Always follow the money

Who says you are too old to depend on your parents for support? Depending on the perspective you are viewing this statement from, personally, I think it’s one of the strategic ways to build your personal finance. I have seen a lot 23 -27 years old in a hurry to get their own apartment and live independently of their parents. This is a good thing no doubt, but the question is do you really need to? Is it that bad? Is it great for your finances? Is outside where you need to go to follow the money? Of course, If you are:

• Married or planning to get married

• Living with very toxic parents or

• Earning really and have the big bucks to finance that lifestyle…

Then, by all means, go ahead. But if you’re reading this and are not even earning up to 200k, then I suggest you rethink your plans to move out.

Imagine you earn 200,000 Naira monthly in Lagos and your priority is renting your own space when your parents or family members stay in the same vicinity as you – that’s a luxury, not a need. You have no business getting space when your finances are not in order. As much as it isn’t bad in itself to crave your own personal space; I understand this brings a level of peace, privacy, and stability. Yet, my question is, is it necessary at this point in time when you are merely just trying to build your finances? Have you thought of the unending bills you will be spending on light, gas, fuel, food, transportation, data, maintenance amongst others?

Recently, there has been an increase in loans accrued by millennials/Gen Z from loan sharks which requires them to pay almost double the principal amount in less than 90 days, with the repercussions resulting in beneficiaries being harassed and threatened by these so-called ‘quick loan’ companies who wouldn’t hesitate to announce to the world that you have exceeded your payment due date by a day. I even heard they go to the extreme lengths of publishing your obituary to friends and family, visiting you at your workplace till the debt is paid. The tension, depression, temporary gratification, and unending debt is never a good place to be.

Here are some of the benefits I believe you can get from staying with your parents in your early career years:

If your parents are doing okay, you should leverage them as a temporary means to build your finances: With your meager earnings, you could decide to set a certain percentage of your income to contribute to the basic needs, such as footing the bills for monthly groceries in the house, paying bills for light or maintenance that way you don’t necessarily become a liability to your parents. In the same vein, you can also set aside a percentage for personal savings. Except you work from home, you don’t get to be in their faces all the time, and in a situation where you have to work from home, you can set healthy boundaries such as communicating with them about your need for privacy and how that enables you to focus and effectively deliver on your tasks at work.

But if your parents have ‘coconut head’ then I don’t know how to advise you o. [Lol] Really though, is the frustration worth taking out 400k out of the 600k you have managed to save to rent an apartment? If you think so, who am I to argue with you?

It gives you the flexibility to make bold decisions about your career path: You can’t do this if you are constantly concerned about how to pay bills and make ends meet. You will find it hard to leave a toxic workplace that doesn’t align with your career aspirations. Living with your parents in your prime affords you the opportunity to take out time to get to the root of what you really want to do and map out steps to take in going for what you want. In a situation where you have to change a career path completely, you can afford to take a low pay to build your portfolio and the necessary skills required for the bigger catch.

Society frowns at individuals who still live with their parents at this age but it also frowns at individuals who are not true to themselves. As much as society has a huge influence on the decisions we make, It is so important that you stay true to yourself as a carve a sustainable way out of penury/hardship. Like every side of a coin, there is a head and a tail. However, the chances of getting a ‘head’ when you have a proper plan devoid of unnecessary societal pressure and keeping a face while you burn silently trumps the chances of ‘tails’ in the end.

Also read: Your Resume is built in a day every day