Absolutely. Both of my parents attended graduate school, and it was expected that I would go to a four-year college. I was very fortunate that I had the resources growing up to receive a partial scholarship to a private university and graduate school, and to have my parents pay for the tuition. I am Deaf so I qualified for my state’s continuing education services program and received free housing for my four years at undergrad. When I was in grad school, I worked a research job and a teaching job to pay my rent, although my parents did help me out from time to time.
Growing up, what kind of conversations did you have about money? Did your parent(s) educate you about finances?
I learned how to write a check, and the importance of saving money. My parents both work in finance and always stressed the importance of not spending above your means, buying the things that are on sale instead, and paying off your credit card in full every month. I did not know how much my parents made, but I knew we were comfortable, and I knew every dollar I was gifted for holidays and birthdays was going into my savings account for when I was older. Now that I am older and they are nearing retirement, I appreciate their perspective on how to invest my money, how much to put into savings, and how much to save for a house in the future.
What was your first job and why did you get it?
My first job was the summer before I attended college, and I was a camp counselor at my former sleepaway camp. I mainly got the job as a way to work with camp friends and to get some spending money before going to college.
Did you worry about money growing up?
I was privileged enough not to worry about money, but I was aware of it. I lived in a diverse school district and could see the stark disparities in income between my peers. My family had a nice house in a wealthy neighborhood, went out to eat, went on vacations, etc. I did have friends that did not have these luxuries. I also have cochlear implants and received extensive speech therapy to fit into the hearing world. As I got older, I realized that many Deaf/hard of hearing people, if they wanted it, are not able to receive that.
Do you worry about money now?
I wouldn’t say I worry about it, but I do think about it all the time. My wife H. came from a very different financial background and came to the US from her home country a few years ago looking for job prospects. When no one would hire her because of her short-term visa and we started the green card process, it got stressful. Money, or the lack thereof, became a topic of conversation everyday as we worried about where they would live, what to eat, etc. But now, over a year later, they have the green card and are set to start a full-time teaching job. We have discussed trying not to let lifestyle creep transform our spending, and we want to always have money in savings to fly to and from her home country, so saving more than usual is needed.
At what age did you become financially responsible for yourself and do you have a financial safety net?
Honestly, I am still not fully financially independent. My mom transfers me $1,000 at the end of every month. My parents pay for my rideshares at night if I need it for my safety (Deaf girl alone at night in the big city scares them, I think), and they pay for any cochlear implant/audiology costs that insurance doesn’t pay for. I have discussed with them that I am financially stable and do not need the money, but I think it gives them a peace of mind. They have stressed that I do not owe them anything and they just want to help.
Do you or have you ever received passive or inherited income? If yes, please explain.
My parents opened a brokerage account for me when I was 13 and put my bat mitzvah money (~$15,000) in there. They also chipped in some of their own funds throughout the years. Additionally, my grandfather died last year and left me $25,000, which my father also added to the account. I am planning on using the money in this account for a down payment on a house.