Industry: Tech
Age: 28
Location: Los Angeles
Salary: $150,000, plus $3,000-$6,000 per year for dogs
Net value: ~$460,000 (~$2,000 for the value of my car, which is paid off, $9,500 in my checking account, $50,000 in my HYSA, $10,000 in an I bond, $116,000 in my 401(k); $52,000 in My $100 personal brokerage and $119,000 in home equity. My partner, J., and I own a home worth $990,000, so equity is that minus our mortgage divided by two. Although our finances are separate )
Debt: ~$376,000 (This is half of our $752,000 mortgage. J. and I put the same amount down and split the mortgage equally.)
Payroll amount (bi-weekly): $3,279
Pronouns: She/her
Monthly expenses
Mortgages: $2,775 (This is half of my mortgage and includes property taxes and home insurance.)
Utilities and Internet: ~$90 (This is for my half. It’s on the low side because most of our electricity is covered by our solar panels.)
Phone: $0 (still on family plan)
Gardener: $55 (my half)
Pet Insurance: $12 (my half)
Spotify & Hulu: $11
iCloud Storage: $1
401(k): $1,833
FSA: $33 (This will rise to $304 per month for an HSA next year.)
Investments: $1,000 (automatically transferred to personal brokerage each month)
Savings: $1,000 (I’m saving and keeping more cash than usual in anticipation of investing in real estate in the next three to six months.)
Annual Expenses
Roth IRAs: $6,500 (I put in the full amount in January of each year.)
Credit card charges: $1,290 (This is an aggressive charge, but I get ~$1,000 in travel and dining credits and use CC points to pay for much of my travel.)
Insurance: $1,110
Car registration: $150
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?
My parents immigrated to the US in their early 20s, having only finished high school. They eventually went to community college and got their degrees when I was in elementary school (I remember helping proofread my mom’s papers). My parents saw a college education as a key part of the “American Dream” and expected my brother and I to go to college. I went to a private university and over half the cost was covered by financial aid and scholarships. The rest was covered by my parents, federal student loans, work study, and part-time jobs during school. I also graduated early to save on tuition.
Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
My parents only talked about money if they thought something was too expensive. Both of my parents grew up poor and had a hands-on approach to money: Spend money where you need it, don’t overspend where you don’t. My parents always stressed the importance of saving money because you never know what might happen. The scarcity mentality they had around money from their childhood and early years in the US was deeply ingrained in me.
What was your first job and why did you get it?
I got my first job when I was 14, working as an assistant in an after school program so I could earn money because I didn’t have an allowance.
Were you worried about money growing up?
Even when they weren’t making much, my parents did a good job and carried any stress or worry about money themselves. They felt it was a burden they had to carry as parents and that, as children, my brother and I should only focus on doing well in school. I didn’t learn how much my family’s financial situation had changed over time until I was an adult.
Are you worried about money now?
I’m not necessarily worried, but I still have a scarcity mindset. My parents were financially manipulative when I was in college, using the threat of stopping tuition payments to ensure that I made life choices that aligned with what they wanted (my major, who I dated, etc.). As a result, financial independence became a huge motivator in my life. I never again want to be in a position where I feel like I have to make decisions about my life because of my financial dependence on anyone.
At what age did you become financially responsible for yourself and have a financial safety net?
I became financially responsible for myself when I started my first job out of college. I moved back home and lived with my parents at their insistence because the rent in New York is insane. I paid off my $20,000 in student loans the first year and also paid my parents about $1,000 a month in “rent” for the 20 months I lived in the house. My parents and J. would be a financial safety net, although I would put all my savings before asking them.
Do you have or have you ever received passive or inherited income? If so, please explain.
My parents gave/loaned me $50,000 to put toward a down payment on my house. I didn’t have the full amount in cash and was debating borrowing from my 401(k) or selling stock, although it felt bad because the market was down when I was looking to buy late last year. My parents had recently sold our childhood home and they gave me some of the proceeds after I told them I was looking to buy. I offered to pay them back but they said they don’t need the money right now and it’s better for me to invest it until they need it. The money I would have used to pay for it this year was either put into my 401(k) or invested in an S&P 500 ETF at my personal brokerage.
