Was there an anticipation for you to take part in university formation? Did you take part in a form of university formation? If so, how did you pay for it?
Education had a very high priority in my family. My parents are both well trained and there was always the expectation to achieve a four -year degree. There was also the expectation to attend the graduate school at some point, although it was less focus on a degree than a Bachelor’s degree. I have a Bachelor and Master degree, both in public order. Due to the priority of my parents and the assessment of university formation, they paid me the full attendance costs for the study and graduate school.
What conversations did you have about money? Have you informed your parents/legal guardians about finance?
When my parents grew up, they emphasized how important it is to save money. They always reminded us that, although we felt financially comfortable, we were usually either spent on the bare essentials or given away in savings in order to later use something sensible. In this sense, they also gave me the importance of using my money to return my community, or the needy when I was in a position in which I was financially able. My parents often discussed with my sister and me which local organizations they donated to money and ensured that we understood the value of the donations of additional money (and saving) instead of spending it for luxury holidays, expensive cars, etc. My parents also informed me about finances – essentially my entire financial knowledge is due to them. They helped me open my first checking account and my credit card, and they explained how different accounts work, how to be wise in terms of credit card use and so on. My father also helped me to open my broker and Roth -ira accounts and still put me together with me to discuss the investment strategy and help me invest money in both accounts.
What was your first job and why did you get it?
I worked in a summer camp to teach children and young people how to ride horses in the summer after my final year and in front of my college. I had voluntarily registered in the camp in several summer and finally reached the age in which I went into a paid employee (18+) instead of a volunteer (15-17 years). I wanted to have a few expenses for money saved when I started with college. Although my parents paid generously paid the costs for participation, it was my responsibility, for transport, entertainment, food that did not come from the dining rooms – everything that was not covered in the cost of participating.
Have you worried about money that grew up?
No, when I grew up, I always had the impression that we had enough money to cover the necessities, and more. I understood that my parents were smart to save and have put up enough money that we can handle them when financial emergencies have arisen.
Are you worried about money now?
Yes, I live in an extremely high area of life and don’t do enough where I can pay all my expenses and save a good amount of money every month (which I think is very important if you consider what my parents taught me and how they saved money during my childhood). I pursue all of my expenses and attempts to budget, but I still hardly saved money every month and I don’t have much space for unexpected and unplanned expenses. Lately many unexpected or unplanned expenses have been appeared, such as: B. veterinary bills for my horse and my doctor bills for me, but I don’t have additional income every month to pay for these expenses. Significant annual increases and big bonuses in my job are very rare, so I know that there is almost no chance that I will suddenly earn more money. I am constantly worried about what I will do if I am still made with unexpected expenses because I will not be able to pay for you and really have no debt.
At what age do you become responsible for yourself financially and do you have a financial security network?
I would say that at the time I got my first career job (about a year and a half ago), I was almost completely financially responsible and started to pay my housing costs. During the entire course of my studies, my parents paid my housing costs generously and in the half of the year between the completion of college and my first full -time job I lived in my parents’ apartment, so I didn’t pay a rent. Since I got my first full-time job, I paid for everything myself, except for my telephone bill (I am in a family plan) and car insurance (for which my parents paid to ensure that I always have cover). I know if I have lost my job, my parents would help with some basic living costs (although I am expected to find a job in the meantime or use my savings to cover things like paying my horse), so I have a financial safety net, although I always do my best so as not to rely on that.
Do you have or have you ever received a passive or inherited income? If so, please explain.
NO.
