Homeowner’s Insurance: $1,650
Car insurance: $1,850
Car registration: $900
Real estate taxes: $25,000
Amazon Prime: $119
Chase Credit Card Fees: $650
Amex Credit Card Charges: $650
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?
Yes — my parents were adamant from a young age that we go to college. They focused on education and doing well in school was extremely important to them. My parents told my brother and me that no matter what school we went to or chose to attend, they would cover our undergraduate education. My brother chose to do a bachelor’s and master’s instead of his four-year education. I chose to graduate early with a bachelor’s degree.
Growing up, what kind of conversations did you have about money? Did your parents/guardians educate you about finances?
My dad has always worked in finance and is a CFO, so money has always been part of our conversations at home. My parents were open about how much they made, how much we spent as a family, how much their investments valued, etc. My parents firmly believe that apart from a home and car loan, you should never carry any debt.
What was your first job and why did you get it?
My first professional job was a summer internship in college at a financial services firm in New York City — I took the internship to build my resume (my parents paid my summer expenses). My parents wouldn’t let me get a job in high school because they wanted me to focus on my education and participate in extracurricular activities that would help me get into college. I was an RA in college and got paid for it but was asked to save the money on a CD.
Were you worried about money growing up?
My parents always bought us everything we needed and wanted. We knew we were growing up upper middle class and never had to worry about money. We never got an allowance, but we always got money when we wanted to buy something or spend socially. Any money we got from family for birthdays was deposited into a savings account that we weren’t allowed to touch.
Are you worried about money now?
We don’t really track our expenses or worry about what we spend on a daily basis. I worry about the future, especially as we start to grow our family and have to think about additional things like private school for our son. I leave most of the investment to my husband, W.
At what age did you become financially responsible for yourself and have a financial safety net?
I became self-sufficient when I graduated from college and started my first full-time professional job. I covered all my expenses, but I knew I had a safety net (my parents) if I fell on hard times. I was lucky enough to have a job that covered all my expenses and also let me save annually. Most of my childhood and college savings went into the down payment on our house. My parents would still be happy to help us if we needed it, but I hope I never have to ask them to help W. and me. W. grew up in a more privileged socioeconomic position than my family, so his parents are also available as a safety net if we ever need to tap into it.
Do you have or have you ever received passive or inherited income? If so, please explain.
I received passive income in college to pay for expenses other than room and board and tuition – that was about $20,000 for four years of school. My parents contributed $20,000 for my wedding, W.’s parents also contributed $20,000, and we covered the rest. When our son was born, my parents gave me $25,000 for the baby. We used it to start a 529 for him.
