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Name, age: George, 34
Annual income: $62,000
Debt: $0
Savings: $30,000 in savings account, $300,000 in guaranteed investment certificates (GICs)
What he does: Digital marketing
Where he lives: Hamilton
Top financial concern: “The housing market, unemployment and the chances of an impending [market] crash are weighing heavily on me.”
When George was a kid, he watched his booming family business become one of the many tech companies that failed in the 1990s. For his family in Halton Region, west of Toronto, that meant a sudden change in lifestyle, going from what he described as a “fast money” attitude to one of scarcity.
“My earliest memories as a child include going to this massive, ornate office space that was empty and devoid of employees,” recalled George, who is now 34 and lives in Hamilton.
Fortunately, his family had saved money for his education, which meant he finished school – a bachelor’s degree in political science followed by postgraduate programs in journalism and public relations – with no debt.
George also got “$300,000 of daddy’s money,” which he has been saving in GICs until he’s ready to buy a home. He’s planning to take that step after the terms on the GICs expire at the end of this year.
George currently rents, and he had been hoping to buy a house in Hamilton, but is determined to avoid having a mortgage, which he says is “impossible” for single people to afford on their own.
“Mortgages are essentially a life sentence at 10 per cent down,” he said. “I will only buy what I can afford outright, even if it’s a closet.” He’s scaled down his vision to owning a condo instead, which are still selling in the city for the amount he has.
The tech bubble that caused his family so much loss has shaped George’s financial decision-making. He keeps the money he inherited and has earmarked for his future condo far away from the risky stock market and safely invested in GICs, and lives what he described as a “spartan lifestyle” to avoid going into debt.
“It’s mostly about not buying stuff that you don’t need to replace goods that you already own,” he said, pointing to his Bose speakers from the 1990s that still work well, even if they are larger than speakers one would buy today. “I spend money on dates, entertainment and basic necessities. I just don’t buy crap I don’t need.
“If you can’t be rich, at the very least don’t make yourself poor.”
George’s minimalism extends to his romantic life. He’s had relationships over the years but has avoided getting “economically commingled with other people” – something he feels has helped him save money over time.
“You can’t expect everyone to want to live a minimalist lifestyle,” he said. “Inevitably, people are going to want to go out for dinner once or twice a week.”
His typical monthly expenses:
Investment and savings: $0
Servicing debt: $0
Household and transportation: $3,043
$2,000 on rent. “A bachelor in downtown Hamilton. You hear the occasional gunshots.”
$200 on renters’ insurance
$400 on gas
$150 on car insurance
$33 on car repairs. “Regular maintenance and tire rotations.”
$150 on transit
$60 on cellphone
$50 on internet
Food and drink: $460
$300 on groceries. “I don’t do coupon clipping but I do look at grocery sales and what’s on discount.”
$20 at coffee shops
$50 at restaurants
$80 on going out
$10 on alcohol
Miscellaneous: $105
$10 on cannabis
$20 on streaming services. “Netflix, Crave, Game Pass.”
$50 on pet. “A cat named Arya.”
$17 on haircuts. “$50 every three months.”
$8 on clothing. “I don’t buy much. I’ll wear a pair of jeans until I can’t wear them anymore.”
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 or Gen Z who would like to participate in a Paycheque Project? Send us an e-mail.
