Millennials – Household budgets – Wages, Career Management and Cost of LivingBy: Paul Young, CPA, CGAOctober 22, 2016

Agenda

Student debt Average starting Salaries and household budgets Government Policies New Reality Other Sources

Student Debt

Source: http://news.nationalpost.com/news/canada/as-student-debt-climbs-to-an-average-past-25k-schools-invest-in-battling-the-mental-health-issues-it-causes

Issues:• Student loans start after you graduate

Scenario 1Salary 35,000

Analysis

• Millennials on their own• Rent can range from

$850 to $1,100 a month• Mass transit is likely

used more with Millennials on their own

• Hard to save for a house when you have money tied up in household spending as well as student debt.

• Many millennials live at home• No Rent• Free access to

cable/internet

New Government Policies

CPP hikes New mortgage rules Reducing TFSA from 10,000 to 5,000 Student Debt repayment Training and skills development Carbon Taxation

Cost of consumer goods

New reality

Slow economic growth (1.5% to 2.2%) Staying in current jobs longer than previous

generations Cost of living forcing millennials to live at home

longer Government policies has restricted new foreign direct

investment

What can be done

Millennials Need to managed their name Select a career that both pays a good income as well as

having career opportunities Network early and often through linked-in Start with financial plan sooner than later Push government to support policies that support

economic growth and low taxation Do not get caught up with MSM when it comes to

politics. You need to ask tough questions when it comes to policies. Selfies do not pay the bills!

Other Sources

Instagram – http://www.slideshare.net/paulyoungcga/how-to-use-instagram-for-marketing-activities

Career Management - http://www.slideshare.net/paulyoungcga/career-and-financial-management-strategy-for-millennials-22-year-olds-to-38-year-olds

Wages and Employment - http://www.slideshare.net/paulyoungcga/wages-and-employment-canada-july-2016

Understanding of Government Policies - http://www.slideshare.net/paulyoungcga/what-is-carbon-tax-or-a-price-for-carbon

Labor Market - http://www.slideshare.net/paulyoungcga/canada-labour-market-september-2016

How millennials can be successful? http://www.slideshare.net/paulyoungcga/how-can-we-help-the-millennials-be-more-successful