Occupation: Physician Assistant
Industry: Healthcare
Age: 35
Location: Midwest
Salary: $135,000
Joint Income/Financial Setup: $265,000 base (mine and husband’s combined salaries), plus up to 15% yearly bonus for my husband. I also “moonlight” or pick up extra shifts. This year, I made an extra $20K. So I expect us to make $290,000 total this year. My husband and I have had joint accounts since we married in 2014. He bought our house in 2013, as I was in school and he was working. My husband spends very little when we are apart, typically just on gas and the occasional meal out.
Assets
Savings: $100,000. This is high because we have had some big purchases this year: a backyard renovation and a new car for me (we will start moving money to brokerage in the next month).
My 403(b): $265,000
My husband’s 401(k): $202,000
I-bonds: $800
529 plans: $10,000
Roth IRA: $34,000 (x2)
Brokerage: $45,000
House value (estimation): $400,000 (fully paid off)
Car (x2): Estimated at $15,000 and $30,000 (both fully paid off)
Debt: $0
Paycheck Amount (2x per month): $3000
Pronouns: She/her

Monthly Expenses
Housing Costs: $0
Loan Payments: $0
Utilities: gas/water $150; electric $85 and internet $40.
Phone: $143, which includes Netflix and AppleTV.
Gym: $20 for my husband, $0 for me as I have a gym at work. I do occasionally buy passes to yoga and Pilates, and spend $300 over the course of the year.
Disney+ and Hulu bundle: $2.99
Cleaning service: $160 (2x per month). This is a new expense as I’m injured, and just underwent surgery to repair an ACL tear.
PreK for daughter: $1050 a month
Before/after school care for son: $90 per week
Groceries: per last year’s budget, we typically spend $1000 a month
Dining out: per review of past year, typically $800 a month

Yearly Expenses
Property taxes: $6,000 (we pay twice a year in split payments)
House insurance: $2,500 (we pay yearly)
Car insurance: $1,500 (we pay yearly)
Vehicle taxes/registrations: $2,750 (I bought a new car this year).

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 mother had gone to college on a full ride, and there was an expectation I would as well. Luckily, I’m a good standardized test taker, and my ACT score qualified me for full tuition. My parents had started a 529 plan for me at birth, and luckily paid for my housing expenses. I originally had planned to become a pharmacist, but I shadowed a primary care PA, loved it, and switched gears to attend PA school mid-way through undergrad. My GPA during PA school qualified me for a full tuition scholarship, and my husband paid for our living expenses during school. I actually got married and we bought our house during my last year of school (I do NOT recommend; very stressful).

Growing up, what kind of conversations did you have about money? Did your parent(s) educate you about finances?
Growing up we didn’t have a lot of money. My dad didn’t have a college degree, and worked fixing phones at companies. My mom was a stay-at-home mom. I was aware that we didn’t have money for extras like travel and eating out. However, we always had a roof over our heads and food on the table. I received an allowance when I was younger, but was terrible with money and blew through any money I had almost immediately.

What was your first job and why did you get it?
I started working at a grocery store when I was 15. I needed to pay for gas and car insurance for my car. I was also an impulse spender and wanted to buy myself clothes and other treats.

Did you worry about money growing up?
Sometimes, yes. My parents were transparent with finances, and I knew we were on a budget. My parents made it seem like I wouldn’t be able to go to college if I didn’t have scholarships, so I applied to many. I didn’t realize loans were an option at the time, which was terrifying, but now I’m so glad I don’t have any. My most recent PA students have had 150K+ in student loans, and it breaks my heart because the loan repayment is such a burden.

Do you worry about money now?
Sometimes, yes. We are in a great financial situation, but ever since I became injured, I now know things can change in the blink of an eye. During this break from work, I have realized I would love to work part-time or work PRN, but I’m not sure we could swing things on one paycheck.

At what age did you become financially responsible for yourself and do you have a financial safety net?
When I started PA school. Technically, my parents and in-laws could both be our financial safety net, but I dread ever having to ask them for money. It’s hard enough for me to ask them to watch the kids.

Do you or have you ever received passive or inherited income? If yes, please explain.
My parents paid for my living expenses until PA school, and I benefited from the 529 they had for me. They also gave us $10,000 for our wedding and honeymoon, mostly because I wanted to elope, and they wanted us to marry in a church. My husband’s parents gifted us $10,000 towards a down payment for our house. We each had our first cars paid for, a $3,000 salvage title for me, and a brand new sporty two-door car for my husband. We have since bought new cars ourselves.