Definitively. My dad graduated from college and my mom graduated from high school and stressed to work hard and get a degree, while teaching us “Smarts Street”. They were encouraging, but both grew up in Ireland, so they were unable to be extremely useful with the US application. I attended a city school with a full scholarship for college and then worked for a few years as a nanny and a teacher to save money for the Law School. I am in the legal school today for partial scholarship, but this does not cover everything, even with federal student loans. I checked to go to the Law School of part -time so that I could work ~ 35 hours a week to cover tuition and accommodation costs. For my last year, my parents help with tuition ($ 600 a month) to help me cover the last piece.
Growing up, what kind of conversations did you have for the money? Do your parents/guardians train you for finances?
We didn’t have many talks on money. We knew not to ask for things we didn’t need and were taught to be grateful for what we had. My parents taught us the importance of always saving cash, buying real estate if we can and fully pay for credit cards. My dad’s cousin is working on funding and always told us about the importance of investment, but just now I’m starting to focus on it – it will definitely be someone I talk about the money in the coming months and years of advice.
What was your first job and why did you get it?
I Babysat and I did some cat sitting as preteen for people in the neighborhood, but my first W2 job was as a sales partner in a clothing store when I was 15 years old and also a lifeguard in a summer camp that year. I got the job of pocket money so I can hang out with my friends.
Are you worried about the money that is growing up?
For the most part, no, fortunately. Both of my parents worked and my dad was a member of the Union with good benefits. My parents possess their home and there was always enough money for vacation and everything we needed. When I got into the pretens and my teenagers, I was more worried about it, as I met more, as the job was not going well for my dad and my parents pay for college for my older brother. Inform my choice at college as I didn’t want to add stress.
Are you worried about money now?
Yes. I am so lucky that I do not have loans from college, but the loans of my law school scare me. I was rejected by a full scholarship from the Law School for partial scholarship to a higher ranking school and I was worried that it was the wrong choice. The school I went to had to lead to better employment prospects, but the scholarship after the prevention I secured is not a high payment. Telling this, I am incredibly lucky to have secured something, as many of my friends have not found positions because of the current political landscape. I also work while I go to school but still does not feel enough. My little sister is already making good money and just feel like I’m back, especially as I had to borrow money from last month to go to a friend’s wedding. I also have some dental problems because of being ill enough during my teens and I am worried about the costs associated with it in the future. A long story short, money is definitely a trigger for my stress, and while in the last two years I have greatly avoided thinking about it, I try to get a better handle for things now, hence the low amounts in my Hysa and Roth.
At what age became financially responsible for yourself and have a financial security net?
For the first time I became financially independent at 22 after college when I moved to Spain to teach English. Taking this, I am not fully financially independent right now and my family is a key safety net. I moved home for four months free rent when the pandemic blow, and then moved home for three months after a breakdown a few years back. I have managed things in recent years, but this school year, my parents have helped $ 600 a month for tuition payments not covered by my scholarship, loans and savings. They also cover the payment of my phone in the family plan. I feel incredibly lucky to have my family as a support system.
Have you ever received passive or hereditary income? If yes, explain.
When I was in college, my parents covered my grocery stores and the cost of transportation and got a small grant as part of my scholarship. When I came back 25, a family member (my dad’s cousin – the one working in funding) gave me $ 5,000 based on the bonds he had received for my brothers and I was born. I used the money to pay some of my student loan, I put money on savings (which I used to pay tuition) and paid the guarantee of the apartment I was in. I also received a scholarship during the Law School.
