Industry: Technology (Hospitality)
Age: 36
Location: Bellingham, WA
Salary: $152,000 (+ $40,000 bonus). Husband’s salary is $183,000 (+ $35,000 bonus).
Net value: ~$215,000 (home equity: $500,000, retirement: $150,000, savings: $30,000, apartment investment equity: $100,000, car equity: $20,000, less debt)
Debt: ~$585,000 (Mortgage: $550,000, Car Loans: $30,000, Credit Card: $5,000)
Salary amount (2x/month): $4,000 (after deductions for health insurance, 401(k) and day care FSA). spouse’s salary is $5,300 (after 401(k) deduction.)
Pronouns: She/her
Monthly expenses
Monthly housing costs: $4,100 (mortgage)
Monthly loan payments: $700 (my car) $600 (husband’s car). $1,000 (credit card)
All other monthly expenses:
DAILY CARE: $3,900 (for two children)
Internet: $90
Mobile phones: $150
Water/waste services: $130
Power utility: $120
Netflix: $17
Peloton Member: $48
Spotify: $12
Life insurance: $100
Insurance: $150
Savings: $2,000
Was there an expectation to attend higher education? Did you participate in any form of higher education? If so, how did you pay for it?
Yes and yes. I graduated from a four year state university. My parents paid 100% of my tuition and living expenses during college. they did the same for my sister. I’m not sure if there was ever a discussion about choosing NOT to attend college — it was a family expectation and I wanted it.
Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
The discussions about finances were mostly about the allowance and getting my own bank account and job when I turned 16. I knew I got a certain amount of money from my parents every month and I had to be careful how I spent it, and I got a job in during the last two years of high school to pay for extras.
What was your first job and why did you get it?
I was a receptionist in a hotel for extra money.
Were you worried about money growing up?
No. Now I know we had some lean years when I was a little kid, but when I figured out money my parents were pretty good.
Are you worried about money now?
I worry about money in an anxious way, not an existential way. I know I will always be fine and my children will be fine. It’s a privilege to feel that way. Still, I’m stressed about how much money we’re spending — on our mortgage, on daycare, on random kids’ activities, on food, on everything — and I don’t think it’s realistic to cut back right now. At least the daycare costs will mostly go away when my kids go to primary school.
At what age did you become financially responsible for yourself and have a financial safety net?
I became mostly financially responsible for myself when I graduated college at 22 and got my first job. At the time, I was living quite modestly and with roommates because I was working low-paying jobs in journalism. My parents paid my cell phone bill and car insurance until I was about 25. If we were in dire financial straits, we would move in with either my parents or my in-laws, who all live in other states.
Do you have or have you ever received passive or inherited income? If so, please explain.
I mentioned that my parents paid for my tuition and living expenses. They also gave me a gift of $10,000 as a down payment when my husband and I bought our house. I received about $10,000 from my grandparents as a gift during college.
