Industry: Legal
Age: 27
Location: New York, NY
Salary: $260,000
Net Worth: $230,000
Debt: $0
Paycheck Amount (monthly): $14,000 (of which $2,000 is contributed by partner)
Pronouns: She/her
Monthly Expenses
Monthly Housing Costs: $5,000
Monthly Loan Payments: $0
All Other Monthly Expenses:
Health & Wellness/Gym: $150 (gym membership and Peloton)
Cleaner: $240 (includes tip)
Renter’s Insurance: $30
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. My parents live in another country (where I also grew up). They both went to college, and we have been solidly middle class where we lived. My parents encouraged me to study abroad at a US university and then encouraged me to go to law school. They used the vast majority of their life savings to pay for four years of undergraduate schooling and another three years of law school for me. I did get a full scholarship offer at another law school, but my parents encouraged me to turn it down, because the school I ended up attending historically has much better employment outcomes for its graduating class.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
In my culture, school and academic accomplishments are highly prized and their importance was drilled into my mind. I was taught only one lesson about finances: Get the highest paying job you can get, then save for the future. It gave me a very conservative mindset about money, and I was financially anxious all the time, despite not being in debt and being in good shape financially. Because of how much my parents sacrificed, I feel I don’t get to have fun, and my family and I rarely go out or have fun. I feel that they have not made a good enough return on their investment yet. I feel that I owe my parents a lot, and I generally feel bad about spending money on frivolous things. My parents also frequently remind me of how much they have invested in my education. On the other hand, my parents taught me to give the best life I can to my close family, so I do not hesitate spending on things that make my family’s life easier.
What was your first job and why did you get it?
My first job is also my current job, as an attorney straight out of law school. It was the logical choice and necessary choice — I went to law school because I wanted to be a lawyer. I loved the prospect of becoming a lawyer in the US because it is a country that respects the rule of law.
Did you worry about money growing up?
No. My parents made sure I had everything I needed as a child and as a teenager, especially related to education. I knew my college education would be fully paid for by my parents and that was all that I needed. I don’t recall ever wanting things I didn’t need. I did, however, understand that no frivolous spending was allowed, and I did not have an allowance. I did have to turn down two study abroad opportunities, once in fourth grade, and once in 10th grade; since we would have had to pay room and board if we accepted, my parents did not think it worthwhile for college applications — the value for money was low. I also did not do college tours because plane tickets were expensive. I opted out of SAT tutoring because it was expensive and used borrowed books instead.
Do you worry about money now?
Yes. I worry that I will not be able to repay my parents’ generosity, whether financially or emotionally. More importantly, I worry that I will burn out from my job and lose my high income, which means that my parents would have made a bad choice investing in my education — and yes, I know an education cannot be measured purely in monetary terms.
At what age did you become financially responsible for yourself?
At 24, when I graduated law school.
Do you or have you ever received passive or inherited income? If yes, please explain.
My grandfather left me about $2,000 when he passed. I believe he also gave my parents about $10,000 to support my schooling while I was in college.
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