Industry: Marketing
Age: 29
Location: Portland, OR
Salary: $108,000 plus holiday bonus (it varies — last year it was $2,500)
Joint Income/Financial Setup: Combined, my boyfriend and I have a joint income of $240,000. But even though we live/own a house together and split shared household expenses, we keep our accounts completely separate. For the down payment and mortgage, we both contribute proportional amounts to our income. We use Splitwise to repay each other whenever else we’re splitting something.
Assets:
Checking: ~$400 (I usually keep the balance around this unless I have a credit card payment coming up. I transfer everything else to savings)
High-Yield Savings: $19,000
Investment Account: $5,025
Roth IRA: $127,730
401(k): $119,865
HSA: $1,500 (just started growing this after having an FSA for many years)
Car (KBB value): ~$10,000 (my half)
House: $228,900 (my portion)
Debt: House: $181,165 (my portion)
Paycheck Amount (every other week): $2,286.64 ($4,115.38 minus taxes, insurance, HSA and 401k contributions)
Pronouns: She/her
Monthly Expenses
Housing Costs: $1,439 (mortgage, property taxes, homeowner insurance, extra $100 towards principle) plus usually ~$250-300 in utilities, depending on time of year (trash/recycling, gas, water, electric, internet)
Loan Payments: $0
Other monthly expenses:
Phone (on a family plan with my mom and sister): $40 ($65/mo. minus $25/mo. work reimbursement)
Car insurance: $63.65 (for my half)
Spotify: $5 (on family plan)
Peloton Digital App: $6.99 (but recently, my credit card has had an offer making it free)
Apple storage: $0.99
Monthly donations: $70 (Planned Parenthood, The Trevor Project, Anti-Cruelty Society, CAWC Chicago)
Streaming services: $0 (I only use services that I get free access to through my credit cards)
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?
I never really understood that there were options other than going to college after high school. It was later in high school that I realized some classmates didn’t plan on going to college. My parents absolutely expected it, but I also wanted to. My parents paid for two thirds (a third each) of my college tuition and expenses, then I was responsible for the last third. I worked several jobs at a time to avoid taking out any loans. I only considered in-state schools to save money, though. For my Master’s degree, I paid for ~30% out of pocket and my company paid for the rest. It was a part-time online program that I could do while still working full-time. Although I had to stay at my company for two years after graduating (which I did), otherwise I would’ve had to pay it back.
Growing up, what kind of conversations did you have about money? Did your parent(s) educate you about finances?
My parents always emphasized saving, so I thought it was fun to deposit money (from birthdays, etc.) into my savings account. I learned to manage my finances on my own in college and always stuck to a strict budget, so I never really needed advice there. Once I got a job after college, my mom helped me set up a Roth IRA and learn about my 401(k). But in recent years, as I’ve wanted to learn more about investing and smart financial decisions, my parents have maxed out their knowledge for financial advice, so I’ve had to learn things on my own now.
What was your first job and why did you get it?
Other than occasional babysitting, my first job was for my small town’s parks and rec department helping with youth soccer camps and summer rec classes. It was right around when I got my license, so I wanted to have gas and spending money, but also because I knew I needed to start saving for college. Most of my small paychecks went into savings. My first full-time jobs were in the summers during college, until I started my actual career post-graduation.
Did you worry about money growing up?
I wouldn’t say I worried about it, but I was always aware of it. My parents divorced when I was one, and with both we lived very frugally and consciously. We didn’t buy brand-name groceries; we shopped at thrift stores for clothes, we took road trips when traveling, and we only went out to eat on birthdays/special occasions. But we always had the necessities and a little more. We’d usually take some sort of trip/vacation in the summer and I played sports most of the year, too.
Do you worry about money now?
I don’t “worry” about money now, but I’m never not conscious of it (force of habit). I feel like I’m in a comfortable place with my current lifestyle and financial goals, but I always worry about how much it will cost to have kids in the future and ultimately retire.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I became financially responsible for myself at 22 when I graduated college and have been ever since. I have a savings safety net of my own, but my boyfriend would be my safety net if needed. Otherwise, my parents could provide support if I absolutely needed it, but I don’t really expect that to ever happen.
Do you or have you ever received passive or inherited income? If yes, please explain.
As mentioned above, my parents paid for two thirds of my undergrad, which allowed me to graduate without loans and I am eternally grateful for it. My mom also gave me my grandparents’ old 20-year-old car when I was 25, which lasted me ~three years until it died and my boyfriend and I bought a new one. I also had a college investment account from when I was a baby that I didn’t end up having to tap into (~$20k), so I used this to fund my Roth IRA for a few years. I don’t have any passive or inherited income now.
