Quote:
Originally Posted by SpeedStars
Most of the ppl I know our age make 40-60 and that's only if they're actually working. I know a ton that are still in school not doing much/only part time still
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There's definetely a difference in the median income between friends from highschool and college ($35-70k) compared to friends that moved here for work from out of province ($70 - 100k). The one's that moved here from Ontario/Alberta have significantly higher income since they got into higher level positons straight out of school. This could be for a variety of reasons. Better co-op internships, better schools, better networking skills. In addition, The out of province guys have a stronger knowledge of budgeting, saving, and investing.
Most of us are starting to reach the 3 - 5 years of professional work experience. So we should see this income gap starting to close as some of them start to job hop out of the $35 - 50k entry salary.
There are tons of friends who are working dead end jobs or working part time and just chilling. Nothing wrong with that either. But there's a gap in our values and what we want out of life so I don't usually see them as much as I used to. I find that it demotivates me.
Quote:
Originally Posted by SpeedStars
Damn bro are most of your friends like secret millionaires  pls teach me their ways |
The one's that are doing well have a solid knowledge of personal finance, budgeting and started investing as early as they can. They avoid trading the trend and holding random penny stocks. They prefer to self manage their own ETF portfolios compared to holding the traditional 2%+MER mutual fund. I would say majority just chases the HISA / GIC accounts. They don't even invest.
Most of them started working in highschool then entry level jobs in their field or high paying tip jobs during college. In addition, they had the privledge of living at home, which allowed them to save an additional $1,000 - 1,500+ on rent expense. I felt like 90% of the people I met at school had a full-ride through their parents. Which saved them about $40k in tuition. Plus a lot of their parents would also buy them their first car for like $30 - 40k. I only had the priviledge of living at home. But the fact that I had to pay tuition / buy my first car forced me to start looking at how to budget and invest.
So if you add it up the priviledges. Most of these guys have $60 - 75k invested by year 1 - 2 of graduation since they had zero expenses. With the bull market from 2016 - 2020. Their investments grew over $100k by the time they're 25.