This 22-year-old venture capitalist is on track to make $180,000 this year. How does he spend it?
“I love a good bargain, so I shop at No Frills”
Matthew Shoss is the co-founder and general partner of Dragonfruit Ventures, a Gen Z–led venture capital fund, as well as the CEO of its marketing offshoot, DFV Labs. He’s also a licensed pilot who was, until recently, splitting time between Western University and his parents’ place in Burlington. After graduating with a business degree last May, he moved to Toronto and rented a two-bedroom apartment in Fort York, which doubles as his office. He also dabbles in content creation, with an emphasis on personal finance and business education. This year, he will make at least $180,000. Here’s how he spends his money.
Regular Expenses
Rent: $2,400 a month. “My unit is on the 26th floor, so it’s got a great view of the lake. I love it.”
Phone and internet: $213 a month with Bell. “The phone plan is about $74, but I’m also paying off the phone itself. I travel a lot for work, so it includes unlimited data in Canada and the US.”
Groceries: $250 a month. “I love a good bargain, so I try to shop at No Frills, but Sobeys is across the street from my apartment, so I drop in there a lot.”
Car: $50 a month. “I’ve had the same 2016 Honda Civic since high school, but I only really drive it when I go back to Burlington. The insurance has always been covered by my family.”
Going out: $350 a month. “I’m new to the city, so I’m still discovering the good spots, but my friends and I like Cactus Club in the Financial District. If it’s someone’s birthday, I’m probably buying them a couple of beers.”
Investments: $2,000 to $5,000 a month. “This depends on how much I make from marketing deals. I invest roughly 60 per cent of my income and spend the rest on fun stuff.”
Recent Splurges
Trip to Australia: $12,000. “After graduation, my friends and I lived in a van for a month. We spent a lot more than we thought we would.”
Backpacking in Japan: $3,000. “I won a bunch of awards as an aviation student, and the prizes were free flights. I stayed in hostels with my friends.”
World Series: $4,000. “My sister works for the Jays. She didn’t get tickets to game one last fall, so I took her. Those cost $2,500. I made up for the extra cost by flipping more tickets. Then I bought a solo ticket for game seven.”
Zakiya Kassam is a writer and fact checker whose work has appeared in Post City Magazines, This Magazine and Now Toronto. She was previously the associate editor at Storeys.
