Industry: Social media
Age: 29
Location: New York
Salary: $24,000
Assets: None
Debt: Student loans: $8,000
Paycheck Amount (1x/month): ~$2,000 (I get paid per video I create, so this amount fluctuates — some months it’s $1,000, and others it’s $3,500).
Pronouns: She/her
Monthly Expenses
Housing Costs: $762.50 in rent. I have three roommates — we live in a nice neighborhood, but our building is old and our apartment is on the smaller end. It is worth it to us to live somewhere safe and close to all the best bars and restaurants, while still lucking out on sharing a rent cost that keeps it on the lower end for NYC standards.
Loan Payments: I pay $89 a month (the minimum) toward my student loans.
Utilities: ~$100.
Subscriptions: ~$100, which includes streaming services and Adobe Photoshop and Premiere Pro.
Phone: $50 — I share a phone plan with my family to keep cost down.
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?
There was more than just pressure to attend college, it was a built-in expectation my entire life. I took classes and did extracurricular sports, clubs, and volunteering to get into a “good” school, my parents created a college saving account when I was born, and everyone else around me was going to college as well. I went to college for journalism and creative writing. My parents paid for most of it; I went to a fairly affordable City University school. I had to take out $10,000 in loans to get through my last year, which I am still paying off (I graduated in 2018). I also worked part time while I was in college to pay for all my expenses except my $800 monthly rent. My parents paid for that while I was going to school, but upon graduation I immediately assumed those costs and all others.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
We never spoke about money, as I was raised in a community where it was considered rude or impolite to discuss it, especially as a child. I did not understand what an IRA or retirement plan was or looked like — and honestly still do not. We were middle class: privileged enough to always have food on the table and money for us to pay for all our instruments and sports lessons. My parents were both raised fairly close to the poverty level, which resulted in them living in a very frugal way, even when their joint income had them pulling in close to probably $150,000 (this is a VERY rough guess. I still have no idea how much they were making). They did not spoil us; I understood through their actions that you must always go out of your way to cut coupons and save.
What was your first job and why did you get it?
My first job, after spending my teenage years babysitting, was in a tiny café in college, and several other various minimum wage jobs in the service industry — the kind you’d expect a college girl to be working to pay her expenses that were not rent (rent was the biggest bill and as I mentioned, my parents took care of it while I was in school.) I interned doing unpaid work for a music label, where I learned photography and other content creation skills for social media. I got that internship by having a strong social media presence on my personal account where I talked about music a lot. I got noticed by someone in the industry who approached me about a job interning for college credit. My first “proper” job after college was when I moved to LA for a bit. Through my previous work in social media I was hired at a global media talent agency in Beverly Hills to be a coordinator and run a few social media accounts in the beauty and lifestyle space. I was laid off when the pandemic hit, so I returned to NYC where I became a social media manager for entertainment venues for a few years. I was laid off a year ago and pivoted toward freelancing as a content creator, where I get paid sporadically by a private social club to create videos at $250 each.
Did you worry about money growing up?
No. I always had “pocket money”, as I had jobs babysitting or minimum wage service jobs, and my parents made sure we always had money for things like piano lessons. I never doubted their capacity to provide for my siblings and me.
Do you worry about money now?
Yes. It keeps me up at night. The job industry is so bleak, I haven’t been able to secure anything, either as a very experienced social media manager or as a content creator. I am technically one of the top creators in my field, but still have not been able to land anything. It’s so competitive and a lot of companies still do not take social media seriously. I need to secure something with a solid paycheck, because prices are always rising in New York and I cannot afford any little extras or even healthcare. I had to cancel a trip to London with my besties that we’d been planning for a year, just because I was too stressed about all the expenses. I would be financially ruined if I broke my foot right now. I have suffered from depression since I was a teenager, and it is currently impacting my life and ability to create and find work to a significant degree, but I just don’t have the resources to get help. I need therapy but do not have the money for it, or for the medications I was on when I was under 26 and could still be underneath my mother’s healthcare plan.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I always paid for my own “extras” growing up, but after college, when I got my own full-time job, I assumed all financial responsibility for myself. I have no savings or retirement plan or any other “net” to speak of. If I were to not be able to make rent and was in serious danger, I assume I could call my sisters or parents to loan me the money, but they would expect to be paid back, and it only be done if I was truly in a tight spot.
Do you or have you ever received passive or inherited income? If yes, please explain.
I have never inherited or received passive income.
