Yes, he sent me a private collective high school. The majority of my peers and the community I lived in were rich or upper middle class. In my mind there was no choice but to attend college after high school. We ended up attending a public university outside the state and received my degree. From the beginning my parents said they would cover half of my college and be in charge of the other half. Anything past four years or degree will be alone. I have three younger siblings and they offered it for all of us. I took out public and private student loans to cover half my school. I was walking with a total of about $ 83,000 ($ 30,000 in federal loans and $ 53,000 on private loans).
Growing up, what kind of conversations did you have for the money? Do your parents/guardians train you for finances?
My mom had opened me my first bank account at eight after my first society (child of the Catholic School) and before college my parents helped me get my own credit card to start building credit. There were conversations about how and why to use a credit card and be aware of their payment each month. Besides, many more about finances were discussed. This led to a lot of testing and errors in my ’20s.
What was your first job and why did you get it?
I started babysitting at the age of 12 almost every weekend. I got my first job that pays the highest year of high school as a server. These jobs were so I could have my own money to spend with friends, movies, shopping, etc.
Are you worried about the money that is growing up?
Not really, there were times when I would compare my life with other classmates, after being surrounded by wealth, led me to wonder why we didn’t take annual spring excursions or why I didn’t get my own car at 16. We had everything we could need. My parents make sure we could do extracurricularly and have amazing experiences that many other children have not been able to have, I realized that as I grew up away from the top 1% (or say 5%) bubble I grew up.
Are you worried about money now?
In the short term, at present no. I feel confident enough with the emergency fund and our common funds to cover any concerns. From a future perspective, yes. Whether we decide to have a child or two, I hear and see my friends talk about how heavy the expenses are and worry about giving these potential children a well -rounded life. In addition, I am always worried about saving retirement. At the moment I am in the mentality that I will have to work forever at this point, while my husband T. reminds me that it is a joint effort and we will be okay.
At what age became financially responsible for yourself and have a financial security net?
For me it was a gradual financial independence. I would say at the age of 22 for the most part, but my parents allow me to stay in their health insurance and cover my share of the phone plan until I was 26 years old. I certainly have a financial security net to my husband T., but I know that both of our parents would help us a little or let’s live with them if things get terrible.
Have you ever received passive or hereditary income? If yes, explain.
In my mind yes: My parents gave me $ 3,000 to help with a down payment in a new car in the mid -20s, when it broke, working two jobs and my car died unexpectedly. I had not learned the financial literacy I know now. In addition, when I turned around 30 I was surprised and repaid the last of my private student loans, which were $ 35,000. It was completely unexpected and I cried when they told me.
