A Week In Boise On A $48,000 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?
There was, but I loved school with my entire being and always did very well academically so there was no question in my mind that I’d go to college. Both of my parents are college-educated: My dad received an undergrad and master’s degree in petroleum engineering, and my mom received an undergrad degree in chemical engineering, although she became a stay-at-home mom once she had her first kid (me). They were extremely supportive of me going to college, although they would have been supportive no matter what career path I took as long as I was happy and able to provide for myself. I went to an out-of-state private liberal arts university and spent a full year abroad, and graduated with an English lit and philosophy degree. I am so, so extremely privileged and lucky because my parents covered my full tuition and housing and I didn’t have to take out any loans or work during the school year (I worked full-time retail jobs during the summer to cover daily living expenses). I did work my tail off to graduate a full semester early in order to save my parents some money because I knew they were also paying full tuition and housing for my three younger siblings. It was explicitly stated that any additional schooling would be on my dime, although my dad has told me that he will loan me the money so that I won’t have to take out any student loans with interest. Again, I recognize how much of a privilege this is, and to this day I thank my parents profusely for such a gift. They have told me they expect me to do the same for my children.

Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
My dad was and still is my go-to for any advice on managing my finances and investments. As early as I can remember, both of my parents stressed the importance of living well below your means. I was encouraged never to carry credit card debt or take high interest loans if I could help it, to save most of the money I made, and to take good care of everything I own and invest in repairs rather than buying something new.

What was your first job and why did you get it?
My first job was babysitting for a neighbor at 13, and I very quickly became the go-to neighborhood babysitter for five or six different families. I did this all the way up until I left for college. I actually made bank; I think at one point I had something ridiculous like $3,000 in cash sitting under my bed, until my mom made me open a bank account. I used this money for fun spending on clothes, makeup, books, music, movie theater tickets, snacks my parents wouldn’t buy, etc.

Did you worry about money growing up?
Not at all. Growing up I figured we were solidly middle class but because of how comfortable we were, I didn’t really think about it. Both of my parents grew up lower-middle class, and to this day, even while extremely comfortably retired, you would think they still are in the way they treat money. Looking back now, I realize that my dad built up quite a bit of wealth during his working years, and that we were closer to upper-middle class. We lived in a giant, seven-bedroom house that my dad very quickly and aggressively paid off the mortgage on, my parents paid for my siblings and I to go to private high school (and later on, for three of us to go to private university and one to a trade school), and we all did expensive extracurriculars like piano lessons/soccer/horseback riding/downhill skiing/swim lessons/summer camp. On the flip side, because they invested so much in our education and hobbies, we went on one vacation a year to visit grandparents, it was a very special treat to go out to eat or get new toys or clothes, my parents drove their cars into the ground (and my dad did most of the mechanical work on them), any home renovations were done by my dad, my mom utilized extreme couponing when grocery shopping and my parents never bought any luxury items (or anything nice for themselves, really). I feel so extremely privileged that my parents worked so hard and managed their money so smartly to give us that kind of upbringing. I am eternally grateful.

Do you worry about money now?
Ohhh yes I do. During COVID-19 I was working in the mortgage industry as a loan processor and making anywhere between $70,000 and $85,000 per year. I aggressively saved most of this income to pay off my first car and a lot of credit card debt (which I’d racked up in my early 20s due to very poor decisions), build a solid savings account, and cover the very expensive move from my home state to Boise. My HYSA account is the remnants of this income. Once the interest rates skyrocketed, I was laid off not once but twice in 2023, and was unemployed for a total of four months. I couldn’t find a single job that would pay me anything close to what I’d been making as a loan processor, and was finally forced to take my current, entry-level job despite trying to negotiate a higher salary, which has been extremely humbling. I am far overqualified for the work I do (essentially admin work) and bored out of my mind; it’s a double blow because a few weeks before I was laid off from my first job, I was told I’d be receiving a promotion to operations manager of my branch. I’m still applying for jobs but this job market — and particularly my industry — is insanely rough. I budget extremely well and have no stress over paying my day-to-day living expenses but I’d like to be contributing about 20% more (at least) to my retirement and investment accounts, and pad up my savings account again. I also would like to be able to travel more frequently and can’t even begin to dream about buying a house. I do want to go back to school — I even started studying for the LSAT last summer — but am unwilling to take on school debt unless I have a solid plan for the future, which at this point I don’t. I also suffer a lot of guilt and anxiety because of how much my parents have given me in terms of a leg-up with no debt. I feel like I should be much further along financially and career-wise than I actually am (to be clear, they in no way put this pressure on me, it’s guilt I generate myself).

At what age did you become financially responsible for yourself and do you have a financial safety net?
I would say 25. I moved back in with my parents after graduating college and lived with them rent-free until I was 25 due to my inability to find a job that paid a liveable wage (English lit degrees are really the way to go). Once I moved out, I also got off my parents’ insurance plan and onto my own.

Do you or have you ever received passive or inherited income? If yes, please explain.
Oh for sure — as mentioned earlier, my entire undergrad was paid for by my parents, and I lived with them rent-free until I was 25. My dad has mentioned that my siblings and I will likely receive a sizeable inheritance from his estate, but I also know that most of his wealth is tied up in the stock market, and I have no idea what a “sizeable inheritance” looks like. I don’t even want to think about it as I hope my parents are around for decades to come.