Industry: Academic community
Age: 27
Location: Pittsburgh
Salary: $ 102.750
Common Income: I am married but my husband does not earn income right now. We have common finances, after we got married recently. For the last six months we have made a six -digit salary reduction because of my wife who left his job.
Real Estate: Individual brokerage account: $ 50,000. Roth IRA: $ 11,000; 403 (b): $ 29,000. This does not include my husband’s accounts, but I think it has about $ 105,000 in individual brokerage and $ 50,000 in Roth/traditional IRA and 401 (k).
Debt: $ 0
Payment amount (1x month): $ 4,461
Pronouns: She/she
Monthly expenses
Housing cost: $ 2,860 (we rent apartment with two beds and two bathrooms).
Loan payments: $ 0
Auxiliary programs: $ 300
Climbing gym: $ 120 (household).
Spotify: $ 12
Movie subscription: $ 11 (movie and a free popcorn every month).
Massage subscription: $ 70
Health Insurance: $ 350 provided by the employer for me and my husband).
Car Insurance: $ 60
403 (b) contributions: $ 1.909
Treatment: $ 50
Was there an expectation to attend higher education? Did you participate in some form of higher education? If yes how did you pay for it?
There was definitely a expectation that I would go to college. Not only that, but that I would study in an “elite” college. It was considered a settlement if you were just going to our state school. My mother paid for my college tuition fees, fortunately, after finally going to a small, private college of liberal arts. I continued it for four years in a doctoral program, which was fully funded.
Growing up, what kind of conversations did you do for the money? Did your parents/guardians train you on finances?
It was never enough (and somehow blamed)! My mom was constantly anxious about having enough money and that was the main training I got: there is never enough money, so don’t spend anything and save everything. My mom really told me to put money on a Roth ira … but then he didn’t say anything about the investment (you know, the meaning of a Roth IRA). So overall I would say that my education was minimal.
What was your first job and why did you get it?
My first job was a consultant in a golf camp directed by First Tee. I got the job because I had taken lessons from the two people who directed the camp. My first “right” job was to be a doctorate and then the role I have now. I took my current role by applying for the job, though it was at the university where I completed my doctorate.
Are you worried about money growing up?
Yes, and my mom informed me that I should worry about it too! We kids were so expensive and what I liked to do cost so much money. My mom was sweating every penny as if we were on the verge of poverty and told me she was not happy when she had to spend money on me. So I grew up thinking that no matter how much money I would make, it would never be enough, and that it was leaving you to spend money on things you like.
Are you worried about money now?
Yes, but for different reasons. I am worried that when we signed the lease, we were a two -income household and we could easily afford our rent. Now that we have fallen into an income, rent is by far our biggest exit. It is difficult to cut several angles to make up for it. I still can contribute to 403 (b), which is great, but I know that our expenses go beyond my income at this point. However, we believe this is an investment in our future, as my husband has devoted this time to start a new business and the returns from our brokerage accounts and investment outweigh the damage we have every month.
At what age did you become financially responsible for yourself and you have a financial net?
After college, in my 22nd – I left almost as soon as I graduated. The only bills paid by my parents were then insurance (in my mom’s health program) and a phone. I do not consider my parents a financial safety net as everything they give is cost (including my mental health). I also know that they would never let me forget if I had to ask for money, so I have never done.
Have you ever received passive or hereditary income? If yes, explain.
I do not, unless you calculate the interest I earn from investment (but I do not withdraw from these accounts, so it is not really income). I was able to start investing early because my father started collecting social security before closing my 18s, so I had to collect social security for about a year before leaving for college, which gave me a nice nest egg.
