Industry: Healthcare
Age: 32
Location: San Francisco Bay Area
Salary: $170,000 base and bonus
Joint Income/Financial Setup: $715,000. My bonus last year was $70,000, but it can be highly variable. My husband, J., is a physician and makes $475,000 a year. We share all our finances, and our paychecks go directly into our joint accounts, which we use to cover all expenses. We still do have our individual personal accounts, which we both keep at a minimum level, but otherwise don’t regularly deposit money into.
Assets: Primary home equity: $1,000,000; total joint savings and checking: $53,900; my total retirement accounts (401(k), 503(b), etc); $110,000; total money market/investment/brokerage accounts: $96,000.
Debt: Mortgage: $1,400,000; car: $28,700; J.’s student loans: $20,000.
Paycheck Amount (2x/month): $3,900 (post taxes and 401(k) contribution deducted).
Pronouns: She/her
Monthly Expenses
Housing Costs: Mortgage: $11,800
Home Maintenance: $675 (cleaner, landscaping, pest control etc.).
Utilities: ~$150
Loan Payments: J.’s student loan: $1,024; car loan payment: $781.50.
Wifi: $65
J.’s Disability Insurance: $223
Car Insurance: $151.60
ClassPass: $20
Nuuly: $107 (clothing rental service).
Peloton: $130
Cell Phone: $0 (we’re both on our respective family’s plans, so our parents pay).
Home Alarm System: $33
Streaming Services: $0 for Hulu and Netflix — these are shared among friends and family; we provide HBO Max (free from prior employer).
401(k) Contribution: $1,830
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 parents are immigrants and value higher education as a way to build success in the United States. They both went to college, and my dad went to a very competitive graduate school program, despite his humble beginnings and had to support himself financially through it. I went to a private undergraduate program and medical school, and I was extremely fortunate that my parents paid for most of it.
Growing up, what kind of conversations did you have about money? Did your parent(s) educate you about finances?
Both my parents are self-employed in the same industry, so they spoke of their work and compensation often. However, I don’t think they ever sat me down and taught me how to plan a budget and stick with it, or other practical advice.
