Canadian savings by age 30
Saw another post about an Aso 3 in the US who had ~600k USD saved up. Was wondering where other Canadians are at (assuming they went into banking right out uni.
Mind boggling to think that at aged 27 someone would have ~800k CAD saved up, which I’m imagining would be unheard of here without family assistance.
Currently an analyst 1 & have found that I’m routinely cutting back on taking Ubers / going out in order to save a meaningful amount each month in Toronto.
Any insight on level / location is appreciated.
Reposted
Currently at a bit over $500k at 27 year old, so 5 years of work experience. Started in banking straight from graduation, and have been working purely in IB and later switched to PE. I'd note that I've been fortunate to have my parents pay for my tuition, and I'm quite a cheap person plus have been investing in the market since I started working.
Curious to hear from others my age and especially the folks over 30 as that's where the significant jumps in income happen. Would also note to not compare to the US as we are paid less, and our take-home income is substantially less on an after-tax basis.
500k in Canada is certainly impressive by that age. Are you at one of the pensions or a private PE shop?
FYI - reposted twice as can't figure out the edit button on my phone.
But yes, at one of the pensions (which is a slight pay cut to banking, and even more immaterial on an after-tax basis imo). If I had the same lifestyle and went to one of the Canadian megafunds I should be wealthier
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Im Canadian but work in the US. Beginning my a3 bridge, and have so far saved 120k
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My previous roommate used to work in Canada for 3 years doing ib. Think he said he saved about 120k during that time but didn’t invest much. I saved a similar amount in my first 3 years, but bought and sold a lot of tech etfs during covid. That’s how I was able to build from 120k to 135k
The lower wages, higher cost of living, and now CDN dollar shitting out make it hard VS the US. Unfortunately, doesn't seem like the gov is taking the huge gap between housing costs and Canadian salaries seriously.
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