Yes. It was always expected that my siblings and I would either go to college or trade school. I attended an in-state university and my parents paid for all my expenses. My husband M. went to the same college, and he paid for his education through scholarships, jobs, and with a little help from his parents.
Growing up, what kind of conversations did you have about money? Did your parent(s) educate you about finances?
My parents had a lot of conversations with my siblings and me about saving money, living frugally, investing, and planning for retirement. My parents really emphasized good money management habits. As soon as I got my first job, I started contributing to my Roth IRA.
What was your first job and why did you get it?
My first job (besides babysitting local families with my sisters) was as a stocker at a supermarket. I got the job to save money; I was 17 and wanted to have some personal savings before going to college. My parents also encouraged me to get the job so I could contribute to a Roth IRA and so that I could gain work experience.
Did you worry about money growing up?
No, I always felt very financially secure.
Do you worry about money now?
No, I think we are in a good place with our finances and I know we live frugally.
At what age did you become financially responsible for yourself and do you have a financial safety net?
M. and I got married a few months after graduating from college, and so I never lived in an apartment alone or had to support myself on my own income. I guess I would say I became financially responsible once I graduated from college, but I lived with my parents until I got married.
Do you or have you ever received passive or inherited income? If yes, please explain.
My parents paid for my college in full and helped me buy my car. M.’s parents helped him with some college expenses and also helped him buy his truck. My grandparents contributed heavily to my Roth IRA (I don’t know the exact amount) once I had earned income as a teenager, and they also gifted me the majority of what is in our stock account over the years. M.’s grandparents have a trust set up for each of their grandchildren, so my husband will receive $200,000 from that at some point, but not until his own parents pass away. So hopefully we are far into retirement before we have access to it.