Industry: Regulatory
Age: 31
Location: Nashville
Salary: $70,000
Net value: -$87,613 (checking: $1,440, savings: $5,000, 401(k): $15,000, less credit card debt and student loans)
Debt: $109,053 (credit card debt: $15,876, student loans: $93,177)
Salary amount (2x/month): 1906.96
Pronouns: She/her
Monthly expenses
Monthly housing costs: $805 (my friend J. and I shared a two bedroom apartment)
Monthly loan payments: $482/month in student loans
All other monthly expenses
Subscriptions: Patreon: $15; Netflix: $24.71; Spotify: $12.03
Storage unit: $50 (my half)
Pet Insurance: $30.58 (my half)
Renter’s Insurance: $11.59
Wifi: $30 (my half)
Electric: $35-50 (my half)
Water/Waste/Sewage: $40 (my half)
Credit card: $600
Insurance: $60
Phone bill: $60
Savings: 10% of my salary goes directly into my savings (about $400/month).
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 not only expected my three sisters and I to attend college, but to surpass both in our educational endeavors. This was difficult since both of our parents have master’s degrees, so the “next step” being a PhD always seemed shocking to me. My parents paid for my undergraduate education and I took out loans to cover my graduate degree. I have no plans for a PhD anytime soon, I’m content with my Masters.
Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
I didn’t grow up with a lot of talk about money. I knew it was important to have a savings account, but I never knew why. The only time these conversations really came up was on our birthdays, when we opened small savings bonds instead of checks from our grandparents. I didn’t fully understand these bonds until I was in my 20s.
What was your first job and why did you get it?
I lived the hidden dream of working as a lifeguard starting at the age of 15. I did it for extra money to spend on frivolous adventures with friends: going to the movies, getting iced coffees, and trips to the mall.
Were you worried about money growing up?
I didn’t worry about money growing up, which still makes me wonder why I was so stressed as a kid. My sisters and I received allowances from our parents for fun money, but we weren’t expected to contribute to things like food, gas, travel, etc. until we did these things ourselves.
Are you worried about money now?
I think about money every day. sometimes because I don’t think I have enough, and sometimes because of my progress with my general feelings about it. When I graduated in 2017, I landed a job in the Bay Area that barely allowed for more than rent and a weekly grocery haul. This started a very bad run of accumulating credit card debt while going out, traveling and buying a lot of things I didn’t need. Since moving to Nashville, I’ve finally been able to start making more than a minimum payment on my balance and I’m really proud of that. I was late to the game of having a savings account, but I literally couldn’t get it to work until about two years ago, another thing I’m proud to have.
At what age did you become financially responsible for yourself and have a financial safety net?
I became mostly financially independent when I started grad school at 23. I used my savings bonds from my childhood, which totaled about $2,000 to move into my apartment in grad school and pay a month’s rent before the student loans kicked in. My parents did buy me a car at that point in life, which they kindly paid for. I was on a phone bill and car insurance until the age of 25. I’m technically still on a family plan for both phone and car insurance, but I deny them for it every month and have for years.
Do you have or have you ever received passive or inherited income? If so, please explain.
No.
