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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?
There was, but I loved school with all my heart and always did very well academically, so there was no doubt in my mind that I would go to college. Both of my parents are college educated: My dad received an undergraduate and graduate degree in petroleum engineering, and my mom received a chemical engineering degree, though she became a stay-at-home mom once she had her first child (me). They were extremely supportive of me going to college, though they would support me no matter what career path I took as long as I was happy and able to take care of myself. I went to a private liberal arts university out of state and spent an entire year abroad and graduated with a degree in English and philosophy. I’m so privileged and lucky because my parents covered my tuition and housing and I didn’t have to take out loans or work during the school year (I worked full time in the summer to cover daily living expenses). I worked my tail off to graduate a full semester early to save my parents money because I knew they were also paying full tuition and housing for my three younger siblings. It was specifically stated that any additional tuition would be at my expense, although my father told me he would loan me the money so I wouldn’t have to take out any student loans with interest. Again, I recognize what a great privilege this is, and to this day I am deeply grateful to my parents for such a gift. They have told me that they expect me to do the same for my children.
Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
My dad was and still is my go-to for any advice on managing my finances and investments. For as long as I can remember, both of my parents stressed the importance of living well below your means. They encouraged me to never carry credit card debt or take out high interest loans if I could help it, to save most of the money I made and take good care of everything I own and invest in repairs instead of buying something new.
What was your first job and why did you get it?
My first job was babysitting for a neighbor when I was 13, and pretty quickly I became the neighborhood babysitter for five or six different families. I did this all the way until I left for college. Did I really bank? I think at one point I had something ridiculous like $3,000 in cash under my bed until my mom forced me to open a bank account. I used that money for fun, spending on clothes, makeup, books, music, movie tickets, snacks my parents didn’t buy, etc.
Were you worried about money growing up?
At all. Growing up I thought we were solidly middle class, but because of how comfortable we were, I didn’t really think about it. Both of my parents were raised lower middle class, and to this day, even if they were super comfortable in retirement, you’d think they’d still be in the way of money. Looking back now, I realize that my father amassed quite a fortune during his working years and that we were closer to upper middle class. We lived in a giant seven-bedroom house that my father paid off the mortgage very quickly and aggressively, my parents paid for my siblings and I to go to a private high school (and later, for three of us to go to a private university and one to a trade school), and we all did expensive extracurriculars like piano/soccer/riding/downhill skiing/swimming lessons/summer camp. On the other hand, because they invested so much in our education and hobbies, we went on vacation a year to visit the grandparents, it was a very special treat to go out to eat or get new toys or clothes, my parents drove the cars them in the ground (and my dad did most of the mechanical work on them), any home renovations were done by my dad, my mom used extreme coupons when she shopped, and my parents never bought luxury items (or anything good for themselves them, really ). I feel so incredibly privileged that my parents worked so hard and managed their money so smart to give us this kind of upbringing. I am eternally grateful.
Are you worried about money now?
Oh yes yes. During COVID-19 I was working in the mortgage industry as a loan processor making between $70,000 and $85,000 per year. I aggressively saved most of that income to pay off my first car and a lot of credit card debt (which I had racked up in my early 20s due to some really bad decisions), build a solid savings account, and cover the very expensive move from my hometown of Boise. My HYSA account is the leftovers of that income. Once interest rates skyrocketed, I got laid off not once but twice in 2023 and was out of work for a total of four months. I couldn’t find a single job that paid me anything close to what I was making as a loan processor, and eventually I was forced to take my current, original job, despite trying to negotiate a higher salary, which was extremely humiliating. I’m way overqualified for the job I do (basically the admin job) and I’m bored out of my mind. it’s a double whammy because a few weeks before I was fired from my first job, I was told that I would be promoted to business manager of my branch. I’m still applying for jobs, but this job market – and my industry in particular – is crazy rough. I budget extremely well and am not stressed about paying my daily living expenses, but I would like to contribute about 20% more (at least) to my retirement and investment accounts and pay off my savings account again. I would also like to be able to travel more often and I can’t even begin to dream of buying a house. I do want to go back to school – I started studying for the LSAT last summer – but I’m not willing to take on school debt unless I have a solid plan for the future, which I currently don’t. I also suffer from a lot of guilt and anxiety because of how much my parents have given me for a debt free leg. I feel like I should be much further along financially and career wise than I actually am (just to be clear, I am in no way being pressured into this, it’s guilt of my own making).
At what age did you become financially responsible for yourself and have a financial safety net?
I would say 25. I moved back in with my parents after graduating college and lived with them rent free until I was 25 due to my inability to find work that paid a livable wage (English degrees are really the way to go) . As soon as I left, I also took out my parents’ insurance plan and went into mine.
Do you have or have you ever received passive or inherited income? If so, please explain.
Oh, sure — as mentioned before, my entire undergrad was paid for by my parents, and I lived with them rent-free until I was 25. My dad has mentioned that my siblings and I will probably receive a sizeable inheritance from his estate, but I also know that most of his wealth is tied up in the stock market and I have no idea what a “large inheritance” looks like. I don’t even want to think about it as I hope my parents will be around for decades to come.
