admin Yes, definitely. Both my parents joined the military to pay for college because they believe (as do I) that education is the key to socioeconomic mobility and financial security. I was always a smart kid and loved to learn so I was excited about college from an early age. I attended an Ivy League school using my dad’s GI Bill benefits. My school also had a large endowment so all my tuition was covered through the Yellow Ribbon program. My parents paid for my books and fees. They also paid for my meal plan during freshman year and I worked part-time for the rest of college, which covered everything. I’m starting a PhD program this fall, which is fully funded (tuition, fees, health insurance, plus a living stipend).
Growing up, what kind of conversations did you have about money? Did your parent/guardian(s) educate you about finances?
Most of the conversations my parents had with me about money were simple: Save as much as you can and work to make extra cash whenever you can. They always talked about living well below their means and planning for the future so I try to do the same. Now that I have an income of my own, I’m trying to learn about personal finance beyond working all the time without spending anything — I learned that is a quick path to burnout. That’s why I like the idea of consumption smoothing, which is basically about striking the right balance of spending and saving to achieve the highest standard of living I can, instead of just burning myself out to save for the future.
What was your first job and why did you get it?
My first informal job was babysitting at age 12. I didn’t do it for any particular reason besides my mom always pushing me to work and earn as much as possible. My first job that I paid taxes on was the summer after my freshman year of high school. I worked two jobs that summer: camp counselor trainee and ice cream scooper. Once again, this was largely because my mom pushed me to work as much as possible but I was also starting to date and go out with friends so I needed pocket money to last me until the next summer.
Did you worry about money growing up?
No, never. My parents never had an issue paying for the basics (housing, food, health, education). We lived frugally. I have three younger siblings and most of our family vacations were to visit my grandparents or aunts and uncles. I was often told that we couldn’t afford things but I never really knew if that was because we actually couldn’t afford it or because my mom simply hated spending money. I had unlimited access to the library so I never felt like there were things I wanted that we couldn’t afford. My parents also framed a lot of conversations around saving money in order to go to a nice college so I always felt that any financial restrictions were in service of something more important later.
Do you worry about money now?
Yes, but more for big life moments than for survival. I have no trouble affording my lifestyle now but I know that I won’t have any income growth until I finish grad school at the end of my 20s. I would like to be able to pay for children and a house but I won’t be able to save too much money during grad school. I would also like to get married in the next few years and I’m hesitant to waste so much of my savings on a party or to ask my parents for help.
