Industry: Government
Age: 29
Location: Washington
Salary: ~$99,000
Net value: ~$143,000 ($20,000 HYSA, $40,000 Roth IRA, $82,000 Thrift Savings Plan, $1,000 brokerage)
Debt: $0 (paid off my student loans in 2023!)
Salary amount (1x/month): $4,800
Pronouns: She/her
Monthly expenses
Monthly housing costs: $2,150
Monthly loan payments: $0
All other monthly expenses:
Rental insurance: $6
Utilities: ~$100
Phone & Internet: $120
TSP: $825
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?
As the daughter of Asian immigrants, there was definitely an expectation for me to excel academically and pursue higher education. I got into a few dream schools but ultimately chose a public state university (which was also a great school) because of cost. My parents never filed their taxes on time and were going through a nasty divorce, so I couldn’t file a FAFSA for most of college. I did get a head start with credits out of high school and was able to get some grants and aid my freshman year, but the rest was financed through co-signed private loans (*sobs*). Luckily, my job has a student loan repayment plan that ended up paying off about $10,000 in federal loans and I finally paid off the last of the $60,000 in private loans on my own last year!
Growing up, what kind of money conversations did you have? Did your parents/guardians educate you about finances?
Despite appearing to be successful businessmen, my parents were not financially responsible, often in debt with impulsive spending habits. There was a lot of money, but *much* more… Credit cards, designer shopping sprees, luxury vacations, you name it. And there were the debt collectors, seizure notices, garnishments… Again, you name it. I received zero training in finance — so I learned what not to do!
What was your first job and why did you get it?
My first job (independent of pro bono family business work) was a temp position at a prestigious magazine during a summer in college. I really wanted to get into publishing at the time.
Were you worried about money growing up?
Yes, all the time. I was very aware of finances from a very young age, often because I had to clean up a lot of my parents’ problems. From the age of 10, I remember the lights going out from unpaid bills and having to write letters to the IRS on behalf of my parents.
Are you worried about money now?
Yes, and I think my upbringing has a lot to do with it. I’m pretty frugal now, even though I’m in a good place financially. I watch all my expenses down to the penny, and sometimes feel guilty about spending on non-essentials, so I fear the pendulum has swung too far the other way! I’m working on it…
At what age did you become financially responsible for yourself and have a financial safety net?
At 22, I moved out on my own, had limited contact with family, and became 100% financially independent. I don’t feel like I have a financial safety net (my family usually asks me for money…).
Do you have or have you ever received passive or inherited income? If so, please explain.
I wish!
