Yes, I grew up thinking that I’d go to college, and went to a private high school where everyone went to college afterwards. Both my parents went to college, and one of my grandparents did (but it was to become a minister, so a very different type of college than where I ended up!). I went to a public university when it was cheap and my parents paid for it out of pocket. I always worked, but that was really spending money as my parents paid my rent. I also have a master’s degree from a public university that I paid for myself out of pocket — I was a part-time student and took seven years to graduate. By my last semester, I had a two-year-old and a full-time job and was taking three graduate-level courses. Looking back, I don’t know how I did it!
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 a lot of money conversations. As I said in my previous diary, my dad had a good salary; my mom stayed home until I was in middle school (she went back to college to become a paralegal). We had a big house and went to private school, but we didn’t go on expensive vacations and rarely ate out. I think that was just normal for the 1970s/1980s. I used to help my mom write the checks for our monthly bills. I’d lick the stamps. There was a time when I was in middle school when some sort of investment my parents made went bad and I know they owed taxes. I remember my father being upset but I don’t remember that lasting very long.
What was your first job and why did you get it?
Babysitting at 12. My mom made me. Then I had a full-time office job the summer I was 16 and then delved into the (non-)lucrative world of ice cream scooping. I used my funds to pay for gas and clothes and snacks and such. By the time I left for college I felt like I had a lot saved up. It was probably $1,500!
Did you worry about money growing up?
No.
Do you worry about money now?
Yes. I worry about our credit card debt. My husband went back to a two-year grad school program four years ago. We formed a consulting business so he’d have at least some income, but we did incur some debt just taking care of normal stuff. That said, we did manage to pay for his degree, send our son to a one-month study abroad program last year, and hire a college counselor all out of pocket. Our credit card debt is still too high, but we’re working on it. I’m also worried about the price of college (coming up so soon — eek!). I’m not going to let my son end up with huge college debt. We’ve agreed that he’ll pay $5,000 per year into college. That can be a loan or money earned from campus jobs. He probably won’t work his first year, but he is a saver and already has something like $3,000 in his savings account (and he already has a CD account!). The rest we’ll pay through our college savings and cash and some help from my parents — they are about to sell their long-time home and have agreed to put $15,000 per year towards my son’s education. I’m beyond grateful.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I started supporting myself when I graduated from college at 22. But I’ve always known my parents would be there for me if I had a big financial issue. They’ve been generous with birthday and Christmas gifts over the years — a few hundred dollars here and there.
Do you or have you ever received passive or inherited income? If yes, please explain.
Yes, my grandmother gave me a $10,000 inheritance before she died and my parents each gave me $10,000 so I could buy my first property (a tiny apartment in Manhattan) when I was about 30. They also paid for my wedding and are helping with my son’s college education.
