Education was a very high priority in my family. My parents are both educated and there was always the expectation to win a four -year degree. There was also a expectation to attend postgraduate schools at some point, though there was less emphasis on a degree than a degree. I have a degree and a master’s degree, both in public policy. Due to how much my parents prioritized me and evaluated higher education, they paid the full cost of participation for me to attend college and postgraduate school.
Growing up, what kind of conversations did you have for the money? Do your parents/guardians train you for finances?
Growing up, my parents emphasized the importance of saving money. We were always reminded that although we were comfortable financially, money was usually spent on either basic or savings to be used in something that makes sense later. In these lines, they also set within me the importance of using my money to give back to my community or those in need, if I were able to be able to be able to afford it. My parents often discussed with my sister and me which local organizations gave money and we made sure that we understood the value of donating extra money (and savings) instead of spending it on luxurious vacations, expensive cars, etc. My parents also educate me. They helped me open my first checking account and credit card and explained how different accounts operate, how to be smart to use the credit card and so on. My dad has also helped me open my accounts in the broker and the Roth IRA and is still sitting with me usually once a year to discuss the investment strategy and help me invest money in both accounts.
What was your first job and why did you get it?
I worked in a summer camp teaching children and adolescents how to drive horses during the summer after the highest year of my high school and before I started college. I had volunteered to the camp during several summer before and finally reached the age where I was transferred to a member of the staff we paid (18+) instead of a volunteer (15-17 years). I wanted to save money spending since I started college. Although my parents generously paid the cost of participation, it was my responsibility to pay for transportation, entertainment, foods that did not come from dining rooms, etc. – Anything not recorded in the cost of participation.
Are you worried about the money that is growing up?
No, as I grew up I was always under the impression that we had enough money to cover the essentials, as well as more. I realized that my parents were smart to save and had enough money that they were removed that if emergencies emerged, we could handle them.
Are you worried about money now?
Yes, they live at an extremely high cost of living and I don’t make enough where I can pay all my expenses and save a good amount of money every month (which I find very important, given what my parents taught me and how they saved money when I grew up). I watch all my expenses and try to budget, but independently, every month I just save money and I don’t have much room for unexpected and unplanned expenses. I recently had a lot of unexpected or unplanned expenses, such as veterinarians’ accounts for my horse and medical accounts for myself, but I don’t have any extra income every month to pay for these expenses. Significant annual increases and big bonuses in my work are very rare, so I know that there is almost no chance of suddenly making more money. I am constantly worried about what I will do if I hit even more unexpected expenses, because I will not be able to pay for them and I really want to avoid charging.
At what age became financially responsible for yourself and have a financial security net?
I would say that I became almost completely financially responsible for myself around the time I got my first career work (about a year and a half ago) and began to pay my housing costs. Throughout the college, my parents generously paid my housing expenses and during the semester between the college graduation and my first full -time, I was living in a condo that belonged to my parents, so I didn’t pay rent. Since I got my first full -time job, I have paid for everything except my phone account (I am in a family plan) and car insurance (which my parents pay to ensure that I always have coverage). I know that if I lose my job, my parents would help with some basic living expenses (though I would expect to find a job in between or to use my savings to cover things like the payment for my horse), so I have a better financial net.
Have you ever received passive or hereditary income? If yes, explain.
No.
