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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?
One hundred percent. Both of my parents strongly believed in the value of a college education, and I never considered not going to college. They also encouraged me to go to high school. They told us they were saving for my brother and I to go to college for the rest of our lives, so we just had to focus on getting into good schools. My parents paid most of my college tuition and living expenses, with the exception of the $10,000 I won in a scholarship competition, plus the small amount I was able to earn through jobs and internships. I graduated early to keep costs down. For graduate school, my father gave me a $50,000 low-interest loan and I took out $66,000 in federal loans. I covered the rest of my tuition and living expenses with my savings and working two or three jobs at a time. I paid my dad about $34,000 and he forgave the rest of the loan on my 32nd birthday. I have three more years until my federal loan balance is forgiven with Public Service Loan Forgiveness (PSLF).
Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
We hardly ever discussed money. I didn’t know how much my parents made until I filled out federal student aid forms in high school. In terms of financial education, my parents helped me open a checking account when I got my first job. My mom is very frugal and demonstrated the importance of only buying things you really like and using coupons and sales as much as possible.
What was your first job and why did you get it?
My first real job was babysitting when I was 13. I did it for extra money.
Were you worried about money growing up?
No. I understood that we weren’t rich and our house was noticeably smaller and less nice than some of my friends’ houses, but we had all our needs covered and were able to take an annual family vacation.
Are you worried about money now?
Somewhat. I left a gainful career to go to school in a non-profit industry, which set me back significantly in salary and net worth. Now I finally make a salary that allows me to indulge occasionally and not have to agonize over every purchase. It’s hard not to compare myself to some of my high-earning friends who are way ahead of me financially, but I have to remind myself why I made these choices. N is also in the non-profit sector (he makes less than I do), so I worry that our combined salaries will never be enough to save for a child’s education or buy a house.
At what age did you become financially responsible for yourself and have a financial safety net?
Around 22 when I finally made enough to cover my own living expenses. My family is my safety net. I would never want to ask anyone for money, but I know I could live with my parents if I had to, and they could probably give me a small loan if I was desperate.
Do you have or have you ever received passive or inherited income? If so, please explain.
I received a small stipend in Middle/High School and my parents supported me while I was in college. When I graduated, my parents gave me the rest of my college savings (about $15,000), which I kept mostly in savings and used to support myself through graduation. My dad forgave about $23,000 in personal loans.
