Loan payments: Student loans: $127.
WiFi: $20 per person.
Electric/gas: $30-$80/month per person depending on time of year.
Gym: $25
Sibling Account: $375. I have three sisters that I am very close to and we are all very open financially with each other. My sisters and I have a joint checking account where we each contribute 5% of our annual salary. Any shared subscriptions are removed from this account annually (eg Spotify Family, LastPass, Netflix, Hulu). We also use this account to pay for family vacations and other family expenses. Our parents don’t have a lot of wealth and work hourly, so this account is also meant to pay off any large debts they may have accumulated and to invest for their retirement.
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 came to the United States in the 1970s, escaping genocide in their country. After coming to the US with nothing, my parents encouraged us to pursue higher education to learn things we never had the opportunity to do and become “successful”/financially stable. All three of my sisters and I went to higher education. Our colleges ranged from state universities to private liberal arts colleges. We all paid for college on our own and with the help of scholarships/grants. I am the youngest and the only one left with debt from senior publications.
Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
My parents were extremely open about money. Since English is not my parents’ first language, my sisters and I often had to help my parents translate and mediate any medical/financial issues with providers. There was really no way to not have full visibility of everything. I wouldn’t say my parents consciously taught me about finances/money, but because I had an early exposure to financial stress and thinking about how much money goes into supporting a household, I learned about money and how to be financially responsible from a very young age. age.
What was your first job and why did you get it?
I had two jobs after school in high school to earn money for myself and save for college. I worked at a coffee shop and an Italian restaurant making minimum wage.
Were you worried about money growing up?
By the time I was born, my parents were more financially stable. We weren’t struggling or living off the paycheck, but I knew money was something I had to think about.
Are you worried about money now?
Yes. I’m thinking about the future and taking care of my elderly parents who don’t have much in their 401(k). I live in a high cost of living city with a very active social life. I try to balance life in the now and responsibility for the future.
At what age did you become financially responsible for yourself and have a financial safety net?
I started working two jobs and saving for college in high school. I got my first credit card my freshman year of college at the behest of my older sister who thought I should start building my credit, and I worked two work-study jobs on campus. I have saved enough and now have a decent financial safety net. My sisters are also older than me and make a lot more/have bigger safety nets, so I can always ask them for a loan if things ever get to that point.
Do you have or have you ever received passive or inherited income? If so, please explain.
A family member recently died. I received $15,000 and used it to give myself a safety net cushion in my HYSA.
