My siblings and I were definitely expected to go to college as first-generation kids. Neither of our parents graduated from high school in Vietnam, but they both saw value in getting a higher education and financially supported my two brothers and I through our degrees, my sister through medical school, and myself through nursing school (federal student loans and grants also helped). I was able to leave both of my degrees debt free, for which I am forever and ever grateful.
Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
My family and I didn’t often talk about money. When I started my first job in high school, my dad took me to the bank to open my first checking account and put me as an authorized user on his credit card, which ended up helping my credit score (highly recommended!) . Other than that, everything I know about economics (which is low to moderate), I learned through my own reading and listening.
What was your first job and why did you get it?
I worked at Aeropostale and later American Eagle at the local mall when I was in 11th grade. My friends from high school spent their afternoons playing sports, so I needed something to do, and my brothers had recently started working at a restaurant in the same mall. Of course, it was also nice to have a pocketbook.
Were you worried about money growing up?
A little bit. My parents came to the US in the 80s where the five of us lived in a one bedroom apartment in Washington, D.C. My mom used to tell me stories about how she couldn’t afford a piece of pie when she first arrived here , but eventually both my parents got steady jobs as a cook and a barber and moved to the Maryland suburbs. I knew we weren’t rich, but things were always comfortable. My parents didn’t spend much on themselves and I don’t understand the corners they had to cut to make a family of five feel comfortable. I remember when my sister’s college tuition ended up being much more expensive than my brother’s and mine, I was worried that my parents were too thin.
Are you worried about money now?
A little bit. I check my credit card balances every day to make sure I haven’t gotten out of control and often feel like I’m cutting them. I know I’m not saving enough for retirement or if I want to buy an apartment or a house, but with the state of the world right now, I’m not as worried about retirement or calling a place home permanently. I also work part time as a nurse so I can worry less about money.
At what age did you become financially responsible for yourself and have a financial safety net?
I probably didn’t really become responsible for myself until I graduated nursing school in 2019 (age 30). My parents helped me pay off a mortgage at the time. Since then, I’ve taken care of all my finances except… They still pay my phone bill. My financial safety net is the money I have in savings, which would cover about three months of expenses if I stopped working. I am also very lucky to know that my parents and siblings would help me if I needed to ask.
Do you have or have you ever received passive or inherited income? If so, please explain.
My parents gave me $36,000 as a down payment on a condo in 2014. I have since sold the condo and gotten all the money back. This year, I gave my dad about $20,000 of that to help his family overseas. I don’t count it as my money and only keep it when my parents need it.
