Industry: Financing
Age: 27
Location: Charlotte, NC
Salary: $120,000
Net value: $7,420 ($5,200 in checking and $5,020 in a Roth IRA. I recently withdrew some savings to pay off a large portion of my credit card and I’ll be the first to admit that my savings needs work. I could blame it on a lot of things, (like three layoffs in five years and a few emergencies, but honestly, that’s probably due to my poor planning. I’m going to open a HYSA with SoFi, but I want to wait until I get my bonus in the spring.)
Debt: $2,800 (on credit card)
Payroll amount (bi-weekly): $3,338
Pronouns: She/her
Monthly expenses
Rent: $1,200 (I have a roommate, O. This total includes water and trash fees.)
Utilities: ~$75 (I pay the energy bill and O. covers the internet, which is about the same amount.)
Credit card: ~$500
Dental, vision and health insurance: $127.08
Car payment: $600 (I drive a luxury car, but my mom works for a large auto company and I have a lease through her employee benefits. This payment includes insurance, taxes, and all maintenance.)
Hulu, Peacock, Paramount+ & Apple Music: $42
Spenga: $179 (gym)
ClassPass: $58 (Next month, I’m canceling ClassPass and buying a monthly membership to another gym. I know it’s not necessary to have two boutique gym memberships, but they’re invaluable to my mental health and I get different benefits from each.)
Audible: $14.99
Kindle Unlimited: $10.99 (I don’t use it as much as I thought I would, so I’ll most likely cancel it next month.)
HSAs: $80
401(k): $553.86
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?
College was never something I thought of as optional. If anything, I often felt that my dad’s love and approval was tied to how my brother and I did in school (I’ve talked to my therapist about this at length). Even though there was a ton of academic pressure on us, my brother is a doctor and I have an MBA, so I guess my dad knew what he was doing, and ultimately, I’m grateful. I had a partial academic scholarship for undergrad, but I went to an expensive private college, so my parents generously covered the extra and paid for graduate school in full.
Growing up, what kind of conversations did you have about money? Did your parents/guardians educate you about finances?
My parents protected us from many financial issues growing up. I always knew we had more money than some of my friends, but that was pretty much all I knew. My father had a business and we got hit really hard in 2009 and 2010 — right when my older brother was going to college. It wasn’t until I was an adult that my parents talked about how bad it was and how they went into debt. Today, my parents are rich (but not obscenely so) and are trying very hard to retroactively teach me about money.
What was your first job and why did you get it?
During the summers in high school, I worked as a babysitter and at summer camps so I could earn money. I was not allowed to work during the school year.
Were you worried about money growing up?
No, but now I know it’s because my parents are protecting us from their own worries. My mom worked a lot on and off while I was growing up, and the first time I remember her having a full-time job was when I went to college. My father worked for the federal government before he bought a business from a friend and turned it into a very successful company.
Are you worried about money now?
Probably not as much as it should be. At my last job, I made $103,000 and barely saved anything, embarrassing. I honestly couldn’t tell you what I spent it on. When I got laid off, I knew my parents would be willing to help me if I needed it, but those months were the most I’ve ever thought about money in my entire life. Now that I have a job again, I’m trying really hard to be more intentional with my money and pay off debt as quickly as I can.
At what age did you become financially responsible for yourself and have a financial safety net?
I became financially responsible when I graduated college at 22. Granted, I was on my parents’ insurance until I was 26, and I’m still on their phone plan (along with my older brother) because it’s cheaper. Despite three layoffs in five years, I didn’t have to borrow money from my parents. When I took a six-week break from work for mental health reasons, I drained a lot of my savings. I am extremely fortunate that my parents are generous enough to be my financial safety net, but I know they may not always be able to help.
Do you have or have you ever received passive or inherited income? If so, please explain.
Yes, I have received money from my parents and I know they will leave my brother and me some amount of money.
