Most financial advisers today would agree that it is a good idea for a person to live at home until they are married or well into their 30’s with an established career. In order for most 20 year olds to afford the average American lifestyle, they will need to live on at least $50,000 or more per year. Anything under that, could be putting you into a financial bind. Some of the most common expenses for twenty something year olds are: cell phone bills, car payments, student loans, cable, rent, electric, fuel, food, leisure activities, video games, high speed internet, taxes, social security payments, health care and so much more). These bills can run well over $65,000 per year. However most 25 year old’s are earning under $40,000 per year. Millions are actually earning only $24,000 a year or less working fast food and customer service. Most college graduates in their 20’s are underpaid. It can be a disaster to a young person’s financial future if their bills pile up from living on their own.
Can someone make it on their own in their 20’s? The answer to this is yes. However, major lifestyle arrangements would have to be made to include: getting a cheap apartment in an area that may be below your living standards, changing your cell phone plan to something a lot cheaper, cutting back on new gadgets, learning to share instead of having your own plan. Many 20 year olds are finding it easier to share their cell phone plans with close friends and family members. Others are choosing to live with more people in the house and sharing their bedrooms and living arrangements. This may indeed hurt your privacy, but allow you to save more money for your future in the long run. It is not easy for anyone to find a job now a days. The economy is getting worse it seems and millions of people are scratching their head on what to do.
Millions of parents are taking their 20 something year old children back home to live with them. They won’t want to see them suffer and yet they can do nothing to help them. Mom and dad have done everything that they could to make sure their child had a good start in life. They had a good education and proper upbringing. However the job market is still paying them low wages or not giving them an opportunity to come up higher. The financial market suggests that this trend will continue with no end in sight. Since 2006, the financial markets have not fully recovered. Most companies in the United States are using overseas workers to fill most jobs that used to go to Americans.