Industry: Government
Age: 51
Location: Philadelphia
Salary: $190,000
Joint Income: $374,000. Husband makes $184,000. Both of our paychecks are deposited directly into a joint checking account.
Real estate: Joint check: $36,997. joint savings: $30,145; My Thrift Savings Plan: $840,364. Spouse’s Thrift Savings Plan: $1,219,925. my HYSA: $202,656; Spouse’s HYSA: $202,318.
Debt: We still owe $11,542 on my car.
Payroll amount (bi-weekly): Me: $3,954? spouse: $3,690.
Pronouns: She/her
Monthly Expenses
Housing costs: $2,625 (we rent).
Loan payments: $769 for my car (borrowed at 0% interest for three years).
Renter’s Insurance: $42
Car insurance: $208
Motorcycle insurance: $51
Health Insurance: $504 (comes from husband’s salary).
Dental/Vision Insurance: $98 (comes from husband’s salary).
Electricity: $184
Gas: $135
Donation: $200
Kids College Scholarships: $500 each for two children ($1,000 total).
Gym: $15
Hulu Live: $87.97
Apple TV: $10.79
Netflix: $15.49
Mobile phones: $85.37 (for four phones).
Internet: $69.99
Panera Sip Club: $16.49
Thrift Savings Plan Contributions: Me: $1,180? spouse: $1,175;
Savings Account Contribution: $3,000 ($1,500 each pay period).
Other Expenses
Water: $200 (quarterly).
Amazon Prime: $139 (annually).
Peacock: $64 (annually).
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?
There was definitely an expectation for me to go to college, but there was a lack of help on how to actually get into college. Thank you to the teachers and guidance counselors along the way! I ended up getting a full ride for my degree. Over the years, I have earned two master’s degrees (my HR master’s was fully paid for by my employer at the time; my MBA was 75% paid for by my employer).
Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
Growing up, my father definitely encouraged me to save money. Whenever I got birthday or Christmas money, she would take a portion of it and put it in a savings account for me. My father was also incredibly frugal and I believe I inherited that from him. Once my parents divorced and I moved in with my mom, we were often in financial trouble. Often, my mom would ask me to borrow money, which was rarely repaid.
What was your first job and why did you get it?
My first job was delivering newspapers six days a week when I was in high school. I was responsible for delivering newspapers for an entire apartment complex and collecting money from my customers. I had to find a job as soon as possible, because it was the only way I had to spend my own money. Since then I have been working continuously.
Were you worried about money growing up?
I worried about money growing up, mostly because ever since my parents divorced, it never seemed to be enough to get by.
Are you worried about money now?
I absolutely worry about money now — and I realize that’s pretty unreasonable given my salary and net worth. I believe that growing up below the poverty line was so traumatic for me that it made me forever believe that I was only one day away from having nothing. To this day, I don’t waste anything and rarely buy anything unless it’s on sale or I have a coupon for it. The nest egg we’ve amassed is a direct reflection of that scarcity mentality that I can’t shake.
At what age did you become financially responsible for yourself and have a financial safety net?
While I always had room and board growing up, I had to work for money. Once I got a job, I was then expected to pay for anything beyond food and accommodation, such as clothes, school supplies, tutoring and excursions. My mother’s opinion was, “Why would you ask me for money when you have money?”
Do you have or have you ever received passive or inherited income? If so, please explain.
No.
