Music Mondays – Home by Daughtry

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I will probably write a few blogs about home and the joys of returning home. Due to the poor economy and bleak job prospects for recent college grads, many young people are graduating and moving home. Because of this, the media has dubbed this generation the “Peter Pan” or “Boomerang” Generation. According to a Pew Research Study, 36% of 18-31 year olds live with their parents. This is close to 22 million people and the highest level in four decades. When I left for college, I was told by both of my parents that I could not come home, and I had to take care of myself. Granted the time was different, but it would have been nice to know that I had a “safety net” when I left.

If you are reading this and you are boomeranging, I think you should feel thankful that you are able to go home. I know that you wish your roomie was your best friend and not your dad, but it’s actually very Financially Blonde to move back in with your parents. Close to 40% of your income typically goes to housing costs. If you can avoid paying those for as long as possible, then you give yourself a better opportunity to get off on the right foot financially when you are ready (assuming you are saving what you would have been paying in living costs while at home). You also give yourself the most flexibility about where you can move next. If you’re not committed to a lease, then you give yourself more options as far as jobs, graduate school, or relationships. So when you get bummed that your scenery has not changed since high school, listen to Daughtry sing of home and the eagerness he feels as he yearns to return there. Enjoy this time. You may actually miss it one day!

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Shannon is a financial planner who left a “traditional” financial services firm to start her own company, The Financial Gym, because she felt traditional financial services firms did not have the tools or resources to help people in their 20s and 30s who are starting out and trying to build assets while also managing debt. She realized that the key to long-term personal financial success is a commitment to financial fitness and making smart financial choices. Through her blog, Financially Blonde, her book, Train Your Way To Financial Fitness, her podcast, Martinis and Your Money and The Financial Gym, Shannon is committed to making financial fitness fun, easy and accessible for everyone.

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