Yes, absolutely. I am not really sure I ever realized there was a path other than a four-year university. My mom didn’t graduate college until I was in high school, so she was always adamant that we not repeat that. Plus, I was an excellent student, so the path fit. If I could go back and do it now, I would definitely go to community college for a couple of years and/or take a gap year — I was too young and too naïve and really struggled in college. I was fortunate that my parents paid for my schooling and room and board at a public state school. They said if I wanted to go out of state, I would have to pay the difference, so it was a no-brainer to stay in-state. I worked a couple of jobs every year to have spending money and was fortunate to graduate undergrad with no debt. I got my MBA while I was working full time a couple years later. My company at the time paid for 100% of tuition and books, so I was also able to graduate with my master’s with no debt as well.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
We learned how to balance a checkbook and had savings accounts. The message was always don’t spend more than you have and save as much as possible, but specifics were lacking. They did tell me to put as much as I could into my 401(k) when I started my first adult job, which was very good advice. We now talk more about finances since my parents are nearing retirement. It has been extremely helpful to see their perspective now as well as to know what their financial situation is to make sure they have enough to do what they want/need to in retirement.
What was your first job and why did you get it?
I worked at a gym folding towels and cleaning locker rooms when I was 16. I got a free gym membership, and we had a lot of fun. I got it for spending money and an international student trip I was going on. I mostly used it for Auntie Anne’s pretzels and Abercrombie & Fitch sweatpants.
Did you worry about money growing up?
Worry is a strong term — aware is probably better. My parents divorced when I was very young and split custody. My mom remarried fairly quickly and was well off. We had a nice house, went out to eat, had all the latest gadgets, etc. My dad was single for a long time and was unemployed many times. We lived in a tiny apartment and never had any luxuries. We always had food on the table and were able to do school activities, but it was a strange mindset to have such opposite lifestyles for half the week. My dad remarried when I was in high school, and things evened out much more, and I wasn’t concerned after that.
Do you worry about money now?
Not really. I would like to retire early so I am always concerned I am not putting enough away or that I am doing too much reckless spending. I am prone to anxiety, so I’ve got to have something to worry about! But day to day (and even long term), I know I am in a good spot.
At what age did you become financially responsible for yourself and do you have a financial safety net?
At age 22, when I moved out of my parents’ house. I had a full-time job when I graduated college, but I lived at home for about 10 months (for free, thanks dad!) to save up money. I have a decent amount of savings as a financial safety net. I also know that I would be able to move back in with either set of parents if I needed to.
Do you or have you ever received passive or inherited income? If yes, please explain.
My mom gave me $35,000 to help with the down payment for my first condo. The agreement was that I would pay her back with a percentage of the profit when I sold. However, I sold that condo for a loss, so she told me to just roll the money into a new condo. I also sold that second condo for a loss (buy high, sell low — that’s how real estate works right?!) so she told me to roll the money over again. If I had to guess, she will never make me pay it back. I know she gave my sister some money when she needed it with no expectation of repayment. But I will continue to ask her about it, as I am in a spot to pay her back if she wants me to. I assume we will inherit some money when my parents die, but my wish for them would be to spend everything they’ve got while they can, and I am planning my life as if that is the case. I also just started receiving $50,340 (USD) rental income annually when I rented out my condo after I moved at the beginning of the year. I make very little money off this; the intent was to cover my mortgage and HOA.
