Industry: Tech startup
Age: 26
Location: Brooklyn, NY
Salary: $90,000
Assets: Checking: $500; HYSA: $8,800; 401(k): $18,600; Roth IRA: $26,000; HSA: $1400; investments: $52,000
Debt: $0
Paycheck Amount (2x/month): $2,414
Pronouns: She/her
Monthly Expenses
Monthly Housing Costs: $1,800 (I split the rent for a one-bedroom with my boyfriend, O.)
Monthly Loan Payments: $0
All Other Monthly Expenses:
Gym: $80
Phone & Wifi: $177
Streaming: $5 (I get Hulu for free with my phone plan, mooch Netflix and Paramount off my dad, Max and Apple TV off O.’s friends, and pay for Crunchyroll, which O. and I split.)
Utilities: ~$180 (We pay for water, gas, and electric.)
Renter’s Insurance: $5.50 (split with O.)
Mattress Payment Plan: $60 (O. and I splurged on a fancy mattress with monthly payments at 0% interest.)
Apple Music & Storage: $20
NYTimes: $4
Substack Subscriptions: $15 (Maybe Baby, The Hyphen, and Postcards from Elle.)
Roth IRA: $250
HSA: $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?
My parents both have master’s degrees, and it was assumed from birth that I would attend a traditional college. I’m sure that if I had been really passionate about another path, they would have supported that, too. But I was book smart and attended a fancy private school K-12, where literally 100% of the senior class attends a four-year university. I only realized once I got to college how much of a privilege it was to not have to worry about the financial aspect of college when applying. My parents and grandma both had 529s for me. The money ran out by senior year, and it was stressful figuring out who was going to pay (my parents are divorced and fight brutally about money). I’m grateful that I didn’t have to take out any loans and that I had my parents’ full support.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
We never spoke about money, besides various fights I sometimes overheard. I went to private school, but didn’t understand that we were wealthy until I started interacting with more people from outside our bubble. Everyone else at school was so rich that I thought we were maybe average at best. I laugh about it now, but I wish my parents had spoken to me more candidly about their finances.
What was your first job and why did you get it?
My first job was an unpaid internship at a non-profit when I was 16. Everyone at school seemed to be planning very serious summers, taking classes or interning for family friends to put on their college applications. I didn’t want to get left behind, so my dad’s friend found me something to do. I got my first paying job the summer before college, when I was 18, managing social media and marketing tasks for a small business. I made $10 an hour and felt so adult.
Did you worry about money growing up?
I didn’t worry about money. I received a small allowance starting in elementary school. In high school, my parents divorced and my dad gave me my first credit card (without guidelines for spending). I went sort of crazy buying myself anything I wanted at places like Victoria’s Secret and Forever 21 at the mall, since growing up I would get new things only for birthdays/holidays and for the back-to-school season. It seemed amazing to me that I could buy things any time, and I got in pretty serious trouble with my dad for my reckless spending. At the time, I obviously loved it, but looking back I wish he would’ve enforced some guidelines and taught me about responsible spending. I still struggle with spending too much money and telling myself “no.”
Do you worry about money now?
In the short term, yes. New York is such an expensive place to live, and it’s been hard to save since moving here. My boyfriend, O., has been dealing with medical issues and living off his savings while he doesn’t have a job. I’m worried about what will happen when his money runs out; I feel like I can afford my life, but I can’t support us both. His field also doesn’t pay very much. Thinking about our combined finances feels like a ticking time bomb.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I graduated into the pandemic without a job, so I moved back home until moving to NYC two years ago. Moving out meant I was pretty much on my own, though my dad paid for my gym and out-of-network therapist when I first moved. I’m proud that I pay for everything on my own now, but I know my dad would float me some cash without question if I ever needed it (my mom is a different story — she’s in a pretty bad financial situation right now and is living off her retirement). If I needed to, I know I could move back in with either of my parents.
Do you or have you ever received passive or inherited income? If yes, please explain.
When my grandmother died, I received $17,000. Eventually I’ll get more, though the exact amount is unclear. Over the years, my dad has also gifted me $20,000 in investments for various milestones like high school and college graduation.
