A Week In New York On A $37,700 Salary

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?
Definitely. My dad graduated college and my mom graduated high school, and they emphasized working hard and getting a degree while also teaching us “street smarts”. They were encouraging, but they both grew up in Ireland and so they were not able to be super helpful with the American college application process. I attended a city school on full scholarship for college, and then worked for a few years as a nanny and a tutor to save money for law school. I am currently in law school on partial scholarship, but that doesn’t cover everything, even with federal student loans. I elected to go to law school part time so that I could work ~35 hours a week to cover tuition and living expenses. For my last year, my parents are helping out with tuition ($600 a month) to help me cover the last bit.

Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
We didn’t have a lot of conversations about money. We knew not to ask for things we didn’t need, and were taught to be appreciative of what we had. My parents taught us the importance of always having some cash saved, buying property if we can, and paying off credit cards in full. My dad’s cousin works in finance and always told us about the importance of investing, but I am only just now starting to put my focus on that — she will definitely be someone I chat with about money in the coming months and years for advice.

What was your first job and why did you get it?
I babysat and did some cat sitting as a preteen for people in the neighborhood, but my first W2 job was as a sales associate in a clothing store when I was 15, and I also lifeguarded at a summer camp that year. I got the job for pocket money so I could hang out with my friends.

Did you worry about money growing up?
For the most part, no, thankfully. Both my parents worked and my dad was a union member with good benefits. My parents own their home and there was always enough money for a vacation and everything we needed. When I got into my preteens and teens, I worried more about it as I became more aware, as work was not going well for my dad and my parents were paying for college for my older brother. It informed my choice in college as I didn’t want to add stress.

Do you worry about money now?
Yes. I am so lucky not to have loans from college, but my law school loans scare me. I turned down a full law school scholarship for a partial scholarship at a school that was higher ranked, and I’m worried that was the wrong choice. The school I went to was supposed to lead to better job prospects, but the post-grad fellowship I secured is not high paying. That said, I am incredibly lucky to have secured something, as a lot of my public interest-minded friends haven’t found positions due to the current political landscape. I also work while going to school, but it still doesn’t feel like enough. My little sister is already making good money and I just feel like I’m behind, especially as I had to borrow money from her last month to go to a friend’s wedding. I also have some dental problems due to being pretty sick during my adolescence, and I worry about costs related to that in the future. Long story short, money is definitely a trigger for my anxiety, and while the last couple years I’ve largely been avoiding thinking about it, I’m trying to get a better handle on things now, hence the low amounts in my HYSA and Roth.

At what age did you become financially responsible for yourself and do you have a financial safety net?
I first became financially independent at 22 after college when I moved to Spain to teach English. That said, I am not fully financially independent right now and my family is a key safety net. I moved home for four months rent free when the pandemic hit, and then moved home again for three months after a breakup a couple years back. I have managed things the last few years, but this school year, my parents have helped with $600 a month for tuition payments that aren’t covered by my scholarship, loans, and my own savings. They are also currently covering my phone payment on the family plan. I feel incredibly lucky to have my family as a support system.

Do you or have you ever received passive or inherited income? If yes, please explain.
When I was in college, my parents covered my groceries and transportation costs and I got a small stipend as part of my scholarship. When I turned 25, a family member (my dad’s cousin — the one that works in finance) gave me $5,000 based on bonds she had gotten for my siblings and me since we were born. I used the money to pay off some of my student loan, put money into savings (which I used to pay tuition), and paid the security deposit on the apartment I was moving into. I also received a scholarship during law school.