Quote:
Originally Posted by RevYouUp
Student loans are now interest free and you can get away making the minimum payments until it is paid off, $200-$300 a month.
I don’t disagree that your party phrase will suffer a little living with your parents. But the trade off is there. I’d trade away 5 years of “partying” to secure a better financial future (property or not). 100K will compound quickly with time on your side in your 20s.
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Let's split this into two items:
1. It's not the norm to be financially capable in your 20s of even saving $20k/yr - if anything, it's extremely rare because you need so many things to fall right for it to happen. You need to be debt free (or nearly), you need your parents to be down with you living with them for near free, and you need to be able to land a job that pays well enough that you could save $20k/yr (say $65k). $65k at age 23 is an exception, not the norm - it's reserved for the top university grads, people who get a STEM degree and maybe a business degree.
2. It's not just about giving up their party phase - it's about having the time and space to grow up. My peers who moved out early were so much more mature and worldly than I was - they had to learn responsibilities that I didn't have to learn till I was in my 30s. That lack of worldliness absolutely held me back in my career, it held me back in how I formed relationships, and it held back my ability to learn. The party phase part is not the important part, living at home stunts your growth as a person. I was very lucky that I had the emotional and intellectual capacity to eventually catch up with most of what I missed but I see this gap all the time in the people I work with - the ones who moved out early invariably are far more well rounded individuals and generally more successful in the long run.