Research Assistant In Madison, Wisconsin — Money Diary

Monthly Expenses
Monthly Housing Costs: $555 (I share a two-bedroom apartment with P. in university housing)
Monthly Loan Payments: $0
All Other Monthly Expenses:
Utilities: $20-70 (split with P.)
Spotify/Hulu: $5.99 (student deal)
Crunchyroll: $7.99
Health & Dental Insurance: $44 (deducted from my biweekly paycheck) Medication: $10
Savings: $1,360.90 (This is half of my paycheck. It gets deposited directly into my regular savings account, which I deposit into my HYSA when enough has accumulated.)

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, there was definitely an expectation for me to go to college. My parents really value education and financial security. Growing up, there was a lot of pressure for me to excel at school and get admitted into a prestigious university. I am extremely fortunate that my parents were able to afford in-state tuition and living costs during my four years in college, so I have no student loans — a fact I do not take for granted. Currently, I’m enrolled in a PhD program, which not only has no tuition costs, but even provides me with a stipend with which to support myself.

Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
My mom emphasized the importance of saving money; she is the most frugal person I know, and my sister and I take after her. My sister advised me to open a HYSA and Roth IRA after I became financially independent, but she was surprised I did not already know of such things.

What was your first job and why did you get it?
Aside from the occasional babysitting gig during high school, my first job was with Jumpstart, the AmeriCorps program that recruits college students to teach in preschools in underserved inner city neighborhoods. I got the job because I was inspired by my civics class in high school to serve the country, and I have a soft spot for young children. Even though my parents were supporting me financially, it was still nice to have some money saved up; this money, along with the money I later made tutoring, helped fund my move to Wisconsin after college.

Did you worry about money growing up?
No, not at all, and I am very fortunate that was the case. As an upper-middle-class family from an affluent community in California, my family always had more than enough.

Do you worry about money now?
For the most part, I don’t, because I am very fortunate to have no debt or overwhelming financial obligations. But I do wish my net worth were higher, since I feel that I don’t have nearly enough money to afford a house anywhere I dream of living, or to pay for daycare if I were to have a kid (my partner and I would both want to work full time, so daycare would be a necessity).

At what age did you become financially responsible for yourself and do you have a financial safety net?
I became financially independent when I turned 22 and moved across the country to start a new life in Madison, Wisconsin. Luckily, I had enough money saved up from jobs I took in college to fund the move and the first month before my first paycheck. Since my parents are well-off, they are my financial safety net, a fact I do not take for granted at all. I have never asked for their help financially since my move across the country.

Do you or have you ever received passive or inherited income? If yes, please explain.
I haven’t received an inheritance yet since my parents are, luckily, still alive and healthy, but I expect they will leave a sizeable one for my sister and me. Again, I do not take this inheritance for granted at all and am resolved to not rely on it financially.