Loan payments: Student loans: $127.
Wi-fi: $20 per person.
Electric/gas: $30-$80/month per person depending on the time of year.
Gym: $25
Sisters account: $375. I have three sisters who I’m very close with and we are all very financially open with each other. My sisters and I have a shared checking account where we each contribute 5% of our annual salary. Any shared subscriptions are taken out of this account annually (e.g. Spotify Family, LastPass, Netflix, Hulu). We also use this account to pay for family vacations and other familial expenses. Our parents do not have much wealth and make hourly wages so this account also goes towards paying off any big debts they may have accrued and investing for their retirement.
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?
My parents came to the States in the 1970s, fleeing genocide in their country. After coming to the US with nothing, my parents strongly encouraged us to pursue higher education to learn things they never had the chance to and become “successful”/financially stable. All three of my sisters and I attended higher education. Our colleges ranged from state universities to private liberal arts colleges. We all paid for college ourselves and with the help of scholarships/grants. I’m the youngest and the only one left with debt from higher ed.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
My parents were extremely open about money. Since English is not my parents’ first language, my sisters and I often had to help my parents translate and mediate any medical/financial issues with providers. There really wasn’t any way to not have complete visibility into everything. I wouldn’t say that my parents consciously educated me on finances/money but because I had visibility early on into financial stress and thinking about how much money goes into supporting a household, I learned about money and how to be financially responsible from a very young age.
What was your first job and why did you get it?
I had two after-school jobs in high school to earn money for myself and to save for college. I worked at a coffee shop and an Italian restaurant where I made minimum wage.
Did you worry about money growing up?
By the time I was born, my parents were more financially stable. We weren’t struggling or living paycheck to paycheck, but I was aware that money was something I needed to think about.
Do you worry about money now?
Yes. I’m thinking about the future and caring for my aging parents who don’t have much in their 401(k)s. I live in a high cost of living city with a very active social life. I’m trying to balance living in the now and being responsible for the future.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I started working two jobs and saving up for college my junior year of high school. I got my first credit card my first year of college, at the behest of my eldest sister who thought I should start building up my credit, and worked two work-study jobs on campus. I’ve saved pretty heavily and now have a decent financial safety net. My sisters are also older than me and make much more/have larger safety nets, so I can always ask them for a loan if things ever get to that point.
Do you or have you ever received passive or inherited income? If yes, please explain.
A family member recently passed away. I received $15,000 and used it to give myself a safety net cushion in my HYSA.
