Industry: Tech
Age: 24
Location: San Francisco
Salary: $65,000
Net Worth: -$87,723.09 (checking: $1,737.52; travel savings: $846.78; HYSA: $1,265.61; minus student loans)
Debt: $91,573 (all student loans)
Paycheck Amount (2x/month): $2,093.46
Pronouns: She/her
Monthly Expenses
Rent: $0 (I currently live with my parents. I moved in with them after completing my master’s in Europe about a year and a half ago. They moved from Texas to California while I was away at school, so I’ve felt a lot of culture shock moving from Texas to Europe to California in a short period of time.)
Student Loans: $0 (My student loan payments are currently $0 because I was unemployed the last time I set up my payment plan, about two months ago. When I started my new job, I had to wait until I got a bank statement with my paycheck included. I have everything required to update it now, I just haven’t gotten around to it.)
Apple Storage, FaceApp, Spotify: $18.97
HYSA: $1,295 (I started saving this month since getting the new job. About 30% of my salary automatically transfers to my HYSA because I’m saving to move to New York in April. I’ll add extra depending on the amount in my checking account.)
Travel Savings: $200 (I also just started this. I’ve added more lately because I’ve felt financially comfortable enough to do so.)
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 knew I would attend college from the time I learned what it was. I didn’t consider any other options. All of my three older sisters went to college, so it was just expected. My dad went to college, but my mom didn’t finish college, and my dad, an engineer, was the “breadwinner” of the house, while my mom was a stay-at-home mom. When she did need jobs, she had trouble finding them, and that was also a big motivator for me to go to college. I used student loans to pay for my education.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
We didn’t have conversations about money. My parents had the attitude that their money and finances weren’t their kids’ business, so we never spoke about it or about financial literacy. I think a large part of this was because they didn’t want me to know the full financial situation when my dad was unemployed when I was in middle school. My dad was always there to help out if I didn’t understand something but it wasn’t something he purposefully sought to teach.
What was your first job and why did you get it?
Technically, my first job was at a Hawaiian shaved ice place. My sister, who occasionally worked there at the time, got me the job when I was 15. My parents were already hounding me about getting a job for extra spending money, so I worked a couple of shifts there. The first job where I was regularly on the schedule was PetSmart. I worked there the summer before college to save up spending money. I worked in the kennel area and loved playing with dogs everyday.
Did you worry about money growing up?
Yes. My family’s financial situation drastically changed during the 2008 recession, so it was hard to understand why my lifestyle changed, especially when my parents wouldn’t talk about finances and I was left in the dark about our financial situation. I understand why they hid it from me, but it left me feeling helpless.
Do you worry about money now?
No. I currently live at home with my parents, so I have almost no expenses and no one is dependent on me. However, in the first few months of moving back home, they put a lot of pressure on me to find a job, which negatively affected my mental health. They didn’t initially understand when I tried to communicate that I wasn’t doing well with this pressure, however they backed off when my mental state became visually apparent. Now, it’s very relaxed at home. I have my own space (for the most part), frequently go out to dinner with my parents, don’t have house rules, and we live in a luxury building. I’m very grateful that they allow me to stay with them and cover most of my living expenses. I realize I’m very spoiled and privileged. All that said, I do feel like I should be worried about my student loans, but growing up and always hearing about student loans has kind of numbed me to them.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I’m not yet financially independent. I’m planning on moving out of my parents’ place in April 2024. I don’t have rainy-day savings but I know I can always get support from my parents if needed.
Do you or have you ever received passive or inherited income? If yes, please explain.
No.
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