Loan payments: $0
Utilities: ~$150
WiFi: $48
Climbing Gym: $102 (yes, I moved to Denver and became a foot cliché).
Pet Insurance: $63
Renters Insurance: $10
NYT subscription: ~$10 (news, games and food).
iCloud Storage: $9
Spotify: $11
Local mutual aid organization: $17
Black Women’s Healing Fund: $25
Colorado Abortion Fund: $15
Treatment: $600 (I pay $200 a session out of pocket, which is steep, but I’ve been working with this therapist for years and love her).
Phone: $0 (yes, I keep fooling my parents).
Streaming Platforms: $0 (I miss my friends and family. Sometimes I pay for platforms but since I’m done The Bear I have canceled my Hulu).
Health Insurance: $0 (luckily my company pays).
401(k): $256 (before tax, employer match).
HYSA: $300-$2,000 (this varies from month to month — in the months leading up to my leave, I tried to save as much as possible. Now that I’m on leave, I’m putting aside what I can, knowing my stipend from the state not currently taxable).
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! I grew up between Brooklyn and Westchester, New York — both affluent communities where everyone I knew was in college. My parents and my grandparents and everyone else had gone to college and many had master’s degrees or Ph.D.’s. When I was a senior in high school, I learned that my grandparents and parents had been saving for my college education since I was born, but that I would still have to take out student loans. In my affluent communities, no one talked about needing to take out loans except for “dream schools” and “follow your heart,” so I was really embarrassed (which I now know is silly. Financial transparency is empowering!). However, my mom worked at NYU at the time, so if I went there I got a 90% discount. I was on the fence but ultimately decided to go to NYU over other private and public schools and it was the best decision my 18 year old self ever made. Graduating debt free and with money my parents had left over changed my life and I am incredibly lucky to have had that choice.
Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
Going to school in Westchester, I often felt less privileged and a bit different from my peers. My mom was the breadwinner in the family and got on the train to New York early every day with the dads, while many of my friends’ moms were stay-at-home moms who played tennis and were involved in the PTA. My friends went on international vacations every year and had lots of Juicy tracksuits (tbt to 2006) but we had to ask my grandparents to help me with flute lessons and I only got one Juicy tracksuit because it was on sale at Filene’s Basement (lol). That being said, I never wanted anything serious and I’m so thankful that my mom instilled the value of budgeting in me early on. Starting in high school, I got a sizable allowance ($100!) every month to run errands, but that was it. they weren’t asking for movie tickets or money for pizza. This taught me to save for the things I wanted and I feel like I have a better understanding of money now than many of my friends who grew up more privileged than I did.
What was your first job and why did you get it?
When I was 12, I got a summer job as a counselor at a day camp in the Hamptons. I get paid $100 a week under the table, but I was SO excited. My older cousin worked there and we spent the next five summers chasing other cute counselors, going to the beach, doing typical teenage mischief, and fighting with my grandma (who lives out there). Although I wasn’t well paid, I was able to charge an outrageous amount for babysitting ($25 an hour as a 15-year-old in 2011?!) because of the wealth in the Hamptons, and therefore had plenty of money for groceries. eating out and even saving. Over the course of five summers I saved a few thousand dollars, which helped tremendously in college.
Were you worried about money growing up?
Not really. I always had food on the table, lots of clothes, and a new gadget at Hanukkah. Growing up, I knew my dad was less well off than my mom, and I have a vague memory of him telling me he had a lot of credit card debt at one point, but somehow it didn’t concern me.
Are you worried about money now?
Yes, because I have an anxiety disorder and am currently out of work, but I know that I am incredibly lucky and much more financially stable than many of my peers. I am in the second week of two months of unpaid leave from my job. I have been experiencing burnout and depression for the past six plus months so I did everything I could to take this step. I also get a stipend from the state of Colorado for this leave, which is awesome and unexpected, and has alleviated some of my immediate spending concerns. But I am not sure what will happen after my two month leave is over. While I’m excited about the possibility of a new job/career/life lesson, I’m also preparing for financial instability and to limit my spending as much as possible.
At what age did you become financially responsible for yourself and have a financial safety net?
Six months after college I moved in with a roommate in New York and became responsible for everything except health care and phone bills. I had a decent paying job and could cover all my expenses pretty easily. Right now, my financial safety net is myself. I have about five months worth of expenses in savings and a lot more in reserves. That being said, I could always go back with either of my parents if I really needed to. While I love living in Denver and definitely don’t want to move back to New York anytime soon, it wouldn’t be the worst option and I would probably do it to liquidate my investments.
Do you have or have you ever received passive or inherited income? If so, please explain.
Yes, enough and I am incredibly privileged. In college, my step-grandfather died, and since my step-mother had also died, $80,000 of his life insurance payout went to me. Additionally, after college my mom and dad gave the rest of their funds to me ($40,000 and $20,000 respectively). All this has gone into investments and remains untouched. And of course, my parents paid for my college tuition, books, and housing. After many years of feeling less privileged than my peers, in college I realized just how privileged I am. I hope to take this privilege and do good with it as long as I live.
