Tech worker, 37, earning $166,000 has a Toronto condo that’s dropped in value
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- Jason, a 37-year-old product manager at a Toronto technology company, earns $166,000 annually and holds $215,000 in a TFSA, $240,000 in an RRSP, and $60,000 in a LIRA
- Jason's one-bedroom Toronto condo is worth less than when he bought it, and he is hesitant to upgrade to a townhouse for fear of being unable to pay his bills
- Jason services $2,800 a month in debt — $2,100 on his $355,000 mortgage and $700 on an $18,000 lease for a performance sports car
- Jason chased FIRE by living with his parents for several years after postsecondary studies, mentally 'pretending' to pay rent and property tax to accelerate net-worth growth
- Jason moved overseas in his early 30s because many international tech companies have U.S. but not Canadian offices, a move he says accelerated his career
- Jason's top financial concern is age discrimination in technology, and he says finding part-time tech work has so far been elusive even as he seeks that path
Why it matters: Jason illustrates a strained profile even at $166,000: $2,800 a month in debt service against a depreciating Toronto condo, while he reads a finite shelf life onto his tech career. With roughly $515,000 in registered retirement savings and a condo underwater, the trade-off between upgrading housing and protecting a FIRE trajectory is now acute for a worker whose skills pay well but whose industry is widely seen as age-biased.
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