A Week In Toronto On A $335,000 Household Income

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?
Yes, as second generation immigrants, the expectation was that all children would obtain a bachelor’s degree at minimum and only from the top schools in the country. The provincial government makes it very easy to obtain educational loans (almost everyone wanting to pursue higher education is approved) and interest does not start calculating until six months after graduation. I lived close to campus and was able to live at home for free and save any earnings I made. I worked throughout the school year and full-time hours during the summer months. My annual tuition was fairly low (average is $6,000 based on program) and I was able to earn enough to pay for all school related costs throughout the year and made a lump sum loan payment on graduation date, thereby paying $0 in interest. If I could do it again, I would have invested the savings and made the lump sum payment just before the six-month grace period ended, but the feeling of being debt free felt as good as the graduation.

Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
Unfortunately, all my early financial education was taught through stress and financial instability. As the eldest daughter, I was part of lots of stressful money conversations and I often loaned my parents money for emergencies. There was no talk of repayment and the understanding was that my money was family money. I was also responsible for buying extra things for my siblings (the expectation was that, as the eldest, I would pay for everything during social activities and shopping, extra fun stuff, etc). I became very aware of the cost of things and translated prices into how many working hours would be required to purchase an item. As a result, I became extremely frugal when I was very young and those habits have not changed, despite my financial position. There was absolutely no education regarding savings or investments and everything I learnt was through curiosity of what wealthy people did with their money. My first exposure to investments and passive income was through firm partners at my first job.

What was your first job and why did you get it?
My first job was working in a lawyer’s office as an admin assistant during high school summer break. I had no prior work experience and I was paid $125 a week. It was under the table and below minimum wage but I was able to use the experience I gained in applying to admin positions during my college days that paid higher than minimum wage. While I was in school I tried to work as many hours as possible (sometimes to the detriment of my grades) but I was very focused on graduating debt free.

Did you worry about money growing up?
Yes; I was worried about having money for my own expenses, I was worried about family expenses. My parents sometimes used me as an outlet for their fears about money and I would physically feel the weight of their bad financial decisions.

Do you worry about money now?
Yes, it is a constant worry I plan for. My childhood fear of not having enough money pushes me to maximize every possible dollar, which leads to routine burnout. I don’t know how to extinguish the ghost of money scarcity; at the same time I try to give my kids the best life experiences that money can buy. I am also alarmed by the rapid inflation on food costs and housing which feeds into my scarcity mindset. I rarely go grocery shopping now because I can’t help but compare the prices to pre-pandemic levels and sometimes forgo list items based on principle.

At what age did you become financially responsible for yourself and do you have a financial safety net?
I didn’t become financially independent until I got married and moved out at 25. While living at home I didn’t pay for groceries/rent/insurance or utilities on a regular basis, and my money was for whatever extra expenses I had. I never asked my parents for money for extras (unless they were related to school before I started working) so I would mostly save my birthday money and gifts until I really wanted to use them. Once I got married and moved out, S. became my safety net and remains my best financial partner. If we needed extra assistance, we would have to apply to private financial institutions for loans. Neither of us have family that are in better financial positions than we are and we would never want to be in debt to family.

Do you or have you ever received passive or inherited income? If yes, please explain.
The only money we have ever received from family was in gifts during our wedding (and we didn’t receive any financial assistance for wedding costs). Neither S. or I expect to receive any inheritance and are worried about how our parents will navigate retirement. I’ve become very interested in generational wealth and am determined to give our kids a stepping stone to secure their financial future.