There was a post that came out last week in The New York Times entitled In Defense of Boomerang Kids. It was rather refreshing considering Gen Y gets reamed by NYT every once in a while (anyone remember What Is It With 20-Somethings?), but boomerang kids still get a lot of flack in the press.
Although I am myself a boomerang kid it’s not something I’ve touched on too much on this blog. Why? I’m not sure. Although I probably felt embarrassed that I had to move back home after being away for so long – however now I’m realizing that being a boomerang kid isn’t all that bad.
The truth is when I graduated from college I was broke. And I mean really broke. I had quit my job during my last semester because writing my thesis, my health issues at the time, and graduating became priority. Whatever money I had saved up before then was long gone before I graduated.
(Sound familiar yet?)
So when graduation day finally came I had no money, no job, and a diploma I couldn’t even read because it was written in Latin. To top it off I was living in Florida, which was hit very hard by The Great Recession, so it would take me a while to find a job anyway.
The result? I moved back into my parents’ house.
Fortunately I grew up in the middle of Miami, so it’s not like it was a total bust, but it’s still weird to move into your parents house when you’ve been gone for a while. It’s also weird to feel like a stranger in your own hometown – which I did for a long time.
It’s easy to get down in the dumps during this kind of situation. We were taught that after college we land a job and go out on our own. We were supposed to just keep going without looking back to embark on the rest of our lives. Obviously this isn’t happening for most of us anymore.
So what happens? We get kind of depressed and anxious. We feel like we’re not on the “right path”. We feel like we’re so far behind from where we should be.
Real talk? This is utter bullshit people! Think about it – how many of you would rather be in debt up to your eyeballs instead of having the ability to put money away in the bank? How many of you would rather struggle, and I mean really struggle, during a Recession rather than taking it easy and trying to do things the smart way?
Quite frankly, if “the right path” involves being stupid with my money then I don’t want to take it.
I for one would rather save up for a downpayment on property that would belong to me instead of helping someone else pay their mortgage with my rent check. Don’t get me wrong, if there’s a way I can do both I would gladly take it – but rent is more expensive than ever, and it’s a buyer’s market in real estate.
Sure, I could have moved out once I got a job,but I live in an expensive city and wouldn’t have been able to put away as much money as I do now. Because I chose to continue living at home even after getting a job I can put money toward my IRA, invest, and save more money in high yield savings accounts. If I were on my own there’s no way I’d be able to do that much.
Do I want to move out eventually? Of course! And sometimes I get the itch to move out as soon as possible. But honestly, I want to do it the smart way, with nice chunk of money in the bank, not because I’m in a hurry to be on my own again.