Occupation: Part-Time Medical Laboratory Scientist
Industry: Healthcare
Age: 23
Location: Philadelphia, PA
My Salary: $33,000 (My base salary is $28 an hour. I work on a per-diem basis, so my hours vary greatly. Last year, I worked full-time and made $65,000. This year I’m working part-time because I recently had a baby.)
My Husband’s Salary: $141,000 ($121,800 plus bonus)
Net Worth: $64,760 (Husband’s 401(k): $62,000, my 403(b): $6,512, Roth IRA: $2,838, our son’s 529: $800, savings: $13,000, checking account: $3,000, value of my car: $21,000, value of my husband’s car: $9,000, minus debt)
Debt: $53,390 ($27,000 student loans, $20,390 car loan, $6,000 personal loan)
My Paycheck Amount: Varies
My Husband’s Paycheck Amount: (2x/month): $2,376
Pronouns: She/her

Monthly Expenses
Rent: $1,525 (for a two-bedroom, two-bathroom house I share with my husband, K., our infant son, L., and three cats)
Utilities: $150
Internet: $79.99
Personal Loan: $265
Car Loan: $330.10
Student Loan: $0 (I’m not currently making payments.)
New York Times Subscription: $4
Spotify: $13.99
Phone: $120 (for both our phones)
Health Insurance: $636.88
Savings: $1,200

Semi-Annual Expenses:
Car Insurance: $1,315 (comprehensive coverage for two cars)

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?
Yes. Both of my parents went to college, and I was regarded as a bright kid, so I was expected to go. My mom didn’t have any money whatsoever, so I went to the state university on various scholarships that paid for all of my room and board, plus a big chunk of tuition. I also got the full Pell Grant. My senior year, I was determined to be an independent student. I took out the full amount of federal loans each year. I tried to study something I knew would have a good return on investment. I worked a couple of part-time jobs in college just for groceries because my scholarships and loans covered everything else.

Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
All of our conversations were based on fear — fear of becoming homeless, mainly. I developed a very hand-to-mouth mindset as a result. My parents had a messy divorce. My family went from being wealthy to being on food stamps around the time I was born. After my dad got clean, he owed a lot of back child support, most of which we never saw. We were always in survival mode. We sometimes did not have enough food to eat or we’d have to spend winter nights in friends’ houses because we didn’t always have heat or running water. Things got better when I was in high school and our original house sold, but I’m traumatized. My family taught me to resent people with more privilege, and it took a lot of unlearning to let go of that when I met my husband, who comes from a far more privileged background.

What was your first job and why did you get it?
Besides dog walking and babysitting, I worked fast food starting at age 15. I got the job so I could start saving up for college and pay for my phone bill and some of my own groceries. I worked there through half of college as well. In college, I did a lot of random jobs: chemistry TA for ELL students, catering, figure modeling (got practically disowned for this one, not joking even a little), call centers, and summer camp counseling (came with housing). My first job out of college was at a trauma center in a rough area, on night shift. It made me tough, I’ll put it that way.

Did you worry about money growing up?
Yes, existentially so.

Do you worry about money now?
Yes. I worry that we don’t save enough. I’m frustrated that healthcare and childcare are so expensive. I wish my maternity leave was paid. The US is so hostile to families. My husband and I are working on getting our son dual citizenship (my husband has EU citizenship and grew up abroad) so that we can move somewhere more friendly when it’s time to have another baby.

At what age did you become financially responsible for yourself and do you have a financial safety net?
At age 19, when I left home for good. I was essentially homeless when school wasn’t in session, but I don’t regret leaving home early at all. I don’t have much of a safety net besides my husband. I think his parents would be willing to help if we were in dire straits, but I can’t imagine ever asking them to.

Do you or have you ever received passive or inherited income? If yes, please explain.
No, but my MIL watches our son so I can work. That’s more valuable to me than anything.

Source link

Previous articleAICTE Warns MBA, Engineering Colleges Against Sharing Faculty Members
Next articleCaregiving Crisis at Work: New Research Finds a Surge of Employees Giving Up Work to Care for an Elderly Relative