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drpeppehr

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- Living at home, driving a 2011 Honda Accord
- Making $3,500 a month working full time
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- $8k savings


Hey everyone.

I’ve been living with my family after college for over a year. Would it be wise to move out and start paying $1,500 a month to rent an apartment? I honestly question if moving out is worth it in my position, my dad always tells me it’s smart to buy property instead of rent. If anyone has any input I’d greatly appreciate it
 
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socaldude

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If you are productive and moving towards your goals then living with your parents and keeping your expenses low is smart and advantageous.

But there’s the flip side where living with your parents keeps you from experiencing real world pressure and drama.

Me personally, my parents were ok with me living with them and didn’t charge me rent. But they were very toxic in the sense that they wanted to see me making progress in some kind of career. And I desperately wanted to be self-employed. And it takes time for that to happen. It doesn’t happen overnight. I ultimately had to move out to distance myself from that influence.
 

Johnny boy

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Is your dad worth millions?

Or is he some cautious 50 year old employee who lives cheap, makes 70k a year, buys a used car once every 10 years and watches the news a lot? That's everyone's dad for the most part.

Listen to the people you want to end up like.

Live at home, start your business, get it to 5k+ a month and then move out. In the meantime with you living at home, spend all of your time starting the business and 0 time doing anything else. Be deaf to anything your parents or what anyone else says and get your business rolling.

I was living at home because I was playing college baseball. I didn't get drafted, ended up selling cars, saved up my money and started my business. I was out of the house in 6 months and moved in to my lakehouse.

Having a job and then buying a house is slowlane. You could take that down payment and start a business that ends up changing your life in just a short few years, a house is never going to do that, but daddy will never tell you that because in his mind, the only way to get paid is from a paycheck, which takes years to start getting a higher rate of pay. His thinking is flawed and his advice is based off of his false assumptions. Same goes for my dad. "Go to college. Get a skill. Get a good income. Working for the government is a good job, steady work, good benefits". I told him I didn't want to be middle class working 50 hours a week when I'm 50.

Now my income nearly doubles every year. I'm 24 and I started at 21. Can you say that about any job?
 
D

Deleted78083

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Or is he some cautious 50 year old employee who lives cheap, makes 70k a year, buys a used car once every 10 years and watches the news a lot?

That's literally my dad lol, especially the news part.

There is a middle ground in the options you offered. 1.5k for rent is a lot. Tbh I think paying rent is wasted money really, but living with parents ain't nice either.

So the middle ground is whether to live with roommates and pay less rent, or it is to house-hack and buy an apartment, move inside, get roommates and let the roommates pay for the apartment.
 
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Johnny boy

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That's literally my dad lol, especially the news part.

There is a middle ground in the options you offered. 1.5k for rent is a lot. Tbh I think paying rent is wasted money really, but living with parents ain't nice either.

So the middle ground is whether to live with roommates and pay less rent, or it is to house-hack and buy an apartment, move inside, get roommates and let the roommates pay for the apartment.

I pay nearly $4000 a month for rent and utilities lmao
 

JLynnParker

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- Living at home, driving a 2011 Honda Accord
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- $8k savings


Hey everyone.

I’ve been living with my family after college for over a year. Would it be wise to move out and start paying $1,500 a month to rent an apartment? I honestly question if moving out is worth it in my position, my dad always tells me it’s smart to buy property instead of rent. If anyone has any input I’d greatly appreciate it
Hi! If I was you, I'd take my $8,000 and try and find a house to buy provided you can get approved for a loan. If you buy a house, say a 3 bedroom, live in one bedroom and rent out the others. It's called house hacking. Another thing you could do is buy a duplex, triplex, or quad (all qualify for residential home loan) Live in one unit and rent the others.. You should be able to live for free. :)
 
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Johnny boy

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Yeah but I'd guess these 4k must account for about 5-30% of your monthly salary.

OP is making 3.5k. He's not gonna go spend 42% of that just to live alone, that's dumb.
yeah I know, he should start a business so he can start making 10k a month instead of a pathetic 3.5 and debating on if renting is a waste or not.

Focus on the things that matter.

Live at home, start a business, make more money, move out and stop worrying about renting vs buying, get to 15k then 30k then 50k a month and who gives a flying F*ck about the little stuff.

I remember my dad said it was dumb to move right into a lake house as my first place. I said "cool". What's dumb is being 50 and still being middle class. Now I make way more than my parents did.
 

kleine2

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- Living at home, driving a 2011 Honda Accord
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Hey everyone.

I’ve been living with my family after college for over a year. Would it be wise to move out and start paying $1,500 a month to rent an apartment? I honestly question if moving out is worth it in my position, my dad always tells me it’s smart to buy property instead of rent. If anyone has any input I’d greatly appreciate it
You are asking a great question, but the only one who can answer it is yourself.
Nobody else can tell you how you want to spend your money and what your personal priorities are for earning and for what is worth spending on.
You understand the ups and downs of each side, it's a personal choice.
 

Ali Abbasi

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Stay at home. Save the money put it towards a business. Right now it should be all about grinding it out on your own business. You only need a bed to sleep in.

If you get your own place you are more susceptible to waste precious time and money on dumb things like “tricking out the pad.” Inviting coworkers/friends over.

You might run into a girl/boy you like and since you got your own place it’s easier to feed the lust and do some Netflix and chill. Which could lead to a baby.

Keep your head down, build your thing. And over communicate firmly with your parents: when my bedroom door is closed it means I’m working and I can’t be interrupted under any circumstance.

Do not knock on the door asking me if I want a sandwich. I wish to keep the peace and the only way that can be achieved is if I’m not interrupted when I’m working. And I’m almost always working.
 
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