A Week In Kansas City On A $261,400 Household Income

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 was sent to a private collegiate high school. The majority of my peers and the community I lived in were wealthy or upper-middle class. In my mind there was no other option but to attend college after high school. I ended up attending an out-of-state public university and received my bachelor’s. From the beginning my parents stated they would cover half of my college and I would be responsible for the other half. Anything past four years or a graduate degree I would be on my own. I have three younger siblings and they offered this for all of us. I took out public and private student loans to cover my half of school. I walked away with around $83,000 total ($30,000 in federal loans and $53,000 in private loans).

Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
My mom had me open my first bank account at the age of eight after my First Communion (Catholic school kid) and before college my parents helped me get my own credit card to begin building credit. There were conversations around how and why to use a credit card and to be mindful of always paying it off every month. Outside of that, not much else was discussed regarding finances. This led to a lot of trial and errors in my 20s.

What was your first job and why did you get it?
I began babysitting at the age of 12 almost every weekend. I got my first tax paying job my senior year of high school as a server. These jobs were so I could have my own fun money to spend out with friends, movies, shopping, etc.

Did you worry about money growing up?
Not really, there were moments where I would compare my life to other classmates, since being surrounded by wealth led to me wondering why we weren’t taking yearly Spring Break trips or why I didn’t get my own car at 16. We had everything we could need and more. My parents made sure we could do extracurriculars and have amazing experiences many other kids did not get to have, I realized that as I got older and away from the top 1% (or say 5%) bubble I grew up in.

Do you worry about money now?
Short term, currently no. I feel pretty confident with my emergency fund and our joint funds to cover any concerns. From a future perspective, yes. Whether we decide to have a child or two, I hear and see my friends talk about how heavy the expenses are and I am concerned about giving those potential children a well-rounded life. Additionally, I am always concerned about retirement savings. I’m currently in the mindset that I’m going to have to work forever at this point, while my husband T. reminds me it’s a joint effort and we’ll be okay.

At what age did you become financially responsible for yourself and do you have a financial safety net?
For me it was a gradual financial independence. I’d say at 22 years old for the most part, but my parents let me stay on their health insurance and covered my share of the phone plan until I was 26. I definitely have a financial safety net in my husband T., but I also know both our parents would help us out a bit or let us live with them if things were to become dire.

Do you or have you ever received passive or inherited income? If yes, please explain.
In my mind yes: my parents gave me $3,000 to help with a downpayment on a new car in my mid 20s when I was broke, working two jobs, and my car died unexpectedly. I had not learned the financial literacy I know now. Additionally, when I turned 30 they surprised me and paid off the last of my private student loans, which was $35,000. It was completely unexpected and I cried when they told me.