Yes and no. I was a first generation college student. Both of my parents went to college but didn’t graduate, so they definitely wanted better for me. I was a good student and known as the “smart one” in my family, so great things were expected of me. They thought I would be a doctor or a lawyer. I went to a private religious undergrad away from home that gave me significant financial aid and I received Pell grants. My parents didn’t cover anything — not even a phone bill. I graduated with $20,000 in federal student loans and paid them off in 2020. At the end of 2020, I decided I wanted to get my MBA, so I started that process (test prep, prep programs, etc.). I spent $12,000 in total preparation and was accepted to all seven MBA programs I applied to. I chose the top ranked program and received $130,000 worth of scholarships. Then I took out $102,000 in private student loans and about $32,000 in credit card debt to finance the rest of my tuition and living expenses for the two years. Since graduating, I have paid off $20,000 of credit card debt with my signup bonus from my new job.
Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
My grandmother taught me how to balance a checkbook. My dad taught me about credit card balance transfers. My great uncles were the ones who told me to contribute to a 401(k) right after starting work. Everything else I learned by myself.
What was your first job and why did you get it?
My mom didn’t want me to work in high school and thought I should focus on school. However, he also knew I wanted to spend money, so he let me keep the child support payments from my junior year. I got about $50 a week. My first real jobs were in undergrad at a cafeteria on campus, as an office assistant and caterer. I was part of the federal work study program so it was easy for me to get a job on campus and I liked spending money since my parents didn’t support me financially. Looking back, I spent all my “social time” working and regret not leaving undergrad with more friends.
Were you worried about money growing up?
I was raised by my mom and the conversations always revolved around our lack of money. My childhood diet was ramen noodles and rice and sauce. We were kicked out many times (including evictions) and I remember having to live at an elementary school classmate’s house for the entire fifth grade. I would see my mom every other weekend. On the other hand, my dad — who lived 45 minutes from the city, but I only saw twice a year — lived with his family in a nice two-story house with luxury cars. I was always worried about money and always envied the stability my dad and half-siblings had. I never understood how he could see me suffering when he wasn’t. About five or six years ago I went out of touch with my dad for other reasons, which is one of the best things I ever did for my mental health. I’m still processing the impact of all of this on healing to this day.
Are you worried about money now?
Yes. I made the huge financial decision to go back to school when I was debt free and living comfortably. I am now dealing with the consequences of this decision by carrying a significant amount of debt and delaying my pension contributions. I want financial stability but it seems so far away. I am also concerned about my mom’s financial instability. If anything happens to her, I will be responsible for my sisters. When she can no longer work, I worry that I will have to support her financially. Also, my partner’s income is low and I’m worried that he will never make more money and won’t be someone I can rely on financially if something happens to me/my income.
At what age did you become financially responsible for yourself and have a financial safety net?
At 18, when I left for college. My dad was no longer keeping me safe or paying my phone bill. I was alone. I briefly moved home for two months after graduating undergrad while waiting to start my full-time job, but had to leave because I wasn’t working. Make it meaningful. I mean my partner is my financial safety net. I know at least our bills would be paid, but his income is very low so we would struggle significantly.
Do you have or have you ever received passive or inherited income? If so, please explain.
No.
