[Music] well hey you guys so according to a 20123 Harris Poll for Bloomberg around 45% of Americans ages 18 to 29 live with their parents and here's a little fun fact this percentage was actually about the same as it was in the 1940s but the reason behind this decision obviously has changed but today I want to share my thoughts on all sides of this conversation and kind of give you some sign that it might be time to take the next step if you are someone living at home with your parents now before we dive in make sure to hit that subscribe button so you don't miss an episode so first here are a few reasons why people are making the decision to keep living with their parents some of it is really good motivation you know people are like well I want to save money I want to pay off debt you know things are just so expensive that I can again Lower my cost of living by living with my parents and I can save and pay off debt right so like there is a lot of good motivation to this and and and I'm all for to a degree that idea of saying hey how can I cut my expenses what can I do but also we want to make sure that you as a whole person are thriving in life so while some of that motivation is good it can have its downside but people again have so many heated opinions on this but this also could be very Nuance because there are times that it is a really you're in a dire situation and your family is a gift in that that are able to help you out you know I I've talked to people and you know they've lost a spouse and they moved back in with their parents for a season uh I was talking to a guy and he was a truck driver and he literally was home two weekends a month and that was it and he was like I just spend the night with my parents on those two nights and I'm like yeah that totally makes sense uh I have another friend and her husband's in the military and he's going to be deployed for 9 months and so she's going to go and live with her parents during that time for her mom to help with the kids and all of it right so like there are Nuance situations that it does really make sense and again for a season I think that this can be an okay decision for you to make but for the long term in most situations it ends up not being great I always think about that romcom Failure to Launch with Sarah Jessica Parker and Matthew mccon and it's like oh yeah you can really see it can it can definitely slow down your personal growth and development in so many ways and like there there's something to be said about when you get home and you're like oh yeah do I have milk and bread and like the basics of life is is are the lights being paid the bill like there's just things as an adult you have to think through and when your parents are kind of that safety net to a degree for a long period of time it's naturally going to stunt a level of your growth because I think when you have to go out and do new things and it is a little scary maybe you kind of already taken a risk there's something in that that builds character it builds confidence and and so much of that confidence and taking care of yourself really is one of these keys of success in life and to your money so here are five steps to take to get you ready to move out on your own number one set a move out date so if your living situation just stays stagnant you'll probably never see the end of it because yeah having mom and dad take care of you and you may not have to really pay rent or anything it does sound good right but again it is good for you to be out on your own so that deadline really keeps you accountable and it's good communication for you and your parents as well so have that date out there and again this could be 60 days this could be 6 months but have a date number two make sure you can budget for your four walls so you may have to compromise in your life because your starter situation when you move out on your own probably isn't going to be perfect it may not be ideal but again it's it's your first one and that's okay and so what you want to look at are those four walls again food shelter utilities and Transportation making sure that you can cover those four walls again it may not be in an area that your parents live in and it may be in an area that you're like golly I got to drive an extra you know 30 minutes but this is what I can afford but making sure those are covered now if you've not checked out our everyll app this is a free budgeting app and so open that up get an account start that because this is going to help you take your income and really put it to its best use which brings me to number three is to have a consistent income yeah you need a a job to live out on your own and so this may be you've put together a couple of side hustles and that works for you uh maybe you're freelancing maybe you got a 40 hour a week job like whatever it is having that consistent income is really really key number four is to re-evaluate again if you're living at home to hit a certain Financial goal ask yourself if you're actually making progress because if you've kind of hit this plateau and maybe you've picked up some extra work but you're using that extra money to go on vacation or hang out with friends or whatever it is you're not really putting as much towards these goals than you think you would maybe reevaluate and maybe you say hey I wanted to be here till US debt free but maybe I move out sooner and I push that debt free date out a couple of months but it's worth it because I'm an adult and I'm 26 years old and I'm going to be out on my own and number five is to think big picture again like I said Failure to Launch is very real and you don't know what you don't know until you try and moving out you may face you know some difficulties at times but this builds such confidence because you have to problem solve on your own and long term this is so good for you now again I know this topic is very nuanced because neither opinion of like you should never move back home or always move back home you know neither is inherently wrong but again over time who is it turning you into and I think that's what's really key because you have to know that the decisions you're making in your life and your lifestyle are determining who you are as a person and I just have this belief that when you're out on your own eventually it just builds something in you that is so so good and again like I said earlier if you need help when it comes to budgeting make sure to check out every dollar and for a step-by-step rundown on how to use it make sure to check out my episode on the right way to do a monthly budget so make sure to share this episode with a friend who might be in this situation might need a little you know pushing out of the nest some good some good motivation all right you guys remember to take control of your money and create a life you love
