I’m the youngest of 4 kids: Here are 4 key lessons about money and success I picked up from my older siblings

I love being the youngest sibling.

I know, that’s such a youngest sibling thing to say. But it’s not because I got any special treatment from my parents or had fewer rules at home, as older siblings often lament. It’s because of everything my older brother and sisters taught me.

I have three older siblings: Kari, who’s nine years older than me; Zack, who’s seven years older; and Kassidy, who’s two years older.

Getting to watch each of them grow up gave me a great opportunity to learn. They were pioneers in school and at home, and through their trials and triumphs, I often learned what to do — or not to do — to succeed.

Like many people, I learned my earliest money lessons at home, and I’m grateful to have witnessed my siblings go through various financial events, from taking out student loans to managing credit card debt. Their experiences have helped inform my own approach to money.

Here are four money lessons I learned from my older siblings.

Kari and Zack weren’t eligible to take out federal student loans when they left for college and both wound up with private loans. Our family’s financial situation left them ineligible for federal aid — which includes federal loans — but still unable to pay for college outright.

Kari left school before finishing her degree, but after her grace period ended, so she didn’t have many options for reprieve or a lower monthly payment. She hit a rough patch financially around the time I was in high school, and was unable to pay her loans for a period.

As a result, Sallie Mae representatives called our house constantly, hounding her for payment. I was a young teenager and didn’t fully understand the situation, but I knew the drill when “Sallie Mae” flashed on the home phone’s caller ID: Do not answer.

For some families, private loans are the only choice to pay for college, as they were for my siblings. And often, they can be worth it if they allow you to finish your degree and obtain a high-paying job.

But federal loans generally come with a lot more protection for borrowers. The interest rate, though relatively high in 2024is set by Congress and fixed for the life of your loan. And you may have the opportunity to earn loan forgiveness through programs like Public Service Loan Forgiveness.

Kari and Zack have both been able to manage their loans throughout most of their years in repayment, but the fear of Sallie Mae stuck with me until I was getting ready to go to college years later. By then, our family’s financial situation had changed significantly and I qualified for federal loans, so I was able to fund most of my education that way.

My very first job came through my siblings. Zack had a gig helping our elderly next door neighbors with chores, such as bringing their garbage bins to the curb or taking the newspaper from the driveway to their doorstep.

When he left for a school trip for a couple of days, he offered his newspaper job — which paid around $5 a week — to whomever could get there quicker, me or Kassidy. I was about 7 years old and eager to earn that cash, so I set my alarm and got up before the sun to wait for the newspaper drop next door.

Several years later, I landed a number of babysitting jobs through my sisters. In middle school, my first regular gig, which earned me around $25 a week, was a job passed down to me when Kassidy had scheduling conflicts.

I learned that getting a job often comes down to who you know over what you know. The phrase “your network is your net worth” is common career advice for a reason: Personal connections can sometimes take you further professionally than resume bullet points.

I knew the importance of networking and fostering connections long before my first post-grad job, and have been able to leverage personal connections throughout my career. Now as a reporter, I’m constantly tapping my networks to find stories, sources and expert insights.

While store credit cards often offer tempting discounts, they can be a slippery slope into debt if you’re new to managing credit — a lesson my sister Kassidy learned the hard way.

When she was in college, Kassidy racked up a a couple thousand dollars of debt on a Victoria’s Secret credit card. She was earning minimum wage at the time, and her monthly payment quickly grew beyond what she could afford to pay.

Out of anxiety, she ignored her balance. When debt collectors started reaching out by phone, she blocked calls. The creditors even called me trying to get in touch with her, threatening serious trouble for my sister if she didn’t pay.

Eventually, the collections escalated to a lawsuit. My sister had to settle with the collectors and pay back a portion of the total owed on a payment plan.

Kassidy is in a much better position these days, but those phone calls stay with me. I love a loyalty program or special discount when I shop, but every time I’m offered one with the caveat that I open a new credit card, I say no.

You can certainly get yourself into unmanageable amounts of credit card debt with regular cards. But store cards typically come with higher interest ratesso your debt grows even faster if you don’t pay it off each month. Plus, you lose out on many of the benefits of regular rewards credit cards.

Growing up, I was told the key to success is to go to college and land a well-paying desk job. While I feel pretty successful having done exactly that, my siblings showed me it’s not the only way. Unconventional paths can lead to a successful and fulfilling life.

My siblings and I have all taken different journeys — but we’re all happy and successful in our own ways. Kari is the mother of three great kids and has worked her way up to a senior management position at her company. Zack climbed the ranks to become a Master Sergeant in the U.S. Air Force earlier this year. Kassidy spends many weekends singing on-stage in front of packed audiences with her band.

While I know there is no right way to do life or certain milestones you need to hit, such as buying a house or having kids, there are still days it can feel like I’m not “on track.” I’m almost 30 and I still rent, have debt and only play parent to a (perfect) bulldog.

But then I think about my siblings and all the things they remind me I can do if I just choose a different path and follow it. One of the most important lessons I learned growing up was from our mom, who often reminded all of us that it’s OK if Plan A doesn’t work out — as long as you have a Plan B, C and D ready to put into action.

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