Absolutely. Growing up, my parents both had their bachelor’s and were in the camp of “You must do some sort of education after high school.” To them, this meant college or a trade school. It was never a question of if I would go to college, the question was where I would go. That being said, they also made it clear that I would be 100% responsible for paying for school. I received scholarships (both merit and need-based) that paid for the majority of college, including some room and board. The student loan I have paid for the honors college room/board (the most expensive dorm at my school) for my freshman year of college. After that, I lived in a cheap apartment off-campus and worked two or three jobs at a time so I wouldn’t have to take out more loans.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
I had minimal direct conversations about money with my parents, but there were always comments made about what we could or couldn’t afford. I never really knew how much they made, but I knew we were middle class and didn’t worry about necessities. My mom taught me how to shop for store-brand items and how to find the best deals in the grocery store, and at one point once we were all adults, my brother made a comment that he thought we were poor growing up because we ate beans and franks so much (my mom didn’t like to cook). I knew my dad was the higher earner, but he was also the more frugal one. My mom always has her nails done and a newer car, but to this day my dad still drives the same truck he bought when I was in middle school. We always had enough money to get friends presents for their birthday parties, but we rarely went on vacation, and when we did it was domestic and we would drive to the destination instead of paying for plane tickets. After my parents divorced, it was very clear that my mom was horrible at managing money. To this day, she borrows money from me sometimes, but she still gets her nails done. My dad got laid off from his high-paying job when I was a senior in high school, and this was the first time he was honest with me about money. His day-to-day spending habits didn’t change too much from what I noticed, but he wasn’t able to give me a graduation gift and would make jokes that our inheritance was gone.
What was your first job and why did you get it?
When I was 13, I worked for a family friend’s food trailer in the summers. Think funnel cakes, ice cream, and food you’d find at a state fair. I would often work 70-80 hours a week earning $8 an hour cash. This would be my spending money throughout the year, since I did not get an allowance and my parents were not the type to give me money to go to dinner with friends or buy my prom dress. I did this every summer until I went to college and found a less strenuous job in my college town that I could work throughout the year.
Did you worry about money growing up?
Yes and no. I knew we were never in danger of losing our home or not having food on the table, but I was always scared to ask my parents for things. For example, in middle school I was offered a spot on a traveling volleyball team. However, it would cost a few thousand dollars between all of the fees, equipment, and travel costs, so I turned it down without even asking my parents if we could stretch to it. I knew the answer would likely be no, or that my dad would try to make it work to make me happy but it would mean quietly sacrificing something for himself.
Do you worry about money now?
I do, but I think that’s part of the nature of my job. I manage money and plan finances for wealthy clients, so I look at their budgets and net worth all day. It’s hard not to compare yourself and worry when you’re looking at someone five years older than you earning 10 times what you make. That being said, I know I make great money for my age and I have a comfortable budget where I can save a good chunk of money monthly and still enjoy living in the city. I do have a hard time saying no to events and outings with friends, but this means I put off other purchases (like furnishings for my apartment) until I really need to buy something (if I can’t find it cheap/free off Facebook Marketplace first).
At what age did you become financially responsible for yourself and do you have a financial safety net?
I became financially responsible for myself the minute I went to college. Neither of my parents are in a spot where they can help me out monetarily (in fact, I’ve loaned money to both of them in the past, and I still occasionally loan money to my mom or buy her gas while I’m visiting). If I was in a really tough spot, I could move in with my dad and stepmom, but this would be a last resort (and isn’t something they would offer even if they heard I lost my job; I would have to ask).
Do you or have you ever received passive or inherited income? If yes, please explain.
No, and I don’t expect to receive anything from any family members.
