Welcome to Money Diaries where we are tackling the ever-present taboo that is money. We’re asking real people how they spend their hard-earned money during a seven-day period — and we’re tracking every last dollar.
Today: a director who makes $139,000 per year and who spends some of her money this week on a handbag.
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Occupation: Director
Industry: Nonprofit
Age: 30
Location: New York City
Salary: $139,000
Assets: $750,000 (mix of investment accounts, retirement accounts, and some savings vehicles like treasury bonds).
Debt: $92,000 (I borrowed money from my parents for grad school and am paying them back slowly, with no interest).
Paycheck amount (2x/month): $3,164
Pronouns: She/her
Monthly Expenses
Housing costs: $2,100
Loan payments: $1,000 (to my parents).
Utilities: $75-$100 (not sure because I just moved to a new apartment, but I’ll be paying for electricity and gas).
Wi-fi: $40
Patreon/donations: $18
Spotify Premium: $2.50 (shared family plan).
HBO Max: $4.99 (shared).
Gym: $10 (there’s a small gym in my building with a fee).
Phone: $0 (my family still pays).
Roth IRA contribution: $1,000
403(b): $1,200 (pre-tax).
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?
Yes, I grew up in a family that really valued education. Both of my parents have a graduate degree — education was how they were able to immigrate to the US. I always knew I would go to college and I was expected to go to a “good” school. For my undergraduate degree, I received financial aid, did work-study, and my parents covered the rest. For my graduate degree, I paid for part of it out of savings and borrowed money from my parents for the rest.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
To be honest, my parents didn’t talk very much about money at all. They took more of a “we’ll take care of it” approach and so when I became an adult, I felt woefully underprepared to manage my own finances. For the first part of my adult life, my parents would help do my taxes and manage my investment accounts. I’ve been trying to take on more ownership and education myself as I’ve gotten older, but it can feel overwhelming. I’m recognizing the importance of understanding how to manage your money and am getting much more comfortable talking about it and asking for help.
What was your first job and why did you get it?
I started tutoring and babysitting early in high school to make extra money but my first “real” job (where I received a W-2) was at a local thrift shop during my senior year in high school. I got it because I wanted to make some extra money and I knew that working was supposed to be good for me.
Did you worry about money growing up?
I didn’t — like I said earlier, my parents didn’t include me very much in any conversations about money so I always assumed we …read more
Source:: Refinery29