I’m 24, I Make $19K & I Live In The Middle Of A Forest
Education has been a priority in my family for decades, so no one ever thought of me not going to college. Being the daughter of doctors inspired me to attend medical school in my hometown when I was 18. In Ecuador, the degree lasts six years, and you can go straight into it after high school. My mom and grandparents have been very supportive regarding my education and paid for most of my degree until my little sister got into college as well. Having two daughters in private universities on her own (since my dad passed away when I was 12) was too expensive for my mom, so I had to take out a loan for my last two years of school.
Growing up, what kind of conversations did you have about money? Did your parent(s) educate you about finances?
My mom taught me about finances from when I was a teen. While in high school, she would give me a monthly allowance based on a budget I had to present to her in a spreadsheet. Besides that, most of the conversations we had were about the importance of saving and planning. She was always recommending books and courses on personal finances that I never took seriously, but now that I am starting to make my own money, I wish I used the resources she offered me when I had more free time.
What was your first job and why did you get it?
During my last year of medical school, as part of my degree, I did an intern year where I worked at a hospital, supporting residents and attendings on anything they need. I got paid around $500 monthly, and I used this money to pay for all my personal expenses besides housing and basic needs that my mom still covered for me. I also saved some money that I later spent on traveling abroad with my friends as a graduation gift from myself.
Did you worry about money growing up?
I think the most I worried about money growing up was after my father passed away. For the first couple of years, I saw my mom struggling to pay loans and medical bills from my dad’s disease (he had cancer) while being the head of the household, and that made me worry as well. As the company my dad cofounded began to do well and my mom educated herself on personal finances, we eventually began living a very comfortable life. Although I almost stopped worrying about money after that, to see my mom stressed so much those first years definitely impacted me, and it became a reminder that life can change drastically when you least expect it and you have to be aware of that, but you also have to trust you can be resilient enough to overcome whatever life throws at you.
Do you worry about money now?
As I am planning to apply for residency in two years, I definitely worry about money now. I want to become a specialist abroad, which means I have to save a certain amount of money for traveling and studying, and I keep that in mind every time I feel like spending a little extra money on things like concerts, expensive dining or clothes. However, my mom has offered to help me so I can fully focus on this objective in 2026. This means I won’t work for a year until I get into the program I want. While I am so lucky my mom is willing to support me and I am going to contribute with more than half of the expected expenses for this process, I still feel guilty about it.
At what age did you become financially responsible for yourself and do you have a financial safety net?
To pursue a medical career means that there is a big chance that you won’t acquire complete financial independence until your early thirties (or later). Although I began paying for all of my personal expenses last year, I feel like this is the first year I am financially responsible for myself (though I live with my mom for some days of the month). I am very grateful for having my mom and grandparents as I know that they could help me financially if I need some help, especially for the next few years. I also know I could sell my car or my company shares in extreme, emergency situations.
Do you or have you ever received passive or inherited income? If yes, please explain.
When my father passed away, I inherited some things, including part of a house that we eventually sold to buy a house in a nicer neighborhood, and the company shares that I still own. The money I receive from them monthly has always been used for educational purposes (including exchanges and summer programs in other countries that have definitely been life-changing). As previously mentioned, when I started college, my mom bought me a car so I could go anywhere on my own while she spent more time with my little sister without worrying too much about me. My grandparents also gift me around $500 each year for my birthday and Christmas that I mostly use for more costly personal expenses (such as running gear or traveling), and whenever they are in town they offer to pay for my groceries. Finally, my mom contributed monthly to a retirement fund for me when I started medical school. Once I began contributing for it during intern year, she stepped out, but I am so grateful for her amazing support on this (and everything else).
