Industry: Health Care
Age: 36
Location: Queens, New York
Salary: $113,000
Assets: Savings: $1,500
Debt: $133,000 (three personal loans, student loans, IRS tax liability and two credit cards)
Payroll Amount (Biweekly): $2,700
Pronouns: She/her
Monthly expenses
Monthly housing costs: Rent: $3,250 (I live with my soon-to-be ex-husband. He does not contribute to household bills or joint debts.)
Monthly loan payments: $2,092
All other monthly expenses:
Gym: $10
Financial resource subscription: $10
Hulu Package: $17.99
Phone and Internet Bill Package: $199
Credit card 1: $100
Credit card 2: $100
Con Edison Electricity: $200
Weekly Expenses
Savings Account 1: $150
Savings Account 2: $100
Savings Account 3: $25
Health Insurance: $123
401(k): $100
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?
There was an expectation for me to graduate from college and I was the first in my family to graduate with a Bachelor of Science (Business Administration). I went to a private college and my education was funded mostly through Pell Grants and student loans. My mother co-signed my student loans, so I graduated very anxious to pay off the debt so her credit wouldn’t be affected.
Growing up, what kind of conversations did you have about money? Did your parents/guardians educate you about finances?
Growing up I had no talk of money. I grew up in public and income housing and my parents didn’t make a lot of money. My parents were teenagers when they had me and didn’t have much money to speak of to save, pay off debt or invest.
What was your first job and why did you get it?
My first job was at the local cinema and I got it the day after I turned 16. As the eldest of four children, I always had a place to live and food to eat, but I never had access to the things I wanted or the opportunities involved in various activities. My sole purpose in getting a job at 16 was to have my own money to open up more options for myself. My parents rarely relied on me for money, but there were many occasions when they asked me to borrow money or pay for certain household necessities, such as toilet paper, toothpaste, or laundry detergent.
Were you worried about money growing up?
Yes, I was worried about money all the time. As a child of relatively new parents, I didn’t have more than my basics. My parents did what they could to accommodate my needs, but that was mostly during birthdays and the Christmas season. Once I got to college, my money worries increased as I found it difficult to buy books and participate in extracurricular activities. So to help support my education, I worked on campus and at other retail jobs.
Are you worried about money now?
Yes, I have extreme money worries. Two years ago, I married my high school sweetheart and we had a lavish wedding that cost about $80,000 (there are still personal loans in the process of being paid off). However, in early 2023 I was promoted to senior account manager at work and started making the most money I’ve ever made and my husband stopped paying rent, household bills and debts. Right now, I have so much debt that there are days when I’m so stressed I can’t eat. Money has been an extreme stress and living in New York with more bills than money is extremely overwhelming. Now the added stress of an impending divorce and having to pay for a divorce attorney is even more stress that I am trying to deal with.
At what age did you become financially responsible for yourself and have a financial safety net?
I finally became responsible for myself at 18. I don’t have a financial safety net, but if I lost my job and needed housing, I could always go home and live with my mother.
Do you have or have you ever received passive or inherited income? If so, please explain.
In my freshman year of college, I received a life insurance payout from my grandmother that was about $10,000. However, it was the most money I ever had and I wasted it on shopping and other frivolous items.
