Industry: Consumer packaged goods
Age: 31
Location: Chicago suburbs
My Salary: $139,000, plus a $20,000 bonus target
My Husband’s Salary: $100,000, plus a $20,000 bonus target
Net Worth: $537,000 ($165,000 in my 401(k); $140,000 in my husband’s 401(k); $90,000 in a brokerage account; $25,000 in liquid savings; ~$25,000 for the value of one car we’ve paid off; $22,000 for the value of another car we’re still paying off; $560,000 in home value, plus $12,000 in my son’s 529 that I don’t count in the above total.)
Debt: $490,000 ($480,000 left on the mortgage and $10,000 owing on our second car at 0% interest)
My Paycheck Amount (1x/month): $7,600
My Husband’s Paycheck Amount (biweekly): $2,900
Pronouns: She/her
Monthly Expenses
Mortgage: $3,900
Gas: $90
Water, Trash & Electricity: $150
Car: $636 (0% interest for 48 months)
Car Insurance: $187 (for both cars)
Daycare: $1,440 (for our toddler, L.)
Health & Dental Insurance: $380 (This is for all three of us. It’s deducted from my pay.)
Phones: $80 (My employer reimburses me $60 per month.)
Gym: $140
Netflix, Disney+, Apple TV+, Spotify & HBO Max: $62
YouTube TV: $60
Wall Street Journal & The New York Times Student Memberships: $15
Investments: $1,500
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. I went to a Big Ten college on an academic scholarship with some help for rent from my parents. I had a $5,000 student loan that my parents agreed to pay off, but I always worked to afford food and my car.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
My mom had a lot of issues, and my parents divorced when I was young. My father was always worried about money and not great at saving, so I grew up with a lot of financial anxiety that still manifests today.
What was your first job and why did you get it?
I was a cashier at a grocery store, mostly because that’s what my older sister did!
Did you worry about money growing up?
Absolutely. My dad was constantly talking about how we couldn’t afford things, and then spending on things we didn’t need, like DVDs. It always made me feel out of control. Now control is a big aspect of my relationship with money. It took me a long time to feel comfortable investing in the stock market outside of my 401(k).
Do you worry about money now?
Not usually. I definitely have moments of anxiety that I will lose my job or have to dip into savings, or that the larger US stock market will fail, but I try to tamp down those fears because I’m in a really great place.
At what age did you become financially responsible for yourself and do you have a financial safety net?
At 22, I was off all the insurance and phone bills and getting a regular paycheck from a full-time job. My husband, B., and I definitely have more money now than most people in our family, but there are definitely those who would help if something came up.
Do you or have you ever received passive or inherited income? If yes, please explain.
B.’s father gave us $10,000 to invest in the stock market.
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