Industry: Government
Age: 51
Location: Philadelphia
Salary: $190,000
Joint income: $374,000. Husband makes $184,000; both of our paychecks are directly deposited to a shared checking account.
Assets: Joint checking: $36,997; joint savings: $30,145; my Thrift Savings Plan: $840,364; husband’s Thrift Savings Plan: $1,219,925; my HYSA: $202,656; husband’s HYSA: $202,318.
Debt: We still owe $11,542 on my car.
Paycheck amount (biweekly): Me: $3,954; husband: $3,690.
Pronouns: She/her
Monthly Expenses
Housing costs: $2,625 (we rent).
Loan payments: $769 for my car (I borrowed at 0% interest for three years).
Renter’s insurance: $42
Car insurance: $208
Motorcycle insurance: $51
Health insurance: $504 (comes out of husband’s paycheck).
Dental/vision insurance: $98 (comes out of husband’s paycheck).
Electricity: $184
Gas: $135
Donation: $200
Kids’ college stipends: $500 each for two kids (total of $1,000).
Gym: $15
Hulu Live: $87.97
Apple TV: $10.79
Netflix: $15.49
Cell phones: $85.37 (for four phones).
Internet: $69.99
Panera Sip Club: $16.49
Thrift Savings Plan contributions: Me: $1,180; husband: $1,175.
Savings account contribution: $3,000 ($1,500 each pay period).
Other Expenses
Water: $200 (quarterly).
Amazon Prime: $139 (annually).
Peacock: $64 (annually).
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?
There was definitely an expectation for me to go to college, but there was a lack of help on how to actually get into college. Thank goodness for teachers and guidance counselors along the way! I ended up getting a full ride for my undergrad degree. Over the years, I’ve earned two master’s degrees (my master’s in HR was paid for entirely by my employer at the time; my MBA was 75% paid for by my employer).
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
Growing up, my father definitely encouraged me to save money. Whenever I got birthday or Christmas money, he took a portion of it and put it in a savings account for me. My father was also incredibly frugal and I believe I inherited that from him. Once my parents divorced and I went to live with my mom, we often had money woes. Oftentimes, my mom would ask to borrow money from me, which was rarely repaid.
What was your first job and why did you get it?
My first job was as a newspaper delivery girl six days a week when I was in middle school. I was responsible for delivering newspapers for an entire apartment complex and collecting money from my customers. I was compelled to get a job as soon as possible because it was the only way that I had any spending money of my own. I have worked continuously since.
Did you worry about money growing up?
I did worry about money growing up, mainly because once my parents divorced, there never seemed to be enough to make ends meet.
Do you worry about money now?
I absolutely worry about money now — and I realize that is pretty absurd given my salary and net worth. I believe that growing up below the poverty line was so traumatic for me that it caused me to forever believe that I am but a day away from having nothing. To this day, I waste nothing and will rarely buy something unless it is on sale or I have a coupon for it. The nest egg that we have amassed is a direct reflection of this scarcity mindset that I cannot seem to shake.
At what age did you become financially responsible for yourself and do you have a financial safety net?
While I always had room and board growing up, I had to work so that I had spending money. Once I had a job, I was then expected to pay for anything beyond food and lodging, like my clothes, school supplies, tutoring, and field trips. My mother’s take was, “Why would you ask me for money when you have money?”
Do you or have you ever received passive or inherited income? If yes, please explain.
No.
