Despite earning a 6-figure salary at age 38, this woman does not have a college fund for her son because she believes he should be responsible for his own financial future.

Cristina Tello-Trillo's strong work ethic has enabled her to achieve her Ph.D., secure a six-figure salary, and purchase a small portfolio of investment properties within the last 10 years.

She says that money is something you work really hard for.

In 2024, she will earn $201,564 from her positions as a senior economist at the U.S. Census Bureau and an adjunct professor at the University of Maryland, as well as income from three rental properties she bought in 2023.

Tello-Trillo and her husband reside comfortably in Bethesda, Maryland, with their 5-year-old son, Leo. She plans to teach Leo basic financial concepts, such as setting a $5 budget for shopping. However, she is not currently saving money for Leo's college education.

"She tells CNBC Make It that she doesn't expect to pay for her kid's college and hopes for a scholarship or loan for her child to cover the expenses."

Tello-Trillo suggests that her son may not be ready to consider college attendance for some time, and she may reconsider her decision to save for his higher education. However, there is a reason why she is not enthusiastic about starting the savings process right away.

'I want him to fight for the things that he wants'

Tello-Trillo, who was born in the U.S. but grew up in Peru, returned to the States to earn her Ph.D. at Yale University on a full scholarship. She then used her degree to secure a job at the Census Bureau and became a part-time real estate investor.

"My husband and I worked really hard for our money, and both my husband's and my parents also did. I want to show Leo that hard work is necessary for money, just like my parents demonstrated to us."

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Tello-Trillo is reluctant to leave her son a large inheritance in the future because she fears he will become complacent in life due to the financial security it provides.

"She states that she does not want her child to feel too secure and rely solely on a safety net, but rather to strive for success and make an effort in the world. She may provide some financial support, but not excessively, so that her child can inherit a decent amount and have the opportunity to fight for what they want."

Several notable wealthy individuals, including Warren Buffett, Anderson Cooper, and Guy Fieri, share similar perspectives.

Buffett is renowned for his immense wealth, with a net worth of over $140 billion, but he is also recognized for his dedication to philanthropy. Despite each of his children having their own foundations funded by Buffett, he states that he will not bequeath them the majority of his fortune upon his death.

"Give the children enough freedom to accomplish anything, but not so much that they are incapable of doing anything," he stated in a 2021 note to shareholders.

As a child, Tello-Trillo first became fascinated with the concept of money through playing Monopoly. Although her son is currently too young to play, she is eager to introduce him to the game when he grows older, hoping that he will internalize the early lessons on money management.

She says that she expects him to earn his own money and save it on his own, as that's how life typically works.

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