A Week In Providence, RI On A $195,000 Joint Income

Phone: $132 twice per year (thank god for Mint).
Travel credit cards: $194 annually (for two; I’m going to cancel one of these cards after it’s paid off).

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 family was big on education and I was recruited by some fancy schools for cross country/track. Undergrad was paid for through many different forms of financial aid (Pell grant, work study, etc.), and my parents took out loans. I graduated with (I think) $30,000 of debt in my parents’ names. After a few years I started paying that loan and ended up paying off the last $15,000. My PhD was fully funded and I received very small stipends and fellowships throughout for living expenses.

Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
I got some confusing messages about money. We always had our basic needs met and usually went on summer vacations (budget road trips around the US) but there was definitely stress/fights about money. My parents got me a credit card when I was in high school because I drove a lot to school and extracurriculars and it was the easiest way for me to have gas money. It resulted in me having great credit and an extremely high credit limit when I was young. Unfortunately I never learned much about how to use said great credit and racked up some serious credit card debt when I was an underpaid grad student. Mostly it feels like I’ve educated myself about money as I’ve grown up.

What was your first job and why did you get it?
I detasseled corn in junior high/high school for extra spending money. I also worked at my parents’ small business throughout high school.

Did you worry about money growing up?
Yes and no. Our needs were always met but I remember being told I couldn’t have some “fancy” things I wanted (Z. Cavaricci jeans, Doc Martens) because they were too expensive. I remember some parental fights about spending. Things got really rough late in high school when my parents’ business closed and they had to find new jobs in their 40s while also paying for college for me. That’s the root of a lot of my money anxiety now — feeling like everything could evaporate at a moment’s notice.

Do you worry about money now?
Yes. My partner and I both make great salaries and by all metrics, should be doing well. However, we live in a high cost of living area, my partner still has significant debt, and we’re carrying two mortgages until our old house sells. Once that house sells I do think I’ll worry less, but we’re in a tight spot at the moment and I’m panicking about carrying credit card debt again after finally paying off $20,000 of credit card debt five years ago.

At what age did you become financially responsible for yourself and do you have a financial safety net?
After I graduated college. I temped for six months and finally got a job in publishing that paid $30,000 a year. Somehow I made it work in the Boston area on this salary (and then on much less in grad school!) for close to 10 years. I know we could depend on both sets of parents for help if we really need it, but neither of us wants to do that.

Do you or have you ever received passive or inherited income? If yes, please explain.
My parents contributed a few thousand a couple of times when I was really struggling in grad school. This was a hardship for them and I feel bad about it.