Dad I need money, Mom I want lunch, Bro can I borrow your car…Sound like someone you know? Uhhmm Shame upon you Munnee! Take a look at Munnee, he has got two hands, two legs, a pair of eyes and nose so under no circumstances is a fully grown person.
If you are a normal adult, you shouldn’t live off your family all your live. You should be able to go out and fend for yourself and your family if you got one.
Living off your family’s fortune has a limit and people who do so, their stories do not end so well. Family wealth too can be a curse because you will be way too comfortable and you wouldn’t think there is a need for you to build upon that wealth empire. Family wealth gives you the illusion that you do not have to work so hard.
Your First Steps Towards Financial Independence.
So you are middle aged and your net worth is really depressing. Your income can barely cover your expenses and in the meantime the commodity prices are rising through the roof. Economists predict that the economy may even get worse.
You can either:
stay in your comfort zone (enjoy free accommodation, no bills to pay, free food and water, free medical coverage). Probably go bitter and curse the forces of your current situation.
OR
Pick yourself up, dust off the dirt and claim responsibility for your situation.
It is like one of those moments from the movie “Matrix”, you will have to choose either the red pill or the blue pill. Each pill had its own repercussions and they were irreversible!
There are things in life that you cannot control but by taking control of your current situation, you will therefore assume some responsibilities for your future. The sooner you accept your current situation, the sooner you will notice that your parents or family do not owe you anything. Pep talk is not reality, there is just no simple way to put it.
Get out of your comfort zone, leave your fathers couch and attain your financial independence with the help of these simple tips below:
- Acknowledge the situation you are in. Should you continue living in denial, you are bound to spend the rest of your life at your parents’ mercy. Ask yourself what would happen if tragedy struck and they are not there anymore or even age catching up with them. Once you have thought about all this, you can then move to the next step.
- Devise a long term plan that is going to pull you out of the financial misery. The most important thing is to come to terms with the fact that it is your parent’s money, not yours. However, it is also important to set realistic expectations. Once you figure that out, you will then get out of your comfort zone and find reason to get a steady stream of income, put some savings on the side as well.
- Ditch the habit of borrowing from your parents. You very well know that borrowing from the parents is never the same as borrowing from the bank. Unlike the bank that will seize your property, your parents cannot handle you with an iron hand should you fail to pay up on time.
- If you borrow from your parents, make it a point to pay up on time. Never take your creditor for granted, be it you mother or father. You have to take up the responsibility and pay up what you owe your creditor. Debt will get you in problems once you leave your parents house.
- Put your plan to action. The day you mention that you are leaving your parents house will indeed be one to remember. Why? You will notice all the support that your parents will give you. Just like a kid out of college, they might even get you some start up income to get you going for the first few months as you get on your feet. Your parents will be proud of you especially your dad!
- Ask for advice whenever you are stranded. Just like how a bird leaves the nest and returns, do not hesitate to always go back to your parent’s house and seek advice. Remember the old broom knows all the corners so never be afraid to return for advice, not to permanently stay though!
- It is important to understand the saving, investing and spending. Upon getting your salary check, make it a point to cover your most important expense such as rent, bills, mortgage, loan, transport… Remember to put some money aside for your savings and then you can invest. This encourages the spirit of “pay yourself first”.
You are not 90 years old yet. You are still within your productive age bracket. Pick yourself up. Go out there and strive to increase your income and grow your net worth rather than warming your father’s couch. Different minds, different thoughts. What is your take on able bodied adults who continue live with the parents and doing “family business”?
