75% Of Parents Helping Their Adult Children Pay Bills

[Mpoitrast87]

I think a big problem is people with the “college or nothing” mentality. After graduating and being 100k in debt because people can’t find jobs with their art degree. I see it with people I went to school with. I’m 23 and live at home purely for that fact that I will never rent anything because it’s a colossal waste of money. So in the next year or 2 I should be in my own house.

 

[nxhappy]

I think a big problem is people with the “college or nothing” mentality. After graduating and being 100k in debt because people can’t find jobs with their art degree. I see it with people I went to school with. I’m 23 and live at home purely for that fact that I will never rent anything because it’s a colossal waste of money. So in the next year or 2 I should be in my own house.

It may be a waste of money but it will teach you money management. It will also teach you shit that you will never understand while living with your parents. Trust me, you're not doing yourself any favors by living at home. You are old enough to live own your own. And don't say "I can do it later".

 

[jmsa540]

Dude...i thought it was only me.

I have friends who literally have no retirement account and dont even understand how SSA work.

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[Coiled03]

I think a big problem is people with the “college or nothing” mentality. After graduating and being 100k in debt because people can’t find jobs with their art degree. I see it with people I went to school with. I’m 23 and live at home purely for that fact that I will never rent anything because it’s a colossal waste of money. So in the next year or 2 I should be in my own house.

Actually, renting is most definitely NOT a colossal waste of money, depending on the scenario.

 

[Mpoitrast87]

It may be a waste of money but it will teach you money management. It will also teach you shit that you will never understand while living with your parents. Trust me, you're not doing yourself any favors by living at home. You are old enough to live own your own. And don't say "I can do it later".

I manage money very well. I make less than anyone I know my age but have the most money. I know I can live on my own but I have no reason to at the moment. I’ve seen To many people including my own brother move out to an apartment with his fiancé just to move back home a year later because they were wasting money on rent instead of a mortgage. I have a great relationship with my parents and help with bills and oTher things. Not going to move out just for the sake of being on my own. That’s silly.

 

[Mpoitrast87]

Actually, renting is most definitely NOT a colossal waste of money, depending on the scenario.

I only see it beneficial if you’re an older person who doesn’t want to maintain a house or property. If you are young and plan on having a family then it makes absolutely no sense to put money into something that you will never see a return on unlike a house.

 

[Coiled03]

I only see it beneficial if you’re an older person who doesn’t want to maintain a house or property. If you are young and plan on having a family then it makes absolutely no sense to put money into something that you will never see a return on unlike a house.

Nevermind.

I'm not even gonna get into it. Don't want to derail things even more.

 

[Mpoitrast87]

Nevermind.

I'm not even gonna get into it. Don't want to derail things even more.

I’m actually interested in what you have to say. Because I can’t think of any other reasons to rent.

 

[PaxtonShelby]

Nothing wrong with living at home and saving your money to get a good start on your savings - whether for retirement or a house. As long as you are being responsible with your money.

 

[Revvv]

I was in the reverse on this. I finally had to cut my parents off. They ran me financially dry.

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[black92]

I’m actually interested in what you have to say. Because I can’t think of any other reasons to rent.

Simply put, there are A LOT more financial obligations to owning a home vs renting.

 

[blk02edge]

I’m actually interested in what you have to say. Because I can’t think of any other reasons to rent.

Way too many variables to say you aren't doing the right thing. Renting is a total waste of money. If you have your head on straight and have good parents to teach you don't need that life lesson of giving random people money. I paid rent to my own family. Own my own home at 27 and have no financial insecurity while also being able to afford 100+ track days a year on a modest budget.

Never got handouts other than schooling paid for.

 

[Corbic]

It may be a waste of money but it will teach you money management. It will also teach you shit that you will never understand while living with your parents. Trust me, you're not doing yourself any favors by living at home. You are old enough to live own your own. And don't say "I can do it later".

The notion of moving out at 18 is actually a very recent and minder idea. It was made possible by the housing boom and prosperity of the 1950’s.

Typically kids didn’t move out till they got married and had their own kids.

 

[Corbic]

I’m actually interested in what you have to say. Because I can’t think of any other reasons to rent.

Flexibility, Cost Control, Asset Liquidity, Location, Employment etc

 

[Revvv]

Way too many variables to say you aren't doing the right thing. Renting is a total waste of money. If you have your head on straight and have good parents to teach you don't need that life lesson of giving random people money. I paid rent to my own family. Own my own home at 27 and have no financial insecurity while also being able to afford 100+ track days a year on a modest budget.

Never got handouts other than schooling paid for.

Keep pushing forward. Share your motivation. Learn to lead and encourage others.

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[Kevins89notch]

Well OP's title vs what the article says are two different things.

From the article: "The financial planning site found that most parents of kids over the age of 18 "help them pay debts and living expenses. Thirty nine percent pay their cellphone, 36 transportation, 24 rent, 21 utilities and 20 percent pay their kids’ student loans."


18 or older. That's still high school for some.

Take my coworker for example. At 16, he bought both his kids a new, yet basic car. I know one was a base Focus. He paid for their insurance. He(and his wife, he's not a single dad) paid for the portion of their college that their scholarships didn't cover. Their cell phones were paid for too.

Oldest went for engineering, did an internship his last semester and was offered a 70K salary job upon graduation. The youngest is graduating shortly, will have some degree in chemistry, and he's said she has at least one offer already but she's really trying to focus her job around the lab work she wants to do the most.

Both his kids fall into this link's category. If the article really wanted to attempt to prove something, they would only ask about kids that are 25+ or maybe kids not in college.


...but yes, there are plenty of worthless, lazy 25 year olds out there who still suck at life. I have a coworker with one. I don't know his age, just that he's no longer in college, lives with roommates, changes jobs a lot and always needs help with the bills.

 

[DriftwoodSVT]

My co-worker paid his step sons first 6 months rent, auto insurance, cell phone and internet bill every month. This kid is 25 years old.

I was in college from 18-22, lived with my parents for 3 months after college graduation while looking for a job, then never asked for a dime after that.

In fact, I worked 2 jobs from 22-25 just to pay bills and make ends meet. Kids these days don't do that.

 

[03cobra#694]

I'm lucky too, all 3 of mine have been on their own since 18 and have done well.

 

[Blk04L]

Left the nest for my junior year of college(worked but still lived under their roof) and the campus at the time was 30 mins away.

Dad told me when I walked out I was on my own for rent utilities etc. Those years sucked, but was worth it as a growing up experiment.

In fact, I worked 2 jobs from 22-25 just to pay bills and make ends meet. Kids these days don't do that.

Did that too for a year after graduation. Would be gone from 4am to 8pm a couple of days and work saturdays. Part time job was from 5am to 12pm(monday and tuesday) and I would go to my "real" job from 1pm to 7:30pm and make up the time difference later in the week.
Eventually stopped when the full time job salary/hour requirements increased.

 

[GodStang]

My co-worker paid his step sons first 6 months rent, auto insurance, cell phone and internet bill every month. This kid is 25 years old.

I was in college from 18-22, lived with my parents for 3 months after college graduation while looking for a job, then never asked for a dime after that.

In fact, I worked 2 jobs from 22-25 just to pay bills and make ends meet. Kids these days don't do that.

Same. I lived with my parents from 18-25. I paid cash for every class I took (plus car insurance and car payments). I had zero scholarships and zero loans. I had college paid off 100% before I started my final semester. Now I did go to school full time and work 2 or three jobs. Had a job offer before I started my final semester.

If kids would just learn, suck it up through college and your foundation years and then be set for life. Instead they want to "Experience College". Get a BS degree from expensive school far away from home so they graduate and have no job but tons of bills.