How a young miner living in a small town spends his $92,000 salary – by Anna Sharatt (Globe and Mail – November 20, 2017)

https://www.theglobeandmail.com/

In Kirkland Lake, Ont., Patrick Adams has found happiness. Seven years ago, after graduating from Mohawk College in Hamilton in TV broadcasting, a friend got a job in one of the town’s local mines. Mr. Adams joined him on his trip north – and never left. He started in a job with Canadian Tire and eventually found entry-level mining jobs.

Now he works underground in a mine and pulls in $92,000 a year. “My work schedule is fantastic,” says Adams, who works less than half the year, while banking a fair bit of overtime.

In the past few years, Mr. Adams has married, had two kids, and bought two properties. His 2,000-square-foot home is a cushy bungalow, flanked by his ATV, boat, snowmobile and two vehicles. “It’s very nice that I have this lifestyle up here,” says Mr. Adams. “I have trails right outside my front door. I take it all in up here.”

Mr. Adams is also keen on building his wealth. He and his wife have $60,000 in savings, which include TFSAs and RRSPs. They also have a rental property, which generates about $7,500 after the mortgage payments. Mr. Adams saves $150 a month in emergency funds for unexpected “mechanical failures,” and puts $320 a month into a vacation/reno fund. The family vacations in Southern Ontario and heads south to the Dominican Republic for winter breaks.

Mr. Adams is also building up his retirement savings. His firm offers a group RRSP and he’s also started investing with a robo adviser. “I am well aware that the pension from the government will not be enough,” he says. “[My goal] is to retire nicely and comfortably. I don’t need an extravagant lifestyle.”

For the rest of this article: https://www.theglobeandmail.com/globe-investor/personal-finance/genymoney/how-a-young-miner-living-in-a-small-town-spends-his-92000-salary/article37002352/

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