[ElJefe]

True independence and security takes time, a lot of time, money and practical experience. I just turned 25 and own my own place, and I sublet a room to save cash. I only figured out at 23 that either I could be a slave or a capitalist... I chose the latter. I regret insanely I didn't learn about money earlier.

I'd be lying if I didn't remember to say, I owe my parents a couple thousand over the years or that there's all sorts of shit I don't know how to fix I still need help with - but I'm trying. Downside is that I have an absolutely shitty wardrobe and no furniture.

[chyamor]

They have been several reports that state men in their mid 20s are moving back home after graduation due to lack of jobs. I think 10-15 years ago if you where in mid 20s and living at home it was looked down upon but with the current state of the economy many have no choice... I had to move back home with my parents since my dad lost his job and had no means to pay mortgage. I'm in my late 20's currently paying 2k a month for mortgage and trying to save some on the side to buy my own place down the road.

[Pusscrook]

Here's a quick question.... If someone inherits money form his/her parents,(let's assume they also do not live at home anymore) and never have to work a day in life, are they financially independent? Are they any different from the person who lives at home, but working and make his/her own money?

[Deluge]

(01-09-2012 05:46 PM)Pusscrook Wrote:  

Here's a quick question.... If someone inherits money form his/her parents,(let's assume they also do not live at home anymore) and never have to work a day in life, are they financially independent? Are they any different from the person who lives at home, but working and make his/her own money?

If they can use the money as they wish then yeah their independent. If daddy controls the purse strings though then by definition you wouldn't be independent.

[Laner]

I was 18 when I left home.

I graduated high school at 17 and went and worked the oil pipeline for 6 months with no bills pulling in $10,000/month. My parents had told us that at 18 they would start charging us "rent" of $700/month, which they put into a savings account and would give back to us upon moving out.

I was never home as I was working insane stretches on the pipeline so they never bothered charging for me. After 6 months working I fucked around Europe for the rest of the year, came back and went to college. My parents had an RESP (registered education savings plan) for us kids to take care of university expenses which was very smart of them and helpful to us.

I have hit my family up for money before, and if I need to again some day then I know they are there for it.

They are family. I would do the same for them no questions. One thing about westerners (not Europeans) is that we have this embarrassment over using family money. How can we expect to build family legacy if we are too shy to leverage all the family wealth into bigger investments.

I look at my Asian friends and their families. I have a female Chinese friend who had $3million in family assets to look after in Canada. Her brother was in California and who knows how much he was responsible for. Dad was in China doing his thing. How nice is that?

[Chad Daring]

(01-07-2012 09:09 PM)MiXX Wrote:  

(01-07-2012 08:15 PM)Chad Daring Wrote:  

I'm 23

Damn, you mofos on this forum are fucking youngbloods!!

Shit, I have cousin and a brother that age, and I smack them in the back of their heads all the time for the immature decisions they make in life and with women! Not that you're immature, just the opposite, and I'm just shocked you are that young.


Mixx

Ha, thanks I suppose. Trust me I dont take it for granted. I know I'm lucky to have found Roosh, his book, and this community as the time that I did. I'd say I wish I Found it earlier but I dont think I was ready earlier, I would've just written it off.

[Goldin Boy]

22, about a month after my birthday. My mom was/is overbearing and imperious and my father a hapless beta. In order for me to have semblance of control over my life I knew I had to leave. Winning a lawsuit with New York City helped early on

I'm 25 now and I've been fired from my last two jobs, with little savings and been nearly homeless but I've bounced back each time. There's an old saying: "The fire that melts butter also forges steel." Living on my own made me resourceful b/c I always knew that I had no safety net to fall back on.

I feel bad for my old college buddies(most of them) who are still at home. Fiscal responsibility is major adult skill that isn't taught in school but if you're on your own you'll learn it quick.

[Mrs. Chocolate]

(01-09-2012 02:55 PM)MiXX Wrote:  

(01-09-2012 12:36 PM)Mrs. Chocolate Wrote:  

The only way to get independent before 30's is getting married, because it gets someone else to share expenses. And this is how most of my friend can go out their houses, or they become someone else's rooomate, which it does not mean that their parents are not helping them anymore.

Wow - this is VERY interesting to read Chocolatinha. If you look back at the history of marriage, it was for this VERY reason: to gain a competitive survival edge over the single people. Marriage meant sharing expenses/labor etc.

It's surprising how in Brazil this is still in play. IN EUA, women get married to eventually fuck the guy over financially, and gain the upper hand.


Mixx

Thank you... I guess. Of course I have friends who think that men will provide them everything (and they find those men who do it, I don't go figure) but IMO, the couple needs to share responsabilities, finances, how to raise their kids, house keeping...

[Adrenaline]

Old but interesting thread. Moving out and becoming financially independent is THE current goal in my life.

I'm 24, just finished university and have about $20,000 AUD worth of savings but with a 20 grand + student loan debt as well. I'm still living in the family home (although paying part of the rent) and have been pretty much sitting on my ass the last few weeks contemplating the next step. I'm desperate to move out as it's impossible to bring girls back here and I feel as if I need independence, but this is easier said than done as housing prices in Australia are through the roof.

The only type of work I'll be able to get in Australia for the rest of this year is casual relief teaching when my teaching registration comes through which is decent pay at $300 a day but very difficult to land working days right off the bat. My other options are taking that degree to London and teaching for about 600 pounds ($1275 AUD) a week guaranteed pay but obviously with large living expenses, or teaching English in Asia for minimum pay but with a decent lifestyle. International school jobs are going to be almost impossible to land at the moment with no experience. To make matters even more complicated, I hate teaching and don't feel like I will last long doing it in any way, shape or form so am considering studying something else at university next year. I'll also have to work part time either teaching or bartending as well to fund moving out (getting qualified behind the bar within the next month).

There is nothing worst I can think of than living here a year longer but I'm willing to if it means more money in the future. So, if you were in my situation, what would you do?

A) Move out and start renting my own place, using that 20 grand as a building block and hoping to get enough casual work.

B) Continue living in the family home, pay off the majority of my university debt with the 20 grand, and attempt to get as many days casual work as possible.

C) Move to London (Might be a good experience but can't stand cold weather, and the pay won't allow for a great lifestyle over there)

D) Move to Asia (Thailand appeals to me the most but terrible pay)

E) Ride out the rest of the year and go back to university at the start of next year (While working part-time and getting my own modest place).

F) Any other options for financial independence? I don't have any genius ideas for online businesses at this stage.

[christpuncher]

Yikes I was 25. Dicked around and took 8 years to finish university. Couldn't pay the bills during my final year of school so needed help from my parents.

Then I got a job in the oil sands, paid my parents back and my student loans off within a couple months, and now 2.5 years later have just under 200k to my name

[Engineer]

^ I recommend option A, be wise about the place you select (fixer-upper?) and get a roommate if you have to. Minimize your expenses (no cable TV, no fancy lattes, no new car, etc), and get side jobs like the bartending you mentioned. Go to the gym and get/stay fit. What other skills do you have that would generate income? Coding? Tutoring? The university loans are probably low interest, correct? Pay the minimum and more when you can. Do not under any circumstance get/use a credit card. Avoid time sucks like video games and low quality people. Good luck and keep us posted!

[Sonoma]

Absolutely free? 22.

However, at 17 I lived at home, worked and paid rent, but I had my food mostly covered and enjoyed the environment more than trying to move out.

[MY DETROIT PLAYAS]

19, because instead of going straight to college, I got a gig

To be a teenager, own place, good game, pocket full of $ and no bills

A gift and a curse

[Orichalcum]

20 when I left my parent's home - I've never asked them for money even once since I did, even if some months, in the beginning, were difficult. My parents aren't wealthy and they were already supporting my sister, I didn't want to pile on them, and I wanted to find my own way.

That taught me invaluable life lessons. At 24 I bought my first condo, cash on the table, no loan, with money from my business. Being able to do that makes a huge difference in how much I was able to put away (by definition, if all you do is pay for your forced expenses, you never go above the threshold where you can save). Two houses and two condos now, still no loan. Greatly thanks to not having to set money on fire monthly (rent or loan payments).

I would also recommend buying a place in a currently-crap neighborhood, or a serious fixer-upper. A bad neighborhood can only get better and most people won't have the patience, talent, capital or taste to make a place really nice. I did both and that first condo doubled in value less than 3 years after purchasing it (I also negociated like a dog on both ends).

[heavy]

When I graduated high school. I paid for college, so I was financially independent.

[jake1720]

Later this year at 23 after I graduate college.

[TheNookieMonster]

18

I was financially independent long before getting married. My wife doesn't work; we don't need a second income to cover our expenses.

[mikado]

During the first years of college my mom would support me financially, along with the (low) grant I received from my home country's government.
I stopped asking her money about 2 years ago, after starting getting paid for internships. Now I am 23 and I occasionally support my mother and sisters, since I have money from my internship and am about to start a PhD.

[The Beast1]

22, got my first job.

[jake1720]

(01-07-2012 09:09 PM)MiXX Wrote:  

(01-07-2012 08:15 PM)Chad Daring Wrote:  

I'm 23

Damn, you mofos on this forum are fucking youngbloods!!

Shit, I have cousin and a brother that age, and I smack them in the back of their heads all the time for the immature decisions they make in life and with women! Not that you're immature, just the opposite, and I'm just shocked you are that young.


Mixx

At 23 I feel old to be honest.

You're not a kid and you're barely a real adult. It feels like everyone hates us.

[Hannibal]

I know this is an old thread, but I'll contribute. I became financially independent from my parents when I was 18.

The biggest tip is to hustle to make more money. That's a no brainer.

The second biggest tip is to figure out how to make your money go further. I recommend reading Your Money or Your Life by Vicki Robin, the Early Retirement Extreme book (and blog) by Jacob Lund Fisker, and the Mr. Money Mustache blog.

Here's a list of things you could try to save some money. I laugh at everyone at work who lives paycheck to paycheck. Apparently that's 74% of America.

• Pay for things with cash. If you don't have the cash, you can't afford it. If you use a credit card, pay the balance off every month.
• Move closer to work. A rough guess for the cost of commuting is 50 cents a mile. So a 20 mile commute to work and back costs you 20 bucks a day. That's over 5 grand a year.
• Get a cool roommate who won't cockblock you. If you want your own place, you're going to have to cut corners harder elsewhere.
• Get a decent bike for running errands and shit in town. Basically, use your car as little as possible (if you have one).
• Learn how to cook your own meals from scratch. It's way cheaper. If you don't know how to cook, expect to stay poor.
• This ties into cooking your own meals. Don't buy stupid shit like bottled water, starbucks coffee, or other things designed to nickel and dime you to death. They call it the latte effect; if you're spending 4 bucks on a latte every day you work (assuming a 9-5 5 days a week), that's a little over 1000 bucks a year. A 10 dollar lunch at work is 2600 dollars a year.
• If you spend a lot of money at bars, consider bringing a flask and pregaming to save money. Or learn how to game sober. The same goes for smoking if you're a smoker. Learn how to roll your own, it's not hard and where I'm from, a pack is $8.50. If you roll your own, it's less than a dollar a pack. A pack a day smoker saves $2700 a year if he rolls his own. Don't pretend like this doesn't add up. I already just listed where my coworkers piss away at least 20 grand of their own money every year (rent, commuting, new vehicles, fast food, and cigarettes).
• If you have the choice between buying something cheap or something expensive that will hold it's value and last a lot longer, buy the expensive item.
• Don't ever buy a brand new car, especially on credit.
  

[GlobalMan]

19 years old, left my parents house and went to live in Thailand. That shaped my life to become who I am today. I had $700 in cash and a couple grand in credit if needed when I arrived in Bangkok. This was the early 2000's, and things were a little more "wild west" in the ESL industry and with the visa situation.

[Cr33pin]

I still live in my roommates (parents) basement... so technically speaking I am still financially dependent on my roommates. But I got a application in at KFC so things should be looking up soon.

[QuietDog]

I moved out when I was 19 to go to Uni, went back home for the first couple summers but have lived on my own since. I'm 22 right now and the only thing my parents pay for is my cell phone bill and its been that way since I moved out.

[lavidaloca]

It might sound counter intuitive. But living at home can be an absolute financial blessing. All that money you spend on rent can be saved. Say you spend $1,000 on rent in yours 20's per month. (Far from crazy) Thats 120k over 10 years.

I lived away while I was at school and owned a couple condos. (7 years) I live at home now despite having more than enough money to buy a home outright. I have no immediate plan or desire to leave home either.

Literally the difference in renting in yours 20's vs living at home can be remarkable to the point where it can fund a retirement even if you don't do a thing other than bank the difference in rent. If you got 7% returns from 20-65 on that money you saved..you'd end up with about 2.5 million.