Industry: Academia
Age: 27
Location: Pittsburgh
Salary: $102,750
Joint income: I am married but my husband is not earning income at the moment. We have joint finances, since we recently got married. In the past six months we have taken a six-figure pay cut due to my husband leaving his job.
Assets: Individual brokerage account: $50,000; Roth IRA: $11,000; 403(b): $29,000. This is excluding my husband’s accounts but I believe he has roughly $105,000 in an individual brokerage and $50,000 in Roth/traditional IRA and 401(k).
Debt: $0
Paycheck amount (1x month): $4,461
Pronouns: She/her
Monthly Expenses
Housing costs: $2,860 (we rent a two-bed, two-bath apartment).
Loan payments: $0
Utilities: $300
Climbing gym: $120 (household membership).
Spotify: $12
Movie membership: $11 (movie and a free popcorn every month).
Massage subscription: $70
Health insurance: $350 employer-provided for me and my husband).
Car insurance: $60
403(b) contributions: $1,909
Therapy: $50
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 absolutely was an expectation that I’d attend college. Not only that, but that I would attend an “elite” college. It was considered settling if you just went to our state school. My mother paid for my college tuition, fortunately, since I did end up going to a small, private liberal arts college. I followed that up with four years in a PhD program, which was fully funded.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
There was never enough of it (and it was my fault somehow)! My mom was constantly stressed about having enough money and that was the main education I got: There’s never enough money so don’t spend anything and save all of it. My mom did tell me to put money in a Roth IRA…but then didn’t say anything about investing it (you know, the whole point of a Roth IRA). So overall I’d say my education was pretty minimal.
What was your first job and why did you get it?
My first job was counselor at a golf camp run by First Tee. I got the job because I had taken lessons from the two people who ran the camp. My first “proper” job was being a PhD student, and after that the role I have now. I got my current role by applying for the job, though it was at the university at which I completed my PhD.
Did you worry about money growing up?
Yes, and my mom let me know that I should be worried about it, too! Us kids were just so expensive and everything I liked to do just cost so much money. My mom would sweat every penny like we were on the poverty line and let me know that she was not happy when she had to spend money on me. So I grew up thinking that no matter how much money I made, it would never be enough, and that it was self-indulgent to spend any money on things you enjoy.
Do you worry about money now?
Yes, but for different reasons. I worry because when we signed our lease, we were a two-income household and could easily afford our rent. Now that we’re down to one income, rent is by far our biggest expense; it’s hard to cut enough corners to make up for it. I’m still able to contribute to my 403(b), which is great, but I know our expenses are outpacing my income at this point. However, we consider this an investment in our future as my husband has taken this time to start a new venture, and the returns from our brokerage accounts and investments outweigh the losses we incur every month.
At what age did you become financially responsible for yourself and do you have a financial safety net?
After college, at age 22 — I moved out almost as soon as I graduated. The only bills my parents paid after that were insurance (on my mom’s health plan) and phone. I do not consider my parents a financial safety net as everything they give comes with a cost (including my mental health). I also know that they would never let me forget it if I had to ask them for money, so I never have.
Do you or have you ever received passive or inherited income? If yes, please explain.
I do not, unless you count the interest I earn from investing (but I don’t withdraw from those accounts so it’s not really income). I was able to get an early start on investing because my father started collecting social security before I turned 18, so I got to collect social security for about a year before leaving for college, which gave me a nice nest egg.
