School fees: $5,581 (this includes tuition, books, etc.).
Streaming/Patreon: $72.72
Savings: We both max out our IRAs annually with a lump sum.
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?
I was always a studious child and loved to learn as both of my parents have college degrees. I received a degree and certificate right out of high school that were fully funded through scholarships and bursaries. I was able to live with family and my parents covered my living expenses. After college I worked for a few years to build up savings to put myself through law school. Tuition has been mostly covered by scholarships, but a large number of unexpected expenses have arisen (how do publishers think it’s okay to charge $300 for a book you need for 10 weeks?).
Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
We didn’t talk about money in my house and it was definitely a feast or famine mentality. Occasionally the credit card would be declined at the grocery store and my mother would discuss the importance of not spending beyond our means. Many times during my childhood, I realized that we had borrowed money from friends or loaned money to family that would not be paid back. At the same time, my siblings and I had lots of after school activities, new clothes every year and traveled often. This uncertainty has definitely shaped my concerns about money as an adult.
What was your first job and why did you get it?
I started pet-sitting for neighbors and family friends when I was around 14. I loved the independence and felt very important! In retrospect, it was a great way to start building toward financial independence as an adult, but money didn’t play a big part in me enjoying the job.
Were you worried about money growing up?
Continuously. I was conscious of being a burden to my parents with my private school and sports and after school classes. My younger siblings had less extracurriculars and I was convinced I was the reason my credit card would be declined or my parents would fight about money. Looking back, “my” spending was certainly not the tipping point, but as a child I felt a lot of guilt and anxiety about my contribution to the family’s financial problems.
Are you worried about money now?
Yes and no. My husband, J., has a good, reliable job, and I have an offer for $105,000 a year once I pass the threshold. However, we want children and would like to buy a house and I am concerned about the feasibility in such a high cost of living in the city. If we were to move to a more affordable city, I worry about finding a job that would pay the same and be just as rewarding.
At what age did you become financially responsible for yourself and have a financial safety net?
I became financially responsible for myself at 24 when I finished my certificate. I worked full time and covered all my recurring expenses, yet my parents occasionally paid for a flight home or loaded the fridge when they came to visit. J. is definitely my financial safety net (for which I am so, so grateful) and his mother would help us if something really terrible happened.
Do you have or have you ever received passive or inherited income? If so, please explain.
No inheritance on my part, but J. received about $10,000 when a distant relative passed while he was in college. That was the beginning of the investment nest egg. Now, I live with my aunt, who insists that I don’t have to pay rent because I help out enough by running errands for her and managing some of her rental property. This is a game changer when it comes to keeping expenses down while I’m in school/my husband is overseas.
