Millennial Money (Toronto Star)

23-year-old Margaux juggles two jobs, one at a non-profit and one part-time as a server, working 50 to 60 hours a week. Why the grind? She has $24,000 in student debt but also wants to travel. Evy speaks with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

If you would like to support the journalism of the Toronto Star, you can subscribe at thestar.com/subscribingmatters.

With only a high school diploma in hand, Karan sought bank jobs that didn’t require a university degree, and ended up taking an internship at a major bank as an IT project co-ordinator. Now, at 19 years old, he works two jobs, taking in around $83,000 a year working from home for both companies. He’s always had goals to start his own financial consultancy business by his mid-20s but his most immediately goal is to buy his parents a house. Evy Kwong speaks with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

Canadians are more in debt than ever before but we rarely talk about it openly. Shame, embarrassment and despair can make it too scary to look at. On this episode, a millennial opens up about how she’s fallen into a spiral of debt that overwhelms her and makes it difficult for her to map an escape route.

Then, Shannon Lee Simmons, author of "Living Debt-Free" and founder of the New School of Finance, shares some tips on how to practically and philosophically tackle debt while making necessary space to enjoy your life as you do it.

This episode was produced by Ghada Alsharif, Julia De Laurentiis Johnston, Sean Pattendon, Kevin Sexton and Andrea Varsany.

What you would like to hear on Toronto Star podcasts? Let us know in this survey and you can enter to win a $100 gift card.

At 36 years old, Shellie is starting from scratch after moving to Canada from the U.S. a few months ago. Before moving, she and her partner were making around $73,000 (Canadian) each working as teachers in Boston. After their daughter was born six months ago, Shellie realized that she wanted to raise her child in her hometown of Toronto, to be closer to her parents.

We speak with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes

Cedric, 23, lives with his parents in Brampton. After being laid off in the pandemic, he now makes $20 an hour as a line cook. While he has $5,000 in cryptocurrency, he wants to start focusing on his credit card debt and is considering going back to school to change career paths, and eventually well as move out of his parents house. How can he start? We speak with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

How much money should you spend on dating when it’s a struggle to keep up with the bills? A 32-year-old fashion designer opens up about the financial pressures women face on the dating scene, and what it’s like looking for love with a tight budget.

Financial expert Melissa Leong, author of Happy Go Money, provides some practical advice for keeping costs under control without having to sabotage your love life. 

This episode was produced by Ghada Alsharif, Julia De Laurentiis Johnston, Sean Pattendon, Kevin Sexton and Andrea Varsany

This week we meet Doris, a 34-year-old making more than $160,000 working in the pharma industry. She is the sole earner in her relationship, paying most housing, food and debt costs for her and her boyfriend. After living in a one-bedroom condo, she’s hoping to start a family and get a bigger home. Evy speaks with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

If you would like to support the journalism of the Toronto Star, you can subscribe at thestar.com/subscribingmatters.

Sid is a 31-year-old engineer at a consulting firm making $92,000 a year. Being an avid saver, his short-term goals are to pay for deposits for a bigger wedding celebration and to save for retirement. Evy speaks with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

If you would like to support the journalism of the Toronto Star, you can subscribe at thestar.com/subscribingmatters.

As a self-proclaimed “older millennial,” 40-year-old Peter makes $94,000 a year working in social services. He got himself involved in the hot GTA market early on and owns two condos and is thinking of buying a brand new spot. The thing is he doesn’t know if he should buy a dream condo for himself, or another one to invest, or if it’s even feasible. Evy speaks with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

If you would like to support the journalism of the Toronto Star, you can subscribe at thestar.com/subscribingmatters.

Beatrice is a 36-year-old props manager working in the film industry. She makes $80,000 a year and is moving into the biggest year of her life.

Host Evy Kwong speaks with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

jes sachse has been fighting an eviction for about two years. And they’re not alone. As rent and property prices soar, eviction is a threat for many Torontonians. 

Geordie Dent, Executive Director of the Federation of Metro Tenants Associations, lays out your options when you’re faced with an eviction. We also explore the potential financial implications of complying with an eviction notice, or fighting it. 

This episode was produced by Ghada Alsharif, Julia De Laurentiis Johnston, Sean Pattendon, Kevin Sexton and Andrea Varsany.

Brandon is 28 years old and makes $75,000 working part-time as a registered nurse. Due to his declining mental health, he opted to stop full-time work to protect his family during the pandemic. Now with vaccine rates increasing in Canada, less COVID-19 patients in the unit, he’s seeing the light at the end of the tunnel. His next mission? Move out of his parent’s home.

Evy speaks with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

If you would like to support the journalism of the Toronto Star, you can subscribe at thestar.com/subscribingmatters.

Patty has spent decades working as a cleaner in other people’s homes making around $3,000 a month. After leaving an abusive marriage and selling the Toronto home she shared with ex-husband in March 2020, she wants to be able to take back control of her finances. “I decided I couldn’t live in that house anymore. I needed a fresh start.”

Yonni and Kayla have been together for 15 years. They’re unmarried but they’ve combined their money and freely share their assets, even though only one of them has the house in their name and one of them has the car in theirs. Is this set up financially smart in the long run? Or does it benefit one over the other?

Family lawyer Heather Hansen, partner at McCarthy Hansen & Company LLP, shares how getting married may affect your finances for better or for worse.

This episode was produced by Ghada Alsharif, Julia De Laurentiis Johnston, Sean Pattendon, Kevin Sexton and Andrea Varsany

What you would like to hear on Toronto Star podcasts? Let us know in this survey and you can enter to win a $100 gift card.

Dre is 29-years and works at a start-up. She lives with her partner and is officially sick of Toronto. Dre’s weeks often push past 60 hour. Now they’re considering moving out of the country, to the U.S. for more opportunities.

We speak with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

This week, we speak with Marlon. A 25-year-old single father of one making $36,000 a year as a recruiter. He has two goals: First to buy his own car, second to move out of his mom's home, where he pays low rent. How does he start? Evy speaks with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

If you would like to support the journalism of the Toronto Star, you can subscribe at thestar.com/subscribingmatters.

In the last couple of years, Lee’s side hustle has taken off and she thinks she has a real chance of making it her full time gig. Opportunities are starting to appear and that’s exciting but how does she properly capitalize to help make her business grow? Should she get an HST number or become incorporated? What are the pros and cons of both? How do you grow a business when you have passion and some viability but don’t have much business experience?

Janet Gray from Money Coaches Canada shares financial  steps to consider when launching a business (even, and especially, if you don’t really know how to do that). 

This episode was produced by Ghada Alsharif, Julia De Laurentiis Johnston, Sean Pattendon, Kevin Sexton and Andrea Varsany

Mel, a 34-year-old health-care worker and father of three, makes makes $104,000. He wants to save a minimum of $50,000 for each of his children’s future, pay off his mortgage in the next decade and buy an income property to rent out. He also wants to save a million dollars each for him and his wife’s retirement. What should he do to tackle these goals?

Evy Kwong speaks with financial advisor Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we'll be using voice actors for their quotes.

If you would like to support the journalism of the Toronto Star, you can subscribe at thestar.com/subscribingmatters.

At the age of 29, Toronto tech worker Ralph is making $115,000 a year. It’s a huge accomplishment, but there’s a caveat: he makes that working three different jobs. With goals to buy his own place, he also wants to know whether or not he can slow down a bit with work.

Host Evy Kwong speaks with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

29-year-old Cassandra works a stable job making $50,000 a year. Now, she’s hoping to get the downtown experience and fund her dreams of becoming an artist, but she has debt and, as an artist, she needs to save a sizeable amount to pay for equipment and supplies.

We speak with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

At 39, Luis has finally landed a full-time job working as a hospital cleaner making $35,000 a year after moving to Toronto from the Philippines five years ago. Will Luis be able to save enough to feel secure?

Host Evy Kwong speaks with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

This week we meet 34-year-old millennial, Chele who makes $45,000 as a manager working in financial services. Due to family emergencies, she’s more than $100,000 in debt. After paying down that debt, she'd like to own her own place in the GTA. Evy speaks with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

If you would like to support the journalism of the Toronto Star, you can subscribe at thestar.com/subscribingmatters.

Anand makes $60,000 a year before bonuses as a restaurant manager. He’s made the decision to go back to school part time, and is looking to change industries after graduating. With one condo that he rents out, he is hoping to buy a second property.

We speak with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes

Moving out of the big city for somewhere more affordable has become a common topic of conversation among Toronto millennials. Is it worth giving up the perks of the city for a lower cost of living and shorter commutes? We speak to a woman named Sydney who’s leaving the city she was born in in search of a lower-stress and less costly lifestyle.

Then we speak to money expert Jessica Moorhouse, host of the "More Money" podcast, about how to navigate this question and make the most of life in Toronto despite the rising costs of just about everything.

This episode was produced by Ghada Alsharif, Julia De Laurentiis Johnston, Sean Pattendon, Kevin Sexton and Andrea Varsany.

What you would like to hear on Toronto Star podcasts? Let us know in this survey and you can enter to win a $100 gift card.

Lola is 37 and works in the pharma industry in a contract role making $87,000 a year, plus bonuses. She has had roommates for most of her adult life. The problem? She has $10,000 in debt and would like advice whether she should buy or rent a home.
Evy speaks with financial adviser Jason Heath for recommendations. All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

If you would like to support the journalism of the Toronto Star, you can subscribe at thestar.com/subscribingmatters.

Millennials face an unprecedented financial landscape in modern life. They’ve been told all along there are financial markers to being a grown-up: owning a home, having kids, travelling, having some kind of social life. But for many millennials, lots of those things feel well out of reach.

Returning for its third season, the “Millennial Money” podcast is doing things differently this time around. New host and Toronto Star business reporter Ghada Alsharif speaks to fellow millennials about relatable financial dilemmas that are usually taboo or embarrassing, that everyone is grappling with behind closed doors. Alsharif will then bring the topic straight to an expert to work out some options.

Episode 1 will be available Wednesday, Dec. 6 on podcast platforms or at thestar.com/millennialmoneypodcast.

Like many of us, Amy learned about trigonometry in school but nothing about the basics of financial literacy of investing. And she didn’t have any financial models growing up; no one she knew really had any money. But recently, Amy got an unexpected chunk of cash. Now, for the first time, she’s trying to learn how to make it grow before she spends it all. 

Jason Heath, Managing Director of Objective Financial Partners, Inc., shares practical advice on how to start planning for your financial future, regardless of how much money you have in the bank.

This episode was produced by Ghada Alsharif, Julia De Laurentiis Johnston, Sean Pattendon, Kevin Sexton and Andrea Varsany

Alex is a 34-year-old millennial making $112,000 as a federal employee. While the pandemic has been a great opportunity for saving — especially after selling his condo in Ottawa and moving back to his parents home in Toronto. But his parents lost their jobs in the pandemic and he is helping them with money. And despite $160,000 in savings, Alex wants to be a renter for life and wants advice to ensure that works financially. Evy speaks with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

If you would like to support the journalism of the Toronto Star, you can subscribe at thestar.com/subscribingmatters.

This is the first episode of the Millennial Money podcast. It's a new series that will be running weekly that takes a look at millennials’ finances and how we can help them with financial tips. 

We kick things off with Ahmed. He's 30 years old, makes around $35,000, working two jobs, one as a front-line grocery clerk and the other as an food delivery cyclist. His student debt for an unfinished degree still sits at $10,000. Host Evy Kwong speak with financial advisor Jason Heath about how Ahmed can attack his debt.

All of our participants have been granted anonymity, and so we'll be using voice actors for their quotes.

If you would like to support the journalism of the Toronto Star, you can subscribe at thestar.com/subscribingmatters.

Maria was saving up to freeze her eggs, but some tough financial decisions forced her to change her plans. Competing financial priorities as an adult makes her wonder: travel, own a home or have a kid - does she have to choose just one?

Personal finance and travel expert Barry Choi offers practical advice on how to balance the life you want while also planning for kids. He also talks about the financial and emotional cost he and his partner experienced while going though the IVF process and the real cost of having a kid.

Returning for its third season, "Millennial Money" host and Toronto Star business reporter Ghada Alsharif speaks to fellow millennials about relatable financial dilemmas that are often taboo or embarrassing but that many are grappling with behind closed doors. Alsharif then brings the topic straight to an expert to work out some options.

This episode was produced by Ghada Alsharif, Julia De Laurentiis Johnston, Sean Pattendon, Kevin Sexton and Andrea Varsany

What you would like to hear on Toronto Star podcasts? Let us know in this survey and you can enter to win a $100 gift card.

Ida, a 33-year-old designer living in Toronto, was laid off at the beginning of the pandemic. First she was surviving off CERB, while picking up freelance gigs as a designer here and there. Now she's on EI and considering a move out of province to find more job opportunities and cheaper housing. Evy speaks with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

If you would like to support the journalism of the Toronto Star, you can subscribe at thestar.com/subscribingmatters.

Coming soon! Millennial Money uses personal stories to help offer relatable, practical advice to others in similar situations. This series aims to shed light on money issues millennials face, but also their success stories, in hopes readers are able to take a bit and pieces for their own life. “As a millennial myself, I never learned about finances,” says Evy Kwong, host of Millennial Money. Financial issues for young people, in a precarious job market and unaffordable housing market, are closely linked to mental health. The series features a new person (or couple) each week. They are real people and situations, but their identities are protected with voice actors, in order to speak freely about what so many consider a very private topic: their finances. While the savings goals vary widely, the scenario for each interviewee is the same: they are asked to record every penny they spend in a typical week. Then, using tips from a financial adviser, they’re challenged to cut their spending the following week so they can save more money.

Nicole makes $78,000 a year as a policy analyst. She just bought her first apartment in downtown Toronto during the pandemic. She saved six figures before she was 30. How? She says living her parents until the age of 27 allowed her to save on housing, food and other costs. Now she wants to know what to do next. Evy speaks with financial advisor Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we'll be using voice actors for their quotes.

If you would like to support the journalism of the Toronto Star, you can subscribe at thestar.com/subscribingmatters.

Kate makes $65,000 a year as a communications specialist at a non-profit. She has no debt and lives in Burlington, Ontario, with her partner. She’s been able to save $70,000 in her TFSA but wants advice on how to maximize returns on those savings so she can get out of her rental, buy a home in the GTA and maybe even save some after the down payment. Evy speaks to with financial advisor Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we'll be using voice actors for their quotes.

If you would like to support the journalism of the Toronto Star, you can subscribe at thestar.com/subscribingmatters.

Making around $155,000 together, Dave and Annie have recently entered a new chapter of their lives: becoming parents. Annie is on an 18-month maternity leave, and Dave spends half his time working from home. The couple own their home but are looking to potentially upgrade into their forever home.

Host Evy Kwong speaks with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

At 37 years old, Paula is earning $92,000 a year working in tech, But, she’s spent years battling more than $60,000 in debt. Paula bought a piece of land in 2021 and wanted to build a small house on it, but hasn’t been able to find the time or funds to do so. Evy Kwong speaks with financial adviser Jason Heath for recommendations.

All of our participants have been granted anonymity, and so we’ll be using voice actors for their quotes.

The past two years have tough on Jodie, a 29-year-old bartender living in Toronto. Between restaurant closures, Jodie had been surviving off a federal benefit of around $270 a week before returning to work recently. On top of this, she and her mother dealt with more rough news at the end of 2021: COVID-19 had claimed the lives of her grandparents. A strange, silver lining, though Jodie says she often feels guilty, is money that her grandparents left her after they passed.