Headspace: $65
Car Insurance: $1,200 (for both cars).
Renter’s Insurance: $75
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, I was expected to get a bachelor’s degree. My parents paid for most of it but I took out small federal student loans and paid a bit during my senior year using money from my part-time job. It was really important to my dad to pay for my college education but my parents struggled to do so and were in denial about their financial situation — I was regularly on notice for nonpayment.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
There wasn’t much education about finances. My parents just told me to save money and work hard.
What was your first job and why did you get it?
I started working as a camp counselor when I was 15, to have spending money and because my parents thought it was important to have something to do over the summers in high school.
Did you worry about money growing up?
Definitely. Things got progressively worse over the years and my parents never fully recovered from 2008. When I was in college, my parents filed for bankruptcy and I’d get calls from my dad asking if the lights were still on. Our health insurance was regularly canceled and I wouldn’t find out until I showed up to therapy. Still, I was consistently told business was looking up and they were adamant that I shouldn’t work part-time or take time off school to work.
Do you worry about money now?
If I’m only considering my finances, no. But I really worry about my parents’ financial situation. When I was 21, they used their retirement savings to pay the bills so I don’t think they can retire now. They are always one unexpected bill away from disaster, and I want to help them.
At what age did you become financially responsible for yourself and do you have a financial safety net?
When I moved in with K. at age 22. We could move in with my parents if we (or they) ever needed financial assistance but otherwise our savings are our safety net.
Do you or have you ever received passive or inherited income? If yes, please explain.
My parents helped pay for my college and I received a car from them. My dad inherited the car from his mother and I’ve driven it ever since.