Was there an expectation for you to attend higher education? Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, college was always expected. I come from an immigrant family, and everything my parents did was to set my siblings and myself up for a future. I was a high-achieving student at a competitive public school, and attended a top state university. My parents participated in a 529 plan and pre-purchased my in-state tuition when I was around 8 years old, making it considerably inexpensive. I believe they paid $22,000 for all four years, which I was extremely grateful for.
Growing up, what kind of conversations did you have about money? Did your parent(s) educate you about finances?
We were middle class but my parents were very frugal, since they both grew up poor in their home countries. Since arriving in the US, it’s always been very important for them to have a great credit score, so they never missed a payment and saved every penny. We hardly ever ate out and only went on a vacation maybe every other year. However, my mom was also able to retire early, and I know they will also leave a comfortable inheritance for my sibling and myself.
What was your first job and why did you get it?
My first job was a hostess at a restaurant when I was 15. I mainly got the job to start earning pocket money for myself. I worked for a few years in the restaurant industry throughout high school and saved enough to buy a used car (my parents’ old car), as well as for a solo trip to Europe when I turned 18 and graduated. I had only been to Canada and Mexico previously.
Did you worry about money growing up?
A bit: we could afford all the essentials but never had “fun” money. I got used to shopping for things on sale or thrifting, which is something I still carry with me to this day. There were lots of times in high school when I would wish we had money to buy the trendy things I saw other girls wearing. I do remember one time in elementary school, we were going on a “Little House on the Prairie” field trip, and we had to buy these old-fashioned costumes, but they were pricey and my mom couldn’t afford them. I tried to tell the teacher I was going to skip the field trip but she insisted on it. We ended up finding something at Goodwill, even though it was not the exact style. However, I’m glad my parents instilled a frugality mindset in me now, because it helps me budget an average salary in an expensive city.
Do you worry about money now?
Yes, more so now. Even though I can split expenses with my partner A., we are both victims of lifestyle creep from time to time. Most of our disposable income goes towards going out, eating out, and traveling. I admit I do also have a bit of a shopping problem (especially working in fashion!) which has accumulated a bit of credit card debt.
At what age did you become financially responsible for yourself and do you have a financial safety net?
At 22, when I graduated. I worked part time throughout college but my parents still helped out with certain things like my car insurance. I don’t have a financial safety net right now, which is something I am going to work towards once I pay off my credit cards. Technically, I could use my 401(k) in an emergency, and both A. and I have supportive parents who would help us out if absolutely needed. But I prefer to be independent and have my own funds.
Do you or have you ever received passive or inherited income? If yes, please explain.
Yes, last year my parents started my Roth IRA and contribute the max $7,000 every year, as I did not want to contribute beyond my 401(k). This is partially a hobby of my mother’s, who has been playing with the stock market since she retired early. She likes to “play” with my retirement money but will give any earnings to me. Win-win.
