Who are you and how old are you?

I am a 27 year old woman living in the suburbs on the East Coast. I commute into the city every day to work as an early childhood education teacher.

Tell me about your background.

I grew up on the West Coast and stayed in the area to go to college. After college, I moved to the East Coast and got my masters degree in early childhood education. I am now working as a teacher teaching children ages 3-4 at a very high-end (and super expensive) children’s school on the East Coast. Many famous celebrities send their children here so it's quite normal for us to bump into them occasionally.

How do you define rich?

Being confident and having peace about your financial situation. There’s no fear in your life about money.

Did you grow up with money? How did your childhood conditions about money affect how you behave?

I did not grow up with money and would characterize my family as being more on the lower-class end. My dad is much older than my mom and didn't work when I was growing up while my mom worked jobs in a clothing factory or as a waitress. When I was growing up, all my mom wanted to do was save money. My mom was very concerned that we would never have enough money to survive or enjoy life, which I think is common of the 1st generation immigrant experience (they immigrated from China before I was born). It made me frugal but my parents never taught me financial literacy so I've had to learn that through other venues (high school class, Learnvest, etc). I would say that the frugal environment I grew up in is what makes me frugal today. 

At this point in my life, I’m starting to send money to my parents every month because they don't have anything saved for retirement and are living off the social security my dad gets. I'm also paying my parents' phone bills, utility bills, etc. 

Did your parents give you money when you were growing up? What about for school?

I have never felt deprived, but I think it's because I didn’t want a lot of things. Now that I think about it, I remember they would give me a quarter every week when I was 7-10. It's not really an allowance but it's something!

The college I went to paid for everything. It is an extremely well-known and wealthy school on the West Coast with generous financial aid packages. If your parents make less than $200,000 in total, the school will pay for everything - tuition, board, etc.

Do you still have school loans?

I owe $28,000 in loans to the graduate program I went to for early childhood education . Once I graduated, I signed up for a standard monthly payment plan, and that is how I will pay off my loans.

Where did you learn about investing?

I don't invest at the moment but would like to in the future.

What does your family situation look like?

My dad doesn't work and my mom works up the odd job. They get by from my dad's social security. My dad's health insurance is provided by Medicare, and the apt they live in is government subsidized. They don’t have retirement accounts and expect that I will provide for them, which is scary to think about.

How are you teaching your 3-5 year old students at the school you teach about money?

The students I teach have very wealthy parents and even at their age, understand that life is transactional, and that money can buy you a lot of things. We play money games at school where we give them money and they can buy things at a pretend grocery store.

Do you feel like you are living paycheck to paycheck? If so, do you feel that way due to your lifestyle?

I don't really feel like I'm living paycheck to paycheck but certain months are tighter. For example, during the holidays, I have more bills because I have to pay for flight tickets back home and presents for my friends. I'm unfortunately not saving money now because everything I earn is going toward rent, food, paying back my school loans, helping out my parents, etc.

What was your most regrettable purchase?

A $100 juicer I bought a few years ago. I've since realized that I only it use twice a year, so it was a terrible waste of money. I bought it at the time because I was getting a ton of free fruit from school, and thought that I would be making healthy juice drinks every day for myself.

What was your best purchase?

My Sorel snow boots! I bought them a few years ago and they're still in great condition. Having great snow boots is critical for East Coast winters.

Do you actively contribute to a retirement account of any sort?

The school that I work at has a 401(k) that I put money in. They will match what we put in.

Do you feel like your lifestyle reflects your income bracket?

To be honest, I could be more frugal. I spend a lot of money hanging out and getting dinner with my friends because I have a "I'm young and living/working in the city” mentality. To be fair, though, the city I live in is really expensive and is one of the most cosmopolitan cities in the world. It's hard to live here and not take advantage of everything that's offered to us.

Have you ever jumped income brackets (either going from low to high or vice versa) and how did your lifestyle change?

Yes, when I began working. I went from making no money for the longest time to making money! I was pretty excited.

Do you talk to your peers and family about money?

I talk to my mom about money. Whenever we visit China, my parents' friends will always ask me how much money I'm making and about my financial habits. They really have no shame in doing so.

Do you worry about money?

I don't worry about money for myself but I worry about my parents' financial situation.

Do you splurge on anything? If so, what was the last splurge and how much was it?

I bought a new Macbook Pro last November but this was because my previous Macbook had been stolen. I initially thought I could just make do with my school computer but eventually got frustrated and just bought a new computer for myself.

Do you have a plan to make more money?

No. I just hope my income increases.

What would it take for you to feel like you are completely rich?

There are world riches, such as buying a house or car. But these things are temporary because I will eventually die one day and hopefully go to Heaven. I trust that God will provide for me during my life here on Earth.

In terms of money, what was something you did in the past that you could do differently?

I wish I learned about finance earlier.

What is your strategy for moving forward now in regards to your big goals in life?

I would like to creating a budget, revisit my budget monthly, and stick to it!

Who are you and how old are you?

I am a 26 year old working as a communications director at a tech startup in SF. I also work as as college admissions consultant on the side.

Tell me about your background.

I grew up in the Midwest, went to the college in the Midwest, went to the West Coast for my masters program, and then began working as a technical writer at a tech firm when I graduated. A few months ago, I switched jobs and became a communications director at a tech startup. I also work on the side as a college admissions consultant - helping high school students get into a great college. This is something I've been doing for the last few years and something I really enjoy.

What does your financial situation look like? If you don’t earn money through a “normal job”, how do you support yourself?

I make half my salary at the SF startup and the other half as a college admissions consultant. I actually took a pay cut to move to the SF startup but I get greater job satisfaction from the startup. The number of clients I've gotten as a college admissions consultant has also increased over the past year - my current clients keep referring me to their friends and I work with people from all over!

How do you define rich?

Having a home with a big background where my dog can run around in. I live in downtown SF, and it's completely different than the suburbs of the Midwest, where I grew up!

Did you grow up with money? How did your childhood conditions about money affect how you behave?

My parents are high level government employees and were financially comfortable and smart with their money. I never got an allowance but my parents gave me money whenever I needed it (going on a school trip, etc). They never talked about finances with me but I was personally very frugal about everything. This is something I learned after seeing my dad's parents save as much as they could, and seeing that my parents were responsible with their money. 

I would get several hundred dollars for every birthday I had. I saved this money and eventually saved up to several thousands of dollars which I used to pay for part of my grad school tuition. I am someone who doesn't take money for granted.

Did your parents give you money when you were growing up? What about for school?

Other than my birthday gift money and getting (reasonable) amounts of money whenever I needed it, I was also very fortunate in the fact that they paid for my entire undergraduate education. I also then got several thousands of dollars as a graduation gift, which also went toward paying off my graduate school bills.

Do you still have school loans?

No - I've been in the free and clear since this past January 2015. I had a partial scholarship which paid for half of my grad school tuition and I paid off the other half with my graduation gift money and birthday gift money. I took out some loans for living expenses and when I had an unpaid internship but I worked hard to pay all that off as quickly as I could once I began working.

Where did you learn about investing?

The only thing I've ever invested in is my 401(k) at the previous company I worked at. The company matched what we put in so I contributed as much as I could. Other than that, I don't do investing.

What does your family situation look like?

My parents are still government employees - my dad took on a more flexible job and my mom is an independent consultant. My sister is an urban planning.

Do you and your spouse/partner have similar financial habits?

My boyfriend is very responsible with money. He makes a decent amount as an engineer and saves/invests his money. He's not as frugal as I am though!

Have you started to put money away for your children's college tuition? If so, how much is it?

I don't have children yet but once I do, I will definitely put money away for their college tuition! I will set aside money for not just tuition but also the college admission process, which can be pricey. Ideally, I would want to pay for my child’s entire undergrad education.

Do you feel like you are living paycheck to paycheck? If so, do you feel that way due to your lifestyle?

No, because I a decent amount of money sitting in my bank account. My salary at the tech startup pays for my rent, utilities, all that stuff, while the money I make as an admissions consultant goes straight toward my bank account. I am very frugal and careful about having a financial cushion. I love seeing my bank account grow!

What was your most regrettable purchase?

I traveled to Europe a few months ago and spent $3000 on that trip in total. I really enjoyed the trip but wished I had spent less money.

What was your best purchase?

I recently discovered this amazing Mexican grocery store in SF. I go here to do all my grocery shopping and estimate that I spend $20/month on food. It sounds crazy but really is doable. It helps that I'm a vegetarian so I eat a lot of pasta, rice, and vegetables.

Do you feel like you have a financial habit that’s out of the norm (or at least something that others have commented on)?

At the tech startup I work at, we get free lunch everyday. So I eat lunch at the office and bring home leftovers (food that's sitting around at the end of the day) for dinner. I try to encourage other people to do this too so we don't waste food but I think they like eating out.

Do you feel like your success now has anything to do with luck or being in the right place at the right time?

I'm very lucky that I came from a family that could afford to send me to college and pay for it. My college roommate and I had the same job in college but she had to pay for college herself and also send money back home to her family every month. There were even periods of time when she had to take a leave of absence to work full-time and earn more money. So I am very aware of how lucky I am.

How much investing do you do, if any?

I don't do any - I should really look into it.

Do you actively contribute to a retirement account of any sort?

Only the 401(k) at my previous company.

Do you feel like your lifestyle reflects your income bracket?

Yes! I am extremely frugal and very conscious of how I spend.

Have you ever jumped income brackets (either going from low to high or vice versa) and how did your lifestyle change?

I jumped income brackets when I changed jobs. My salary was pretty much cut by half when I moved to the new job. However, I do have greater job satisfaction at my new job and I do think I have greater career progression at the new one. My lifestyle didn't change at all - I'm still as frugal as ever!

Do you talk to your peers and family about money?

I only talk to  my mom and boyfriend. And recently, I began talking to my sister about money and what her financial lifestyle is like. I'm personally very open to talking about money but it's something my friends and I never talk about.

Do you worry about money?

No, not really. I save a lot of money and really love what I'm doing so I know I'll always earn money. The only thing I don't like is that because I live in downtown SF, I can’t afford what I would be able to in the Midwest.

Do you splurge on anything? If so, what was the last splurge and how much was it?

My last splurge was my trip to Europe. I also like splurging on gifts to other people - I'll spend a decent amount for my boyfriend on his birthday and on Christmas gift for my family.

Do you have a plan to make more money?

I plan to continue working on the side as a college admissions consultant. I also hope to get a publishing deal and write a book on the college admissions process. I'm thinking of even creating a college admissions app, but that's something I haven't given too much thought to. 

What would it take for you to feel like you are completely rich?

Having an independent business where I could support myself completely with admissions consulting! And having a house with a big backyard.

In terms of money, what was something you did in the past that you could do differently?

I would not have done so many unpaid journalism internships in college. I was too dead set on journalism at the time and now realize that my earning potential is so much higher than what they would have paid me. I really could have earned so much more doing other internships and should have realized this sooner. 

What is your strategy for moving forward now in regards to your big goals in life?

I will continue to take on more clients as a college admissions consultant and hopefully grow this business as much as I can. This job provides a lot of flexibility as I work with a lot of people remotely. This flexibility will be great when I have kids someday. I do really love my job as a communications director now as well, and hope to continue building my career in the communications/marketing field.