Yes, absolutely. Thankfully, my parents have been very supportive of me wanting to get a degree in drama. My ACT score was high enough to pay for tuition; my parents paid for the rest (they considered paying tuition to be “doing my part”). People always understood that as long as I got as many scholarships as possible to help contribute, they would pay for the rest.
What kind of conversations did you have about money when you were growing up? Did your parents/guardians educate you about finances?
Growing up, there were many, many conversations. I was introduced to the Dave Ramsey envelope method when I was about 12 years old (thanks, Mom!), where you save some, spend some, and give some. She made the typical twenty-something mistake of ending up with a lot of credit card debt, and as she got older she became very serious about being more responsible with money and getting out of debt/no longer in debt. My dad, on the other hand, is an accountant for an insurance agency and he owns a condo in Florida and a house/boat on the lake. Therefore, their financial backgrounds are very different. He also talked to me a lot about money, especially the importance of working for what you have and saving for the future and the unexpected. I have a kid-sized ATM piggy bank that I think is the coolest thing ever and I save money for the things I want. I remember my first “big” purchase was a Nintendo DS Lite and the Hannah Montana game, which was about $130. I’m proud of myself.
What was your first job?
When I was 16, I started working at Altar’d State in the mall to make money. I loved (actually still love) clothes so the employee discount was the best thing ever because I love their stuff but it’s pretty pricey. My first paycheck was about $200, and I spent all of it on clothes. I remember telling my mom that I felt rich.
Have you ever been worried about money since you were a child?
Not really. I was concerned about money and how things were spent – for example, I went to camp every week in the summer for eight to ten weeks, and I was responsible for researching it, including schedules and prices – but my dad always paid for it all. We went to Florida every year, I always got my big ticket items for Christmas, and I took weekly dance, voice, and flute lessons for over a decade. I didn’t get everything I wanted, but I never wanted anything necessary.
Are you still worried about money now?
A lot less than I did a year ago! Of course, inflation always creates problems and wedding planning is expensive, but I’m more stable health-wise, which allows me to work more consistently and worry less about time off. I also have my fiancé’s insurance so there is no income limit anymore. However, the trend of “stretching budgets down to the last dollar” has not gone away.
At what age did you start taking responsibility for your finances?
When I turned 20, I started paying my own phone plan, health care, housing, and other bills. My car is now in my name, but my mom is still paying. My fiancé provides me with a huge safety net – he makes a very good salary and his job seems to continue to want to give him raises and bonuses – along with my mom, my in-laws, and my family.
Do you or have you ever received passive or inherited income? If yes, please explain.
In 2017, my mother and I were involved in a car accident, and we each received $40,000 in compensation. I bought a car and used the money I had left to pay for college after I cut ties with my dad. When I was born, my aunt helped me get a savings bond, and by the time I was 21, I had $5,000 in savings. . My mom took $15,000 from her 401(k) to pay for my 2023 nerve decompression surgery. income during the period. Due to medical hardship, I am eligible for 2024 bill assistance through my local hospital network. I still pay my doctor bills on the payment plan. Also, as mentioned earlier, my grandmother loaned me $5,000 to start my business.
