I said that already, but glad you're repeating it!Originally Posted by Four Pillars
if you are 24, you are not a kid.
Maybe next time the OP is hungry, he will buy & pay for the groceries and maybe cook a meal for his mom too! [and perhaps make it a weekly habit from now on!]
No need to wait until you move out to learn to be independent & to behave like an adult [rather than a spoiled 'kid'].
Fantastic job saving though and at this rate, you're probably looking at freedom 45!
“Simplicity is the ultimate sophistication.”
Ha - I read your post, but I guess I skipped the 2nd line. Well said!
Mike Holman
Money Smarts Blog Investing and Personal Finance
Are you Italian by any chance?
http://tlc.howstuffworks.com/tv/mamas-boys-of-the-bronx
If it works for everyone involved, I don't know why there is such a big push to move away from home. I get that part of growing up is leading your own separate life, but while it works, why not make the most of it?
I agree, you should be contributing, but this doesn't necessarily mean financiall unless it is required. If your mother is well off financially, it's likely she doesn't want your rent. Maybe do the laundry/cook/clean instead?
Delaying moving out can set you up extremely well financially, so I'm always surprised to see such a push to move out on a financial forum. It's different if you're unemployed, lying around all day waiting for your meals to be brought to you, but it sounds like you've got your affairs together, and are saving $25,000+/year with your living arrangements.
If it ain't broke, don't fix it.
That being said, Just A Guy had some great advice in his post with respect to when you actually do decide to move out. Would definitely recommend renting prior to buying, among many of the other things he said.
The time to leave the nest is NOWHERES WHERE I NEED HELP!
but i'd also like to invite some friends over for some beverages, get a dog, and one day meet a lady
When is the best time to move out????
You will learn as you go...the coocking, the cleaning, the laundry etc.
At the age of 24 you dont meet «A LADY»...you meet «A GIRL»
After spending an evening at the restaurant, the movies, a show, a concert or anything of interest to both of you, there is only one question left
Where do we go «YOUR PLACE OR MY PLACE»...if you propose «TO MY MOTHERS PLACE»
she most probably will RUN FOR COVER...
After the «GIRL» has a couple of kids of 10, she becomes «A LADY», unless you want to court ROYALTY....
my opinion
I don't disagree with your thoughts at all - however the OP did express some motivations for going out on his own.
Mike Holman
Money Smarts Blog Investing and Personal Finance
I agree wih pretty much everything JustaGuy said. Rent, learn to live independently, and learn what you like/dislke in a home before sinking a few hundred grand into one. And if you are lucky in love your lady will have her own ideas about what makes a house a home. (if it weren't for the dog I would suggest apartment living - a house is such a waste of real estate for a single person.)
PS: IMHO your Mom should have had "The Talk" with you about paying rent as soon as you had a steady job and were debt free. But some Moms are soft that way.
Last edited by OhGreatGuru; 2012-04-23 at 08:54 PM.
Are you guys telling him to move out and/or contribute to his mom because you honestly think it's best for him, or because you're jealous that he gets to live for free and save all his money? I think he has a really good thing going, he has an opportunity to save money that he'll likely never have again. From a purely financial point of view, he should stay put and continue socking away that money. And as for his mom, he's only taking advantage of her if she's poor and struggling to support him, if she's comfortable financially then I wouldn't call it taking advantage of her. At least he's saving his money, many people whose parents let them live rent-free spend all their money on financing a new BMW M3 or something. I would stay put for a few more years.
This is not true at all, just because you have 60k cash and can get a 260k mortgage, does not mean you can afford a 320k house. Yuo have to take into account other considerations. First, there are closing costs associated with buying a house, you need a few thousand for that. Second, you need to consider that mortgage rates have nowhere to go but up. And of course you need to keep a few grand lying around in case your house needs emergency repairs.So if I use my RRSPs and all my money on a downpayment, I'm looking just over 60k Down
I was pre-approved for 260k
(320k house if i wanted)
I personally think it's an essential part of growing up that many people don't always face. There is a lot of challenges, dare I say hardships, that need to be faced and overcome. If you never face them, get into a relationship, then get married and move out on your own, for example, think of the stress you'll put on a relationship. Then tell me it won't play a role in the divorce rate.
Many of my friend don't know how to cook, they eat out all the time. Never mind the nutritional issues that raises, think of the financial implications.
Getting into bad relationships is also common...living on your own makes you face insecurities, and may keep you out of destructive codependent relationships...
I could go on, I've known lots of people, with lots of problems that came from not living on their own...I'm not saying those who moved out are perfect by any means, but they developed differently than those who didn't. One thing is they tend to be self resilient rather than expecting someone else to take care of them.
I'm not JustAGuy (without spaces).
I agree with sherlock-The world has changed for twenty somethings & for the matter thirty somethings in some cases(and it's not from lack of ability or intelligents)-you sound self sucffient- ALL PEOPLE are getting priced out of the market by wealth outside of canada(most cities)Your laying your foundation out right now(view yourself like a corporation)and your in a GOOD spot imo.24 aint old....don't tie a axe to your backside if you don't have to.StaRT DOING YOUR LAUNDRY thou.As far as girl go who cares!(most everyone is poorish in there 20s)When your 30,if you play your cards right you will blow past your peers(a hundred a half thousand or whatever in liquid)and you will have more control moving foward.Good job so far.
Meh, living on your own doesn't guarantee you'll become a great cook. That's an upbringing/cultural thing. Carrying a rent or mortgage will invariably eat at your savings. If you really want to test things out just rent a modest place as long as you can and see how that goes - http://www.padmapper.com/. I wouldn't be house shopping unless you're ready to settle down and plant your roots.
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