The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

Is this a smart move for me?

Accelerate wealth. Build a business that pays freedom. Join more than 70,000 entrepreneurs and register for the Fastlane Entrepreneur forum. Remove ads? Join the INSIDERS.

drpeppehr

Contributor
Jun 10, 2017
63
69
112
USA
- Living at home, driving a 2011 Honda Accord
- Making $3,500 a month working full time
- No debt whatsoever
- Monthly expenses are 0 aside from gas and food
- $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
 

socaldude

Platinum Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jan 10, 2012
1,770
4,077
1,016
San Diego, CA
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

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
May 9, 2017
1,263
5,976
1,277
24
Washington State
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

Guest
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.
 

Johnny boy

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
May 9, 2017
1,263
5,976
1,277
24
Washington State
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

New Contributor
May 28, 2021
12
11
14
- Living at home, driving a 2011 Honda Accord
- Making $3,500 a month working full time
- No debt whatsoever
- Monthly expenses are 0 aside from gas and food
- $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. :)
 

Johnny boy

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
May 9, 2017
1,263
5,976
1,277
24
Washington State
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

Bronze Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Sep 15, 2013
151
196
143
- Living at home, driving a 2011 Honda Accord
- Making $3,500 a month working full time
- No debt whatsoever
- Monthly expenses are 0 aside from gas and food
- $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
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

New Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
May 24, 2021
15
16
103
Northern Virginia, USA
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.
 

Sponsored Offers

  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
Yo! In 24 hours my Udemy courses go bye bye.. (for real this time) Gotta make way for...
  • Sticky
MARKETPLACE NEW: The Best School for Going Fastlane (Now open for summer enrollment)
Hi Guys! Just wanted to chime in and say that I am a part of Fox's Web School program. Though I...
MARKETPLACE Fox Web School "Legend" Group Coaching Program 2021
Any update? Hey bud! When I can squeeze out the time to work, it's been going pretty well...
MARKETPLACE Not sure how to start? This free book will teach you how to build a successful web design business
Hi Fox. Starting the book and got through the introduction. Had a conversation with Andy Black...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Chris is super sharp and is aware of many facets of entrepreneurship and can help get your...
  • Sticky
MARKETPLACE Entrepreneur's Toolbox: Company Formation, Virtual Mailbox, Registered Agent, Remote Online Notary
Appreciating the transparency and lack of hidden fees. The website is very up-front and user...
Introducing MJ's Personal Unscripted Network, Join Now for FREE!
Any chance to make it available outside of US? It has been available outside of the US on...

Forum Sponsor

Learn Fastlane Business Skills & Get Profitable Within 30 Days...

Get Started Now

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom