Travel Credit Cards: $194 a year (for two, I’m going to cancel one of these cards after it’s paid off).
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?
Definitively. My family was highly educated and I was recruited by some fancy schools for cross country/track. Undergrad was paid for through many different forms of financial aid (Pell grant, work study, etc.) and my parents took out loans. I graduated with (I think) $30,000 of debt in my parents name. After a few years I started paying off that loan and ended up paying off the last $15,000. My PhD was fully funded and I received very small stipends and stipends for living expenses.
Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
I got some confusing messages about money. We always had our basic needs met and usually went on summer vacations (budget road trips in the US), but there was definitely stress/fights about money. My parents got me a credit card when I was in high school because I went to school and extracurriculars a lot and it was the easiest way for me to have gas money. This resulted in me having great credit and an extremely high credit limit when I was young. Unfortunately, I never learned much about how to use said great credit and racked up some serious credit card debt while an underpaid student. Mostly I feel like I’ve educated myself about money as I’ve gotten older.
What was your first job and why did you get it?
I popped corn in middle/high school for extra money. I also worked at my parents’ small business all through high school.
Were you worried about money growing up?
Yes and no. Our needs were always met, but I remember being told I couldn’t have some “fancy” things I wanted (Z. Cavaricci jeans, Doc Martens) because they were too expensive. I remember some parental arguments about expenses. Things got really bad late in high school when my parents’ business folded and they had to find new jobs in their 40s while also paying for college for me. This is the root of my great anxiety about money now — it feels like it could all evaporate in an instant.
Are you worried about money now?
Yes. My partner and I make excellent salaries and by all accounts, we should be doing well. However, we live in a high cost of living area, my partner still has significant debt and we carry two mortgages until he sells our old house. Once this house sells I think I will worry less but we are in a tight spot right now and I am panicking about the credit card debt again after finally paying off $20,000 in credit card debt five years ago.
At what age did you become financially responsible for yourself and have a financial safety net?
After I finished college. I applied for six months and finally got a job in publishing that paid $30,000 a year. Somehow I managed to work in the Boston area at that salary (and then much less in grad school!) for almost 10 years. I know we could count on both sets of parents for help if we really need it, but neither of us want to do that.
Do you have or have you ever received passive or inherited income? If so, please explain.
My parents contributed a few thousand sometimes when I was really struggling in grad school. This was a hardship for them and I feel bad for that.
