October 27, 2023

Achieving Financial Stability: From College Expectations to Current Concerns

Clara Williams
Written byClara WilliamsWriter
Researched byAishwarya NairResearcher

Expectation for Higher Education

There was a clear expectation for me and my siblings to attend college. My mother, who was a single parent, set up a college fund for each of us. Additionally, we had the opportunity to qualify for the Florida Bright Futures scholarship program, which covered a portion of tuition and expenses for in-state schools.

Achieving Financial Stability: From College Expectations to Current Concerns

Financial Education

While my mother did her best to educate us about finances, I wish she had taught us more. She provided us with the basics, such as bank accounts, starter credit cards, and the importance of balancing a checkbook and saving. However, I believe more conversations about income and financial planning would have been beneficial, especially considering my decision to pursue an English degree and a career in writing.

First Job

During my senior year of high school, I worked at a local smoothie shop to earn extra money for socializing with friends. However, I quit after six months due to the early mornings and weekend shifts.

Childhood Financial Security

Growing up, I never worried about money. Although my father had financial struggles, my mother provided for us well, and I would classify our family as upper-middle class. While we shared a car and ate out frequently, it was not at upscale restaurants.

Current Financial Concerns

Currently, I am facing financial worries due to being laid off a month ago. As my severance ends soon, I am concerned about paying rent. Even before this situation, I often worried about not having enough savings, being unable to afford a home, or support a family in the future.

Financial Independence

At the age of 24, I became financially responsible for myself. After living with my mother for a year after college, she provided me with financial support to jumpstart my career and move to New York City. I paid her back and have since held a stable salaried job. However, in the event of unforeseen circumstances, my mother would be willing to help me.

Passive and Inherited Income

I received a small inheritance of approximately $25,000 when my grandparents passed away. Additionally, my mother occasionally sends me money, usually ranging from $200 to $1,000.

About the author
Clara Williams
Clara Williams

Clara "LottoLore" Williams, a Kiwi with a zest for numbers and narratives, dives deep into the thrilling world of lotteries. As a leading writer for LottoRank, her pieces resonate with enthusiasts, offering a harmonious blend of data, history, and human interest.

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