This generative-AI marketer makes $223,000 a year. How does he spend it?
“In 10 years, I want to hit $1 million in savings”
Who: Sidharth Iyer, 35 What he does: Director of digital marketing at a generative AI company What he makes: $223,000 a year, plus a bonus Where he lives: A one-bedroom condo in Weston
Regular Expenses
Mortgage: $1,600 a month. “I bought my unit in 2019 for $300,000. My mortgage is up for renewal soon. I may gamble and go with a variable rate.”
Cell: $34 a month with Koodo. “I don’t use much data. I’ve had this plan since 2017, when I emigrated from India.”
Internet: $85 a month with Rogers. “This is a promotional rate—I think it’s normally $50 more.”
Utilities: $90 a month. “Hydro hovers around $35 a month. In the winter, it can be as much as $45.”
Groceries: $150 a month. “There’s a Real Canadian Superstore close by. I visit every other week to get milk, yogurt, eggs, some fruit, vegetables and snacks.”
Tiffin Services: $250 a month. “This is an Indian delivery service, good for two meals a day, Monday to Friday. You typically get naan or roti, rice, vegetables and dal. Sometimes there’s also a salad or a dessert. I like that I don’t have to think about what to cook during the week. The food is really good too—it tastes homemade but better than what I could make myself.”
More Toronto Budgets
Eating out: $100 a month. “I like to meet friends for lunch and a movie, usually downtown. We tend to go for Indian, Lebanese or Mediterranean. I don’t drink, but sometimes my friends want to meet up at a bar, so I’ll join them and get some finger food.”
Movies: $50 a month. “I’m a big movie buff. I don’t mind going to the cinema alone—I actually prefer it because it lets me get really engaged. I’ll get popcorn, a drink and a snack at the concession stand. And if something cool comes out in IMAX, I’ll splurge for those tickets.”
Transportation: $50 a month. “I use Presto to get around. The UP Express station is close to me, which is convenient if I’m meeting a friend near Union Station. Otherwise, I’ll take the TTC.”
Investments: $12,000 a month, on average. “In 10 years, I want to hit $1 million in savings and reach financial independence.”
Recent Splurges
Condo down payment: $137,500, spread over two years. “In March of 2022, I bought a two-bedroom unit in East Danforth. It will likely be ready in 2028. At that point, I plan to sell or rent out my Weston condo and move into the new place.”
Upcoming family vacation: $2,500. “Last year, I went home to visit my parents, so this year, they’re coming to Canada. We usually do a week-long trip outside of Toronto—we’re thinking Vancouver. I’ll cover the flights and an Airbnb.”
Andrea Yu is a freelance journalist based in Toronto. She reports on a wide variety of topics including business, real estate, culture, design, health, food, drink and travel. Aside from Toronto Life, her writing has appeared in the Globe and Mail, Chatelaine and Cottage Life.
