iStockPhoto / Getty Images
Name, age: Hyram, 36
Annual income: $165,000 from salary and bonuses
Debt: $0
Savings: $5,002 in savings account, $157,967 in tax-free savings account (TFSA),$132,504 in registered retirement savings plan (RRSP), $38,568 in First Home Savings Account (FHSA), $17,893 in non-registered investment account
What he does: Project manager in real estate development
Where he lives: Vancouver
Top financial concern: “I don’t have any credentials in my field, so I am kind of tied to my job.”
Hyram grew up in Edmonton and studied to be a high-school teacher but became quickly disillusioned with what he felt he could accomplish in that role.
“It seemed like a big waste of time,” said Hyram, now 36, who worked as a substitute teacher for a year and a half, then “picked up and moved to Vancouver.”
Hyram was interested in urban planning and geography and thought he might go back to school for one of those disciplines but decided to get a job in a related field first to make sure he liked the work. He was the second employee hired at a firm that works with clients who own land, helping guide them through the process of developing their property.
B.C. single mom earning $70,000 will soon work seven days a week to repay her debts
He’s been there for eight years and is a senior person at the company, which has grown to 10 employees. However, he is deeply conscious that he doesn’t have any credentials for his job, which he feels would make it hard if he ever had to look for similar work in the field.
He makes a comfortable $165,000 with his salary and bonuses but says he’d likely have to take a pay cut and a more junior role if he were ever to switch firms.
Hyram says he isn’t eager to jump ship – he has a great boss – but worries about something happening to his company or industry, leaving him back at square one. “I don’t even know if people would hire me,” he says.
Winnipeg geologist earning $117,000 is getting ready to sell his first home
Hyram describes his work as “very self-directed,” which he appreciates, but his role also comes with plenty of responsibility. When his boss is away, he is one worker who steps into a leadership role, and it can be hard to leave for extended periods mid-project – which he says ends up being most of the time.
“I am unable to spend consecutive days on a holiday,” he says, since there’s no one assigned to his tasks while he’s off, so all his tasks wait for him and pile up. “It’s more work to catch up. I do double the amount when I get back.”
As a result, he has five weeks of unused vacation time that he’s hoping to get paid out for instead.
Fortunately, he says, British Columbia is a paradise with lots to see and do close to Vancouver.
“Every day is a holiday if you go one hour outside town,” he says.
His typical monthly expenses:
Investment and savings: $4,066
$583 to TFSA
$2,817 to RRSP. “Sporadic payments through the year to the annual max of $33,810.”
$666 to FHSA
Servicing debt: $0
Household and transportation: $2,113
$1,551 to rent. “An older, larger studio, bigger than some one-bedrooms we build these days.”
$16 to renter’s insurance
$18 to utilities
$360 on cabs and carshare. “Transit paid for by my employer.”
$168 to internet. “It was half price for two years, but I didn’t notice it had gone up.”
Food and drink: $1,041
$512 to groceries
$280 at restaurants
$249 to alcohol. “It’s nice to show up to a friend’s place and have a nice whiskey. That would have been unreasonable five years ago.”
Miscellaneous: $4,572
$3,701 to income tax, Canada Pension Plan, Employment Insurance deductions
$291 to going out. “Two or three shows per month. Covering other people’s tickets at times.”
$35 to cannabis
$32 to streaming services
$13 to Spotify
$70 to clothing. “The odd new item and office clothes.”
$41 to sports. “Curling, pickleball, race fees.”
$10 to haircuts. “Four to five times per year.”
$291 to vacations. “Quite low due to a backlog of unspent vacation time.”
$13 on banking fees
$75 on tailoring and shoe repair
Some details may be changed to protect the privacy of the person profiled. We want to thank them for sharing their story.
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.