Yes. The expectation for good grades was very high and that naturally translated into the expectation to go to college… Otherwise what is the point of good grades? I also had a strong drive to leave the area I grew up: it was pretty economically depressed and I couldn’t see opportunities there. From the time I was about 13 I hyper-fixated on becoming a lawyer (maybe a Law & Order and Ally McBeal effect?) and held true to that fixation. I paid for undergrad and law school completely on my own through a mix of need and merit based scholarships, lots of loans, and working numerous jobs through school. I graduated with soooo much debt, lol.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
I grew up with a large family and we were very cash strapped all the time. That led to a full scarcity mindset and that is what I took away as a financial education. I was taught that if you just work hard it will all work out but that did not really translate into how to work smarter. The only other serious conversations about money were to avoid credit cards at all cost. I received no information on investing, saving, budgeting, or other practical aspects of money management.
What was your first job and why did you get it?
At 14 I started work at a laundromat where I was paid a whopping $4.15 under the table in cash. From that day on I held two or three jobs until my early 30s (see above: working harder not always smarter). I got my job to be able to afford anything over the bare minimum that my parents could not afford. I have a big family and it was very clear that hand-me-downs and packed lunches were your fate unless you got a job to afford something else. I would have liked to save for college but the reality is that I spent that money on things like prom, senior pictures, and other things that were hard for my parents to afford but that felt like a necessary part of the high school experience.
Did you worry about money growing up?
Yes, for sure. While my parents provided a lot of safety for us in their love, care, and interest in our lives, we always knew we were barely scraping by. It was very scarce when we were little kids and we had very set meals with no leftovers and had to pray for furniture we needed. As we got older, it got a bit more stable and all our basic needs were always met but we were told “No, we can’t afford it” almost always. There was still a lot of effort put into giving us happy, fulfilled memories. We took road trips to camp and hike, had regular family game nights, and had lots of quality time as a family. These helped counteract the stress, but we knew from a young age that when you turned 18 you were on your own and needed to start to prepare for that fate.
Do you worry about money now?
Yes. I am federally funded at work and am really worried about losing my job. I have just gotten to a really stable financial place where I have a high salary and have really reduced my debt. I have only had this high salary for about a year and it is a huge jump from where I was, so please don’t come for me when you see how little I have saved! I have been working on my own financial literacy and where to prioritize decreasing debt, savings, and investments. Right now I am hyper focused on rebuilding my safety net while I still have a job.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I teeter between saying 18 and 23. At 18 I went to college and all financial management was on my own. I went to all the financial aid meetings, applied for loans, and paid for every expense. But I was able to go live back home for free during breaks from school and remained on my parents car insurance until after graduation. I also lived back home for nine months or so after law school at 23 while I studied for the bar, but was responsible for contributing to bills and buying my own groceries. The stress feels like it started at 18 though!
Do you or have you ever received passive or inherited income? If yes, please explain.
No, lol.
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