Industry: Hospitality
Age: 27
Location: Quarantined in Ottawa, ON (but I live and work in Brooklyn, NY)
Salary: $97,000 (plus a bonus of up to 15%)
Net Worth: $27,000 (I have $5,000 in an emergency fund and $22,000 in a Roth IRA for retirement.)
Debt: $0
Paycheque Amount (2x/month): $2,160
Pronouns: She/Her
Monthly Expenses
Rent: $1,750 (I share a one-bedroom in Park Slope with my boyfriend, T. It costs $3,200, and we split the rent proportionate to our incomes.)
Utilities: $80 (includes internet)
Phone: $72
One Medical Subscription: $99 (My employer used to pay but no longer does.)
AppleCare: $8.90
Misfits Market Product Box: $26.50
Roth IRA: $240
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?
My parents both have multiple degrees, and education is deeply valued in my family. I never spent much time thinking about that, because I was naturally academically inclined and the opportunity excited me. I do wonder what things would've looked like if I were less excited about formal education and whether or not my family would've supported an alternate path. I went to school in Canada, where the cost of higher education is significantly less than in the US. My degree at a top-ranked university in the country cost $6,000 a year in tuition, reduced from $7,000 because I received a small academic scholarship. My parents graciously paid my tuition, and I worked part-time through school to support my spending and expenses. I'm still in absolute shock at the extent of tuition and student debt in America.
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
My parents didn't formally educate me about finances but modelled good financial behaviour that I try to emulate. My mom is a teacher and my dad is a doctor, but he didn't start medical school until after I was born, so it did take some time for them to achieve the wealth they now possess. When we were kids, I saw a strong model for living within your means — while my dad was in school and then residency, we lived in a rented duplex. Our vacations were road trips to see family, and we were taught a lot about appreciating what we had. Our family's lifestyle changed as my parents became more established in their careers, and I was aware of it — they renovated the kitchen, and we went to Europe when I was in high school. From that point on, we were quite well off. I never got sat down and taught about taxes or retirement accounts or credit cards, but I was told that if I wanted anything I had to save for it and to avoid spending outside my means. I was lucky to have a strong example of financial stability, and I come at life with an immense amount of privilege.
What was your first job and why did you get it?
I started working as a counsellor at a day camp when I was 16, making $9.50 an hour. I worked there every summer for the next five years, as well as working at an after-school program during the school year. During university, I worked at a call centre, at doctors' offices, as a tutor, and as a bartender. I enjoyed working, and there was an expectation that I would earn the money I wanted to spend.
Did you worry about money growing up?
No, I was lucky not to.
Do you worry about money now?
Yes. I struggle with anxiety and my sense of self-worth, and money is often part of that. I worry I'm going to somehow lose my money, or that I'm mismanaging it. This is something I've worked on in therapy.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I became financially responsible for myself when I graduated from college and moved to New York at the age of 21. Despite being responsible for myself, my parents did support me in a few ways during that first year. I worked three part-time jobs, and they often sent gift cards to grocery stores and paid for my flights home. I had a lot of pride about taking care of myself, but they did provide me with a soft landing during that year. Once I got my first full-time job in 2016, I had the consistency I needed to be 100% financially independent. Even now, I'm lucky enough to say that my family and/or my boyfriend's family would help us in a heartbeat if we ever needed it.
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A Week Quarantined In Ottawa, ON, On A $97,000 Salary - Refinery29
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