A health insurance analyst in Durham, NC

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?
Absolutely. My mom has a master’s and an MBA. My dad has a PhD and an MBA. They’re both first-generation Chinese immigrants who came here as poor graduate students and earned their “American dreams” through higher education. I’m fortunate that my parents paid for four years at an Ivy League college. I do feel guilty for having a mental health crisis during undergrad and not leveraging that degree into a high-powered career in medicine like many of my peers. I’ve settled for a “comfortable” insurance job instead. I paid $16,222 for my online master’s degree myself (my company reimbursed me for almost $3,000). It was at a state school and only cost 5% of undergrad. State schools are great!

Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
My parents never sat me down to talk specifics, but they set me up for success. They invested in a 529 for college when I was in elementary school. I was an authorized user on credit cards they paid off every month (I didn’t use the cards). I feel like the first real money talk I had with them was last year, when I was anxious about finding a “big girl” job as my entry-level rotational program was ending. They advised me on how to negotiate salary, and my dad even sent me emails of scripts that I used when talking to hiring managers. I successfully negotiated from $83,000 to $100,000 with their help.

What was your first job and why did you get it?
My first job was as a peer tutor in sixth grade, making $1.50 an hour. I enjoyed being a peer tutor and was surprised when they started paying us!

Did you worry about money growing up?
Yes, in middle school during the Great Recession of 2008. My mom lost her job and had to accept a much lower-paying position. My dad lost his job and moved away for two years for a new job. Their family business (in an industry unrelated to their day jobs) was in trouble. My dad started the family business to support his younger brothers, and my mom was roped in to do accounting and taxes. It was so stressful for them. I remember crying under the covers during their shouting matches at night, wondering if I was the thing trapping them together.

Do you worry about money now?
Not really. I don’t worry about rent or groceries, but I worry about lifestyle creep. My salary doubled last year, and, thanks to my boyfriend, I have developed a new and expensive hobby: mountain biking.

At what age did you become financially responsible for yourself and do you have a financial safety net?
I would say I was responsible for myself at 26, when I got off my parents’ health insurance and got a job with benefits. I had previously worked jobs without benefits and I needed health insurance to cover my expensive medication for an autoimmune disease. I have a solid safety net and know I can rely on my parents but go out of my way not to.

Do you or have you ever received passive or inherited income? If yes, please explain.
Yes. My parents paid for college, minus $5,000 in scholarships. My mom also transferred $650 a month into my checking account to cover rent when I was working as an unpaid research assistant and when I was a full-time master’s student. I also received three COVID-19 stimulus checks: $1,200, $600, and $400.