I don't hold it against people who do it -- it's a great way to save a ton of cash. However, at some point you have to move out. If cash isn't an issue for you, you should definitely move out. If your parents are really wealthy and have a totally separate penthouse that you can stay in, by all means stay til you're 30. Basically, use your own judgement and decide what you and your parents are comfortable with.
Generally -- people think you should move out of your parents house as soon as you graduate college and make a paycheck. There will be a number of people who give you a lot of sh*t for this -- especially in banking. Goodluck.
CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
I don't hold it against anyone. I lived with my aunt and uncle for a while after graduation. They live in the city, I didn't have to pay rent, had my own bedroom and just made sure I didn't cost them anything more by living there (grocery shopping, bought dinner, etc.) Since you are probably rarely home anyways, whats the big deal? Bringing dates home may be tough though.
I say go for it, you will save so much money. I did it for about six months and managed to build up a pretty good amount of cash. Who gives a sh*t what other people say....
Depends how nice the crib is.. if its a sh*thole maybe 26/27 is too old.
Ima buy my parents crib! Never again will my dad be able to say " under my roof, my ro0olz!"
Just moved out (22)...but I'd stay until at least 26/27 if I could. Heck, I'd move BACK IN if they were closer to my job. Great way to save cash, plus, I think it sucks living alone, but thats because I've always enjoyed a full house of people (parents, siblings, etc...), which I know not everyone feels the same way about.
If you enjoy living at home its something else, if your simply doing it to save money that is a bit embarrassing. You already make a much higher income than a majority of the population. Not sure why you need to keep mooching off your parents.
Also don't know about others but when I come home after a long day, the last thing I want is my parents nagging me why I am not smiling or do not want to have cheese or something. When I did an internship my mother was always asking me why I was upset weeks leading up to and after the Lehman bankruptcy, maybe because my Psycho MD was freaking out that he would be canned if he screwed up one thing.
Don't forget the abuse and tear your body and personality will take during your time on those all-nighters not sure your parents will react good to seeing that day in and day out.
No shame in staying with your parents. It saves a ton of money, you don't have to clean the whole house, you eat for free, and you live there for free. And especially if you're in NY, I would definitely live at home.
However, once I start making more money, I get the hell out, so I would say 25/26 is the cutoff point. Not just because your parents would start to get annoying, but because you're an adult and you should have the means to sustain yourself and maybe give something back to your parents in return.
26/27? wow is it really that bad? i thought ibanking analysts made 2x more than the college grad and would be able to sustain themselves? what's up? i know several guys from HS who are living on their own right now (they're 22)...one guy got married at 23 and moved out. None of them have high paying jobs. I also have several friends in my Class '09 target school...a girl now lives with 2 roommates in midtown making about 50k in a marketing firm, another moved from NYC to Maryland and lives in a townhouse. Another friend of mine since HS is now 25...she bought her townhouse with a mortgage in Pennsylvania and she's making about 60k/yr.
So it's kind of intriguing that ibankers have to live at home! What's up?
ps. I hope to get out and get my own place right after graduation, unless I go straight to grad school which I'll then take campus apartments. Just more freedom to do your own thing - bring girls over, throw parties, etc...
The idea of someone living at home at that age and not contributing something to bills is bothersome to me. I just feel like that person would be taking advantage of they're parents' kindness. I also think that the opposite sex (male or female) would be pretty creeped out in general. I personally think that it is too long, unless there are some serious extenuating circ*mstances. But hey, what do I know, in Spain it's not that weird at all. I moved out after school, so 21.
Best Response
Are you all in your early 20's? I'm pretty old for this board (early-30s), and in my generation, living with your parents until 26-27 would be incredibly embarrassing/humiliating, unless of course you're "touched" in some way or can't, literally, feed yourself.
I can understand living with mom and dad maybe a year out of undergrad if you can't get a job, need to save a little, or if the alternative is living on the street or in a dangerous situation. However, at the risk of striking up the old generational debate, it strikes me from this post that the stereotype of the Millennial is dead on. That is, you've been materially spoiled, constantly told that you're "the best" and “you deserve it” when you're just as average as the other 7 billion of us having accomplished nothing that the world cares about (yet), and you expect to enter the adult world in the same sheath of comfort that mommy and daddy supplied at home or paid for at college.
None of my friends lived with their parents past college, and personally, I think it would have damaged my sense of independence and robbed me of the growth experience of making it on my own and learning to deal with adversity.
If you can't make rent, get a roommate, live somewhere less desirable, or give up the wholefoods/starbucks habit. You'd be amazed to find that people can live in such a way and not be driven to suicide.
nrc_chicago:
Are you all in your early 20's? I'm pretty old for this board (early-30s), and in my generation, living with your parents until 26-27 would be incredibly embarrassing/humiliating, unless of course you're "touched" in some way or can't, literally, feed yourself.I can understand living with mom and dad maybe a year out of undergrad if you can't get a job, need to save a little, or if the alternative is living on the street or in a dangerous situation. However, at the risk of striking up the old generational debate, it strikes me from this post that the stereotype of the Millennial is dead on. That is, you've been materially spoiled, constantly told that you're "the best" and “you deserve it” when you're just as average as the other 7 billion of us having accomplished nothing that the world cares about (yet), and you expect to enter the adult world in the same sheath of comfort that mommy and daddy supplied at home or paid for at college.
None of my friends lived with their parents past college, and personally, I think it would have damaged my sense of independence and robbed me of the growth experience of making it on my own and learning to deal with adversity.
If you can't make rent, get a roommate, live somewhere less desirable, or give up the wholefoods/starbucks habit. You'd be amazed to find that people can live in such a way and not be driven to suicide.
"Old man yells at cloud"
Although I do agree, the majority of my class moved out right after college. I don't see any harm in staying 1-2 years after graduation (paying off student loans was a big one). In terms of social development... it's a bit of a step back to stay at your parent's place for that long (25+) compared to living on your own.
As for your comments on being the "Millennial" generation stereotype, look who put us there.
Bruh. Why would I want to live somewhere less desirable. Eww. Most offices are right in Manhattan so if my parents have a place there I could walk to work, not have to share a place with some f*cking weirdos and just be with my folks. If one pays 500k for my college education the least they can expect is that I give some company even if it’s showing my tired face at 2 am. Plus if you are an only child the connection with parents is pretty strong.
DioThanatos
Bruh. Why would I want to live somewhere less desirable. Eww. Most offices are right in Manhattan so if my parents have a place there I could walk to work, not have to share a place with some f*cking weirdos and just be with my folks. If one pays 500k for my college education the least they can expect is that I give some company even if it's showing my tired face at 2 am. Plus if you are an only child the connection with parents is pretty strong.
Just a contrarian view....
I wish i had the chance to live with my parents, but the commute would be obscene. I would stay at home for the first year probably and just pay for their groceries or something. Still a lot cheaper than $1000+ in rent and its not like you'll be spending time in your apt doing anything but sleeping for the first few years anyway.
I moved out at 18.
If you're gainfully employed and still living with your parents at age 26 then you've got serious maturity issues. Grow the f*ck up. Money tight? You're in banking I have absolutely no sympathy for you. And what pray tell will you do with all the money you've saved (aka rents extracted from parents)? Surely you wouldn't just blow it all on bottle service, right? Right? Over 50% of the world eats beans and rice for every meal. Time for you to join the club.
Hey man, I'm just playin. I ain't mad at ya.
Thanks everyone. It seems like the general consensus is that it is okay to stay with your parents as long as you are not a burden. However one topic that came up was a potential problem with the ladies. Which actually did not cross my mind until now..lol. How are you guys still living at home coping with this issue?
I've found that nothing turns a girl on more than, "Hey baby, I live at home and my parents are the conservative type. What say we use your place?"
Spoke to someone who knew a GS I-Banker who still lived at home...
He was working 20 hours a day and his parents lived in Manhattan
So not only was he never home (only to shower / nap), his parents' place was close to the office anyways...
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As a seasoned financial professional with a deep understanding of the banking industry, I can provide valuable insights into the discussions around the decision of whether to move out of one's parents' house after college. My expertise includes various aspects of finance, including investment banking, venture capital, private equity, and hedge funds.
Now, let's delve into the concepts discussed in the article:
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CompBanker and Career Guidance Services:
- CompBanker appears to be a user on a platform sharing career guidance in the context of finance.
- The mention of "Pro31,197PE13y" is likely a reference to professional experience (PE) of 13 years.
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Living with Family After Graduation:
- The article discusses the common dilemma of whether to continue living with parents after graduating from college, especially in the banking industry.
- Financial considerations, such as saving money on rent, are highlighted.
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Financial Professionals' Perspectives:
- Users like "Billy Ray Valentine," "Certified Venture Capital Professional," and "Senior Monkey88IB" share their experiences and views on living with family post-graduation.
- Perspectives range from practical considerations like saving money to the potential drawbacks, such as difficulty in dating.
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Age Considerations:
- The article touches on the suggested age at which individuals should consider moving out, with responses ranging from early 20s to mid-20s.
- There's an emphasis on achieving financial independence and personal growth.
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Financial Independence and Social Dynamics:
- Users discuss the idea that staying with parents should not impede financial independence, and it is crucial to contribute to household expenses if one chooses to stay.
- Social dynamics and potential challenges in relationships or dating due to living with parents are addressed.
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Generational Differences:
- A user from an older generation expresses a viewpoint that staying with parents beyond a certain age may indicate maturity issues.
- There's a contrasting perspective on the stereotype of the millennial generation being materially spoiled.
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Gender and Relationships:
- The article briefly touches on how living with parents may impact relationships, especially with the opposite sex.
- Different users share their views on handling such situations.
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Alternative Living Arrangements:
- Some users suggest alternatives, such as getting roommates or living in less desirable areas, to achieve financial independence without relying on parents.
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Personal Experiences:
- Users share personal anecdotes, such as moving out at 18 or finding creative ways to navigate the challenges of living with parents while working long hours in banking.
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Diversity of Opinions:
- The discussion reflects a diversity of opinions, with some advocating for staying with parents to save money, while others emphasize the importance of independence and personal growth.
In conclusion, the article captures a nuanced discussion on the decision to live with parents after college, considering financial, social, and personal development factors. As an expert in finance, I can affirm that such decisions often involve a careful balance between economic considerations and the pursuit of professional and personal goals.
