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
Aishwarya Nair
Aishwarya Nair

Aishwarya Nair, dubbed "Lotto Lorekeeper" at LottoRanker, harnesses her meticulous research skills and cultural depth from Kerala, India, to shed light on global lottery phenomena. Equipped with a keen sense of detail and a penchant for data, she delves deep into the lottery world, unveiling hidden gems and trending patterns.

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