Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
My parents have always been very frugal people, so most of our money discussions revolved around saving money for emergencies. I didn’t get much education about finances directly, but I knew my parents had things like a mortgage, retirement accounts, and life insurance. I’m really into personal finance, so before I started college, I took an entire course to educate myself and be as prepared as possible to live on my own.
What was your first job and why did you get it?
My first real W-2 job was an internship in my state’s court system. It was pretty basic office work, but I got to listen to a lot of podcasts and music at work! Where I went to school, families were optimizing their children’s resumes from birth, so I took a job this summer to improve my resume. My parents didn’t give me access to any of the money I earned from my summer jobs until I got to college, which I have mixed feelings about, but that probably ensured I didn’t waste all my money on fast food and clothes (which I did during undergrad anyway).
Were you worried about money growing up?
Yes and no. My father grew up somewhat in poverty and that mentality was reflected in our home. He always compared how much things would cost to how many loaves of bread he could buy with that amount (with a loaf somehow constantly staying at $1 to this day). I was told “no” all the time for things like snacks and toys, although my mother would occasionally go shopping with me and hide the purchases from my father. That kind of limitation, however, meant that when one of my parents lost their job during the recession, I didn’t feel the impact. We visited one of my parents’ home countries every year, which I later found out was paid for by my mom’s family during some difficult times. Ultimately, there was always money for necessities, school activities, and anything my parents thought would help my brother and I academically, so I never felt too worried.
Are you worried about money now?
Yes, but I feel guilty about it. I opened a Roth IRA when I was 18 and was constantly trying to max it out. It really stresses me out when I find out my friends don’t have retirement savings. However, I am a big saver who also likes to spend, especially on little treats. In college, I worked every semester (sometimes multiple jobs) to make ends meet, but I was able to save a lot of money with high-paying summer internships and working full-time during a COVID gap year. I’m worried right now about keeping spending to a minimum, especially since I’m trying to avoid draining my savings account, but I’m trying to fully enjoy the next year before I start working. A lot of my friends in my graduate program are here on scholarships, which can be a bit frustrating when we have different spending habits but want to do things together. And, since my brother is also in college right now, I’m worried that I’m putting too much of a burden on my parents since this degree isn’t really “necessary.”
At what age did you become financially responsible for yourself and have a financial safety net?
I am not yet financially responsible for myself. Even though I pay my parents every cent, I probably wouldn’t have felt comfortable taking this opportunity without their financial support. I am also on their health insurance in the US, although I paid for healthcare in the UK. After all, it’s my financial safety net, but I’ve never been made to feel bad about it.
Do you have or have you ever received passive or inherited income? If so, please explain.
No. I hope it will be a long time before my parents die and I believe any inheritance from either of my grandparents would go directly to my parents.
