I want to move out, what steps can I take?
I've been very fortunate to be living with my parents, while paying a small portion of the rent, my own bills, and 1/3 of my tuition. However, I feel that living under my parents' roof is preventing me from experiencing the freedom I need at my age (23). That being said, I completely understand that I need to abide by their rules while under their roof; but it's time I think I need to do things on my own. I've held part-time jobs over many years while in college and have saved up about $25k.
Some things I'm concerned about:
1. I currently don't have a job (I've been actively seeking for 3 months now) while being a part-time student in a Master's program.
2. I don't have a credit card; which I understand is a big step that determines your credibility when undergoing a background check (i.e. credit score).
My questions are:
1. What are some steps I can take to make myself moving out easier (i.e. should getting a credit card be a top priority?)
2. Would it be wise to continue living with my parents (while paying all current bills of course) until I find a job?
Thanks so much in advance!
- GA41Lv 73 months agoFavorite Answer
Leaving home is a big step. It sounds as though you get along well with your parents. You DEFINITELY need to have a means of support before you leave. This would be a job which can pay all your bills. I would develop a budget to determine just how much money you need. A credit card is a good tool if you use it wisely, which means you pay it off each month, and you don't buy things you don't need with debt.
Having saved $25K is a great start to developing wealth. I'm sure it took a long time to save it. If you want to build wealth, you need to buy assets (investments etc.) instead of consumable goods with whatever money you can save. You can best do this by cutting expenses while living at home, and continuing to try to build your savings.
You need to really think about what freedoms you don't have at home, that you think you can have living on your own. Perhaps you can talk to your parents about greater freedoms. Be clear to yourself about what you want to accomplish by moving out. I doubt you'll have as much freedom as you believe you will have. You'll be a slave to your work and you bills like most people starting out.
Good luck. Everyone needs to become independent. However, the greatest independence will come from financial freedom if you are wise enough with your money to build wealth. This will become more difficult when you move out.
Be certain you are getting an education and a skill which is marketable and can pay a good salary when you begin to work. If you miss out on developing a marketable talent just to "get out of the house", that would be a big mistake.
- PearlLv 73 months ago
just rent a room from someone,thats a lot cheaper than having your own place