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<\/picture>PHOTO ILLUSTRATION BY THE GLOBE AND MAIL\/iStockPhoto \/ Getty Images<\/span><\/p>\n<\/div>\n<\/div>\n<\/figcaption><\/figure>\n Name, age: <\/b>Nitya, 21<\/p>\n Annual income:<\/b> $36,000<\/p>\n Debt: <\/b>$0<\/p>\n Savings:<\/b> $60,000 in savings account; $3,000 in TFSA<\/p>\n What he does:<\/b> student; intern at software firm<\/p>\n Where he lives: <\/b>Brampton, Ont.<\/p>\n Top financial concern:<\/b> \u201dI\u2019d like to support my parents \u2013 they have 20 years to retirement.\u201d<\/p>\n Most people don\u2019t have $60,000 in their bank account after a four-year undergraduate program. But that\u2019s exactly the situation Nitya, a software company intern and soon-to-be graduate in business administration, finds himself in.<\/p>\n \u201cI wanted to be financially independent and I did not rely on my parents to fund my tuition,\u201d says Nitya, who\u2019s on track to graduate from a Toronto-area business school with a BBA in the spring.<\/p>\n He also relied on numerous scholarships and had paid internships at companies while he studied. During a bank internship this past summer, he worked 10- to 12-hour days, earning a lot of overtime.<\/p>\n By not accruing student debt, Nitya, who lives at home rent-free, allowed his parents to buy a detached four-bedroom home \u2013 a major upgrade from their previous house. \u201cWe used to live in a semi-detached townhouse. We bought a detached house in a nicer community with a big backyard,\u201d says Nitya. \u201cMy parents bought it because my education expenses were so low.\u201d<\/p>\n When he graduates, he will join an investment firm as an analyst with a starting salary of $80,000. With that consistent, higher pay cheque, he plans to dramatically increase the amount he is funnelling into his tax-free savings account. Right now, he\u2019s investing $1,000 every six months.<\/p>\n While his TFSA funds are currently invested in dividend-paying stocks and exchange-traded funds, he would like to be more aggressive should equity prices fall further. He will also weigh joining his future employer\u2019s group registered retirement savings plan.<\/p>\n In the meantime, Nitya hopes to buy a small car to help his younger sister get around. And he\u2019d like to take his family on a trip to Europe before he starts his full-time role next year.<\/p>\n He\u2019s saving by cutting back on meals on campus, playing badminton at his local community centre and going on excursions near home.<\/p>\n In five or six years he\u2019d like to buy real estate with friends. \u201cI\u2019d like to get an investment property in London or Cobourg,\u201d he says. He\u2019d also like to help his parents when they retire. \u201cI\u2019d like to support my parents \u2013 they have 20 years to retirement.\u201d<\/p>\n This holiday season, Nitya planned to celebrate modestly. \u201cI\u2019m having a small Christmas with friends,\u201d he says. \u201cI\u2019m cooking rather than going out.\u201d<\/p>\n Investment and savings: $2,534<\/b><\/p>\n $2,067<\/b> to savings.<\/p>\n $167<\/b> to TFSA. \u201cI\u2019m in dividend-paying stocks and ETFs.\u201d<\/p>\n $0<\/b> to RRSP.<\/p>\n $300<\/b> to credit card. \u201cI started using a credit card to build up my credit earlier in 2021. I always pay off all of my debt once it\u2019s due.\u201d<\/p>\n Household and transportation: $124.40<\/b><\/p>\n $0<\/b> to rent. \u201cI really enjoy living with my parents. I do not pay rent.\u201d<\/p>\n $50<\/b> on cellphone.<\/p>\n $74.40<\/b> on transit pass. \u201cI made my schedule so I would have classes on three days, and I wouldn\u2019t spend as much money on travel.\u201d<\/p>\n Food and drink: $150<\/b><\/p>\n $50<\/b> on groceries. \u201cMy parents buy most of the groceries but I contribute $50. I enjoy cooking. I prepare burritos, curries. Walmart has been an amazing store. We also go to Costco.\u201d<\/p>\n $100<\/b> on dining out. \u201cI love eating out \u2013 especially at burger joints, Subway and Tim Hortons. But this costs a lot of money.\u201d<\/p>\n $0<\/b> on coffee, tea. \u201cI make camomile tea at home.\u201d<\/p>\n Miscellaneous: $190.84<\/b><\/p>\n $54.17<\/b> on clothing. \u201cThis past April I went to Moores and got a suit and tie \u2013 proper work attire. Last month I bought clothes for my sister.\u201d<\/p>\n $10<\/b> to sports. \u201cI play badminton at my local community centre and the fee is $3 per hour. Jump-start sponsors this event.\u201d<\/p>\n $100<\/b> on dental (teeth straightening). \u201cI\u2019m getting Invisalign.\u201d<\/p>\n $10<\/b> on subscriptions. \u201cI\u2019ve got a subscription to The Globe and Mail. I love reading James Bradshaw.\u201d<\/p>\n $0<\/b> on books. \u201cI get my books from the local library or find them on university databases.\u201d<\/p>\n $16.67 <\/b>($200 a year) on vacations. \u201cThis past summer we went to Algonquin Park twice. We rented a canoe and brought all of our meals from home.\u201d<\/p>\n Some details may be changed to protect the privacy of the person profiled. We want to thank him for sharing his story. Are you a millennial or Gen Z who would like to participate in a Paycheque Project? <\/i>Send us an e-mail.<\/i><\/a><\/p>\n Are you a young Canadian with money on your mind? To set yourself up for success and steer clear of costly mistakes, <\/i>listen to our award-winning Stress Test podcast<\/i><\/a>.<\/i><\/p>\n<\/div>\n\n PHOTO ILLUSTRATION BY THE GLOBE AND MAIL\/iStockPhoto \/ Getty Images Name, age: Nitya, 21 Annual income: $36,000 Debt: $0 Savings: $60,000 in savings account; $3,000 in TFSA What he does: student; intern at software firm Where he lives: Brampton, Ont. Top financial concern: \u201dI\u2019d like to support my parents \u2013 they have 20 years to …<\/p>\n","protected":false},"author":1,"featured_media":38943,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[161],"tags":[],"_links":{"self":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/38942"}],"collection":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/comments?post=38942"}],"version-history":[{"count":0,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/38942\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media\/38943"}],"wp:attachment":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media?parent=38942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/categories?post=38942"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/tags?post=38942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nHis typical monthly expenses:<\/b><\/h2>\n
Total:<\/b> $2,999.24<\/b><\/h3>\n
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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"