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Was there an expectation for you to attend higher education? Did you participate in any form of higher education? If yes, how did you pay for it?
Yes. Both my parents have their bachelor’s degrees and I went to a high school in the city that had a high graduation rate and an expectation that you attend a four-year college afterwards, either in or out of state. All throughout high school I dreamed of moving to the northeast and attending a small, private liberal arts college (I had romanticized views of what schools I wanted to go to, no thanks to books and movies) but my dad really urged me to consider in-state options to avoid taking on debt at such a young age. While he and my mom set up 529 accounts for both me and my brother when we were born, due to the exorbitant prices of private schools, the account wouldn’t have covered more than a semester if I had gone out of state/private. I was mostly only considering in-state/public options but because I was a really driven and studious high school student, I ended up receiving a full-ride offer to a private liberal arts college in the Mid-Atlantic so I was able to go out of state and graduate with no debt, which in hindsight was the best financial decision I could’ve made for myself at 18. I’m currently planning on going back to school to get my master’s and I plan to use my 529 account balance as well as work on campus as a TA or research assistant to help subsidize tuition (it’s a public school).
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
My dad is a financial advisor so it feels like money was one of the first languages I learned. While I am super grateful for my dad for instilling financial literacy in both me and my younger brother, teaching us the importance of saving, avoiding debt, different types of investment vehicles etc., there were also signs he had many (some unsubstantiated) financial fears and insecurities, some of which he unintentionally passed onto me (more on that below). From the way he acted about money — like it was scarce — and not setting up budgeting habits, I could never tell if the situation was as dire as he portrayed it to be or not. It wasn’t until high school that I realized how comfortably upper middle class my family was.
What was your first job and why did you get it?
I started out babysitting when I was 12 and continued working the neighborhood family circuit throughout middle and high school. I got my first W2 job when I was 16, working in a local restaurant as a hostess. While my parents always supported me and my “needs,” I put this money toward my “wants” as well as growing my savings account.
Did you worry about money growing up?
Not really. I think a lot of people in my generation relate to the meme of playing Wii or Just Dance while their parents were figuring out how to pay bills during the Great Recession — my brother and me included. We knew there were financial struggles during that time (my family was a single-income family until then and my dad’s job is 100% commission-based and relies on people participating in the stock market) but it never affected how we lived day to day in a material way. A few years later my mom went back to work, which I know alleviated some of the pressure surrounding my family. When I was in college, I realized just how much of a range there was of levels of financial security. Going to a private school, the majority of my friends did not receive financial aid and their parents were able to pay out of pocket for four years of tuition. While I knew my family was not in the same boat, my parents made smart financial decisions and I never really had to worry about them or our family.
Do you worry about money now?
Yes. One of the financial insecurities my dad passed onto me is never feeling like I have my sea legs when it comes to saving. While I know I am reasonably financially responsible, I also love traveling and have not put as much away into savings as I’ve wanted to in lieu of funding a few international trips these past few years. I know I make a decent salary for someone my age with my experience post-college but I have only ever lived in HCOL cities and sometimes I have an overwhelming sense that I’ll never be able to afford the things I want to afford (a hefty retirement account, travel, future children and childcare, 529 accounts etc.). I wage a daily battle in my head between feeling like I am and am not doing enough to set myself up for financial success. Going to grad school also means there is a high likelihood I will have to take out student loans, which has been a scary thought and one I am constantly working through.
At what age did you become financially responsible for yourself and do you have a financial safety net?
During college, my scholarship paid for my housing, expenses and a meal plan on campus so I did not have to rely on my parents or working to fund these expenses. My parents did help me pay for my flights to visit home as well as miscellaneous spending because they did not want me working during the school year until I was further along in my degree (I had a part-time job senior year at a local brewery and was able to become financially responsible thanks to those paychecks because my expenses were so low). After I graduated, I was financially sufficient for a year while I lived in the Midwest. At my dad’s suggestion, I moved back in with my parents about a year ago to save money for grad school, so they financially supported me and didn’t have me pay for rent or food. Since I left about six months ago, I’ve been financially independent once again; however, my parents have told me that they will help me with living expenses when I’m in grad school should I need it. I am tremendously grateful to them for their continued support and am very privileged to know that they would be my financial safety net if I ever needed them to be (as I likely will over the next two years).
Do you or have you ever received passive or inherited income? If yes, please explain.
My parents set up a 529 account and investment account for me and my brother at birth (while I have not touched my part of them yet, I will be using them as I pursue my graduate studies). My parents also provided me with a sporadic allowance throughout college to cover miscellaneous expenses (~$1,000 a semester). I am also still on my parents’ health insurance and while I pay my own copays, they’ve covered larger procedural expenses. On my mom’s side, I will one day inherit a beach house in the northeast that will be split in equity between me and my 14 cousins/brother (currently estimated at $500,000).
