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Your Two Cents: Are You Financially Independent?

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Sunbelle098 Sunbelle098 7 years
I'm a 21 year old college senior and have remained dependent on my parents. I have zero shame about it and believe that it is unfortunate that some people find it unacceptable to be a college kid who doesn't have to worry about work. While I have great respect for women who support themselves, I find it inappropriate to judge others on the source of their possessions, housing, and income.
True-Song True-Song 7 years
Sometimes I sound a bit militant about the joys of renting, but it's so frustrating to me that so many people have this "renting is throwing money away!" mentality. You are not financially doomed if you don't buy a house. My parents bought their first house when they were in their 50s! And they only bought it because it was the home they were renting and the owners wanted to sell it and they didn't want to move. Their mortgage payment was I think $50 or so less than their rent, but they were now saddled with property taxes, homeowners insurance, maintenance costs, more utilities (trash). They then had to spend thousands of dollars to put a new roof on it when they wanted to sell it two or three year later, plus it sat on the market for over a year so they ended up having to pay two mortgages (they moved and bought the home they are retiring in). I'm sure buying is a good option for a lot of people, but renting is not the road to financial ruin some people seem to think it is. If you're young and open to moving, it makes the most sense. I got a job offer across the country. I gave my thirty day notice and just went for it! I probably wouldn't have been able to do that if I was a homeowner, because I would not have been able to afford to pay my mortgage and rent or a new mortgage in my new city at the same time.
lilkimbo lilkimbo 7 years
TS and much, you two represent an argument I'm having with myself right now. I am definitely going to continue renting for about two more years or so, but I am thinking about saving up money now to make a down payment at that time. I can't decide for sure what I want to do, though! I am worried about the maintenance required to be a homeowner. I go back and forth every day. (And you make some good points, TS. I feel like your perspective isn't heard as often as the "home ownership is good" perspective.)
UrbanBohemian UrbanBohemian 7 years
I cover my rent and student loans myself. My parents cover my health care, and I use a credit card for food which they pay (but I make sure to use it carefully). I look forward to the day when I'll be 100% financially independent.
ilanac13 ilanac13 7 years
i do manage MOST of my responsibilities, but there are a few things that i still get help with from my mom. the biggest issue that i have right now is that i have a house in Florida that i own, but i live in NYC and i used to rent it out but i had to kick out the tennants so now i'm paying my mortgage and my rent which is really really hard. (i just don't make enough $$)
muchacha muchacha 7 years
I understand their are arguments in favour of renting, and yet home ownership is one of my major life-goals, and a big part of achieving independence and assuming responsbility. Thank you for the alternative perspective TS.
True-Song True-Song 7 years
The idea that renting is a waste of money is conventional wisdom that is outdated and oversimplified. Contrary to popular belief, houses generally do not give a good return on your investment. Historically, housing prices have barely kept up with inflation. The money you spend on property taxes and home repairs would better serve you in the stock market. Besides that, renting gives you flexibility and freedom from the hassle of home maintenance.
muchacha muchacha 7 years
I'm living with my parents right now, so I don't pay for rent and/or food, but I work really hard to save my money so that I can put a good-size down payment on a house instead of going through the renting process (flushing money down the toilet, IMO). Meanwhile I am planning on going for my MBA, so depending on what my employers can do for me, I might be dependent on my parents a few more years. After that, I intend to achieve full independence.
Spectra Spectra 7 years
My husband makes most of the money in our house, but I haven't been dependent on my parents for anything since I was in high school. They couldn't afford to pay for anything towards my school, so I took out loans and got two part time jobs in college to pay my own way through. Like TidalWave says, it CAN be done. I just didn't have a lot of disposable income.
dcfashionista dcfashionista 7 years
I am responsible for most things and my S.O covers the rest.
Jude-C Jude-C 7 years
100%, and though it can be hard, I wouldn't want it any other way.
Modus-Vivendi Modus-Vivendi 7 years
Yes. My parents took away my credit card a few years ago. They paid for my gas, though, until I was like 25.
lilkimbo lilkimbo 7 years
I am completely financially independent, but my parents still buy me gifts from time to time. (Nothing I need, just fun little things they pick up.) While being independent is great, there is nothing wrong with having someone help you out with things. And, undergraduate college is harder for some people than for others. So, while you are able to work, Tidal, it may not be possible for everyone. I didn't work during undergrad, but I did take 21 credits (minimum) a semester, volunteer at three different places, and was an officer in three organizations at one point. There is also merit in being involved in the community, even if it means you don't have time to work.
Renees3 Renees3 7 years
For the most part I am. My mom lent me a little money when the closing costs on our house were more than expected and when she visits she always buys some groceries, but other then that I think I'm pretty much ok. I pay all my bills myself
hmcmcd hmcmcd 7 years
Well, I started off independent. I started working at 16 b/c I had too, my parents did not put one penny toward my college education, I never took a student loan, I was fortunate enough to get scholarships, I had to buy my own lunches, clothes, gas etc. But now my man and I work together (well I work for his business), so I guess that now, I am dependent on him. Really I am just use to this lifestyle, but if needed I would have no problem to live on my own and go back to budget living.
brookberrys brookberrys 7 years
100% and I wouldn't have it any other way. It would drive my nuts if I had to rely on others.
OHmeetsBK OHmeetsBK 7 years
Both of my parents passed away by the time I was a sophomore in college. Other than a small inheritance, I've been on my own. I'm very proud!
aimeeb aimeeb 7 years
That reminds me, there is a girl here at my work whose parents pay half her rent because she says her money is tight, pffft. Then goes out and buys $125 per pair jeans. It's so pathetic that some people are like that....I mean c'mon be an adult ya know?
aimeeb aimeeb 7 years
TidalWave go you!!! I don't really get envious of anyone I know who has their parents buying them things if anything it's the exact opposite. I'm extremely proud of myself for how hard I work and everything I have, I'm not sure I would feel the same way about myself if I was handed things ya know? At some point everyone has to learn to be independent on their own if not now then later and they'll eventually have to learn to pinch those pennies to pay their own bills and buy their own things...I'm just ahead of the game. (you too!) ;)
TidalWave TidalWave 7 years
I have the same story as aimeeb! Sometimes I do get envious when my friends get hand outs and gifts, etc from their parents but then I realize that I'm grateful and fortunate that I know how to manage my time and money well enough that I don't need the assistance. p.s. Anyone using undergraduate college as an excuse... sure, i understand. but just realize that's an excuse. I worked 30 hours a week, took 16 credits and maintained a 3.6 gpa. It can be done!
alikat07 alikat07 7 years
I am assuming you mean on my own - well I could probably pay for most things with my salary but my husband makes more than I do, and since I am in graduate school and work part time, he does pay for more things. I probably could not afford everything without him.
mondaymoos mondaymoos 7 years
I pay all of my bills, but my boss is covering my college since I had a better job offer and that was my stipulation for staying. ;) If that doesn't count, then yes, I am 100% independant.
supercoolnat supercoolnat 7 years
Yep! I learned the skills while I was in college, and I became 100% independent as soon as I graduated.
aimeeb aimeeb 7 years
bellaressa good for you! A lot of people don't know what it's like to have to do this and be so responsible, it's very stressful and hard. I commend you for it!
bellaressa bellaressa 7 years
I am with aimeeb, since I was 16, I have been responsible for myself and I was responsible for the household before I moved out at 17. I put myself through college twice and I am a strict budget.
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