A Week In Denver, Colorado On A $116,000 Salary

Housing costs: $1,895 for a bright and big one-bedroom in Denver. I love my apartment and living alone!
Loan payments: $0
Utilities: ~$150
Wi-fi: $48
Climbing gym: $102 (yes, I moved to Denver and became a walking cliché).
Pet insurance: $63
Renters’ insurance: $10
NYT subscription: ~$10 (news, games and food).
iCloud storage: $9
Spotify: $11
Local mutual aid organization: $17
Therapy fund for Black women: $25
Colorado abortion fund: $15
Therapy: $600 (I pay out of pocket $200 a session, which is steep, but I’ve been working with this therapist for years and I love her).
Phone: $0 (yes, I continue to mooch off my parents).
Streaming platforms: $0 (I mooch off friends and family. Sometimes I do pay for platforms but since I finished The Bear I’ve canceled my Hulu).
Health insurance: $0 (luckily my company pays).
401(k): $256 (pre-tax, employer matched).
HYSA: $300-$2,000 (this varies month to month — in the months leading up to my leave, I tried to save as much as possible. Now that I’m on leave, I’m putting aside what I can, knowing my stipend from the state is not currently taxed).

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! I grew up between Brooklyn and Westchester, New York — both affluent communities in which everyone I knew was on the college track. My parents and stepparents and grandparents and everyone else had attended college, and many had master’s or PhDs. When I was a senior in high school, I learned that my grandparents and parents had been saving for my college education since my birth but that I would still have to take out student loans. In my affluent communities, no one talked about needing to take out loans, only “dream schools” and “following your heart,” so I was really ashamed (which I now know is stupid. Financial transparency is empowering!). However, my mom worked at NYU at the time so if I went there I got a 90% discount. I was on the fence but ultimately decided to go to NYU over other private and public schools and it was the best decision my 18-year-old self ever made. Graduating without any debt, and with money that my parents had left over, has changed my life and I’m incredibly lucky to have had that option.

Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
Going to school in Westchester, I often felt less privileged and a bit different than my peers. My mom was the breadwinner in the family and got on the train to NYC early every day with the dads, while many of my friends’ mothers were stay-at-home moms who played tennis and were involved in PTA. My friends took international vacations every year and had multiple Juicy tracksuits (tbt to 2006) but we had to ask my grandparents to help out with my flute lessons and I only ever got one Juicy tracksuit because it was on major discount at Filene’s Basement (lol). That being said, I never wanted for anything serious and am so grateful that my mom instilled the value of budgeting in me early. Starting in high school, I got a sizeable allowance ($100!) every month for doing chores but that was it; there was no asking for movie tickets or pizza money. This taught me to save for the things I wanted and I do feel like I have a better grasp on money now than many of my friends who were raised more privileged than me.

What was your first job and why did you get it?
When I was 12, I got a summer job as a counselor at a day camp in the Hamptons. I was paid $100 a week under the table but I was SO excited. My older cousin worked there and we spent the following five summers chasing after other cute counselors, going to the beach, engaging in standard teenage mischief and fighting with my grandma (who lives out there). Although I wasn’t paid great, I was able to charge an outrageous amount for babysitting ($25 an hour as a 15-year-old in 2011?!) because of the wealth in the Hamptons and therefore had plenty of money for groceries, eating out and even saving. Over the five summers I saved a few thousand dollars, which helped immensely in college.

Did you worry about money growing up?
Not really. I always had food on the table, lots of clothes, and a new gadget at Hanukkah. Growing up, I knew my dad was less well-off than my mom, and I have a vague memory of him telling me he was in lots of credit card debt at one point, but somehow it didn’t concern me.

Do you worry about money now?
Yes, because I have an anxiety disorder and am currently not working but I know that I am incredibly lucky and much more financially stable than many of my peers. I am on my second week of two months of unpaid leave from my job. I have been experiencing burnout and depression for the past six-plus months and so was saving as much as I could to take this step. I am also receiving a stipend from the state of Colorado for this leave, which is awesome and unexpected, and has alleviated my immediate spending concerns a bit. But I’m unsure what will happen after my two months’ leave is up. While I’m excited for the possibility of a new job/career/life course, I’m also bracing myself for financial instability and to cut down on my spending as much as possible.

At what age did you become financially responsible for yourself and do you have a financial safety net?
Six months after college I moved in with a roommate in NYC and became responsible for everything except healthcare and phone bills. I had a decent paying job and could cover all my expenses fairly easily. Right now, my financial safety net is myself. I have about five months of expenses in savings and much more in stocks. That being said, I could always move back in with either of my parents if I really needed to. While I love living in Denver and definitely do not want to move back to NY any time soon, it wouldn’t be the worst option and I would likely do that over liquidating my investments.

Do you or have you ever received passive or inherited income? If yes, please explain.
Yes, quite a bit and I am incredibly privileged. In college my stepgrandpa passed away, and since my stepmom had passed as well, $80,000 of his life insurance payout went to me. In addition, post-college my mom and dad gave me the remainders of their college funds for me ($40,000 and $20,000 respectively). All of this has gone into investments and remains untouched. And of course, my parents paid for my college tuition, books and housing. After many years of feeling less privileged than my peers, I realized in college just how privileged I am. I hope to take this privilege and do good with it as long as I live.