Living with Your Parents
Hello and welcome to another edition of our weekly newsletter! Can you believe it is already November? One month closer to the end of 2020. Now, for our weekly topic: Living with Your Parents.
Okay – so fresh out of college, I could not recommend anything but moving to a new city and starting your career. This theme goes hand in hand with ‘ignoring location,’ where you simply need to have the courage to chase whatever opportunity is best for you regardless of location.
By moving to a new city, you are forced to:
- Make new friends
- Network
- Learn how to cook
- Figure out how to live on your own
- This was true to an extent in college, though likely your parents were flipping the bill
- Most importantly: learn a lot about yourself
I genuinely believe the two years I lived on my own in a new city were some of the most impactful I have had in my life to date (I know this is a small sample size – I am 24 years old). You just learn so much about money management, being okay with being alone, and learn that there is a lot more out there than your hometown / college town.
Nonetheless, I decided to move back this year after being gone for over six years. Why did I do this? Well, my apartment lease was up, and our office was closed indefinitely due to the virus. I really did not feel comfortable being responsible for a twelve-month lease in the middle of a pandemic. Thus, I put all my stuff in a storage unit in Dallas and made my way back to my parents’ basement in St. Louis.
Has it been an adjustment? Yes. However, I really have enjoyed spending time with my family. While I am excited to get back out of my parents’ house in 2021, I recommend living with your parents if this is your situation coming out of college:
- You land a job in the place you grew up
I just saw a tweet not too long ago from a kid I grew up with, who, in less than two years, paid off over $30,000 in student loans by simply living with his parents. If you are lucky enough to have parents who will not charge you rent (or very minimal), seize the opportunity by stacking cash. I consider myself incredibly lucky for having the opportunity to do this. Whether you are knocking out student loans, starting an emergency fund, or saving up for a down-payment, the time spent ‘boomeranging’ back to your childhood bedroom does not have to be dismal.
Like anything else in life, view this as an opportunity to better yourself. Set financial goals, invest in a productive workspace, and just grind it out. When it comes time to get your own place, you will be on a lot better footing than most kids your age.