Yes, my parents saved up 529 plans for my sister and me. I went to an in-state college and was able to graduate debt free. There’s definitely a heavy emphasis on education in my culture. I’m considering getting a graduate degree but the cost of it makes me second guess myself.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
Mom was very frugal, very good at budgeting and saving. Dad emphasized spending money on things that made lifestyle better. Being immigrants to the U.S., I definitely grew up with a scarcity mentality. We rarely ate out, and we saved everything, but it all felt OK to me at the time, because I didn’t compare my family too much to others on the financial side.
What was your first job and why did you get it?
Tutor in high school for extra spending money! It was a good use of my skills and paid decently well at $20 an hour, so it worked out.
Did you worry about money growing up?
Yes, all the time. My parents constantly fought and my mom moved in and out of living with my dad, so things felt tight all the time and very unstable. It felt like money was a means to freedom and deciding things on your own terms.
Do you worry about money now?
Yes, I used to work in a much higher-paying field, but took a pay cut to switch industries into something that I find much more sustainable and interesting. I lowered my earnings power, but it felt worth it to switch into a lifestyle that I felt suited me and my personality in the long run. I don’t worry too much on a day-to-day basis because Z. and I have good joint income, but I do feel ambitious and want to raise my earnings power through promotions and start some fun side hustles. The aforementioned industry switch is also why I have a good chunk of net worth saved up. I think on longer horizons now than I did a few years ago where I worried about the near term. Now, I think about when we will be able to afford a bigger house and children, as well as what types of trade-offs we will need to make.
At what age did you become financially responsible for yourself and do you have a financial safety net?
During college I was responsible for living expenses outside of rent and tuition. After I graduated I became fully financially independent. I think my family would allow me to live with them if I really needed to.
Do you or have you ever received passive or inherited income? If yes, please explain.
Yes, my mother gifted me a rental property, and my grandmother left me $20,000 when she passed. My husband gave me half of the condo we live in when we married, and now I am contributing to the mortgage as well.
