Industry: Higher education
Age: 27
Location: Madison, WI
Salary: $55,473 ($27,113 PhD stipend, $27,360 summer technology internship, $1,000 mentoring stipends)
Assets: Check: $18,918.25; savings: $4,555.83; HYSA: $31,023.23; Roth IRA: $27,337.72. My partner, P., and I have separate finances (his net worth is higher than mine since he has a regular job) and we split expenses about 50/50.
Debt: $0
Payroll amount (bimonthly): $1,360.90
Pronouns: She/her
Monthly expenses
Monthly housing costs: $555 (I share a two-bedroom apartment with P. in a university residence)
Monthly loan payments: $0
All other monthly expenses:
Utilities: $20-70 (separated by P.)
Spotify/Hulu: $5.99 (student offer)
Crunchyroll: $7.99
Health & Dental Insurance: $44 (deducted from my biweekly paycheck) Medication: $10
Savings: $1,360.90 (That’s half my salary. It’s deposited directly into my regular savings account, which I deposit into my HYSA when it’s accumulated enough.)
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, there was definitely an expectation for me to go to college. My parents really value education and financial security. Growing up, there was a lot of pressure on me to excel in school and get accepted into a prestigious university. I’m extremely fortunate that my parents were able to afford my tuition and living expenses during my four years of college, so I don’t have student loans — a fact I don’t take for granted. I am currently enrolled in a PhD program which is not only tuition free but even provides me with a stipend to support myself.
Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
My mom emphasized the importance of saving money. she is the most frugal person I know, and my sister and I follow suit. My sister advised me to open a HYSA and Roth IRA after I became financially independent, but she was surprised I didn’t already know such things.
What was your first job and why did you get it?
Aside from the occasional babysitting gig during high school, my first job was with Jumpstart, the AmeriCorps program that recruits college students to teach preschools in underserved inner-city neighborhoods. I took the job because I was inspired in my high school politics class to serve the country and have a soft spot for young children. Even though my parents supported me financially, it was nice to have saved money. that money, along with the money I later made from tutoring, helped finance my move to Wisconsin after college.
Were you worried about money growing up?
No, not at all, and I’m very lucky that was the case. As an upper middle class family from an affluent community in California, my family has always had more than enough.
Are you worried about money now?
For the most part, I don’t, because I’m very lucky to not have debt or overwhelming financial obligations. But I wish my net worth was higher, as I feel like I don’t have enough money to afford the house I dream of living in or to pay for daycare if I had a child (my partner and I would both want to they work full time so daycare would be necessary).
At what age did you become financially responsible for yourself and have a financial safety net?
I became financially independent when I turned 22 and moved across the country to start a new life in Madison, Wisconsin. Luckily, I had saved enough money from the jobs I took in college to finance the move and the first month before my first paycheck. Since my parents are well off, they are my financial safety net, which I don’t take for granted at all. I have never asked for their help financially since I moved across the country.
Do you have or have you ever received passive or inherited income? If so, please explain.
I have not yet received an inheritance since my parents are, fortunately, still alive and well, but I expect they will leave a large enough for my sister and me. Again, I don’t take this inheritance for granted at all and am determined not to rely on it financially.
