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The 19-year-old Millionaire


In this post I would like to introduce you to Michael. At 19-years old he is well on his way to becoming a millionaire.

Michael graduated high school and is currently working in the construction industry. He makes $15.30/hour as he hasn’t taken any of his journeyman levels yet, but is planning to do so over the next few years to increase his pay. Michael works about 48 hours a week and brings in $1093 bi-weekly after taxes, CPP and EI deductions ($30,904 annually, after-tax). He definitely isn’t a millionaire yet, but he set up an automatic contribution plan with his Financial Advisor to put $200 from each paycheck into an RRSP, leaving him just over $890 bi-weekly for his living expenses ($1780/month). He also decided at the end of the year when he receives his tax-refund, instead of blowing it, he will re-invest it within his RRSP. Michael figures he will work until he is 60 years old, and estimates a 6% annual rate-of-return on his investments. By the time Michael is 60; putting just $200 away bi-weekly he will have accumulated $1,047,857 in his RRSP for retirement. He will be a millionaire.



Will this be enough to last him through retirement? That will depend on Michael’s lifestyle and habits, but by establishing the practice of saving NOW, Michael is well on his way to a comfortable and worry-free life post-work.

Truth be told, Michael is not an actual person, he could easily be an Emily, Madison or Brandon. He could be working waiting tables, or life-guarding in the summer. She could have graduated from an apprenticeship or be returning to university in the fall. Michael represents a young person making a modest income, with no guaranteed company pension, who is determined to live unassumingly and save for the future.

If you could travel back in time and have a conversation with your 19-year-old self, what would you advise them?


Brooklyn Scott is a Financial Advisor/Mutual Funds Representative for Lewis & Jones Group/Desjardins Financial Group/Desjardins Financial Security Investments Inc. in Killarney, Manitoba.

Mutual funds are distributed through Desjardins Financial Security Investments Inc. For insurance products, Desjardins Financial Security Investments Inc. acts as a national insurance brokerage agency.

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