I was 150% expected to get an undergrad degree at least. I’m the oldest of three kids and my parents paid for 60% of our college costs. We were responsible for the rest. I was the only one with a significant amount of scholarship money to cover tuition; I also took out loans for housing and living expenses. When I went back to school for nursing in my mid-20s, I had a scholarship that covered a portion of my tuition and used loans and savings to pay for the rest.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
I cannot stress how much my parents did not like to talk about money, especially in front of us kids. One year, our dad was out of work for almost a month before our parents told us. To this day, I don’t know how much either of them earned at their jobs and only have a general idea of their current financial situation because I’m co-executor of their estate (there was SO much paperwork). The only real lessons I remember learning as a kid were that credit cards should be used sparingly and paid in full whenever possible, and that money does not grow on trees (confirmed).
What was your first job and why did you get it?
Right after my 15th birthday, my best friend and I took a lifeguarding class together, then got jobs at an outdoor pool. My parents wouldn’t allow me to have a job beyond tutoring during the school year so I would save as much as I could in the summer for spending and gas money to tide me over until June.
Did you worry about money growing up?
We never had to worry about housing, food or bills. I grew up in the suburbs and it was understood that we weren’t rich or poor but we had what we needed. I do remember feeling like I shouldn’t be spending money on things unless they were important, and I was the most cautious spender out of the five of us.
Do you worry about money now?
Definitely more than I used to, since I’m the sole breadwinner in my household (the cat does not have a job beyond scaring mice). Until COVID, I always had a roommate, but in 2020 she was laid off and opted to move home with her parents. I work in healthcare and didn’t feel safe bringing someone else into the apartment at the time. Now I know it would free up a lot of income but I’ve gotten so used to living alone. I would reconsider if a friend needed temporary housing or an urgent place to live.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I don’t pay my own cell phone bill so maybe I’m not even there yet! Besides that, I would say around age 21 when I graduated college. About four times a year, my dad reminds me that I can ask him if I ever need money, but it would take a lot —like eviction-threat level — to get me to ask.
Do you or have you ever received passive or inherited income? If yes, please explain.
When my grandma died, she left her estate to be split equally between her surviving kids, including my mom. Mom gave my sisters and I $4,000 each to put toward education and I used it to help pay tuition in nursing school.