Industry: Higher education
Age: 32
Location: Queens, NY
Salary: $68,000
Net Worth: $50,000 (401(k): $38,000; savings: $10,000; checking: $2,000)
Debt: $0
Paycheck Amount (2x/month): $1,810
Pronouns: She/her
Monthly Expenses
Rent: $900 (I live in my aunt’s two-family house.)
Car: $150 (my half, split with my brother)
Car Insurance: $150
Phone: $0 (on family plan)
Health & Dental Insurance: $186 (deducted from my paycheck)
Orangetheory: $207
Netflix, HBO & PBS: $35 (share with family)
Amazon: $15
T-Shirt Subscription: $25
Savings: $500
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. Both my parents attended college but did not graduate. It was very important to them that I go to college and at least get my bachelor’s degree, which I did. My parents had a 529 account for me, and I was lucky enough that my mom works at a university. I was able to go to school for free and use my 529 for books and other education costs.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
My parents instilled in me at a young age how important it was to save and be debt free. I opened a passbook account when I was seven and saved all my money. I did not touch that money until I was 18. Other than telling me to save, my parents did not really talk about finances.
What was your first job and why did you get it?
I babysat for neighbourhood families and enjoyed it. I had to work for any extras, like if I wanted new clothes or a bag. Those kinds of things were on me.
Did you worry about money growing up?
Not really. We always had what we needed. We weren’t well off, but I also got to do pretty much whatever I wanted. I danced and played sports. I had a birthday party every year, and Christmas was great. It wasn’t until I was older that I truly appreciated how hard my parents worked for everything we had.
Do you worry about money now?
Honestly, no. I’m lucky enough that I live with family, and if I fell on hard times, my aunt would help me out. I always have the option of moving home. I have a great relationship with my parents.
At what age did you become financially responsible for yourself and do you have a financial safety net?
Can I say I’m fully responsible for myself? No. My mom insists on paying my phone bill, and I live with my aunt who is beyond generous with what I pay for rent.
Do you or have you ever received passive or inherited income? If yes, please explain.
My grandma passed away a few years ago and left me $5,000. I used that money to put a down payment on the car I share with my brother.
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