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financial independence

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fatty:
I know a large number of people here are in the late-teen/early 20s period of their life. This is something that is relevant to this period because it's when most of us get out of school, into university/college, start working full or part time, and earning money and stuff.

This was discussed briefly in previous threads such as the college one, but in a narrow way, I didn't feel there was enough complete debate of the topic. I'll set up a few points/parameters, but please let this not be a 'list thread' or 'everyone tell your story but don't comment on anything else' kind of thing. Also, lets avoid debates about semantics, I hope I'm not asking too much?

What is your financial position?
- If you're in school, are you earning enough to support yourself, or will you be in the future?
- If you're in college/university, are you paying for everything yourself, are you living at home/by yourself, do you pay your parents board?
- If you're past this period and are out of school or financially independent, was there a transition and what was it like?

What is your opinion on financial independence?
- Do you think it's okay to be supported by your parents while you study?
- Do you look down on people who 'leech' off their parents?
- Do you have little to no choice with financial situation, and are struggling to stay in school?
- Does financial burden mean you can't study, or restrict your chances of work?

These are just starters, please add your thoughts.

I'm basically living off my parents right now. I'm studying full time and I work a little bit, but not enough to cover my expenses. I'm living at home, what I earn would barely cover my weekly meals, let alone rent. I'm pretty committed to school, so it remains my priorities and my parents are happy to support me. Also, I'm looking for internship/work experience which pays shit and I know I won't be financially independent for a while. I have money saved up, but I'm not spending it or saving up for moving out, just yet. I'm investing my money in shares though, and future investments.

I don't see myself as leeching off my parents. Okay, so they're not struggling and they don't see supporting me as a burden or anything. My mum recently told me that she knows that when I start to earn enough to support myself I will stop depending on her. To be honest, I don't want to be living hand to mouth while I'm studying. My parents appreciate me being at home and I contribute to the family by living there. I know I'm lucky that I can do that, but I refuse to be considered as lazy because I don't want to move out till I can afford it and still ace university.

Liz:
I'm going to be starting my third year of college in about a month or so, and I am paying for it myself. My parents aren't very well off, so they can't afford to help me with college. I've already taken out a bunch of loans and I know I will be taking out plenty more before I graduate.

If my parents lived in Fargo, where I go to college, I would probably still be living at home for the free rent and food, but this is not the case. Home is a couple hours away, so I live in a pretty small two bedroom apartment with my friend Neil. We split the rent and utilities and buy our own food, all of which I pay for out of my paychecks. This does not leave much extra money, as I work in retail more or less make enough to stay even. My bank account has been at the same level for quite a while, and I don't imagine I will be making enough that I can actually start saving money.

As for help from my parents, the big thing they do is pay for my insurance. Health insurance for me, and auto insurance for my car. All my friends seem to think this is ridiculous, as the all pay their own insurance, but their parents send them money all the time and pay for their college, so I think their arguments are a little silly. Other than insurance they'll take me out to eat when they come visit or give me $20 for gas if I drive home to see them, but that is basically it.

I wish I could be living at home still, so I could actually save the money I make from working to put towards college and have to take out fewer loans, but that option is not there. But I guess I am doing alright, and as I have seen with both of my siblings, if I really get into trouble my parents can probably swing me a couple hundred bucks to get me out of a tight spot. I just really hope it doesn't come to that.

And Tommy, my roommate is financially solvent, mostly tidy, sociable, and pretty studious. I think I did well.

McTaggart:
This has become an important thing to think about in my life recently as it looks like moving out is going to be the simplest option for me as far as getting into a position where I can actually do well at uni. This means that I need to completely change my financial situation. As it stands now I'm unemployed, living with my parents and not really in a mental state that will help me get a job or get anywhere at all. A major part of the mental state thing is due to living with my parents, just in case my logic seems completely stupid. I've taken the rest of the year off to try to get into a better situation for me. I know it sounds like a massive change to do over a short amount of time but it's something that I need to do and will really help me.

In my group of friends I have people from all kinds of dependence. I see no issues with any of them. If people's parents can manage it and are willing to support them through higher education then that is fine. If people are paying their parents board then that seems slightly odd to me in some cases but I get the reasoning have no issue. People can be 35 and living with their parents and I have no idea how people could do that but if it works it works and if all parties are happy with it then that's fine by me. I think the only issue is where a person's financial situation prevents them from getting higher education. I really am glad for all the commonwealth supported places at universities here in Australia and for welfare systems that are in place for people going through the transition between dependence and independence.

I'm not happy with where I am right now and I'm working toward changing it. I suppose my parents can afford to support me, but I need to get out.

johnny5:
so you are a full time student that basically works just a bit for some extra money? that sounds reasonable to me, especially if your parents encourage it. i am living with my parents also, but i am taking out student loans to pay for school and working full time also. however, because i live at home i don't have an rent or rooming fees to worry about, which frees up my money, even though i could afford it. having to worry about rent and where you are going to live while you are in school is probably the most stressful thing ever. i tried it for a semester and it totally sucked. it's probably the most ideal situation, outside from the occasional times when you bring someone home. so i'm living with them, but not really off them - i'm probably just as much of a financial strain on them as when i was in grade school. i think they like the situation also, i'm just awesome like that. so when i graduate, i'll move out and just pay off the loans myself.

so in closing, if you're working towards finishing school, staying with your parents is fine, in my opinion. if you're not working towards anything, staying at home and not earning enough to support yourself if you had moved out, then that sucks for you and the 'rents. my friend is like this, he's 27, never got pass high school but recently had to move back in with the rents because he couldn't find a apartment-mate to move in with. he's been trying to pressure me, but i honestly cannot see any upside in having 700-800 dollars less money each month and relocating further away from my school.

Jimmy the Squid:
I spent the first year and half of my BA living with my parents. After my brother's rental place got sold out from under him my dad bought an apartment in a fashionable part of the city and the following conversation went like this:

Dad: Hey son, why don't you move into this apartment I just bought. I'll give you really cheap rent and in return I'll have tennents who won't shit up the place!

Brother: But Dad, it's a two bedroom place and I don't know anyone who wants to move out.

Dad: Hey, Jimmy the Squid, you said you're thinking of moving out right?

Me: Uh, yeah. Eventually. I mean, I probably can't affor...

Dad: That settles it! You and your brother can live in the flat and get out of my house.

Me: But I...

Dad: You and your brother can live in the flat.

So now I've been living here for the last two years, essentially not living off my parents except for the subsidised rent (heavily subsidised) and for the most part it's been pretty easy but there have been times when it has been a little tough (a lot of weeks eating nothing but rice, eggs and ramen) but I'm generally too proud to ask my folks for money as they kind of instilled in me a desire to be self-sufficient. But anyway, most weeks I make enough to cover my rent and bills and uni fees and still have the money and time to have a social life (kind of) and I do well at uni still.

I think it's ok to live with your folks while studying. I think countries like the UK and USA have a culture of kids moving out when they start university but it's not quite the same in Australia as our unis are generally not equipped with a lot of space for student housing and most people go to unis that are more or less in the same cities that they live in. Living with the parentals is probably just the sensible thing for most people to do. I certainly don't look down on people who live with their folks while studying, I think that eventually you need to stand on your own two feet and provide for yourself so I look down on people who are past the age of 25 and don't know how to work a washing machine but I usually think that if you can afford to do it and still maintain your grades/quality of life, there is usually no excuse for sponging off your folks.

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