Living Together On $87K USD A Year In Toronto | Millennial Money

Steph Gordon, 24, makes $44,235 USD per year and Den Mathu, 24, makes $42,765 USD per year. They work at "Big Four" accounting firms and live in Toronto, Ontario. Since Canada suspended student loan payments during the pandemic, the two have been able to save more. Den, who used to put nearly $1,000 a month toward his student debt, is now putting all of that money toward an emergency fund.
This is an installment of CNBC Make It's Millennial Money series, which profiles how subjects earn, spend and save their money.
Read more about their budget breakdown here: cnb.cx/3dQLO6l
Check out Steph and Den on KZbin here: / stephden
Steph Gordon, 24, and Den Mathu, 24, had their first conversation about money before they even started dating. The couple, who met in 2017 while interning at the same company the summer before their last year at the University of Ottawa, remember discussing salary transparency with their peers and sharing what they each earned.
After they started dating, about three years ago, one of their first money talks as a couple was about their different backgrounds and early relationships with money: Den, who was born in Kenya and came to the U.S. with his family when he was six, "didn't really have much" growing up, he tells CNBC Make It. "We struggled a lot." From an early age, "I associated money with a better future and a better life for your family."
While Den didn't learn much about money management as a kid, he knew that he wanted to earn a lot one day. That's part of the reason he chose to get a business degree and pursue consulting after graduating university. He's not making nearly as much as he eventually wants to - he earns $42,765 USD* (CNBC Make It converted all the figures from CAD to USD) as a consultant at a "Big Four" accounting firm - but that's standard for someone just starting out in his industry, he explains: "I knew what I was signing up for. You don't necessarily make a lot in the beginning, but hopefully, as you gain experience over time, that translates into more income."
Steph, whose dad is an accountant, had more guidance as a kid when it came to money management. Her father is very savings-focused and impressed on her specific financial principles that she still lives by today, she says: "You save more than you spend. You live within your means. You pay off any debt you have right away."
She's been saving since she was 14, when she got her first job working at the front desk at a gym. Even then, "I didn't see half of my paycheck," she recalls. "It went right into my savings that I used when I went to school."
Today, she earns a lot more working as a strategy and operations coordinator also at a Big Four firm - $44,235 - but she still saves about half of her income and has built up about $17,000 in savings. Part of the reason she's able to save so much is because her parents helped fund her education and she graduated debt-free from the University of Ottawa in 2018 with a business degree.
Den, on the other hand, who also earned a business degree at the same university, graduated with about $30,000 in student debt. While he makes roughly the same amount as his girlfriend and has the same fixed costs, he doesn't have nearly as much in savings: closer to $5,000. Before the pandemic, he was putting all of his extra money at the end of the month toward his loans and barely anything in a savings account.
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Living Together On $87K A Year In Toronto | Millennial Money

[@CNBCMakeIt]

What’s your budget breakdown? Share your story with us for a chance to be featured in a future installment. cnb.cx/32TYZ2K

[@christinao9407]

I cant wait to be on this show 😀

[@xoReni]

I’m applying!

[@hearthealthyhustlebyjonath7414]

Nice video what a nice couple

[@kylenichols8944]

I'm literally from Toronto and my girlfriend and I live on similar salaries and have a similar story. I'm really looking forward to this episode, and would love to be featured on this show!

[@walthill3735]

I think they should do a lower income. Like somebody who lives off $35000 in rural Mississippi. It’s always a big city and a big income. Let see something practical

[@Y_Canada]

As a Torontonian, I'm super happy to see a Canadian couple on the show! These guys are lovely!

[@adultadventures1597]

Toronto is the most overrated city in the world. I can't wait to move back to Vancouver.

[@bathombre9739]

It really is, they call it a world class city and it doesn't even have a proper subway

[@wesbrown738]

@@adultadventures1597 I live here as well, completely agree. Hoping to move away from Toronto someday

[@Sir_BoazMutatayi]

@@adultadventures1597I live here, and I hate it. There is literally not much to do in this City

[@devarshipatel5508]

I'd really like to see more Millennial Money in this income range as it is more relatable and realistic. Kudos to her, she is really good at saving considering the cost of living and her income.

[@TdotSoul]

They're doing pretty good for their age actually. I've got 15 years years on them and I hadn't started my career by 24. And when I did start in 2007, I wasn't making nearly that much. The one advantage I have on them is that I graduated with zero student debt, and I was able to buy a condo in Toronto at the peak of the global financial crisis. I feel like with their good salaries (for their age) and their focused frugal lifestyle, they'll overtake me in the long run.

[@colorfulcodes]

@GoukenslayWAO For college graduates they make a bit under the average starting salary www.indeed.com/career-advice/pay-salary/average-salary-for-college-graduates www.shrm.org/resourcesandtools/hr-topics/compensation/pages/average-starting-salary-for-recent-college-grads.aspx#:~:text=Average%20Starting%20Salary%20for%20Recent%20College%20Grads%20Hovers%20Near%20%2451%2C000,-Starting%20pay%20has&text=Recent%20college%20graduates%20in%20the,Colleges%20and%20Employers%20(NACE).

[@sciencevssara]

@@colorfulcodes This article is skewed though. There's such a disparity among salaries in US due to the varying costs of living, which affects these at-a-glance metrics. Those living in high-cost areas like NY, LA, SF, etc see starting salaries like $30-50k as pitiful - and understandably so - but for the remaining population in the country that's actually pretty decent and considered good for starting out, with or without college! Not everyone is a computer science or engineering major, and not everyone lives in a place where $1500+ affords rent for a one-bedroom apt, but yet those higher earning salaries from those career-holders and HCOL dwellers bring up the average quite a bit and make otherwise normal salaries for most people seem low. Not to mention the internet having a disproportionate amount of content creators from HCOL areas which also warps the perception of what average living costs are like outside those areas.

[@thellama3239]

GoukenslayWAO It’s because there’s 7 billion people in the world. And most of them don’t think like you do. You’re not the center of attention, and what’s relatable to people isn’t always going to be relatable to you

[@freeralo6787]

Colorful Codes You reference US job data. Canadian salaries are much lower for some reason

[@eatwithafia]

Thank you for highlighting Canadian lives. As a Canadian living in the greater toronto area; I would like to highlight a few things. This is not the norm. A LOT and I AM SAYING A LOT OF YOUNG PEOPLE are PRICED out of Toronto. Housing is way too expensive for the average income for people in their 20s-30s. There is a serious housing problem in Toronto and many cities in Canada. Aside from income, the cost of living is growing beyond people's average income. Also yes school is not free, the average tuition per year in a Canadian university is ~6000-8000CDN for residents and people still take out loans. Business programs tend to be more expensive.

[@asadb1990]

i agree. my current pay in ottawa is $67k annual. but to move to Toronto im currently asking over $95k annual. however the problem is many of the younger people my age live with family so they have little to no overhead and they are willing to take half the pay. and then there are experienced foreigners who are willing to work for low pay flooding the market. education is free for peole

[@AB-tb7bt]

This is even worse in Vancouver. Even more so if you're working as a migrant on a temp visa (don't qualify for free healthcare).

[@xoReni]

So true! I had to purchase a house in London, ON because Toronto and the whole GTA was suuuuuper expensive.

[@asadb1990]

@@AB-tb7bt Vancouver and pretty much all the west cities in US and Canada. they handed out properties to foreigners without much issue. these buyers priced the locals out of the market. and the wages stagnated way behind the market. even in corporate jobs pay far below what is needed to afford housing in the area. Be it seattle, Vancouver, san francisco, etc.

[@eatwithafia]

@@asadb1990 I would have to say there is more to this than you will think. My family migrated to Canada 8 years ago and actually had to jump through a lot of hoops just to buy a house. There are definitely foreign buyers that are causing trouble but its only part of the problem. There is a lot of money laundering going on with housing and many more problems with zoning and development that all contributes to this problem.

[@leadnsteel1428]

I was actually surprised that their rent as was only 1300 in Toronto

[@chelseagirl278]

leadnsteel They live in a shoebox

[@doesnotcontain]

Lol I couldn’t believe it was 1.300 until i realized it was in usd and it’s actually 1.800 for a studio, that the Toronto I know lol

[@j.r.m.1884]

Morgan Rutty yeah, the conversion to USD messed me all up lol but $1800 makes more sense for TO

[@campkira]

old contract.. will change soon..plus it not inclued utility with

[@asadb1990]

lot of nice apartments in Toronto are not rent controlled. their rent will rise significantly for lease renewal.

[@CoachEvanLe]

These guys are very level-headed-- love the communications as a couple. Sharing equally with no joint accounts is TOTALLY FINE and should be the norm.

[@chelseagirl278]

Evan Le Why should it be the norm. They are a couple

[@ascott2168]

Dude, I totally agree ! Keep finances separate at all times. That saves soooo much headache !

[@directorbeau]

@@chelseagirl278 so your partner doesn't spend all your money

[@newbranday]

I have no idea why people do joint accounts. It only brings unnecessary hardship. People seem to want to do it as a sign of trust, but you open a horrendous can of worms by opening yourself to that kind of risk.

[@HylianVamp]

I don’t think it needs to be the norm. If it works for them that’s fine. My SO and I make significantly different amounts. I make 63% of our total income and he makes 37%. Why should we both pay an equal amount towards rent? We aren’t roommates. Our expenses are adjusted so we each contribute according to how much we make. That way we both end up with an equal amount of personal spending money.

[@mapleloot]

Please just keep it Canadian currency next time. The mental gymnastics of trying to figure out if the cost is CAD or USD takes away the value. For example, I know the text says USD, but when he mentioned his $30k debt, he probably meant CAD. Not to mention there’s people outside the US who want to compare prices. It just added an unnecessary layer of confusion. Really enjoyed the video otherwise!

[@emfarah3758]

We use dollar as Canadian so just assume Canadian dollars

[@thatsokjose]

You must be American.

[@DonnaJulia]

Agreed!1

[@marvinbrown1717]

I loved that this couple was able to talk about money before dating. I think the money taboos that keep us quiet does so much harm in the long run. I was at a company and I prompted my cowokers to share our salaries; I was making 10k more than a colleague, even though we had the same role and started the same time. She didn't negotiate, I did. She later shared with me that it was a hard pill to swallow, but that she would never find herself in that situation again.

[@christyllal]

I find that men are more comfortable negotiating their salaries! Also in my case I’m a state employee, as a result my salary is determined by a pay scale (experience/degree), so no room for negotiation there.

[@freeralo6787]

christyllal As a dude I’ve also noticed this. It doesn’t help that people still perceive assertive women to be bossy, yet have no problems with assertive men...

[@shanfarco1574]

Yup its definitely to do with the stigma attached to women asking for more - shes either labelled bossy, greedy or a golddigger for daring to want more money. Likewise in relationships, we're pretty much vilified if we dare try to bring up the subject of money early. Like a date I was on a few years ago, the guy got super uptight when I simply asked him what he did for a living and if it paid well, he asked me why, I said why not? Its no different to men pushing you to show them full body pics so that they know you're not fat before they accept a date with you, likewise I'm perfectly within my right to make sure his financial plans are the same as mine. I have zero interest on living off his money but at the same time I also have zero interest in him living off mine. Therefore we will ask. But we're often shamed for it.

[@lanranedward7868]

@@shanfarco1574 I don't know if you'll get notified about the mention but I'll write this comment anyways since you piqued my interest, I like your mentality but if I were in place of the one you're dating, I would have acted the same way he acted Because when you ask that question, you and I are thinking two completely different things You're thinking about if his financial plans are the same as yours And I would be thinking *She's dating not for a relationship, but for money* So does that mean you can't ask that question then? No you can, but somethings has to proceed that question first

[@Erin-rg3dw]

That happened to a friend of mine right before she left for maternity leave. There was a $15k difference between her and a similar experience/education colleague, so she basically left a "we'll discuss this when I come back" note for her boss. Boss rectified the situation when she returned.

[@nercengandu8224]

i like how they incorporated canadians into this

[@quizkitten9641]

It's like we're almost real people.

[@TritoneTrickster]

I'm sorry to say this but...their teeth are STUNNING. Signed, an Invisalign patient! ;)

[@madeleinesmith8199]

Yep, also can't stop staring :D Signed, another Invisalign patient (who finishes on Monday... whoooop!)

[@TdotSoul]

Seriously, lol

[@stephandden]

Haha, love it! Thank you so much 😀

[@TritoneTrickster]

Madeleine Smith I’m so jealous! Well done for sticking through! I have about a year to go! 😅

[@madeleinesmith8199]

@@TritoneTrickster - Cheers :) My treatment only lasted a year so it feels like it's gone very quickly! You'll be there before you know it :D

[@catchloe_]

I love this couple. They really seem have it together as people in their early 20’s.

[@tomiwa1a]

One of the most relatable episodes I've seen of Millenial money, and incredibly inspiring wishing both Steph and Den continued success.

[@iam_vlo]

Canadian big 4 firms don’t pay that well - they also overwork their employees however it IS a very good stepping stone. They’re 24 years old, and making ~60k CDN? That’s actually really good considering the average salary for their age group is ~42k CDN

[@iam_vlo]

@Kay Flip Also consider the fact that we pay 25% in taxes... minimum.

[@tortolito56]

I think Is CAD, I don't know if CDN is also correct

[@iam_vlo]

@@tortolito56 lol it's definitely CAD, i just prefer CDN informally

[@木木-t6p]

Like they said, these are starting salaries and they are really young, their salaries could double or triple over the next 5-10 years as they work their way up.

[@iam_vlo]

@@木木-t6p I think what we're saying is... majority of 24 year-olds in Toronto are making LESS than what they're currently making.

[@earlsweat9727]

I’m happy for them. I’m on the same path: $70k at 24 on Bay Street, Toronto. Living expenses are stupid high though, Toronto is not a good city if you’re single

[@tahir9591]

Good for you for hitting 70k so young. I chose to move out of the GTA because living expenses like you say are crazy.

[@InstantLuc]

People who don't live there won't get it. I left in 2018. Dating is easier literally everywhere else

[@jackieliu1232]

no where is a good city if you r single.

[@earlsweat9727]

Tahir yea brother. I will tell you that my half my monthly pay(after tax ) is almost half the pay. More like 20k-25k, is straight to rent

[@earlsweat9727]

Kam Y bro lmfao ask the girls I dated are arts. Unintentionally too LMFAOOOOO

[@beautybykarenxox]

Literally my favs. Been following them since the beginning of 2020, and have gained so much valuable information about the Canadian financial system as well as post-grad life/work. Icons. Congrats Steph and Den on making it on CNBC Make it!!!

[@stephandden]

Thank you so much! 😊

[@goldenboyi1989]

@@stephandden Guys learn to be independent-stand own your own two feet first before you both become conjoined twins.You even have a con joined channel?

[@beamarie8041]

CNBC do more Canadians! Loved this episode

[@honeybdream]

Yes do Quebec! University is like 4K a year‼️Daycare starts at 8$/day.

[@crabbisk9767]

wouldnt it be better for a Canadian channel to cover Canadian salaries? Americans can't really relate to this.

[@Mizzbabyblue12]

@@crabbisk9767 Americans can definitely learn from this video. America and Canada is very similar. The same way us Canadians can learn a thing or two from an American perspective is the same way Americans can learn from Canadians. Stop being narrow minded.

[@saj3235]

Ottawa!!

[@David-g6o6k]

Crab Bisk I agree with you

[@ibryce14]

who peeped "White Fragility" book she's reading ??

[@croatiancrow]

She must be a lot of fun at parties.

[@laurenn8966]

educated queen

[@bruckeundkeinzweck]

Cnbc trying to be woke

[@beverlysarfo4400]

So staged

[@i.03983]

completely staged lol

[@jackienganga5338]

I knew he was Kenyan before he said it, as a Kenyan in Boston who watches millenial money religiously, watching them was 😊😊😊

[@franklingithieya6821]

Me too actually hahaha!! I can spot a fellow Kenyan from miles in whichever part of the world

[@flawaii-pines6858]

Jamba

[@kennymuturi9613]

hahaha. i knew too! that's the first thing i noticed. as a Kenyan too i religiously watch this channel from Seattle.

[@kennymuturi9613]

@@franklingithieya6821 thats me too. lol. i can spot a Kenyan even from space!

[@fashion4everlove]

Haha he used to go to this Kenyan BBQ we had in Ottawa. I guess he moved to Toronto after finishing school.

[@implussed]

a consultant at a big 4 in a large city makes 40k USD?? they really are underpaying their canadian employees damn lol

[@asadb1990]

well people need to get their foot in the door. its the first job for the experience. most of these guys, start shopping for a better employer in a year. also many of the people in Toronto live with family so they can afford to take a lower pay.

[@amdl270]

@@asadb1990 that's a cheap excuse. I've been doing a job that requires 15+ years of experience out of college and I'm doing it better than most of my older co-workers as of performance reviews and awards and I'm severely underpaid with extremely high stress and little money to alleviate that stress. I've been trying to apply for the same job title at other companies and no one wants me because I'm "not old enough". There is a severe wage gap between boomers and millennials and it's not just caused by the economy but also by how boomers are using and creating financial ceilings for millennials in the workforce.

[@tarzan12345]

First, the numbers presented here could be their take-home pay, which are not bad, given the taxes and everything already covered in Canada (e.g. healthcare). Second, it's true that they pay less in Canada for similar jobs, at least for those jobs that I have info. My wife used to look for job in Toronto area when she was immigrating from another country. The offers for several of those jobs were around CAD 90-100K. She ended up in the US and the first offer she got (a very similar position to those in Canada) and the base pay was around US 110K.

[@asadb1990]

@@amdl270 i agree with you. there plenty of factors. they include children of previleged families who are willing to work for low pay. also there are the older experienced crowd that come from india, Pakistan, most of africa, etc. who willing to work like slaves for low pay. plus it doesn't help that wage gaps exist because of lack of transparency in pay. most of my colleagues refuse to even mention anything to do with pay. it sucks. but keep at. in my experience i have realised the best way to go up in pay is to keep asking for more money when you jump jobs. if you jump after a year most employers don't even care.

[@implussed]

@@asadb1990 "people need to get their foot in the door" I didn't say these kids are making dirt money lol. I'm saying the Big 4 is really skimping on their Canadian employees, because this is very low compared to what they pay their American employees in cities of comparable size (or even smaller/lower COL). I think you misinterpreted my point

[@jalabi99]

6:32 Den: "I don't like paying for coffee" **nods in Graham Stephan**

[@Watbot-e6j]

Did he just say, "Destroy the Like button"? Graham Stephan is going to love these two!

[@aw7474]

Dougie but who even said that graham invented it? Please don’t put words in others mouths 😂.

[@kineticrevival]

I'm 90% sure he's a Graham fan given his coffee habits haha.

[@stephandden]

@@kineticrevival Definitely a fan of Graham's channel!

[@rc2884]

They're both 24 and still young but don't most Big 4 entry-level roles pay more than 45k in LCOL cities in the US?

[@ReadThisOnly]

Toronto salaries are remarkable low, but they are also removing tax. Before tax their salaries are around 65k~, which tbf is still fairly low (even for Toronto). I don't think Steph is in professional services, I think she is part of recruitment.

[@TheVintageCo]

GabeN not sure if they are removing tax, their monthly budget doesn’t add up to $87k usd

[@OneNewHope]

I work in a big four firm in HR and I can confirm in the US that starting salaries are generally around $70K in major cities. Obviously this isn't an apples to apples comparison, but it does seem low. I make about what they make and I only have to work a 40 hour week...

[@Sam-um2wc]

GabeN not really. I make 85k a year in finance fresh out of school.

[@jasmineali5699]

Canadian are underpaid for sure. Americans make more 😭 but our social services are very cheap or free

[@thomasgrey6309]

Freakin' millennials.. they're blinding me with their smiles.

[@lydiagreen584]

🤣🤣🤣

[@DemetriT1]

They have flawless.

[@ahalpert]

Looks fake

[@bigpoppa4094]

Like seeing a more relatable income bracket. $200k plus income episodes are lame

[@catarctica8587]

I think some of them are pretty cool but yeah it’s very hard to relate.

[@gabrielhernandez8483]

even this is unrelatable

[@armuk]

@@gabrielhernandez8483 why? this is a fairly standard graduate salary bracket, as a professional in a big city

[@corneilusdonaldson1858]

Not everything has to be relatable to understand...

[@bigpoppa4094]

Corneilus Donaldson what’s your point

[@palette_1563]

I feel very fortunate to have been able to raise a family (2 kids), paid off the house and now I work part time. My wife stayed home with the kids because as we all know, daycare costs are very steep. My highest pay was $50,000 a year, never higher. Started full time work in 1986. It's much tougher these days to replicate that but anything is possible with sacrifices.

[@arccway]

This is the type of content I like to see show up on my youtube feed every morning!

[@BrooklynLondoner]

Dennis, I knew straight away from the opening picture that you was a Kenyan 🇰🇪 brother. Way to go!

[@ks-qv9xd]

Haiya ona huyu

[@fmr8880]

Ala 😂 nilidhani nipeke yangu

[@valeriabellettinijerves4308]

Love to all Kenyans! Family to me.

[@bykchoi]

I love Steph & Den!! Great advice and love how open you were about finances when you first started dating. I feel even more motivated to manage my money wisely after watching this 🙌

[@nursliman3600]

You can be making a little bit over $40k in one of the most expensive cities in the world and still be living a happy, civilized, dignified life if you're smart with finances. This is very inspiring. Thank you, guys!

[@ashhleyz]

"it is not free" *only 30k debt* laughs in american

[@anoukc6928]

I'm from the province of Quebec and it's cheaper. I had $5000 debt

[@nicolek356]

Mine was 60k 🥺

[@colorfulcodes]

Actually average student loan debt in the US is 32k www.credit.com/personal-finance/average-student-loan-debt/ The median is even lower at 25k www.pewresearch.org/fact-tank/2019/08/13/facts-about-student-loans/#:~:text=Among%20borrowers%20of%20all%20ages,owed%20a%20median%20of%20%2445%2C000. For undergraduate education. Most people go to community college and state school.

[@AceShadowbloodcivic]

*laughs in prestigious universities all around Toronto and lower Ontario*

[@Casio163]

Ridiculous they mention that they pay. In most European countries it is for free or very low cost e.g. 500€ per term. For me as a European the cost of studies in Canada is insanely high.

[@mostaphazine8537]

So happy to see canadien and uOttawa alumni in this channel, wish you all the best!

[@RaulBVO]

They look so happy and friendly to the camera, it makes me wonder if they are a real couple...

[@KateSarte]

Lol they're definitely a couple, but just Canadian

[@esthervictoreah7380]

Gaines Don raised with Canadian tendencies

[@jasmineali5699]

It's because they are Canadians

[@AlwayLacking]

and here in the U.S a broken arm cost like $40,000

[@honeybdream]

I’ve have never met a Canadian that has to pay at the hospital or doctor‼️ Only for private things like cosmetic surgery ⭐️

[@chelseagirl278]

honeybdream We do pay through taxes

[@paradoxis5867]

k hanna ambulance trips too

[@lulebliri9776]

True .

[@shirahmadgulahmad1047]

@@chelseagirl278 Duh u can't expect everything to be free. And everybody pays taxes

[@KeatonDee]

I don’t understand how people can say that healthcare is free. It used to cost roughly $72 a month for MSP. Yes now, we no longer have to pay MSP but our income taxes have since gone up. Of course it’s way cheaper than in the states but it is by no means free.

[@_elizabethliving]

Lmaooo yes we know that’s for explaining 🤦🏽‍♀️

[@freeralo6787]

What’s your deductible though? $500 is very common in the US and some HMOs $2000. I got a chest X-ray done in an ER here for $1500. Your healthcare is free.

[@freeralo6787]

BBD Design How much does healthcare cost in taxes for the average Canadian? There’s no free lunch, but your tax-based healthcare system seems to deliver way cheaper costs than American healthcare. Health insurance overhead rated at $275b a year in US vs $6b a year in Canada. On rare occasions the public sector can do a few something right. We need single payer here

[@_elizabethliving]

Free Ralo don’t mind them

[@KeatonDee]

Yes here in Canada you could literally cut off 2 fingers and as long as you’re not dangerously bleeding out they might leave you in the ER waiting room for 4 hours. Also, not sure what income tax is like in the states but on an $80k gross annual salary I’m paying about $1400 net per month to income tax alone.

[@ألفومية-ح5ك]

"I'm Denis, I'm 24 and I make 42 000$ a year" I'm 27, I'm Lebanese and my country is going through hyperinflation. I make 1000$ a year 😭 😭 😭

[@asadb1990]

bro most arabs go to the imperial middle east (UAE, Kuwait, etc.) and end up making more than americans, europeans for the same position.

[@LeaveMeAloneBleez]

@@asadb1990 no this is wrong information

[@emilytamfo3801]

As someone who lives and works in Toronto, I understand why you did the dollar conversion, but doing so makes it a bit misleading.

[@WeLoveChouBJu]

Emily Tamfo I wish they had labelled every amount after conversion as USD. Showing the Canadian amount and then quickly replacing that with the USD amount and no USD label makes it confusing for Canadians to watch. Otherwise, I'd rather take the visual clutter of listing both currencies at once. I disliked having to pause and rewind to catch the Canadian amounts that flashed off the screen.

[@peppa_pig_]

imagine your "health insurance" (for prescriptions) being $22 a month .....oh to live in a civilized society that actually cares for their citizens

[@BTrain-is8ch]

Imagine living in a world where everyone understands that society/government is not an entity in and of itself and can't have citizens to care for.

[@billrussell4832]

Cry me a river.... I bet if you were living im Canada, you'll find something else to complain. At this point it's not physically it's mentally. We humans are so greedy that we complain about the littlest things. Be grateful...

[@dexterbunny5424]

We all don't dental or health coverage in canada. Its only gifted to people in unions or who have full time positions or make less then 30,000 a year. Dental is expensive!

[@diggleboy]

Thank you CNBC Make it for showing a Canadian perspective on personal finances for this young Millennial couple. Liked! Shared! Working hard, saving hard, investing wisely and living below your means does produce good returns and an affordable lifestyle within healthy margins of a solid financial budget. Investing in yourself with a good education is paramount in helping you afford the life and lifestyle you truly want. I like how both of them are complementary to one another. I really hope and pray they "make it". The Mint app also helps. Really put a smile on my face, especially during these challenging times. Stay safe. Stay sane. Keep hope alive and keep moving forward!

[@fahisaurus]

They've done an excellent job planning and living within their means while also putting away money for savings. That's real discipline.

[@cruisecontrol4922]

This whole covid/lockdown situation definitely has forced almost everyone to take a hard look their financial situation and figure out ways to improve it. Good to see young people being responsible.

[@davidmitchell3997]

I will be moving either to Vegas, Portland, Seattle, Phoenix or San Antonio because of the decent cost of living. Currently live in Southern California and hate every second of it!

[@davidmitchell3997]

Meant to say more better but oh well.

[@Empowered_University]

As a kenyan who watches millennial money, i knew straight away that he is Kenyan from his face and teeth lol😂😂😂

[@drewconway7135]

Putting that much in liquid savings, even in a high-interest account, is a huge opportunity cost. If she’d been putting some of that in the stock market, it would have grown a lot faster. As long as this isn’t money she’s planning on spending in the near term, she could be doing a lot more with it. She’s so young; she has a lot of years for the growth to compound.

[@xoReni]

Agreed 100%

[@nithinravi4401]

I just started investing in stock markets this April onwards. I'm just 24 and I won't touch the amount I invest until after atleast 5 years. Best case scenario let it grow for 10+ years.

[@alecm9936]

Ya definitely

[@AR-ps6xo]

Yes definitely invest in the stock market now. I hear Hertz is doing well...

[@nithinravi4401]

@@AR-ps6xo Hehe I'm from India. The other thing I'm not blindly putting all my money in just a few companies. Diversification and long term perspective.

[@saskiasani346]

They're such an awesome couple! I see their values and money methods being the same as mine and my boyfriend's! Being in our early 20's gives us so much room to save!!!!

[@jesseroblez]

This is very similar to my wife and I. Our monthly budget is 5200 an we’re able to save 1500 - 2000 a month. We didn’t start budgeting until the beginning of 2020. While saving that much we’re trying to also make high payments on debts that we have atm. This pandemic is helping us since we’re not getting out of work and going out to restaurants anymore! This video was nice and relatable.

[@charletfoster8917]

This couple is on the best path👏🏿👏🏿👏🏿

[@tradingbull007]

Not best they are just working not spending or living best I could say good path.

[@the_knoph]

$1364/month rent in the downtown core? Sign me up for a closet like that! For real though, housing is way too expensive in the GTA considering the not-as-high incomes.

[@qwertyuiopz123]

Its $1850CAD. They converted it to USD

[@shinesbrighter]

Yeah 1,850 CAD, that also looks like it's in the Distillery District!!

[@littlemax8851]

It’s split down the middle, it’s 2700 CAD a month

[@the_knoph]

@@shinesbrighter The price of living near Cacao 70 I suppose

[@MariamMariam-ue7vz]

@@littlemax8851 There is no way they are paying $2700 for a 400 sq'. $1850 is definitely the full rent.

[@Electriophile]

"$52/mo for health insurance" _cries in American_

[@diresalope]

Yea, these two can rep Toronto! Absolute gems, I wish them well

[@isaacvanvoorhis7108]

Me: Immediately looks for a Graham Stephen Video

[@InterestingExplained]

Don't you already know what he will say? Why should you watch it twice?

[@deeboy1957]

Yeah not like he gonna say anything new what a waste of time.

[@heyhooyaayaygba3148]

Lol no

[@Babs33]

Me too!

[@MicheyB1165]

FYI - Healthcare is not free in Canada we just pay through our provincial and federal tax system. This gives us the ability for Canadians to have access and obtain most medical services without opening our wallet. No such thing as 'free'.

[@tracy_cakkes]

Thanks for clearing this up Nothings free in this world unfortunately

[@jasmineali5699]

Obviously, what Canadians mean is that they don't have to pay out of pocket. If you lose your job you're not going to be destitute.

[@MrCanada1]

The tax you pay doesn't only go toward health care also Cover other services . In Ontario about 13% that is nothing when you can go to a walking clinic for unlimited times .

[@MicheyB1165]

Bottom line is we pay higher taxes in Canada on goods and services and through our personal and corporate taxes. Also many Canadians have health benefits through their employer. The concept of free is not realistic because someone has to pay for it and Canadians do indirectly. America would benefit from this as well if they are willing to pay higher taxes. In times like this you really see and appreciate Canadian and some European countries apprach to healthcare.

[@Hi-nh7wu]

Ashraf A Alhashmy umm no? You gotta pay for doc visits, since they aren’t government funded. Same goes for medicine and stuff, only hospitals and stuff is free lol

[@MariamMariam-ue7vz]

I just subscribed to your channel, literally because as a fellow Torontonian, I know how hard it is to get ahead and I hope with more subscribers, you can get closer to a monetized YT channel. Best of luck guys!

[@StructuresSimplified]

Great to see some Canadian representation on the show! It's quite inspiring to see this level of financial literacy and great saving habits so early on in their careers.

[@omarmohammed555]

If they worked in a big city here in the US guaranteed they’d be making way over 100k USD.

[@joshualaughlin2385]

no.

[@tracy_cakkes]

Definitely

[@emeraldcastle]

having moved from toronto to nyc, i dont think so. their salary in toronto is a solid starting salary in the toronto job market (60k CAD). they would be making around 75-80k USD in NYC. One thing to note is that they make money in CAD but also spend money in CAD too so converting to USD doesnt really make a fair comparison

[@Bobo-jy5mg]

Omar Moe definitely not that much, maybe as a senior

[@crabbisk9767]

@@emeraldcastle why not? taxes, housing, transportation etc are actually even more expensive in Toronto than most American cities. they don't have to move to NYC, they could move to Chicago, still make $80k USD and their COL would be way lower than Toronto. Toronto is not a cheap place to live meaning their lower salaries aren't offset by low living costs. it's actually the opposite.

[@juliaschneider6994]

I pay $1695 CAD for a two bedroom apartment in downtown Montreal.... Toronto is a scam

[@anoukc6928]

True

[@InstantLuc]

Montreal's job market is smaller and has jobs that require French. It's not the best either

[@nursliman3600]

No one moves to big expensive cities because they enjoy living in a tuna can, people move there because that's where the jobs are.

[@MegaBestoffer]

Putting 50 percent for you income in a savings account is crazy when you can invest that in a mutual fund.

[@missy217]

At minimum! I would put it in an ARK ETF

[@reflux1059]

@@missy217 i would do XEQT

[@xoReni]

I would love to be on this show! I live in Toronto and just purchased my first house at 23 years old 😊

[@kelvinmwaniki3889]

That's remarkable, good for you, keep winning 😁👍🎉

[@Emilyghe]

I am thinking of that too! Any tips

[@xoReni]

kelvin mwaniki thank you so much 😊

[@xoReni]

YC H I actually recorded a video about it on my channel 😊

[@Delirex1]

what's your work?

[@MaryRalladi]

OMG, finally a Toronto breakdown. My home cityyy woot excited to see it.

[@laurawilliams2445]

agreed but they're doing better than most - then again would the rest of us living in TO not doing as well show that...nope - also maybe it's just me but their rent is crazy cheap for the distillery district.

[@MariaCruz]

Their teeth are truly stunning omg!!!

[@thethreatwrestling.7053]

I went to Toronto Canada twice Last year and has been a place that I would like to live in some moment in my life. Oriented about cost of living and is High. Right now I'm getting my MBA that will be done in 1 year. I love Canada but to move has to be a good Salary. Glad that you make it and live the Dream.

[@mkbloodyen]

Literally everyone they pick has a KZbin Channel to plug now :/

[@nicolek356]

Or maybe it's only the KZbinrs who are brave enough to apply 😂

[@oliviagreen8853]

Seriously!!

[@colorfulcodes]

Dang, I wanted to be next but ya'll don't want youtubers lol. I do prefer normal people though but I think you just have to apply.

[@aliace4138]

It’s apart of the application process so they can judge if your good enough!!! Lol

[@freeralo6787]

They choose KZbinrs because they’re more camera ready

[@beanbagboys4202]

Den the Kenyan in him"i refuse to spend money on coffee,new clothes and a car" you are living it right

[@saul1629]

This is stereotyping him...

[@beanbagboys4202]

@@saul1629 any kenyan support me here

[@beanbagboys4202]

@@saul1629 bro its not stereotyping this a majority thing from guys from his community locally(kenya) but i was just joking with that statement i respect him for such decision he is paying his student debt that is an achievement

[@teresangari340]

@@beanbagboys4202 kikuyu in him I get the joke

[@medici__]

@@teresangari340 😹😹😹

[@jamesrivers3627]

Working for a big 4 I can attest that yes they are smart and save money. But also they work like 80 hours a week so no time to spend it anyways😂😂

[@fopifopfopifop3540]

I know, it's bad. Deloitte used me like a wheel. But you gain a lot in terms of training. Now I make easy 90k CAD

[@CM-oy2kd]

James Rivers dayum.

[@imherelul]

you definitely don't need to be smart to work at big 4 lol

[@CJ-kr3id]

But then be able to retire a lot sooner than most!

[@chaddy60]

@@fopifopfopifop3540 how many hours a week so you work now?

[@ilikelittlejimmys]

Yes finally something with a relatable income level and in Toronto.

[@Kickspot]

During her comment at 2:28, his smile went away, 😂 lol

[@EricTorres713]

You can tell their hearts are in the right place. Giving back to the community is awesome 👌🏼

[@sbml5243]

They’re Canadian and their healthcare and college is MUCH cheaper hence their lower salaries. Also that number is their take home (I’m assuming) not gross. Toronto’s taxes are higher too.They’re saving a ton of money without the chains of debt hanging over them. Good for them.

[@crabbisk9767]

no, it's gross. no one uses net income when describing their salary.

[@Aristaifly]

It is okay money for canada and it is waay more than okay for 24 yo. Income seems lowed due to exchange rate right now

[@katrinaa980]

pretty good salaries for their age

[@nhtathinfbntb2746]

the salaries mentioned are pre-tax

[@chelseagirl278]

katrina a not for Toronto

[@BenjaminMutuku]

I definitely knew he is Kenyan. I can tell a Kenyan from miles away. Happy to see a fellow Kenyan living the Canadian dream!

[@annekimani7084]

am Kenyan too. love guys for teaching the young n old.

[@ChillyDunk]

They must have went to school in Ottawa! But Den was in a full gown which means they actually went to University and not "college" ;)

[@fashion4everlove]

They did I think Ottawa U. (:

[@iqbalsabina12]

I think they were saying college for the American audience!

[@matthiasb2078]

Represent!

[@JJs_playground]

Hahah, was about to comment the same thing. They obviously studied in Ottawa, can tell by those pictures by the canal.

[@InconvenientTruth50]

University are called colleges in America. If it was a college they would say community college.

[@brownhippiex496]

Loved learning school wasn’t free there in Canada. That’s nice to know because I totally thought it was. I’ve also been shopping at a more expensive grocery store since the pandemic because it’s simply closer and smaller.

[@xoReni]

It’s definitely way cheaper than the US but no where close to free 😅

[@rc2884]

Yep, that's the biggest misconception ppl our age have about Canada. Almost all post-secondary institutions are public and the avg uni tuition is 7-9k a year. With the lower cost of tuition, our schools give out very little financial aid and rely heavily on international students for funding.

[@brittbecka8552]

If a international student comes to to do a program here, it’s pretty much double the cost. But we have free healthcare

[@xoReni]

Britt Becka I know right, international students pay what students in the US pay!

[@gl4989]

It's cheaper in Quebec, around 1k cad per semester

[@jhtrico1850]

Their firms are finessing them 😱 I recommend auto investing into a market index fund like the Nasdaq rather than the “high” interest savings. Rule of 70, 7% doubles in 10 years, 1% will double in roughly 70

[@freeralo6787]

John Huynh Stocks aren’t on a bull run forever

[@marcanthonysalon]

you're speaking on investing but their focus is clearly on savings. *not* the same.

[@jhtrico1850]

Free Ralo that’s true, but in the long run it has been. There’s always a what if the world ends. If you don’t believe the world is going to end, you will likely stand to have your money make money for you.

[@freeralo6787]

John Huynh Fair enough, that explains the difference of opinion. I DO actually think the world will be ending before I take retirement contributions, so I prefer spending on investments with pretty short time horizons. To each their own

[@benlittlechilds1192]

Here in Canada, a TFSA should be the first place to save, then a rrsp...high interest savings accounts are lousy, but personally, it's my 4th level of savings..

[@lulebliri9776]

I love it that they split the payments in half , well done

[@JamoSimcity47]

Thanks CNBC for making this video, b/c I've been playing on moving to Toronto in 2 years or so. I'm graduating from my college in December this year, debt free. I planned on working here in Stl for a year or two, save up my money and leave the US. This video was helpful. 👏🏿

[@nicolek356]

Modern dating is such a great way to saving money on rent ✊ I also love how this video breaks down so many barriers to traditional stereotypes! I.e. girl making more than a guy, a Black person in corporate, and more importantly more Canadians woo (whoever said our tuition is free though?!)

[@freeralo6787]

Nicole - Money Investing and Growth What do you mean by “modern dating”? Splitting checks or cohabitation?

[@fallemblem]

What do you mean by "more Canadians woo"?

[@nicolek356]

@@freeralo6787 the cohabitation part! I think the going out for food part actually makes me spend way more in dating 😂

[@nicolek356]

@@fallemblem I'm excited for more Canadian representation

[@freeralo6787]

Nicole - Money Investing and Growth Agreed, cohabitation is both fun AND frugal! IMO your partner needs to be on the same financial level to make it work though. This couple has similar career goals and a mature mindset about money so it works perfect for them

[@sharib104]

I love their open communication about money. Money can destroy a couple.

[@tatiana7225]

How on earth did they find an apartment for $1,400 near the distillery district?! I never saw rents that low when I moved here even 6 years ago?!!!

[@cocoa5115]

it was in USD, and they've been there for a few years so its around $1900 CAD

[@QuadLoop]

My starting salary working for one of the Big 4 in an entry-level audit role was $38,500 CAD ($28k USD) in Vancouver, Canada in 2015. In Toronto, the starting salary is higher, at $45-48,000 CAD ($33-35k USD). Due to limited employment opportunities for business/finance/accounting related majors, getting into the Big 4 in Vancouver is fiercely competitive so the firms truly could pay whatever they wanted and people would still slave for them.

[@maureennjoroge6918]

I knew this guy was Kenyan even before he said it. Love from Kenya.

[@TheSkonyo]

Saw photo of the mom and confirmed

[@SK-yg2vw]

Saw the forehead on the thumbnail and confirmed.

[@iannjari6833]

Me too

[@rehemac55]

Me too!

[@Makmeshy]

True!

[@tkp97]

The salaries in Toronto are so bad. 40k for a big firm eff

[@ThePeanutbuttercup12]

It’s terrible

[@fopifopfopifop3540]

It's even worse in Montreal. Big 4 are suckers

[@maurreese]

In my opinion as long as you get your foot in the door that's what matters 👍

[@a004]

That's only half of the equation. Look into the cost of living expenses and it will break your heart

[@nicolek356]

And it's in CAD.. aka less in value compared to USD

[@kevinb8881]

As long as their household income is north of $100K in Canada, these two are good to go!!!😁👌💯

[@nissarahamed]

Finally good to see some Canadian stories in this series. Very impressed with this couple's financial acumen.

[@VerStarr]

Oh hey!!! I follow these two on KZbin! Hey you two! CNBC! Great job on all these features!! Always love coming back to the channel

[@stephandden]

Hey Ver! 😊

[@tanbir11]

if youre a canadian citizen the tuition is more than 75% subsidized by the Government. it isn't free but it should be noted it is very affordable, and easily paid off within a few years of finishing school or even carrying no debt during school by having a part time job. Also interest on Student loans are non accruing during the time youre in school and once you graduate they have very low interests (at par or lower than mortgage rates)

[@raissakabeya87]

I'm super happy they had a Canadian for this episode. So based on his graduation picture, it looks like he went to the university of Ottawa. I don't understand why people move from Ottawa to Toronto where it costs so much more for rent/housing. Ottawa is the capital and it's about 4.5 hours away from Toronto. For the amount they pay in rent $1300 person / $2600 for both a month, you can OWN a townhouse in Ottawa. So you're not paying someone else's mortgage (aka rent), you're investing in your own property. I have lived in Ottawa for most of my life and still live here. I find they have just as many opportunities in Ottawa. I have just never understood why people move to Toronto and where the cost of living is almost double. But it's a great episode nonetheless 😊

[@mimimosa259]

It’s possible they are originally from Toronto/ have family there

[@propane-y4t]

Ottawa is getting ridiculous! You're seeing rents for 1 bedroom $1500-1800, townhouses are now selling in the 500s with bidding wars.. and: salaries are lower than TO especially finance, HR and tech.

[@leaylajones5632]

Because they choose to. Toronto is home.

[@nicolek356]

For love ❤ ahaha but it could simply be bc young people want to live in bigger cities where theres more going on. Potentially simply lifestyle values at this point in time for them

[@stephandden]

Hey Raissa! Our families live near Toronto - we went to Ottawa for school, then came back to be closer to family. 😊

[@jasmineali5699]

DO VANCOUVER NEXT! ITS THE MOST EXPENSIVE CITY IN NORTH AMERICA 😭😭😭

[@nightmareplaysroblox8383]

its the 2nd most expensive city, Toronto is more expensive.

[@jasmineali5699]

@@nightmareplaysroblox8383 nope. Vancouver is the most expensive city in North America. Not Toronto. Toronto just feels more expensive because tax dollars are allocated horribly and the quality of life is not as good. Vancouver is more expensive but the return is better than Toronto

[@dominickd16]

@@jasmineali5699 All of the lower mainland is expensive including Surrey as well. It is crazy here.

[@grattidude]

I guess you've never heard of New York City. Vancouver is the most expensive relative to wages paid there. So you're half correct.

[@freeralo6787]

Really? NYC/San Francisco aren’t more expensive? I’m gonna need to see some proof

[@edwardp7639]

They seem like a great couple with a bright future ahead! Best of luck to you both

[@ascott2168]

Awesome !! Talking about finances early on, 3-10 year goals and living below your means definitely helps keep things cool and calm ! Please show more people, young and mature, with more relatable salaries and circumstances !

[@iannjari6833]

It's funny how easy it is to get the Kenyan accent and facial features even before he said it.

[@philipmbugua8390]

Was looking for a Kenyan comment and was pretty sure I'd find and i have😂😂😂 For me, the moment I saw his second name was Mathu I knew instantly he was Kenyan and a Kikuyu

[@essyn9779]

Ian Njari I knew from the framed photo in the beginning. From that I could even tell his tribe.

[@Eaststoriestv]

If you know you know lool

[@michelekamau1337]

@@essyn9779 I'm the baby in the framed photo and that's my cousin loool😂😂.. So proud of him and that a pic of mines got to be on CNBC..Mama I made it😂😂

[@syntaxbyte]

Thanks for featuring Canadians but as a Canadian watching this video it was really annoying to see every figure translated to a US$ amount right after being shown. I understand you want to make it easy for US viewers to watch and understand, but maybe display the two figures together or do the original CAD figure and then a % of budget? I barely caught the CAD figure before it was replaced.

[@anoukc6928]

I'm Canadian and even for me it was confusing

[@titusm2320]

Never thought I'd see a fellow Kenyan on here. 👊🏿👊🏿👊🏿.

[@aldralee]

Such impressive folks. So smart. They have a great future if they stay on this path!

[@kikiluvszz]

Love the fact that she’s educating herself by reading the book “White Fragility”✊🏽❤️

[@deeboy1957]

Yes she was so racist before that book, CEO of racism is trembling!

[@petperthecommenter3364]

They should move to aftica

[@chelseagirl278]

kelsey luvsz Woke and annoying. Enough already

[@maurreese]

That's amazing! If people are triggered about racism bless their hearts and keep it moving.

[@BookofFuture]

pet per the commenter why if they’re Canadian?

[@Attitude-royale]

I was planning on working for a big 4 firm in Canada. 58k(CAD) a a year is making me rethink

[@aaronhutchinson885]

I'm from Toronto. This is dope..Best city in the world. Expensive, but so much diversity, things to do. 🇨🇦

[@MarshmilloJB]

Thank you so much for including Canadians! 😍 I grew up in Toronto 🥳 Also, what a beautiful couple with such open communication about money.

[@Darl-ur3uq]

This couple is beautiful and successful , thank you for sharing ♡

[@TinaLeder]

Great to see a young couple make it together!💖🔥

[@Simaton_Nkamasiai]

I smiled when I heard Kenya 🇰🇪 I heard to replay that! 🙌🏾🙌🏾 well done 👍

[@raymondcouture9374]

Just a point guys...Health care is not free in Canada; it is pre-paid with your taxes. Free health care would mean that doctors and nurses are volunteers.

[@KajolPhadnis]

Mad you save over 50% of your salary. I wish I could do that but London rent can kill anyone with the low pay we get here...and the high student loans we have.😢 I'm not selling London now am I haha. Awesome video Steph and Den.

[@InstantLuc]

The entire UK offers better pay:cost of living rations lmfao

[@voidplugs2004]

Facts!

[@KajolPhadnis]

Ah okay fine. I think rent takes up half of most people's salaries in central London...then you account for food etc. Well my friends anyway!