Health insurance: $175 (deducted from J’s paycheck).
School fees: $5,581 (including tuition, books, etc.).
Streaming/Patreon: $72.72
Savings: We both max out our IRAs in a lump sum each year.
Was there an expectation that you would pursue higher education? Have you participated in any form of higher education? If so, how did you pay for it?
I was always a hard-working child and enjoyed learning, and both parents have university degrees. Right out of high school, I received a bachelor’s degree and certificate, funded entirely by grants and scholarships. I was able to live with my family and my parents paid for my living expenses. After college, I worked for a few years to build up savings to pay for law school. Tuition was mostly covered by scholarships, but there were still plenty of unexpected expenses (how do publishers think it’s okay to charge $300 for a book you’ll need for 10 weeks?).
What kinds of conversations did you have about money as a child? Have your parents/guardians educated you about finances?
In my house we didn’t talk about money and there was definitely a feast or famine mentality. Occasionally the credit card would be declined at the supermarket and my mother would talk about the importance of not spending beyond our means. Throughout my childhood, I became aware several times that we had borrowed money from friends or lent money to family that we could not pay back. At the same time, my siblings and I had lots of extracurricular activities, new clothes every year, and we traveled frequently. This uncertainty definitely shaped my fears about money as an adult.
What was your first job and why did you get it?
When I was around 14 years old, I started as a pet sitter for neighbors and family friends. I loved the independence and felt very important! Looking back, it was a great way to start building financial independence as an adult, but money didn’t play a big role in my enjoyment of the work.
Growing up, did you worry about money?
Constant. I was aware that I was a burden on my parents with my private school and extracurricular sports and classes. My little brothers had fewer extracurricular activities and I was convinced that I was the reason the credit card was declined or my parents were fighting over money. Looking back, “my” spending definitely wasn’t the issue, but as a child I felt a lot of guilt and anxiety about my contribution to the family’s money problems.
Are you worried about money now?
Nope. My husband J. has a good, reliable job and I have an offer for $105,000 a year once I pass the bar exam. However, we want children and would like to buy a house and I’m worried about whether this is feasible in a city with such a high cost of living. If we moved to a cheaper city, I worry about finding a job that pays just as much and is just as fulfilling.
At what age did you become financially responsible and do you have a financial safety net?
At age 24, when I completed my certificate program, I took financial responsibility for myself. I worked full time and covered all of my recurring expenses, but my parents occasionally paid for a flight home or filled the refrigerator when they came to visit. J. is definitely my financial safety net (which I’m so grateful for) and his mom would help us if something really bad happened.
Do you or have you ever received passive or inherited income? If yes, please explain.
I don’t have an inheritance on my side, but J. received about $10,000 when a distant relative died while he was in college. This was the beginning of his financial nest egg. Now I live with my aunt, who insists that I don’t have to pay rent because I help out enough by running errands for her and managing part of her rental property. This is a crucial innovation when it comes to keeping expenses down while I go to school and/or my husband is abroad.
