My parents definitely expected me to attend college. I did well in school, and it was expected of me. I earned a fair amount of merit scholarships and worked through college at the university library for minimum wage. I also got a master’s degree for a steal through a program that allowed me to do it at the same time as my undergraduate work, and my parents paid for both degrees. Because of this, I don’t have any school loans, and I’m incredibly grateful for that, because I know that’s a huge burden on many of my peers and I don’t think I could choose to pursue the career I have if I had loans to worry about.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
The biggest conversation we had about finances was about student loan debt. My parents were adamant that I should not take on any student loan debt, because theirs hung over them for a long time. Other than that, we didn’t talk about money much, and I did a lot of educating myself in college and after graduation with online courses and financial books.
What was your first job and why did you get it?
My first job was at the university library in college. I volunteered instead of working during my high school years to build my academic résumé, and my parents always said that if I focused on school, I’d make more money through scholarships than if I worked at a minimum wage job. I called my university library before I even arrived (in the summer before school started) and interviewed over the phone, which impressed them, I think. I got the job partly because it felt like the right time, now that I was in college and would need money for my next steps, and partly because I knew I’d have the time for it. I didn’t really consider what I’d do with the money until after I had it, and mostly I saved it, though I did go on trips with my friends for spring breaks and things like that, and I occasionally ate out when the dining commons was really getting me down.
Did you worry about money growing up?
Growing up, I was always really hesitant to ask for money and always found myself buying whatever was cheapest when I went out with friends in high school. I’m not sure why. My family was well-off financially, though my dad did freelance work instead bringing in a traditional salary, so it was inconsistent. My mom was always very frugal, though, and I suppose her habits shaped mine in this area.
Do you worry about money now?
I don’t really worry about not having enough in the day to day, because I know I’ve saved more than I need for the short term, but I worry that I’m not educated enough about finances. I know there’s still a lot left for me to learn, despite the efforts I’ve gone to to educate myself up to this point.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I lived at home for a year or so after I graduated college and moved out when I was 22. I’d already been paying for my car and everything related to that, but I didn’t pay for rent or groceries (I tried to buy my own food briefly, but my siblings ate it). That period allowed me to save a lot, and I don’t think I’d be in the financial position I am today without it. When I was 22, I moved into my first apartment with A. He gets money from his parents on a regular basis to support him through school, and my parents are generous and supportive as well, so we definitely have a strong safety net. I hope to put myself in the position where I can also be a safety net for my siblings, should they need it.
Do you or have you ever received passive or inherited income? If yes, please explain.
My parents paid for my education entirely (apart from the scholarships I earned), including room and board and flights to come home. They gave me $2,000 when I started undergrad, and when I graduated, they agreed to cover a portion of the down payment on my first car as a graduation present, but I don’t remember exactly how much that ended up being.