Yes, both of my parents went to college and expected that my siblings would be the orbit and I also got. I am from a Latin American country and my dad went to college in the US, so I wanted to follow his footsteps. I went to a US university with a campus in my country and did my first two years there. Then I was transferred to my main campus for my last 18 months. In this way, I was eligible for tuition in the state, and my degree costs ~ $ 32,000, which my parents were able to pay. I went to get a master’s degree and my tuition tuition had given up since I was a teaching assistant. I feel very lucky to have no student loans, though as mentioned above, I did cosign for my brother’s postgraduate school loans, because I was the only family member who could realize a loan in the US. At that time, the choices felt as if it were either I was a loan or I tell him I’m sorry, you can’t go to Grad school. Looking back, I would like to encourage him to think deeper to get this debt, as he went to an expensive private university and this is only part of the debt (he also ended up taking a larger loan that my parents coexist in my country). I don’t think he really understood the magnitude of adulthood starting with such great debt until he graduated. This situation was a cause of anxiety at times and put a pressure on our relationship because it has lost payments and did not announce it until I started to take letters for a past balance. But I can’t change the past and now we focus on making sure it makes timely payments so that we can apply to remove me as a cosigner.
Growing up, what kind of conversations did you have for the money? Do your parents/guardians train you for finances?
My parents opened a savings account for me as a child and told me about the importance of saving. I was never talked about credit cards or how to make big shopping like a home and I have learned over the last two years that my parents went to credit card debt sometimes to go on a long holiday. I was surprised that they had taken a vacation that was unable to afford without credit card debt because I never did it before.
What was your first job and why did you get it?
I had some internship as an undergraduate student and then I was a teaching assistant at the Postgraduate School. As an international student, the job types I could receive during my studies were very limited. I didn’t have a job in high school – it is not common for teenagers to work in my country unless they do it to complete the income of households.
Are you worried about the money that is growing up?
No, and now I realize that it is because my parents protect me from their concerns. My dad owned a small business, my mom had a job 9-5 when I was in elementary school and our family was fine. My mom burns and left her job when I was in the 3rd grade and a few years later my dad’s work went under an economic downturn (and also because of a family drama I learned about later in life). As an adult, I learned that during this time all family assets had to go under my mom’s name, because otherwise they would have been seized to pay for debts left by the business. To stay in their lives, they refinanced for a lower payment for a longer period, sold one of their cars and my mom returned to work as a real estate agent (my dad found another job). My parents were very stressful, but through all this, we still had all our basic needs, and once I went to college, they made enough money to pay for my tuition fees.
Are you worried about money now?
Not much. I do more money than I ever imagined when I was a kid and I can buy whatever I want and I need. I am worried about my brother to continue paying his loan, since he had cases missing from payments. The worry is greater now because my dad died last month and he was the man who said he would not let my brother’s debt fall to me (in the last 10 years Dad and my uncle started a new business together, who paid my dad very well). But every month that my brother makes a payment and we are closer to applying to no longer have a cosigner, I feel better.
At what age became financially responsible for yourself and have a financial security net?
At 21, when I finished my undergraduate diploma and was able to support myself with the salary of my teaching assistant. My safety net is my savings and the ability to get back to my family’s home (outside the US) if things were really terrible. Ever since my dad died, I had this heavy feeling that I would now be the safety net for my brothers and my mom (who is withdrawing and now that my dad died her only income is social security). A. assures me that his family has a big pillow if we hit a rough patch.
Have you ever received passive or hereditary income? If yes, explain.
A few years ago, we rented a room in our previous home to one of our friends who paid $ 800 a month. All my grandparents are gone and I did not receive a legacy from them. My dad died with two thousand dollars left to pay on his credit card, so no monetary heritage from him, but he and my mom made me for this incredible life I have, which is invaluable. My brothers and I will probably inherit our family home, as it has been attributed and my mom wants to continue living there.
