Industry: Politics
Age: 26
Location: Cleveland, OH
Salary: $37,000
Net Worth: About $24,000
Debt: $0
Paycheck Amount (2x/month): $1,156.95 - took a 5% pay cut in effect until August due to COVID
Monthly Expenses
Rent: $850 (I live alone in a two-bedroom half of a duplex)
Loans: $0 - my family was very generous with school and my first car
Pet Insurance: $28 (cat)
WiFi: $96
Gas (cooking/heat): $35 (around $80 - $100 in the winter)
Electric: $30
HBO: $16.19
Spotify: $16.19
Cell Phone: $51 (I pay my parents for my portion of the plan)
Gym: $10.80
iCloud Storage: $0.99
401(k): 4% (matched by employer)
Savings: $150 (I have around $6,000. It took a bit of a hit with COVID & some large/unexpected purchases the last few months.)
Roth IRA: I contribute my end of year bonus to this — around $18,000
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?
Growing up it was expected that I would attend college. There was no doubt about it. My older brother and I had a small college fund to split thanks to the generosity of family and friends after my dad died. I ended up at a prestigious liberal arts school, so that ran out my sophomore year of college. My uncle stepped in and ended up paying for my last years of undergrad. He also bought my brother, cousins, and our first cars. He's been very generous with my family and sort of filled the role of father figure right after my dad died until my mom remarried. I sometimes feel guilty when my friends talk about their student loans. I know without my family I would have thousands of dollars in debt, and my college education and current financial situation are a privilege most don't have.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
My family never talked about money and told us we should never discuss it with our friends either. We were always told that we lived comfortably and that was all we needed to know. We were asked not to share with our friends that we had a college trust fund helping us with school. We didn't receive an allowance growing up, but we were also not allowed to get a job during high school. We were always told school is our job. We had money if we asked for it and could justify the cost to our parents. Now, I go to my brother when I want to discuss finances. He's always open with me about his income and savings. He makes more money than me, but I tend to put more into savings than him (% wise). Our parents will often let us know that they're here to help should we need anything and now tend to discuss our jobs, what we make, how much of a raise we should ask for, etc., but they don't talk about their own salaries. My grandfather has always been a great influence. He helped me set up my Roth IRA when I was in high school and was the person I turned to when it came to picking a 401(k) plan.
What was your first job and why did you get it?
My first job was the summer before my freshman year of college. I got a job working at the local McDonald's thanks to my brother. He worked the line in the mornings and put in a good word for me, so I ended up working the front counter and barista position. That same summer I also got a second job at a local pizza shop, as I had sent my resume out to all the local fast food joints in the area. I would often work the mornings at McDonald's and the afternoon/evenings at the pizza shop. My parents encouraged us to work during college breaks so we'd have spending money while at school. I didn't get my first salaried job until I graduated from college.
Did you worry about money growing up?
I did not worry about money growing up. We lived comfortably and never had to worry about bills. My brother and I didn't have our own cars, laptops/iPads, bedroom TVs, or anything like that that some of our friends had, but we never really wanted for anything. We could afford to go on family vacations, buy school supplies and new clothes, and join afterschool clubs and sports teams, etc. All we had to do was ask.
Do you worry about money now?
I sometimes worry about money now. I know I'm well off considering most of my friends are either living at home to save money and/or getting their postgraduate degrees and have a ton of student loan debt, but I often compare myself to my expectation on how well I should be doing. I wish I had more savings even though I know my friends are often living paycheck to paycheck. I know I'm financially sound to be able to start saving for retirement now, but I always think I should do more. I feel like I'm at the age where my family expects me to settle down soon. They expect me to find a husband, get married, buy a house — so I'm over here trying to figure out if I can afford a hypothetical house (definitely not anywhere close to ready to being married) or if I should make a career change and move out of state.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I became financially responsible for myself the moment I got my first salary job after graduating from college. My family had this expectation that I would graduate with a job waiting for me like my brother had, but I was a bit lost on what I wanted to do with my degree. I was working part-time at the pizza shop and part-time as an unpaid intern when I got hired at my current job. They took me on part-time as a paid intern. That lasted about two weeks before they decided they needed me to work full time. I was an intern for five months before I became a full-time employee and was put on a yearly salary. I moved out of my parent's place three months later and have been responsible for myself since. As for a financial safety net, my parents would step in if I ever lost my housing or income. I've been told I can always move back home and live with them rent-free should I need to. I don't believe they would help me financially outside of maybe one or two month's rent, but knowing I will never be homeless is definitely a weight off my shoulders. I believe my uncle and grandfather would step in should anything become dire, but I also know that I have to prove to my family that I've exhausted every possible solution before they would help. We're big believers on hard work paying off.
Do you or have you ever received passive or inherited income? If yes, please explain.
The only thing I can think of is the college trust fund my brother and I shared. When our father passed away from cancer when we were little, his coworkers, friends, and family all donated money to the fund so my mother wouldn't need to worry about saving for college. I know my parents have received money from relatives passing, but my brother and I haven't. When my grandmother died, my brother and I received some of her furniture and household items but we didn't get a check. Most of my kitchenware was once hers, and I like to think she watches me when I bake these days. We never grew up with the mindset that we were owed anything, but that if we worked hard we would live comfortably.
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July 25, 2020
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A Week In Cleveland, OH, On A $37,000 Salary - Refinery29
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