Zhaneta Gechev is originally from Bulgaria, a small country in Europe. She came to the US when she was 20 years old with her fiancée, now husband.
They both took part in a student exchange program. One thing led to another and they decided to call the US their permanent home.
Little by little, they started establishing and creating their lives in the US. Zhaneta was able to finish her bachelor's degree in the US and each start their careers.
"The amount of people who choose to rent instead of buying a home surprised me. In Bulgaria, many people would prefer to buy their own home."
😲 Can you share a moment from your early days in the US when a cultural difference surprised you?
Gechev: When I came to the US, many differences caught my eye: from how different the coffee is to how many types of breakfast potatoes there are.
However, one of the biggest things that really surprised me is the amount of people who choose to rent instead of buying a home. In Bulgaria, many people would prefer to buy their own home, even if it's a small 450-square-foot apartment. Here people are more mobile and do not stay in the same place for decades.
🧗 Were there any challenges that you had to overcome?
As a young woman, there were many challenges I had to overcome. One of the things that was holding me back was my English. Even though my English was decent, I felt it was not good enough and was always self-conscious about it.
Early on in my career, I had to ask my co-worker to come in and proofread an email before I sent it to a client.
🏦 Were there any hurdles you encountered when setting up the basics, like opening bank accounts, credit cards, or retirement accounts?
Establishing some sort of credit history to be able to set up some "normal" living arrangements was a bit challenging. At first, we had board provided by the school program. Afterwards, we moved in with family friends. Two weeks later, we tried to rent a basement apartment with a roommate. We did not qualify due to a lack of credit or rent history.
I would not lie, this was a bit challenging and frustrating.
💳 How did you apply for your first credit card here?
After we were able to secure stable employment and housing, we wanted to start building up our credit history. We were told that a bad credit history was better than no credit history. The first credit card was a secured card offered by Wells Fargo. We had a $300 limit. Little by little, we started learning the basics of creating, managing, and improving credit history.
💸 When did you first start investing and which brokers or apps did you use?
We did not start investing in any broker's apps. We were strong believers in things you can purchase, so we opted to purchase a home. So, just 2 1/2 years after coming to the US, we were able to qualify for a mortgage and purchase our 1st home.
📰 Can you share any go-to resources that you've discovered and found particularly helpful for managing your finances as an immigrant?
I may be considered a bit of an "old school" as I did not use any apps or additional resources when managing my finances. My now husband and I believe in being conservative with our spending. This allowed us the opportunity to grow financially and not fall victim to the buying culture we live in.
"Waiting to see where you might end up living 5 years from now will not help you. The sooner you start, the better."
📜 What's the ultimate advice you'd pass on to other immigrants as they navigate their journey?
I would say, just give yourself a break. It is not an easy transition to become an immigrant. Try to surround yourself with people who can show you some of the basics and just keep in mind that information is more valuable than gold. This was the advice we were given when we first came to the US.
Do not be afraid to invest in your future. Whether this means buying real estate in the US or starting a 401K/ Roth IRA.
Waiting to see where you might end up living 5 years from now will not help you. The sooner you start, the better.
🎙️ What's your current focus now that you've settled?
My current focus is becoming content with my new life in the US and slowing down.
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Quick Answers
Budget Hack:
Do not buy everything you want/think you need.
Banking Secret:
Some banks pay referral fees. Have a friend share that with you.
Budget Victory:
We were able to purchase our dream house.
