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Failure to Fly or Money Smart?

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I was chatting with one of my best friends this past weekend and she came up with a brilliant idea:  She decided that when she has children she is going to encourage them to move back home after college, get their first big-kid job, and SAVE money like crazy.

After crunching some numbers she realized she would have over $70,000 in the bank saved if she hadn’t bought a home (investment), new cars, etc.

I told her that if my parents made that offer there’s no way I would have taken them up on it – I’m too stubborn.  Moving out, to me, means “I’m financially independent baby!”

So now I’m curious – would moving back home after college to save all of your money be a good idea?  Or would this be detrimental to the already-entitled-Gen-Yers in the fact that they really would have everything handed to them on a plate when the generation before us was required to move out, get a job and fend for themselves?  I understand the value of saving money.  I also understand the value of making investments such as home purchases.  So I can’t quite decide if I agree with my friend or not.

Either way – had my parents made that offer to me I would have gladly declined and still moved out on my own to feel like I’m wearing my big kid pants.

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7 responses »

  1. I will be eternally grateful to my parents for opening their home back up to me when I graduated and started my first job, but there’s no way I could live there now, no matter how much money I’d save. 11 months was enough for me!

    I think it’s a great idea as long as you don’t overstay your welcome. But you have to sacrifice a lot if you’re living at home to save money — having a significant other is difficult and quite awkward (everyone needs a little alone time with their boyfriend/girlfriend and I’m not even necessarily referring to sex; curling up with a movie was even hard for me because the living room was never vacant and my parents’ house has fewer tv’s than most). You can’t exactly kick your parents out because you want to have a girl over to cook her dinner and relax afterward … the problems go on and on. I’m sure there are ways to skirt these issues, but I spent the 11 months single and eating dinners at 5 p.m.

    Reply
    • You took the words right out of my mouth! I couldn’t put a finger on exactly WHAT would drive me crazy about living at home, but I think you nailed it perfectly. What happens when you hang out with friends and come home at 2am (come on – we all do it)… do you tip toe inside so you don’t wake up mom and dad? If you have a significant other do you have to go to their house to have alone time because you’re still living with the rents? My parents house is very similar to yours in that we only have ONE TV and ONE hang-out-type-of-area. It’s not conducive to “hanging out” or having guests even.

      THANK YOU for your comment! I am so happy you pointed out some of the many reasons why living at home could be bothersome to a recent grad!

      Reply
  2. Rachel Paulsen

    Ashley,

    I have to say that I agree with you. I think that the idea of letting your kids live with you after college so they have time to save some money is a nice idea, but the reality is not worth it. In my opinion one of two things will happen if recent grads move back in with their parents: 1) they will miss being able to do the things that they were doing when living on their own and start to spend their money like crazy just to do activities outside of the house, and then they will take even longer to save money and move out, or 2) they won’t get a serious job to move out because they don’t have to support themselves right away and then they don’t move out.

    Also, if kids know that they parents are going to take them in right after college and they don’t have to worry about anything, then they may not take their time in college as seriously and have a job, or really push to have one when they graduate. Maybe this is the pessimist in me, but I think that you have to kick kids out of the nest and make them figure things out and learn from their own mistakes rather than giving them everything and then some.

    Hope your summer is going well!
    -Rachel

    Reply
    • Rachel – I’m glad we’re on the same page. I think there is no motivation to get out there and succeed if you’re going to be mooching off the parents. Where is the motivation to even work? Plus, I think it is a huge phase in life to conquer college, get your first real job, and maybe live off spaghetti-o’s while making it work. I think it makes us stronger as opposed to enabling us.

      Thanks for the comment miss!!

      Reply
    • I also think it could be quite the opposite. Had I not been able to move home and search for jobs with a little bit of help, I would have had to go wait tables immediately to make the money to support myself. I likely wouldn’t have found the job I did, because instead of being at home and applying for jobs and working the phones all day, I would have been working at a job where I wouldn’t have the future I was looking for.

      I think parents should allow their kids to move home after graduating, but it shouldn’t last for long if it has to happen at all. In this economy, it really is tough to find a job, and I was only unemployed for two months to start…I know how blessed I was!

      Of course, not everyone has two parents who work from home every day and pester them constantly from the moment they wake up about finding a job. Did I mention that when I listed the reasons why I hated living at home? Yeah…no alone time. Ever.

      Reply
  3. I got an internship and lived with my aunt, as she was close to where the internship was, after graduation. It works out well and I’m moving to a new city in a week to start my first “big-kid” job. Moving back home really wouldn’t have worked out as well for me as it might’ve for some; it would’ve only worked as a solution while job searching. I love my home and wouldn’t have minded living there but it’s in a more rural area and the closest decent sized town is 20 miles away and has a population of 12,000, making career options rather limited. My hometown area simply doesn’t have many, if any, options for what I want to go into.

    For me, moving home would have been great as I was searching for jobs, but it wouldn’t have worked career-wise beyond that.

    Reply
    • I would definitely consider living at home also if I were job hunting, but if you already have the job? I’m far too stubborn and independent and crave my financial independence from my parents! You sound like you’re almost required to move elsewhere in order to develop a career for yourself. Good luck – I’m terrified to move!

      Reply

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