’re a millennial or Gen Z and would like to participate, fill out the form below or send an email to Roma Luciw at rluciw@globeandmail.com. Please include your name, age, where you live, occupation, your biggest financial concern and your email. And remember, Paycheque Project is a judgement-free zone.