Yes, both my parents went to their flagship state school in the Midwest and I always pushed myself in school and wanted to go to college. My parents were much more frugal growing up and saved a lot for my college. My mom especially wanted me to have more opportunities to move away for college, as she was a first-generation student. They saved enough and I got about 70% of my tuition covered by need-based aid from my small liberal arts college. I worked in the summers and school year for spending money and covered the loans I received from the school via work study. I graduated in seven semesters and then got a master’s degree for teaching which I paid for with a settlement from being severely hit by a car during college.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
Honestly not much until my car accident (age 18), which resulted in a substantial settlement as me and my parents were pretty much unable to care for ourselves for about four months. I broke my ribs, sternum, and neck. Once we received the settlement a few years later and we had much more spending money, I understood that my parents had been aggressively saving. We were always comfortable but much more modest than a lot of people I grew up around.
What was your first job and why did you get it?
Teaching Sunday school at age 14 for money, but it was only a few hours a week. I started working at a restaurant at 15, also to make my own money. Once I was in high school, I pretty much paid for any food/clothes/friend-related things, but my parents very much paid for things like school trips/supplies, shoes, books, meals out, etc.
Did you worry about money growing up?
Not really, but it was clear that a lot of my classmates were spoiled by their parents and had access to their cars, credit cards, and so on. Once I got to college and a lot of my classmates were from the coasts and old money, I then felt more insecure, but never actually had to worry.
Do you worry about money now?
No, but pretty much all of my savings account comes from having a near-death experience getting hit by a car and getting a settlement. I had saved about $7,000 before the accident, almost all the rest until I started my career came from the settlement. To be clear, had I not been in the accident, I would worry more about money: I would have debt and only saved what I can from a teacher’s salary. Because of the accident, I have no debt and a sizable savings account.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I became financially independent when I started working as a teacher at age 23, one year after college when I completed my master’s. My parents supported me during my master’s as I essentially broke even on rent with a part-time job and food stamps.
Do you or have you ever received passive or inherited income? If yes, please explain.
My aforementioned car accident settlement (I guess, but not a passive experience) and then my parents paying for my education. I got a $5 allowance weekly from maybe age 10 to 14 until I started working, lol!
