it's hard to be young today............

I was having my second morning cigar ever yesterday (Sunday), the day after my first ever morning cigar.
I'm going down the gopher hole as Kuzi said I would.

I was thinking about my son, and I'm really happy for him. At 16 he got a job as "shop boy" at one of the best BMW garages in town. The lead mechanic there was the shop boy 20 years ago.
My son likes tinkering on cars - this might be the start of something for him.

Then I started thinking about what I see happening in my extended family, and in many of my friends' families.
The kids are not moving out.
There has been articles and news stories on this phenomena for several years now. It's nothing new.

But here's a simplistic micro-economic historical comparison, which imho reveals the main problem.

I was 18 in 1975.
I made $5.50/hr working at the Boy's Club.
Gas was about 50 cents/gallon.
My rent for one room in a 5 bedroom Victorian "student" house was $60/month

You can do the math to see how many hours I had to work to make rent (12), and how many gallons of gas one hour of work got me (10+)

It's much different in 2011.
In my area (the Bay Area, CA) - a room in a house will run you $600
A young person is LUCKY (very lucky) to find a job that pays $12/hour while they go to school.
Gas costs almost $4/gallon
So this adds up to 50+ hours to make rent, and 3 gallons of gas per hour worked. Remember, that's if they're making $12/hour. Most students are making more like $10.

It's hard to be a young person on your own and in school these days, certainly harder than when I was doing it.

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Comments

james40

Good points. Throw in car insurance, their own health insurance (although typically on the parents), the cost of food and that they all need phones and a computer. I told my daughter she can stay at home her college years if she wanted. It's much harder to start off on your own now.

Dude Love

Man, you don't have to tell me. I'm 22 and still stuck at home. I m lucky to have parents that didn't kick my ass out the day I turned 18, but with being in school it's almost impossible to find a job that pays good enough to move out.

mfotis

Damn right it is, that’s why I joined the Marine Corps, 3 hots and a cot and the Government takes you every place you "really" need to go. Got myself established then moved on.

Now I got myself a full size freezer box snuggled up to a heating exhaust on 25th st in D.C. Man!! life is looking good. Just joking but I did do the Corps, then college, then a professional career all on my own dime and the GI BIll.

On the flip side, I don’t have any kids but I do have a brother who is much younger and I don't think most kids have the drive to get "it" done like people did 15-20 years ago. This is just IMO and in no way am I implying that Mr. Cove's son is not motivated.

stephen_hannibal

This is a very timely post as I'm planning to move out (again).

Just turned 25 and still live at home.
I caught the double whammy when I was trying to set out on my own. When I applied for student loans, my parents made too much for me to get any real form of assistance.
Either you're super rich and pay cash or you're poor as sh*t and someone else pays for you.
When I applied on my own the interest rate was from %12-%16 which any moron knows is terrible.

I ended up working full time for 2 years to save up enough for me to get some career training. A year and a half later that turned into my current job. But living near DC said job doesn't pay enough for me to live outside of the ghetto.
Long story short my parents where cool with me staying until I saved up enough and got enough work experience under my belt to move to a different area.

mfotis

stephen_hannibal:
This is a very timely post as I'm planning to move out (again).

Just turned 25 and still live at home.
I caught the double whammy when I was trying to set out on my own. When I applied for student loans, my parents made too much for me to get any real form of assistance.
Either you're super rich and pay cash or you're poor as sh*t and someone else pays for you.
When I applied on my own the interest rate was from %12-%16 which any moron knows is terrible.

I ended up working full time for 2 years to save up enough for me to get some career training. A year and a half later that turned into my current job. But living near DC said job doesn't pay enough for me to live outside of the ghetto.
Long story short my parents where cool with me staying until I saved up enough and got enough work experience under my belt to move to a different area.

but u at least have a game plan and you're going after it. My experience is also reflecting where I grew up and probably isn't representational of the US as a whole.

KingoftheCove

Ha!
My kids are all motivated - to get out on their own so they can stay out late and do what they want.
My rules are old school.
My wife and I said this:
You are welcome to live here rent free, so long as you are going to school full-time and working part-time, or vice-versa. At 21 you start paying rent no matter what your situation.
When you live here, you obey the house rules - don't give a crap if you're an adult - you're home by 11pm.
You clean up your messes.
Yoiu help with chores.
Simple.

Our kids are still in high school - but we're preparing them ahead of time for these rules so there are no surprises.

Still it's very tough here - cost of living is third in the nation (rent versus wages) - ridiculous.

mfotis

KingoftheCove:
Ha!
My kids are all motivated - to get out on their own so they can stay out late and do what they want.
My rules are old school.
My wife and I said this:
You are welcome to live here rent free, so long as you are going to school full-time and working part-time, or vice-versa. At 21 you start paying rent no matter what your situation.
When you live here, you obey the house rules - don't give a crap if you're an adult - you're home by 11pm.
You clean up your messes.
Yoiu help with chores.
Simple.

Our kids are still in high school - but we're preparing them ahead of time for these rules so there are no surprises.

Still it's very tough here - cost of living is third in the nation (rent versus wages) - ridiculous.

brings a wee tear to me eye!!!!!!!

KingoftheCove

I know, I know - we're soft!!!!

mfotis

I was thnking quite the opposite really

Joeyjoe21_8

When I was 21, I couldnt get financial aid cuz my dad made too much owning a business.
rent for a one bedroom apt of 720sq ft ran me 700$ per month plus utilities which were decently cheap.
Car insurance was 100 bucks a month
food and gas was my left over money, and I was making only 1200 a month after taxes and medical.

Then I woke up and smelled the coffee, I could own a home. I had a few grand in savings, so I started looking for a starter home. I ended up buying a home for 107k = 742 per month at 4.0%apr. That includes taxes and insurance. I moved in a roommate at 325 a month for one room( gve it to him cheap), and half utilities. Bought myself a nice car. I could rent my other office out and make up my mortage entirely, but I got a 3bed, 1 bath house and dont want 3 people fighting over a bathroom.

Its super tough, but people need motivation to do more in life then just party, drink, and go to school. I got friends who are 27 still at home cuz their parents allow it without pushing them to do more. They were living at home, making 24grand per year, and didnt save a penny.....now they were laid off, and still wont save any of the unemployement...can we say retarted? lol