Industry: Health Care
Age: 34
Location: Bay Area
Salary: $235,000
Net value: $216,689 ($17,969 cash savings in HYSA and emergency fund, $160,000 investment fund, $53,000 retirement and HSA, minus debt. I don’t own any real estate, but I’m hoping to save a down payment after paying off my student loans. My partner and I have separate checking and savings accounts. However, we split groceries, travel, utilities, and other household bills. Our rent is split evenly since we have similar salaries.)
Debt: $14,280 in student loans. I started with more than $250,000, but I paid it off aggressively.
Payroll amount (2x month): $5,385
Pronouns: She/her
Monthly expenses
Monthly housing costs: $2,100/month (my share after separating from my partner)
Monthly loan payments: $1,500
All other monthly expenses:
All inclusive gym: $170, with an additional payment of $50 for the spinning studio. I get that it’s a lot of money to spend on exercise, but it’s the only thing that keeps me sane, it’s conveniently located, and I see it as an investment in my health, as I get much more intense workouts when other people around me are absolutely killing it.
Spotify Premium: $11
Mobile phone: I have remained in a family plan since college.
Netflix: I exclude my family.
New York Times subscription: $8.95
Amazon Prime: $6
Savings: I put $4,000 into my investment account and $300 into my “play with stocks” account every 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?
There was definitely an expectation for me to attend higher education. I grew up in a family that valued higher education and both of my parents had degrees. My family was both a source of pride and stress for me because they all seemed so complete. I was always taught that education was very important and a conduit to success as an immigrant in this country. I was also very studious and it seemed the natural course for me to pursue higher education. I was traveling and didn’t know what I wanted to do after college, but I knew college was a non-negotiable. I was lucky enough to have my family pay for college and I went to a public school, which was cheaper than the private schools I was considering. Graduating loan-free from my undergraduate program was a huge blessing and one I will never take for granted. Later, when I decided to go to medical school, I knew I would have to take out loans. I got about $25,000 from my family, which I still have to pay back, and the rest from federal student loans with astronomically high interest rates.
Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
My parents have always been frugal with their money, but they paid for summer programs and enrichment activities that they saw as an investment in my future. We never splurged on luxury items, and our house was filled with items that Redditors would call “buy it for a lifetime.” We took longer trips every few years, but that slowed down as my siblings and I got older My parents talked about money as something we should use to be comfortable and safe, but never something we should overspend on. They tried to teach us financial literacy early on, but because I didn’t have any money of my own, I struggled to grasp some of these abstract concepts. My dad helped me open a savings account in high school when I got my first job as a way to help me build credit. I put all my savings from my job into this account, and any money my grandparents would send me for birthdays ($40 to $50 a year).
What was your first job and why did you get it?
My first job was working in a restaurant in high school. I also worked as a high school athletic trainer and academic teacher. I decided to take these jobs because I wanted to earn some extra cash and I wanted to do something besides school and sports. My parents never forced me to get a job, but they always encouraged me to pursue the jobs I applied for.
Were you worried about money growing up?
I didn’t worry about money growing until the recession of 2008. At that point, my father lost his job and our finances felt weaker. As a result, I stressed about money quite a bit in high school and college.
Are you worried about money now?
I am worried about money now because I live in such a HCOL place. I am worried that I will never be able to afford my own house and pay for higher education for my future children. I realize how lucky I am, but I wonder if I should diversify my income more in case I can’t practice medicine in the future for whatever reason.
At what age did you become financially responsible for yourself and have a financial safety net?
I worked for a few years after college and before medical school making less than $50 million a year, and I was financially independent at the time. I became more financially dependent on my parents during medical school as a result of the loan they gave me. However, after medical school, I regained my financial independence. I know that if something truly catastrophic were to happen, my parents would help me out with the limited funds they have (there are definitely cultural elements to this as well), but I hope to never have to rely on them or their limited retirement funds. I would prefer to be able to take care of them when they are older.
Do you have or have you ever received passive or inherited income? If so, please explain.
I have never received an inheritance. My parents did give me $50,000 to help make a problem with my loan payments a few years ago, but I’m expected to pay them back for it.
