Yes, absolutely. I’m not sure I ever realized that there was a path except a four -year university. My mom did not graduate from college until I was in high school, so she was always unfaithful that we didn’t repeat it. In addition, I was an excellent student, so the path fits. If I could come back and do it now, I would definitely go to the Community College for a few years and/or get a year of gap – I was very young and very naive and really fought in college. I was lucky that my parents paid for my training and the room and the boat in a public state school. They said that if I wanted to get out of the state, I would have to pay the difference, so it was a non-brainer to stay in the state. I worked a few jobs each year to spend money and they were lucky to graduate Undergrad without debt. I got my MBA while working full time a few years later. My company while paying 100% of tuition and books, so I was also able to graduate with Master’s without debt as well.
Growing up, what kind of conversations did you have for the money? Do your parents/guardians train you for finances?
We learned how to balance a check book and have savings accounts. The message was always not to spend more than you have and save as much as possible, but the details are missing. I was told to put as much as I could in my 401 (k) when I started my first adult job, which was a very good advice. Now we are talking more about finances, as my parents are approaching retirement. It was extremely useful to see their prospect now and to know what their financial situation is to make sure they have enough to do whatever they want/have to retire.
What was your first job and why did you get it?
I worked on gym folding towels and cleaning rooms when I was 16 years old, got a free participation in the gym and had a lot of fun. I got it to spend money and an international journey of students I was going. I used it mostly for Auntie Anne and Abercrombie & Fitch Sweatpants.
Are you worried about the money that is growing up?
Concern is a strong term – awareness is probably better. My parents divorced when I was very young and broke up. My mom remarried quite quickly and was well away. We had a nice house, we went out to eat, we had all the latest gadgets, etc. My dad was single for a long time and he was unemployed many times. We lived in a tiny apartment and we never had luxuries. We always had food on the table and we could do school activities, but it was a strange mentality to have such opposite ways of life for half of the week. My dad remarried when I was in high school and things were much more smooth, and I was not worried after that.
Are you worried about money now?
Not really. I would like to retire early, so I am always worried that I do not put it away enough or that I do too much reckless costs. I am prone to stress, so I have to have something to worry! But everyday (and even in the long run), I know I’m in a good spot.
At what age became financially responsible for yourself and have a financial security net?
At the age of 22, when I moved from my parents’ house. I had a full -time job when I graduated from college but lived at home for about 10 months (free, thank you dad!) To save money. I have a decent saving amount as a financial security net. I also know that I would be able to return with every set of parents if I needed.
Have you ever received passive or hereditary income? If yes, explain.
My mom gave me $ 35,000 to help with the deposit for my first Condo. The agreement was that I would pay it back with a percentage of profit when I was selling. However, I sold this condo for a loss, so he told me to roll the money into a new condo. I also sold this second condo for a loss (buy high, sell low – so it works right right?!) So he told me to roll the money again. If I had to guess, it will never make me return it. I know he gave my sister some money when he needed it without any repayment expectation. But I will continue to ask her about it, as I am at a point to pay her back if she wants. I guess we will inherit some money when my parents die, but my desire for them would be to spend what they have while they can, and I plan my life as if that were the case. I also started receiving $ 50,340 (USD) rented annually when we rented my Condo after moving to the beginning of the year. I do very little money from it. The intention was to cover my mortgage and HOA.
