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How Do You Do Money? Chase, Bartender

April 8, 2014
Personal Finance
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NerdWallet’s How Do You Do Money? series asks people from various walks of life to share their attitudes and approach to personal finance, with the goal of bringing transparency to discussions surrounding money. In this installment we speak with Chase Lumbert, a 24-year-old bartender living in Santa Cruz, Calif. This is how he does money.

What do you do for work?

Hospitality (server, bartender, busser, etc.).

Would you like to be doing something else instead?

Not sure. Maybe voice acting.

About how much do you earn before taxes per year?


Do you feel secure with that amount?

It’s decent, but I will be S.O.L. if I ever get hospital bills.

Do you have any debt?

None yet.

Do you have any savings goals? If so, what are they?

I am attempting to cap my Roth IRA contributions every year. I made my $5.5K goal last year, and I intend to do the same this year.

How was the topic of money approached in the home(s) you grew up in? What factors do you think influenced that approach?

My mother was super frugal and my father spent every penny we had. I developed a very odd relationship with money and I became a super saver. So much so that I would never go out to eat or spend much money on consumables. Those who owed me money were reminded quite frequently. Only in my adulthood did I work to create a healthier relationship with money and circumstances with people when it concerned money.

How do you think that affected your attitude toward money and your personal finances?

I know how to save, but I know how to have a good time once in a while.

Has your approach toward personal finance changed from the time you left home and how so?

I have allowed myself to spend money on [good] liquor. As a result I have turned it into a hobby.

What is the best monetary investment you’ve made?

My bicycle. I’ve probably put over 3,000 miles on it.

What monetary investment do you regret the most?

Losing $500 trading long-term shares.

What does financially stability mean to you?

Having a $1,000 emergency fund and at least $2,000 in the bank readily available with little to no debt. Ultimate stability would include full coverage health insurance.

What financial accomplishment are you most proud of?

Starting the Roth IRA. I owed myself money from having taken from my savings. So I returned it threefold.

Do you, or someone you know, want be interviewed? Email Heather.