Absolutely. I come from a very academic family from my father’s side (a bunch of doctoral and postgraduate degrees) and expectations have always been that every child in my generation should at least get an undergraduate degree and then we could follow whatever dreams we want. My career choices were a doctor, lawyer or teacher (as is typical for many Hong Kong families), with the latter being the least preferred. I went with the academic community because I am honestly terrified by the responsibility that comes with being a doctor or a lawyer (lives are at stake here!). I did my undergrad and Master’s in Hong Kong, then I went to Canada to do my doctorate. I was lucky to do quite well in public exams, so my tuition fees were partly covered with scholarships. My parents kindly paid for the rest and covered my living expenses (hostel fees, food, etc.). I also started working part -time as a research assistant in my second year, which gave me a little more money. We paid for my master’s degree with my monthly grant, but since I still lived at home, my living expenses were mostly covered by my parents. We paid for my doctorate and all living expenses with a combination of savings (from doing Master’s), scholarships and research and teaching assistants.
Growing up, what kind of conversations did you have for the money? Do your parents/guardians train you for finances?
We really didn’t talk about money at home when they grew up, but my parents instilled within me the importance of saving very early. They opened a kid’s savings account for me and helped me put all the Lai-See (Lucky Packet) money on it. I still use this account (which was left available to me after 18). However, they are certainly against investment products (all stocks, funds, etc.) and are extremely opposed to risk. I probably inherited this trend from them, but I try to change this mentality and begin to invest in index capital or a similar risk.
What was your first job and why did you get it?
I got my first job in the second year of Undergrad as an research assistant. I did it mainly for the research experience (which is a pretty privileged motivation), but the extra money money was a bonus. My parents were still covering some of my tuition tuition and living expenses, so I mainly saved my payments in case of emergency.
Are you worried about the money that is growing up?
No. I had an indefinite idea that we weren’t as far away as my peers when I was in elementary school, but I think my parents protect me from most races. We could not afford all the extracurricular and trips my classmates had, but I was always well fed and well -cultivated (with handmade, later discovered) and my mom made sure to register me with any free (or subsidized) community lessons. I was definitely loved and happy as a child.
Are you worried about money now?
Absolutely. It started first when I only moved to Canada for the Grad School and realized how much it really costs to maintain a household (it definitely made me appreciate my parents even more). I was lucky enough to get a perennial funding package just from the bat (which is already more lucky than most of my peers), but the subsidy really covered all the cost of living. I felt so anxious at the end of each semester because I was terrified that my grant would be exhausted before the next payment (we received one -third of the annual grant every semester). I honestly went a little nuts that worked extra jobs and savings during the first two years of school (because what if) and doesn’t calm down until I get a bigger scholarship (and a therapist) later below the line. I still have to deal with a lot of stress now, especially because both of my parents will be withdrawn soon and I feel responsible for supporting them from now on.
At what age became financially responsible for yourself and have a financial security net?
He became financially responsible when I started the Grad school in Canada on 24. I technically I have a decent safety net created with my savings, but realistically I am extremely reluctant to touch any of them. Now that I return to Hong Kong living with my parents, I feel like I’m no longer financially responsible (and a little failure, to be honest). The amount I give them a month would not even cover rent if I lived alone in Hong Kong. My parents are definitely still my safety net. I am sure they will not hesitate to do everything (even assume their apartment) if I needed a rescue very badly. My only hope is that it will never come to it.
Have you ever received passive or hereditary income? If yes, explain.
No.
