I have for you today an interesting topic that covers the advantages to moving back in with parents. It is focused mainly on advantages for an entrepreneur.
The ultimate stereotype for the “failed” young adult is to see him or her carry a box of their personal belongings back into their childhood home and up the stairs into their perfectly preserved bedroom. Nothing demonstrates the shattering of youthful dreams of independence quite like this image. But for 85% of recent college graduates, moving back with parents is not only a smart idea, it’s often the only viable option they have. The tough economy and unforgiving job market are forcing their hands, and parents, while equally forced to accept a lower quality of life, are accepting with open arms so long as they can afford it.
For self-driven individuals fresh out of college, moving back in with mom and pop might seem like the most humiliating post-graduation option possible. But at the same time, it may also be one of the very limited number of ways that entrepreneurial-minded graduates can succeed fresh out of the starting gate without the extra rent payments. It won’t come in handy come resume writing time but entrepreneurs aren’t looking to pad their CVs anyway.
Advantages to Moving back in With Parents:
Consider the following enterprise-strengthening advantages to moving back home:
1. Subsidized living
How often do self-driven start-ups have the luxury of subsidized living? If you have a part-time job, then providing your parents with rent and money for utilities is not only responsible, it’s the right thing to do. But unless your parents are hardliners, that figure is going to be far lower than what it should be. With student loan bills piling up, being able to channel extra income into your debts is an invaluable resource to have at an early age.
2. More investment freedom
In addition to being able to divert more money to student loans on account of lowered cost-of-living, living at home enables you to use more of the little money you make as a platform for investment. Living an independent life comes with the cost of not always having the available capital necessary to take advantage of once-in a lifetime opportunities. As far as the competition is concerned, increased investment options as a result of living at home puts you in the lead.
3. Room to grow
Steve Jobs famously started Apple Computer in the garage of his childhood home. If you have industrial ambitions in mind, then having access to a basement and other free spaces you probably won’t find in an apartment split with two friends is a definite advantage. Also – if you’re banging and clanging – you’re much less likely to disturb neighbors than you would in a low-income apartment complex.
4. Decreased distractions
Living with friends is fun, but most entrepreneurs will tell you that too much fun is detrimental to youthful business ambitions. Not having the opportunity to forgo working on a business idea in favor of immediate adventure with friends is a blessing in disguise, and something you’ll thank yourself for later.
5. Unpaid advisers
When you were a kid, nothing generated eye rolls like being advised by your parents on what to do with your life. But now you’re all grown up, and the life experience of your parents is invaluable. Having a parent around to easily ask for an opinion beats making a phone call you otherwise would avoid on account of not wanting to talk about your Aunt Kayla’s wedding. With someone experienced around to offer an opinion on everything from finding funding to your next big business move, you vastly increase the likelihood of personal success.
Moving back into the family home might never shake off the stigma of failure. But at the same time, it’s perhaps one of the best ways young entrepreneurs can guarantee personal success. Not only that, but in these tough economic times it may unfortunately be necessary. Either way, if entrepreneurial success is ever achieved via the selflessness of your parents during a time of need, then just be certain to buy them a trip to Europe or some other token of gratitude. It’ll be the least you can do for parents who give you the most they can.