Episode 24: Managing Money with Dannielle

 
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My guest today is Dannielle Romoleroux. Dannielle grew up with immigrant parents who worked service jobs in the travel industry. She was inspired to cultivate a life-long love of learning by watching her father consume professional and self-development materials. Dannielle attended University of Massachusetts Boston right out of high school but then transferred to Rutgers University. She graduated with a B.A. in Political Science and currently works as a program manager in a diversity recruiting start-up in New York. Dannielle didn’t approach college with a financially savvy lens but confronting her loans and evaluating her lifestyle after college, sparked a newfound interest in budgeting and financial literacy. She has started a blog documenting her financial goals and progress (First Gen Money) and plans to launch a podcast focused on discussing how first generation individuals relate to money. Dannielle discusses how her First Gen identity has impacted her relationship with money. Here is a little of her First Gen Journey. . .

Show Notes:

In this episode, Dr. Hernandez interviews Dannielle Romoleroux, a Program Manager at a diversity recruiting start-up in New York, about her First Gen Journey. She recently started a passion project focused on how she manages her money as a first generation individual, First Gen Money. She discusses how she didn’t really consider money when applying to and attending college but re-paying her loans has become her priority and motivated her to think more critically about how she manages her money. Here are a few highlights from her episode:

·      Dannielle’s earliest memories of learning and education were centered around visiting the local bookstore with her father (2:09). She experienced him as eager to learn and to develop himself personally and professionally through literacy.

·      Like most First Gen families, Dannielle grew up understanding that she would go to college but didn’t have any real knowledge of how to get there. Her family’s commitment to providing the best educational opportunities possible and the support of her peer group helped her eventually find a path toward college (4:54).

·      When applying to college, Dannielle didn’t factor money into her decision process. She assumed she would need to rely on loans to pay for college but didn’t consider going to a state school to save money and didn’t look for schools that gave more financial aid (6:04). She started her college journey at University of Massachusetts, Boston with plans of transferring and ended up finishing her degree at Rutgers University (7:00).

·      Despite receiving financial aid and having access to student loans, there were many hidden or unexpected expenses that Dannielle had to manage (7:57). Moving into an unfurnished apartment near campus was one of the biggest expenses that Dannielle hadn’t planned for. Luckily her parents were able to help her get settled.

·      Having money for socializing and fun is often another source of stress for First Gen students. Dannielle provided a great example of how she didn’t manage her money well while studying abroad and had to make several sacrifices (9:42).

·      Dannielle viewed student loans as the only way she would be able to access college so they were a necessity that she had accepted (12:14). After graduation, they became a source of stress because the reality set in of having to pay off the loans; some of that anxiety and pressure came from her childhood and seeing her parents struggle with debt (12:59).

·      Dannielle started becoming budget conscious two years ago after consuming podcasts focused on money and personal finance. She started to think about her own relationship with money and how it was or wasn’t working for her (13:56).

·      Dannielle didn’t make career decisions based on financial gain. She felt secure enough to pursue her interests and believed that she would be able to create a satisfying life for herself (16:31).

·      Dannielle has harnessed the First Gen strengths of self-reliance, intellectual curiosity, and initiative to learn as much as she can about personal finance and create a better future for herself and her family (17:22). Her financial goals are to own property, be able to start a college fund for her future children, and be able to support her parents through their retirement without being overly stressed about finances.

 

Dannielle’s tips for First Gen students and professionals wanting to get their finances in order:

  1. Keep your lifestyle to a minimum.

  2. Forget that you are making the money that you are making and live frugally for at least two years.

  3. Think about your financial goals and how you will get there.

 

You can connect with Dannielle on Instagram: @firstgenmoney and through her blog, First Gen Money.

Resources Dannielle mentioned in this episode: Rich Dad Poor Dad, So Money