Yes, the expectation was that I would get a bachelor’s degree. There were never any discussions of what I would do after high school except go to college. My parents saved to send me to any four-year college without loans. I decided to go to a school that was paid 90% by academic scholarship and I worked as an RA to cover housing and dining with the agreement that the money could be used instead for a graduate degree (which I have yet to get). I think the total cost of my education was around $10,000 per year on average which they covered.
Growing up, what kind of conversations did you have about money? Did your parent(s) educate you about finances?
We never really discussed money growing up besides the importance of having an emergency fund. We never discussed 401(k)s, bonds, investments, etc. I took a personal finance elective in college and found it to be incredibly useful for teaching the basics (It’s crazy that this isn’t required, even as a business major).
What was your first job and why did you get it?
My first official paycheck job was as a camp counselor where I started working the summer before my junior year of high school. It was more for spending money/something to do over the summers than having to help with bills. I did end up saving most of this money which was nice to have in college.
Did you worry about money growing up?
I grew up in an extremely upper-class neighborhood, and while my parents made enough to qualify us as upper-middle class, it wasn’t nearly as much as everyone I went to school with. They were determined to pay for college for my sister and me so we had less “fun money” — no international vacations or soda with dinner. I appreciate this now: starting off life without student loans was a huge step up because I was able to rent an apartment and save money right after college on a very low salary, but I didn’t understand that when I was growing up.
Do you worry about money now?
Yes. I’ve been laid off twice in the past three years. I work in tech and do not trust the stability of my career choice. I need to work on rebuilding my safety net after being unemployed and preparing for the next time.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I’m not completely financially independent now, even though I could be. My parents are not heavily involved in my life and never were, so they show love through financial support. My parents have always paid for my phone and I know they would help with rent if I need it. I have been responsible for all other costs since graduating college.
Do you or have you ever received passive or inherited income? If yes, please explain.
I don’t know the exact amount, but I’ve probably received around $15,000 dollars across graduations, various birthdays, and my parents feeling bad I was let go. In terms of inheritance, I will receive a significant amount of money (probably 7 figures) once my parents pass but I don’t have access to any of that money now.