Industry: Consumer packaged goods
Age: 31
Location: Suburbs of Chicago
My wage: $139,000, plus a bonus target of $20,000
My husband’s salary: $100,000, plus a bonus target of $20,000
Net value: $537,000 ($165,000 in my 401(k); $140,000 in my husband’s 401(k); $90,000 in a brokerage account; $25,000 in cash savings; ~$25,000 for the value of one car we paid off, $0 for the other 2. car that we’re still paying, $560,000 in home equity, plus $12,000 in my son’s 529 that I’m not counting in the total above.)
Debt: $490,000 ($480,000 left on mortgage and $10,000 owed on our second car at 0% interest)
The amount of my payment (1x/month): $7,600
My husband’s paycheck amount (bi-weekly): $2,900
Pronouns: She/her
Monthly expenses
Mortgages: $3,900
Gas: $90
Water, garbage and electricity: $150
Car: $636 (0% interest for 48 months)
Insurance: $187 (for both cars)
DAILY CARE: $1,440 (for our toddler, L.)
Health & Dental Insurance: $380 (That’s for the three of us. It’s deducted from my fee.)
Phone numbers: $80 (My employer reimburses me $60 per month.)
Gym: $140
Netflix, Disney+, Apple TV+, Spotify & HBO Max: $62
YouTube TV: $60
Wall Street Journal & The New York Times Student Participations: $15
Investments: $1,500
Was there an expectation to attend higher education? Did you participate in any form of higher education? If so, how did you pay for it?
Yes. I went to a Big Ten college on an academic scholarship with some rental assistance from my parents. I had a $5,000 student loan that my parents agreed to pay off, but I always worked to pay for my food and car.
Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
My mom had a lot of problems and my parents divorced when I was little. My father always worried about money and wasn’t good at saving, so I grew up with a lot of financial anxiety that still manifests itself today.
What was your first job and why did you get it?
I was a cashier at a grocery store, mostly because that’s what my older sister did!
Were you worried about money growing up?
Absolutely. My dad was constantly talking about how we couldn’t afford things and then we would spend on things we didn’t need, like DVDs. It always made me feel out of control. Now control is a big aspect of my relationship with money. It took me a long time to get comfortable investing in the stock market outside of my 401(k).
Are you worried about money now?
Not often. I definitely have moments of anxiety that I’m going to lose my job or have to dip into savings or that the biggest US stock market is going to fail, but I try to put those fears to rest because I’m in a really good place.
At what age did you become financially responsible for yourself and have a financial safety net?
At 22, I was out of all the insurance and phone bills and making a regular living wage from a full-time job. My husband, B., and I definitely have more money now than most people in our family, but there are definitely those who would help if something came up.
Do you have or have you ever received passive or inherited income? If so, please explain.
B.’s father gave us $10,000 to invest in the stock market.
