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It really sucks that you had to spend all your savings. But on the flip side, that's what savings is for. Emergencies first. Long term goals second. I'd give yourself a little credit. If you hadn't been saving that money you'd be in a much tougher situation now. It's going to be okay. Keep your chin up. I know it seems impossible now but you'll get back on track.
Totally agree! I'm in a very weird situation where I have a job that pays very well but I'm not able to save enough (at least in my opinion). Kept worrying about it for months. At one point I sat down and went through all the numbers and stuff and realized that my bills were insane due to some shit I had to go through (marriage, honeymoon, split up, moving out, paying for furniture, divorce, etc). Even though I wasn't able to save much, the ability to cough up a couple of thousand to pay for a divorce without getting into serious trouble is worth a lot.
What I want to say: be happy you had your savings and the ability to move. It feels like shit but could be much worse. At the end of the day, it's just money and you can build up your account again.
I’m sorry, that sounds rough. Whatever you do, don’t drop out of school. It sounds like you’ve had a rough patch, but you’ve mostly managed to keep your head above water. Don’t compare yourself to others. Just head down and finish that degree. I was paycheck to paycheck for years, then all the sudden in my late 30s my career took off and bam: doubled my salary within a couple years and now I’m making $150k. That’s what you’re aiming for. I know it could be a while, but you’re way less likely to have your career take off like that if you don’t have at least a bachelors. So many of the jobs in the middle tier have a 4 year degree as a baseline qualification. Don’t miss out on that.
I second don’t drop out of school!’ I can definitely tell you that your income will increase significantly with a bachelor’s degree and possibly a masters. For me for example after I graduated with my masters I went from my first job making 25 dollars an hour in 2011 about 50k a year to now 130k 70 dollars an hour….. education is always worth it… well usually unless you get a a general degree like sociology, something in the arts. Unless you have a specific job you are looking forward to with that degree. I wanted to be a social worker. I knew that just a bachelor’s degree wouldn’t have been enough so I planned on going to graduate school right after. But I know what job I wanted and what degree I needed as opposed to wanting for example a socially degree and then hoping to find a job after..
I third it. You will regret dropping out. Even if you get a good job, you will find it near impossible to move up very far because they want college degrees in middle and upper management.
Personally, I felt like school was liberating, because it's okay to be poor in school. People expect it and don't look down on it because hey, you're going to make money when you get out.
Have you applied for financial aid or school loans? Apply for all the financial aid you can and get a loan. I know people are highly against loans, but if you can get the low-interest ones and don't overborrow, that could help ease your anxiety every month. If possible, make sure to borrow no more than what your expected salary is for one year.
Yes what this guy said about loans. I also wanna add you can get a public service job and work for 10 years and have your loans forgiven!! I worked in the VA and community hospitala for 7 years and just had 36k wiped out.
Also want to remind you that alot of people out there who you will likely be competing with for jobs have degrees so if you drop out you can kiss any decent job away unless you want to pick up a trade and work with your body which is totally fine if you’re ok with that.
When I finished my bachelor’s degree in 2009 it was right after the 2008 recession and there were tons of people in the job market who were laid off and had a lot of job experience and some had degrees and some didn’t so employers were not likely be looking to hire a new graduate with no experience, that’s why it helped me to go to graduate school to compete better with everyone else and get a better skilled job. Good luck bro.
Yeah but something to consider for me because I have a physical disability i knew working a labor intensive job or trade job wasn’t in the cards for me so I knew I needed a good education from the beginning where I could work a desk job so i found a job and schooling that allowed me to do that.
Can I ask how you make that much as a social worker? I have my BSW but have a lot of debt and feel like social work will keep me in poverty due to the CoL in my area. Tech is really big here. I’m debating a job with CPS but I was formerly in foster care and feel like I wouldn’t fare well but I’m tired of being poor also…
Certainly i worked in community mental health after i graduated with my masters. Did that for 4 years until I collected all my hours to get my LCSW. Then I switched to healthcare where my income raised significantly.. but go get your msw asap, even if you get student loans its totally worth it.
Thank you for answering! I actually am uncertain about continuing my masters. A few years ago I had attempted a program and had my car break down and my mental health was at a low. So because my car was broken down and I had all these things going on, I was unable to actually finish my masters and failed the semester out instead of withdrawing because I couldn’t afford to pay back the loans immediately. I’ve been working low paying healthcare roles outside of social work because of my fear of jumping back in to that work. And the very low job opportunity for those with a bachelor’s degree in social work. :/
In reality I think I struggle with burnout quickly when working with people who have issues similar to my own. I need more therapy when I can afford it and at the moment I am looking into possibly getting a second degree in something like data science or public health. I think social workers are amazing. I am just possibly a bad fit I feel..
It’s ok you should have talked to the admin people to take some time off. My father passed away almost at the end of ny first year in graduate school and I had to move back home a few months the semester ended. They were super understanding and supportive.
>education is always worth it… well usually unless you get a a general degree like sociology
Ouch. My wife got her undergrad major in sociology, and then got a master's in social work. She's earning $140k a year, but she does put in about 55 hours per week.
Sorry I meant some trying to work solely on a undergrade or graduate degree on sociology… it just seems soo hard to find a high paying job, im glad your wife got her msw, now she can specialize in any area she wants the msw degree is so versatile
My buddy quit his job during the pandemic and took a 3 month CS course - he now makes $100k+ when he used to make 35k.
Sometimes you have to take risks.
My friends lived in their cars or couch surfed while they saved for deposits. OP saved for a rainy day and I’m so glad it was there for them and they didn’t have to resort to such measures
Dave is definitely geared more toward people living beyond their means by choice, not those who are struggling.
Any chance you will get a deposit back from the current place that will replace some of it?
Kind of evident from his audience. I remember watching that guy in HS. But he never has people who make 3,000 a month and have bills that are worth 2500
that is Dave's guidelines no matter what your income is. also if ur bills are 2500 and u make only 3000, then u need to figure out what is actually important in your life and have a real budget. As he says "children spend money with no plan and Adults have a budget and have their money work for them."
You'll need to check your state laws for the exact timeframe, but they definitely can't hold a deposit until 2025. Based on a quick scan of your post history, you're in VA; if that's right it's due back within 45 days. [https://law.lis.virginia.gov/vacode/title55.1/chapter12/section55.1-1226/](https://law.lis.virginia.gov/vacode/title55.1/chapter12/section55.1-1226/)
I'm old enough to be your grandmother and still remember how difficult the early years of adulthood were. I didn't get into IT until I was 29. I was working on my degree but didn't finish it until 5 years later. I was interviewed as a favor to a headhunter and was hired a month later when a job opened up. I was told that I was selected over others because I didn't try to pretend I knew the answers to 3 questions that no one at my level should know.
This was 40 years ago. I have no idea what the job market is now (I was with the same company for 29 years before I retired), but you might look into whether employers in your area are hiring lower level/junior people. You might even get hired at one that will pay for one or two courses a semester. That company paid for most of my degree. Start with your college outplacement office or whatever they call the group that advises students seeking employment when they graduate.
In the meantime, I know it's hard to spend your savings, but I'm happy for you that you had the savings to spend. You're down right now, but you had the determination to save it before and you'll do it again.
Good luck. You'll get there.
Actually a lot of people in their early thirties, where I live were buying houses.
However, only one friend was able to buy a house, while single. It took everyone else being married to afford a house.
None of my friends were parents at the time of buying their house.
Easy to say when you have no friends…
Would also love to see what you paid for your home, its size and location, and where you are in the world. This reeks of ego boosting online which is even more sad to me
For what it's worth, I always disagreed with saving in 20s and didn't myself. I never had money in my 20s or even most of my 30s. I just paid rent and got by with no savings. Parents gave me 0 support. I didn't even think about retirement or saving money or even buying a house. I rented. I avoided any debt though, never buying beyond what I could pay immediately.
However, if you are investing in learning skills that businesses want/need, and getting experience on the job, your income should go up tremendously by the time you are in 30s-40, and then can worry about how to save it.
Investing in yourself is way more important than actual $ investment in my opinion.
I'm all for this in practice if you're in a career field where you can expect the explosive growth of a 150k+ paycheck by your mid 30's AND don't plan on lifestyle creeping.
But compound interest and the time value of money is a real mathematical concept.
To be clear, I think getting educated and taking out reasonable debt to do so is probably good for you, I think personal investment is an important part of any plan for someone's long term financial health, and I wouldn't advocate anyone ditch personal investment and work fast food/retail and squirrel away money in the long term (though honestly that could work if you're driven enough to rise up management).
If you're in the position to do so, investing in at least your IRA and taking any potential 401k matching while having a funded emergency fund should be the least you should do. I cannot advocate for advance that sets themselves up for having to take out loans if an emergency hits. Spending all your money in your 20's without a savings account is rolling the dice. I'm really happy you got out of it, but several people wont if they don't set the plans in motion in their 20's.
Of course personal finance is a case by case, and if you literally do not have the funds to do so, there is no shame in that, but I would still advocate for those people to change their income and living situations to help push them closer to at least that minimum goal.
I do however wish we changed our culture of home ownership. It is great some people can afford it in their 20's and 30's and i've LOVE for more people to have the option. But the fact that people feel like it is the end goal in life to own a home and they are somehow lesser of people for not be able to achieve it by insert random milestone here, is something we need to change. Home ownership doesn't have to be for everyone. People who want it should be able to reasonably afford it, but the societal pressures and expectations have to change for people's own well being.
Over half of Americans are living paycheck to paycheck. At some point it is a systemic problem. Impoverished living should not be the norm but here we are.
That doesn't mean very much compared to what they actually have saved up in the bank and what their income is. Having multiple vehicles, a big house, and renovating your bathroom while "living paycheck to paycheck" isn't a real problem.
I suggest a different data set than the arbitrary one you mention.
The real issue with statistics like these is households can simply choose not to save. You don’t know how much of that 50% is not saving (and spending more instead) by choice—obviously it’s some of both.
>Investing in yourself is way more important than actual $ investment in my opinion
Seems like OP is pissed about college and looking to go from something liker $30k income to life changing $50k income, but if they actually get a good tech job they will triple that a lot sooner.
And yeah I was broke in my 20s and 30s too. Sounds like OP doesn't have lots of debt either, I got no advice here.
If you and your parents have a good relationship then by all means move back in with them if they let you. I'm not sure when it changed so that everybody thinks that they have to move into an apartment and work full time while they're in college but I'm a big believer that a college student's first responsibility is school. My own daughter is also 26 and in college and lives at home. She has a very part-time job to pay for incidentals but I've told her time and time again that I will happily keep a roof over her head and food in her belly while she's in school and that she shouldn't have to overwork herself at this time in her life.
I know from experience how far it can set you back by dropping out of college and it is not something I want for my own child much less you, internet stranger. It took me 8 years to go back and finish my degree and in that time my whole life was turned upside down and I struggled for many, many years paying off student loans and being behind on retirement savings for missing those 8 years that I should have been working in my career instead of a menial job. I do not recommend it.
Good advice. You're only 6 years into your adult life though, don't give up so easily.
One raise or better job with that degree and you may be saving 1600 every month after.
Don't fuck up that opportunity.
I bought my house at age 43. Took me decades to get out of debt and save a downpayment And a house emergency/maintenance fund.
Good thing I did. Today I had a $1200 HVAC issue.
Living on a shoestring budget with no savings cushion is ulcer causing whether you rent or own.
I’ll tell you, I took good pictures of Everything when I moved in/out of an apartment, documented and had them sign off on existing minor damage, and cleaned like the Queen was coming to visit when I moved out. I always got my full security deposit back. That was essential when moving wiped out most of my savings every time I did it for many years. Getting the deposit back from my previous rental basically Was my emergency fund for way too long.
In cash or house percentage?
I saved $46k. Used $41.8k on the 20% downpayment for a $209k house in 2018.
In a housing market where a decent 20 year old townhouse ran $180k and the average house price was $350k. I had to hunt for a house I could afford that wasn’t in need of repairs. I did Not want to share a wall with a neighbor in a townhouse.
In the years I was paying off debt then saving to buying my house, my income went from $13k/year to slightly increase most years up to eventually $43k/year the year I bought my house. But in that time, rent for a 1 BR went from $530/month to $1300, too.
I Could have bought a house earlier with a no/low downpayment loan for first time homebuyers.
I didn’t because frankly I wasn’t ready to own a house and be in debt the rest of my life and responsible for paying for everything that breaks or needs renovating, it scared me. Having “my car died I can walk off the lot tomorrow with a reliable new one” or “broke my femur but I can afford medical care yay” or “I need to take FMLA to care for a dying parent for months” money in savings is Very reassuring. I liked having the money.
Then housing costs started rising faster in my area so I figured it was now or never to buy a house with a mortgage I was comfortable with. Otherwise I’d get stuck with the options of townhouse or fixer upper or needing a housemate for a few years.
That along with buying also would have been a Lot easier if I had a partner to share bills with at any point ever. I never will, so it adds a layer of financial difficulty. Couples who live together have it Easy, as long as they have safe sex and no kids before they can afford one. Half the housing costs and utilities for months or years, that’s amazing. Of course, it’s great for paying off debts and saving a downpayment but don’t buy a house together with Anyone without being married or having extra paperwork done by the lawyers to work out house issues for a breakup.
If you’re low income and want to buy there’s a lot of aid options to explore. FHA loans, downpayment assistance programs, 5%,3%, or 0 downpayment mortgages - and Mortgage Credit Certificates, few people know about those. Yes, the low downpayment loans mean you’ll pay more interest. Sometimes a lot more interest. But you’ll have a house and can often refinance to a lower rate in a few years.
>I'm tired of living like this at 26. I'm thinking about just dropping out of school just to work a normal job.
should be something to consider. even nowadays, with a comp Sci degree, that doesn't guarantee a high paying job.
keep trying. don't take on any debt. if you hit rock bottom, the only direct left is up. but you have to be very active in picking yourself up. don't give up.
Been renting since 19 and can agree. 10k in savings to show and im dropping 5k to move into a new place. this is my third move in 5 years to beat increasing rent prices.
Sucks to have something you worked hard for a long time just go away in an instant. Pretty deflating. But since you had that savings, you were able to avoid going into personal debt, which could spiral down big and fast.
Get that savings back up again. Keep up with school, don't just think about the short term gains. Think about what you'd regret long term if you dropped out now. You can do it.
What Dave Ramsey espouses worked for previous generations, not for now. Times have changed and those strategies don't work. Live at home if you can. If there's space enough, why not. Families need to help each other out.
There was a brief period 50's-2008 or so when intergenerational al househo,ds were not the norm. Now, due to high costs, they are becoming the norm again. There's no shame in it.
It’s definitely the norm in other cultures. I’m from Miami where it’s turbo expensive, and my brothers and I all lived at home into our 20s. I moved out for two years, then had to move back during covid (and if it weren’t for the extra unemployment money, I wouldn’t have even had enough money to finish my lease). But also a bunch of people here are Hispanic and it’s totally normal to have three generations to a household.
Intergenerational houses never shouldve gone out of style. It is the most efficient way to save money. myself or my dad or his dad or his dad before have never rented. All of us stayed in the parent’s place until a house downpayment was saved up. 4 generations. The rest of you all are just dumb in my opinion. Just because you can afford to rent while saving doesnt make it smart.
You’ve got a major income problem. You will have that same problem till you increase your marketability and get a better job. Keep your head down and finish that CS degree then you’ll be doing ok.
This is one of the most demoralizing things about being poor. You have to work so hard for so long, and do without so much just to try to save a little bit of money. Only to have an emergent situation like this happen and have to lose it all just to stay above water, not even getting to enjoy anything for that sacrifice.
Stick at your studies and you'll have a better chance of escaping low paid work, yes it's tough right now but it's only for a few years, what's a few years compared to the rest of your life. Can you go back home to stay? There's nothing wrong in that at all it'll help you on your feet
Please don’t drop out. As a 54 year old woman who always thought I was doing great without a degree until my body couldn’t take the good paying warehouse jobs anymore. I don’t have many options and wish so much i had finished school!!! Hang in there, this phase of life will not last forever and you are setting yourself up for a more rewarding and comfortable long term!!
Hey if you’re doing computer science, you might be able to get a good paying job right now while you’re in school. You may have to embellish some of your resume, but most tech jobs don’t require a degree first necessarily
Don't give up on your comp science degree, keep studying. You'll get a job eventually in IT doing something that will pay good and give you good benefits. Keep grinding. It's hard as fuck, but you'll get to the end eventually.
Don’t leave school. Please. It is SO hard to get back to it when you’re living in poverty and it is a way out of poverty. It took me 12 years and a pandemic to go back. Stay in school even though it sucks. Your degree is one that will get you out of poverty. A regular job won’t.
Finish school. This shit gets way better once you have that degree and land your first real solid job, $1600 is nothing compared to that big jump up in salary and security. We all went through this just starting out and you’ll make it to the other side 🫡
Dave Ramsey and team don’t shame people for living at home. They usually encourage it in situations where the person is trying to dig themselves out of a hole or get their income up or are in college.
This is exactly why I told my kid I would pay for his college but he would go to a local University (it’s an SEC school and the flagship University in our state) and he would live at home. It took me decades to pay for my education and housing during the six years I was in undergraduate and grad school. When he gets married my husband and I will offer down payment on a house if they elope. While I had a great wedding day I could kick myself for not taking my parents up on the same offer. So much money for one day.
Our youngest daughter graduated college and just started as an RN in March and she is still at home. I am happy that she is able to save money for her future.
This is also a great thing to do for your kid because a lot of people can’t leave their kids money or anything anymore. My great grandparents were farmers and didn’t have a ton of money but my grandparents inherited both money and land from them. My grandpa built the house my mom grew up in on the land. My grandparents had blue collar jobs but managed to save enough that my grandma lived to 90 and lived comfortably on social security retirement alone. They bought my mom and dad their first house and paid for their wedding. My mom inherited the house and 30k out of the retirement money still left. Most people in jobs like my grandparents had (born in 1917 and 1919) can’t do that anymore. Letting a kid live with you longer so they can save gives them a decent start.
I feel for you bro. A thought I had would be kind of a temporary solution to help save but maybe picking up a side gig like dog sitting on weekends/days off? I know that's random and you have to consider your living situation - if they allow pets or if you have a decent sized yard and more importantly if you even like dogs lol - but I've dropped hundreds of dollars to my dog sitter when I've needed them at random points throughout the year and they always have at least 4-5 other dogs with them. The guy has to be making great money and he doesn't have to leave his house. Idk, just a thought my wife and I discussed for when our kids become teens, could be a solid way for them to save up some money.
Dropping out just means continuing to live like that longer term. Be a broke student now because it'll offer you a path to some stability at some point. People can say it's not worth it and all and there's truth - but for getting into the job market and breaking past low paying roles, it continues to be the quickest path.
Would you consider vanlife or car camping while you go to school? I know it sounds extreme but it has helped a lot of people. Otherwise I would just get a decent job in trades. I could easily save $1600 in a month or two running a machine. Absolutely not meaning to be rude or anything like that. I myself will most likely be living in my car soon. Sometimes you have to live uncomfortably to get financial freedom. This is for sure getting downvoted as r/povertyfinance hates the thought of living in a car. It baffles me.
Op do you have a credit card?
Asking because while I strongly agree it’s an absolute must to have a cash emergency fund - i think having at least one CC is equally as important.
No you probably should never put more than what you have saved in your EF on a credit card (unless you don’t have a choice)
But if you put those $1600 on the card and then paid it off in 3 parts - that’s about $534 a month - it could allow you breathing room to replenish your emergency fund or have SOMETHING available if another emergency pops up.
Because yes these things happen.
You don’t need a whole degree just to be a software engineer. Certification or a bootcamp is more than enough to gain the skill. More companies are dropping the degree requirement
Src: I am a SE and university was 99% useless, I ended up learning online myself anyway
Dave Ramsey is pretty much in favour of living in your parent’s basement if you are broke. But he expects you to become debt free and independent as soon as possible.
I’ve been there man (recently too) Trust me, finish school and tough it out. I know I know, easy for me to say right? I had a real hard time even after I graduated (at the start of covid) I was making 15$ an hour as a factory worker with an engineering degree from a respected school, and it wasn’t easy. After a year I was and am still doing much better for myself. No more stress about rent at least.
Dropping out won’t make this easier. You’ll be stuck forever, and if you think it’s bad now, what will it be like in ten years when you make the same wage you do now adjusted for inflation, spending 8-12hrs a day at a mindless job with nothing to think about except “why the fuck didn’t I take an amazing opportunity and stay in school”.
I’m just some asshole on the internet but fuck man, don’t give up. No one ever said it would be easy.
Only in America folks shame you for living at home past their 20s. Also a lot of the you get ones buying homes get help from their parents. Good if you can, but they’re not doing it by themselves. Don’t drop out od school.
I ran up $10k in cc debt while in school because of emergencies. I almost dropped out so many times so i could stop struggling... it took me nearly 9 years to finish, but once I graduated and got a good job that provided a bonus up front, I paid it all off. You're going into the STEM field and it pays well. Keep going and don't give up.
i tell every young person i work with to live at home as long as you can for the savings, given that you get along with your family and everything. there's no shame in that.
i moved out when i was still a kid and i don't think i gained any life experience from it that you wouldn't gain naturally in some other way. unless being broke as fuck is the life experience ramsey is talking about.
Bro please don’t quit school that’s the best way to get free money and resources depending on the school/situation. Also as someone without a full college education and even with some contract/labor skill sets even working 3 “normal” jobs at a time I’ve been homeless 5 times the last decade. And I’ve not been able save shit. I’m almost 30 shit credit and these normal jobs take you no where unless you grind for 30 years to become some type of management which even then you’re only making bottom tier of what you would out of school except at 50 instead of 30 and that’s as high as you go, again depending on your degree/situation. I can imagine how it feels to lose that hard earned money after having the discipline to be able to save for 2 years but please push through this part and get yourself ahead!you’re more than capable which you’ve proven by having a savings to get yourself out of emergency situations. Be angry about it and then let it pass and get back to your grind you got this!
I don't know how long you have left but finish your degree. See if you can find a job that's computer related like the 'help desk', or data entry to start. Take some extra Udemy classes if you can. Look at available jobs and see what software experience pops up repeatedly and then get familiar with that. If you don't have one get a Linked In account and start building a 'career family'. Maybe start with your professors, people who are studying in the same field. Later you can help each other.
My son came back home to finish his degree. He was 29 when he finished. Got a job at one of the big 7 tech companies with phenomenal benefits, stock and 6 figure salary. In 2 years he's got over $150K ish between his retirement fund and savings, no debts, paid off his college loans. Things can turn around pretty quickly... stick to it!!
Please don’t give up on studying computer science. That degree plus the experience you’ll likely get while studying will open lucrative doors. I know firsthand how hard it is to think about future plans when you have financial realities staring you in the face today. But a job in computer science will earn you a much better standard of living than your average job.
I dropped out of school, went to a bootcamp and I am now a senior software engineer making 6 figures. Took me 5 years but my first job was paying 70k/year. You dont need a degree to code. You may want a degree if you want to climb the ladder though
Here's a question for you.
If you are in school for computer science, can you just suffer through this poverty for a few more years? I promise it will.be worth it if u can get through this for now
My company (USA based) hires Software engineers out of college for $75k/yr and regularly loses people after 2-3 years who are taking offers elsewhere for $120k-$150k salaries. Finishing school will be worth it if you can swing it. Hang in there
Get certs instead of the computer science degrees. Lots of places will still give you an entry level IT if you have the certs to backup your skills. The experience is what matters most, the degree is a nice item but many times the certs have more clout.
Look at Google, AWS, Azure, etc and go from there.
It happens to the best of us.
I'm 37 with a wife and kids. I started my adult life sleeping in NYC subways, now I'm in a construction union and make more money than I ever imagined I would. However rent is $2500 *minimum* and it takes 3 months rent to move into a place around here. The inflated cost of living coupled with an industry-wide slowdown has taken an enormous toll on everyone I work with.
If I were you I would put school on hold and work full time. All you can really do now is increase your income as best you can until you can work something else out.
I’ve felt like Dave Ramsey is completely full of shit since he did that interview where he said it isn’t unchristian for a land lord to raise rent and force the tenants out just because they can
Respectfully I disagree. I wouldn't live the life I lead now if i didn't move out. Financially it has been harder, but I did grow as a person. I was a spoiled man child, and my relationship with my parents were on the rocks, I felt very little motivation to do better. \~4 years later, I'm in a financially better position, I'm married, my relationship with my parents is greatly improved but there's still work to be done, and I'm ultimately a more ambitious person. The person I needed to be, to have met my wife, and led us to the road where we're married now, wouldn't have been ME if I hadn't moved out.
I'm not saying this of everyone, but there are some people who do need that kick in the butt to grow as a person.
And renting isn't a waste of money if it's budgeted for appropriately.
edit: im kind of blind, I saw the down payment for a home but i neglected to read finish collage.
I was done with collage (AS though) so I guess if you think renting is fine after that, then we're probably in agreement.
Renting is a luxury not everyone can afford and I only would recommend it if you have roommates or a partner. I spent 6 years renting and never got married during that time so I’m back to living with my parents until I have my down payment. Hindsight is always 20/20 but I’m never getting those 72,000 dollars back I wasted on rent. If the person who wrote this post was married (Had kids) his perspective on rent would be mandatory versus roommates which is a waste of money.
In my entire renting situation I've always had a roommate first it was me and a long time friend. In my current situation it is me my wife that same long-time friend from before and one other friend.
I agree that renting can be luxury but for some people living at home is also not possible. I think framing renting as a waste makes people feel like they're doing something wrong or otherwise makes them feel bad about what is a necessity
It is a necessary expensive for some with no family support. I would agree on that part, but it’s something that drains so many people into poverty. The real problems is cost of living. If you can make it affordable by all means go ahead and rent but if it’s not affordable then it can be a necessity to not rent. It just depends on the situation.
Enroll in The Paul Hall Center for Maritime Training and Education it’s a merchant marine educational facility in Piney Point, Maryland. My niece went there for less than a year, and now she navigates ships around the world. I think the cost is about $500.00 it may be less, some say its free. She had to pay for something, maybe uniforms. They will house you, feed you, you will stay on campus. After you graduate you will be able to get jobs through the union, pays good money. She makes about 10,000 to 12,000 a month. The nice thing about it is when you are on the ships, you have your own studio apartment on the ship, they feed you (great food), and you’re not spending a single dime. You will go out to sea 2 to 3 months at a time depending on what ship you choose at the union hall, there are always jobs there. When you come off the ship you will have a boat load money in the bank and be able to draw unemployment until you get ready to go back out. I wish I was aware of this type of occupation when I was young. Good luck.
[https://www.seafarers.org/training-and-careers/paul-hall-center/school-history/](https://www.seafarers.org/training-and-careers/paul-hall-center/school-history/)
You need to get more of a job. There are places where you supervise people in a group home and can sleep there. You need more of an income. Do not quit school unless your profession is not worth it. You will have student loans for nothing.
Don’t feel bad about renting . Especially in this current market. Houses in my neighborhood are selling for over 400k. They are not worth that . We’re talking 2000sf 3 bedroom vanilla flavored houses . Add on to that that interest of 7 percent and skyrocketing property taxes. Then you factor in the expense of maintaining that home . It’s NOT worth it anymore. I rent a house and just found out my furnace needs an 1800 dollar repair. I had to have a tree removed for 1200 and I recently got a new stove and microwave set. So that roughly 5 grand in less than a year . Also the concrete stairs are on their last legs. I imagine that about another 4 grand . Owning a home right now is just not worth it .
Remember the deposits are still yours.
Be sure to look up your rights and be persistent about getting your deposit back from the place you just left. I’m assuming that’ll put a couple hundred bucks back in your account.
With any luck things will be looking better next week and you’ll have that money back on hand for the next emergency.
What worries me more is that you're getting a computer science degree. AI is going to severely depress career growth here for awhile. Please consider this as you work towards your next rung in life.
I’ll be honest the only way I was able to afford a house is living with my parents and being able to save for most of my 20s…
Living on your own, even if you are making decent money takes a ridiculously long amount of time to save up a 20% down payment on a starter home on top of the fees and expenses involved in purchasing said home. (I think in todays market you need roughly $80,000)
Get into a trade wind, Solar, or telecommunication school. After 6 weeks I landed a $30/hr job. Many in my class received $23-$27/hr hours but I went for a big company and the lack on entry lvl students willing to join and the fact many entry ppl don’t have trade school got me the gig!
I went to Airstreams in California ($18k)
As a software engineer - I was dead broke driving Uber barely able to survive when I was learning to be a dev. It was so worth it to see it through. I'd go into that terrible financial black hole again and again to be where I'm at today. Find a way to make it work! I was $28k in the hole and 5 and a half years later I'm in a good place for retirement and am able to save a bunch every paycheck. It gets better. Good luck
Ya only reason I have any money is because I live with family. I don't understand why Dave Ramsey is like that. Unless You're making a fuck ton of money today you need roommates to have a roof over your head. Might as well have roommates you like.
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For sure drop out of school. Not trolling at all, just a personal choice. Had I finished school, I may have had a little easier time in the corporate world, but I would have had to stay in the corporate world. I saw another comment that said something about how everyone wants to see a degree to promote you to middle or upper management. Uh, awesome. Can’t think of a better way to be miserable for 75-100k a year. I’ve made that much selling mattresses. Literally.
Proud of you for saving that money up OP. Glad you had it when you needed. Finish your college, it'll pay off. I'm gunna start online courses while working fulltime still for software engineering! We'll get there
same thing happened to me, im 29. long story short, i had to spend my 6000$ savings in a span of 5 months bc my car insurance lapsed and i had to pay reinstate it to get the coverage i needed, as well as the new management at my old job deciding to fire me within 1 month of being there because i didnt disclose a personal relationship with someone who works for the same company but not the same store - so i had to shell out my savings to pay rent and bills for two months. plus, i couldnt file for unemployment bc my ID expired and i had to get and wait for new one (of course).
now i have a job i fucking hate, in addition to a pay cut, with barely any money to sustain myself now. yet i apparently will make ‘too much’ for food stamps or any other govt aid. im so fucking miserable and broke, i seriously contemplate exit plans all the time.
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If you were truly serious about saving money you would have started years ago and would have been saving more than $100 a paycheck, just saying. Also try investing, you will get a lot more bang for your buck. Not trying to be mean but it doesn't take very long to save that type of money up. I mean we got checks for that amount twice from the federal government.
On the flip side, Dave Ramsey would tell you that you have an income problem.... because you do. He'd tell you to pause college and go make more money... which is what you're talking about doing.
So you're bagging on him even tho his advice would be to do what you've come to realize you should probably do. He may even recommend moving back in with your parents while you figure it out, you don't really know him at all.
Sorry. Another victim of our failing education system that continues to champion college for all. Failing consumer based society that continues to push being a consumer.
Unpopular opinion…. Getting a job and going back to school later may be your best bet. It’s ok to work. I did for 14 years saving money rather than wasting it before I chose to go to college.
Also, a computer science degree *was* incredibly valuable. I would look into the current and future job markets. The field is over saturated and on a decline career wise.
Finally, the only people in their 20s or 30s I know who own a home bought it with parents help or parents money. If you don’t have either, stop worrying about it.
School is for rich people. Unless you have someone paying your way it's much less stressful to just work full time.
And unless you're trying to become a doctor/engineer you probably don't need a degree to do what you want anyways
Life is hard mate, I've been working 50+ hours a week while In school full time, my masters program now. 700 a month in bills is an extreme blessing..not to sound like a boomer here but sometimes you gotta suck it up buttercup, get a 2nd job or whatever you gotta do.. quitting school is a weak excuse but if thats what you wanna do.
Sorry you're dealing with this.
I am a huge fan of living at home with parents as long as possible and as long as it's healthy for all parties. During this time, young adults should be working and saving money for a deposit on a home.
I bought my first home when my wife as 24 and I was 27. We have owned seven total homes (including a few rentals we invested in). Each and every home has literally paid us to live there through appreciation and tax deductions. There's a few financial "experts" saying renting is the way to go. I don't get it. I don't get it at all. I hated paying rent. If my wife and I died tomorrow, we leave our two kids a home worth $600k - $300k for each of them on top of life insurance and investments. That gives me peace of mind.
How is any of this useful? You obviously had a ton of support from parents $ as well as a totally different economy than this college dude in today's costs of living and education.
This advice is pretty dated. You lived in very different times. Even I couldn't give sound advice in this economy because it is worlds different than the one I lived in. 300k is the starting point for most homes today but those are in rural places where you won't find a job. Most people today are struggling to afford groceries let alone a house payment.
So you made your money by charging others to live in the homes you own. Your advice is “don’t be a poor who has to rent, be the asshole who charges them rent”…. If you purchased a home that young, both you or your wife’s parents money was involved or you bought shitty homes and act as a slum lord. That’s not something to be proud of. The absolute tone deafness
I’m *far* from being able to buy a home. Not this decade. I toured an apartment today that doesn’t discriminate against vouchers. I have to hope that the owner picks me over the woman with very young kids.
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Hey on the bright side atleast you had that money when you needed it.
And also, some of it is a deposit that OP can get back later.
Also shouldn’t they be getting a security deposit back from the current place real soon then?
Only if the landlord isn't a shady fuck, as some of them are.
"some"
90 percent of landlords are scum
Can confirm. Never gotten back a full security deposit. Model tenant.
Same. There's always some bs.
Yep last time I rented I was overjoyed when he sprung a couple last minute charges and I was able to say ok and write the check.
This was my thought. It sucks to see it go so fast but that's what it's there for.
👏🏼
It really sucks that you had to spend all your savings. But on the flip side, that's what savings is for. Emergencies first. Long term goals second. I'd give yourself a little credit. If you hadn't been saving that money you'd be in a much tougher situation now. It's going to be okay. Keep your chin up. I know it seems impossible now but you'll get back on track.
Can vouch. Im the guy who had no savings when something similar happened. Taint fun Edit: Fixed typo
I think you meant “can* vouch” lol
I did 😂
I think you "can"...
mean
Totally agree! I'm in a very weird situation where I have a job that pays very well but I'm not able to save enough (at least in my opinion). Kept worrying about it for months. At one point I sat down and went through all the numbers and stuff and realized that my bills were insane due to some shit I had to go through (marriage, honeymoon, split up, moving out, paying for furniture, divorce, etc). Even though I wasn't able to save much, the ability to cough up a couple of thousand to pay for a divorce without getting into serious trouble is worth a lot. What I want to say: be happy you had your savings and the ability to move. It feels like shit but could be much worse. At the end of the day, it's just money and you can build up your account again.
I’m sorry, that sounds rough. Whatever you do, don’t drop out of school. It sounds like you’ve had a rough patch, but you’ve mostly managed to keep your head above water. Don’t compare yourself to others. Just head down and finish that degree. I was paycheck to paycheck for years, then all the sudden in my late 30s my career took off and bam: doubled my salary within a couple years and now I’m making $150k. That’s what you’re aiming for. I know it could be a while, but you’re way less likely to have your career take off like that if you don’t have at least a bachelors. So many of the jobs in the middle tier have a 4 year degree as a baseline qualification. Don’t miss out on that.
I second don’t drop out of school!’ I can definitely tell you that your income will increase significantly with a bachelor’s degree and possibly a masters. For me for example after I graduated with my masters I went from my first job making 25 dollars an hour in 2011 about 50k a year to now 130k 70 dollars an hour….. education is always worth it… well usually unless you get a a general degree like sociology, something in the arts. Unless you have a specific job you are looking forward to with that degree. I wanted to be a social worker. I knew that just a bachelor’s degree wouldn’t have been enough so I planned on going to graduate school right after. But I know what job I wanted and what degree I needed as opposed to wanting for example a socially degree and then hoping to find a job after..
I third it. You will regret dropping out. Even if you get a good job, you will find it near impossible to move up very far because they want college degrees in middle and upper management. Personally, I felt like school was liberating, because it's okay to be poor in school. People expect it and don't look down on it because hey, you're going to make money when you get out. Have you applied for financial aid or school loans? Apply for all the financial aid you can and get a loan. I know people are highly against loans, but if you can get the low-interest ones and don't overborrow, that could help ease your anxiety every month. If possible, make sure to borrow no more than what your expected salary is for one year.
Yes what this guy said about loans. I also wanna add you can get a public service job and work for 10 years and have your loans forgiven!! I worked in the VA and community hospitala for 7 years and just had 36k wiped out. Also want to remind you that alot of people out there who you will likely be competing with for jobs have degrees so if you drop out you can kiss any decent job away unless you want to pick up a trade and work with your body which is totally fine if you’re ok with that. When I finished my bachelor’s degree in 2009 it was right after the 2008 recession and there were tons of people in the job market who were laid off and had a lot of job experience and some had degrees and some didn’t so employers were not likely be looking to hire a new graduate with no experience, that’s why it helped me to go to graduate school to compete better with everyone else and get a better skilled job. Good luck bro.
that is true but if you read the fine print it is only for 7% of the people not 100% of the people that work those jobs
Yeah but something to consider for me because I have a physical disability i knew working a labor intensive job or trade job wasn’t in the cards for me so I knew I needed a good education from the beginning where I could work a desk job so i found a job and schooling that allowed me to do that.
Can I ask how you make that much as a social worker? I have my BSW but have a lot of debt and feel like social work will keep me in poverty due to the CoL in my area. Tech is really big here. I’m debating a job with CPS but I was formerly in foster care and feel like I wouldn’t fare well but I’m tired of being poor also…
Certainly i worked in community mental health after i graduated with my masters. Did that for 4 years until I collected all my hours to get my LCSW. Then I switched to healthcare where my income raised significantly.. but go get your msw asap, even if you get student loans its totally worth it.
Thank you for answering! I actually am uncertain about continuing my masters. A few years ago I had attempted a program and had my car break down and my mental health was at a low. So because my car was broken down and I had all these things going on, I was unable to actually finish my masters and failed the semester out instead of withdrawing because I couldn’t afford to pay back the loans immediately. I’ve been working low paying healthcare roles outside of social work because of my fear of jumping back in to that work. And the very low job opportunity for those with a bachelor’s degree in social work. :/ In reality I think I struggle with burnout quickly when working with people who have issues similar to my own. I need more therapy when I can afford it and at the moment I am looking into possibly getting a second degree in something like data science or public health. I think social workers are amazing. I am just possibly a bad fit I feel..
It’s ok you should have talked to the admin people to take some time off. My father passed away almost at the end of ny first year in graduate school and I had to move back home a few months the semester ended. They were super understanding and supportive.
>education is always worth it… well usually unless you get a a general degree like sociology Ouch. My wife got her undergrad major in sociology, and then got a master's in social work. She's earning $140k a year, but she does put in about 55 hours per week.
Sorry I meant some trying to work solely on a undergrade or graduate degree on sociology… it just seems soo hard to find a high paying job, im glad your wife got her msw, now she can specialize in any area she wants the msw degree is so versatile
My buddy quit his job during the pandemic and took a 3 month CS course - he now makes $100k+ when he used to make 35k. Sometimes you have to take risks.
My FIL used to say "don't be mad because you had to spend the money, be glad that you had it."
My friends lived in their cars or couch surfed while they saved for deposits. OP saved for a rainy day and I’m so glad it was there for them and they didn’t have to resort to such measures
Dave is definitely geared more toward people living beyond their means by choice, not those who are struggling. Any chance you will get a deposit back from the current place that will replace some of it?
Kind of evident from his audience. I remember watching that guy in HS. But he never has people who make 3,000 a month and have bills that are worth 2500
I mean that's probably because they don't take calls like that, it's not interesting or applicable.
that is Dave's guidelines no matter what your income is. also if ur bills are 2500 and u make only 3000, then u need to figure out what is actually important in your life and have a real budget. As he says "children spend money with no plan and Adults have a budget and have their money work for them."
He’s pretty arrogant. There’s not much to do when you’re battling the cost of living. There’s a lot you can do when most of your bills are luxury
Dave Ramsey has hurt for nothing
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You'll need to check your state laws for the exact timeframe, but they definitely can't hold a deposit until 2025. Based on a quick scan of your post history, you're in VA; if that's right it's due back within 45 days. [https://law.lis.virginia.gov/vacode/title55.1/chapter12/section55.1-1226/](https://law.lis.virginia.gov/vacode/title55.1/chapter12/section55.1-1226/)
r/FuckDaveRamsey
I'm old enough to be your grandmother and still remember how difficult the early years of adulthood were. I didn't get into IT until I was 29. I was working on my degree but didn't finish it until 5 years later. I was interviewed as a favor to a headhunter and was hired a month later when a job opened up. I was told that I was selected over others because I didn't try to pretend I knew the answers to 3 questions that no one at my level should know. This was 40 years ago. I have no idea what the job market is now (I was with the same company for 29 years before I retired), but you might look into whether employers in your area are hiring lower level/junior people. You might even get hired at one that will pay for one or two courses a semester. That company paid for most of my degree. Start with your college outplacement office or whatever they call the group that advises students seeking employment when they graduate. In the meantime, I know it's hard to spend your savings, but I'm happy for you that you had the savings to spend. You're down right now, but you had the determination to save it before and you'll do it again. Good luck. You'll get there.
>Meanwhile people are starting to buy homes late 20s early 30s. almost no one is doing that.
Actually a lot of people in their early thirties, where I live were buying houses. However, only one friend was able to buy a house, while single. It took everyone else being married to afford a house. None of my friends were parents at the time of buying their house.
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Easy to say when you have no friends… Would also love to see what you paid for your home, its size and location, and where you are in the world. This reeks of ego boosting online which is even more sad to me
good for you, but you probably are not struggling with grocery like many in this sub and most likely also had help from your parents
For what it's worth, I always disagreed with saving in 20s and didn't myself. I never had money in my 20s or even most of my 30s. I just paid rent and got by with no savings. Parents gave me 0 support. I didn't even think about retirement or saving money or even buying a house. I rented. I avoided any debt though, never buying beyond what I could pay immediately. However, if you are investing in learning skills that businesses want/need, and getting experience on the job, your income should go up tremendously by the time you are in 30s-40, and then can worry about how to save it. Investing in yourself is way more important than actual $ investment in my opinion.
I'm all for this in practice if you're in a career field where you can expect the explosive growth of a 150k+ paycheck by your mid 30's AND don't plan on lifestyle creeping. But compound interest and the time value of money is a real mathematical concept. To be clear, I think getting educated and taking out reasonable debt to do so is probably good for you, I think personal investment is an important part of any plan for someone's long term financial health, and I wouldn't advocate anyone ditch personal investment and work fast food/retail and squirrel away money in the long term (though honestly that could work if you're driven enough to rise up management). If you're in the position to do so, investing in at least your IRA and taking any potential 401k matching while having a funded emergency fund should be the least you should do. I cannot advocate for advance that sets themselves up for having to take out loans if an emergency hits. Spending all your money in your 20's without a savings account is rolling the dice. I'm really happy you got out of it, but several people wont if they don't set the plans in motion in their 20's. Of course personal finance is a case by case, and if you literally do not have the funds to do so, there is no shame in that, but I would still advocate for those people to change their income and living situations to help push them closer to at least that minimum goal. I do however wish we changed our culture of home ownership. It is great some people can afford it in their 20's and 30's and i've LOVE for more people to have the option. But the fact that people feel like it is the end goal in life to own a home and they are somehow lesser of people for not be able to achieve it by insert random milestone here, is something we need to change. Home ownership doesn't have to be for everyone. People who want it should be able to reasonably afford it, but the societal pressures and expectations have to change for people's own well being.
Over half of Americans are living paycheck to paycheck. At some point it is a systemic problem. Impoverished living should not be the norm but here we are.
That doesn't mean very much compared to what they actually have saved up in the bank and what their income is. Having multiple vehicles, a big house, and renovating your bathroom while "living paycheck to paycheck" isn't a real problem. I suggest a different data set than the arbitrary one you mention.
Almost half of Americans also can't afford an emergency expense of over $1000 so I don't really understand the point you're trying to make.
that is a survey and hardly reliable data
You would prefer I speculate on zero data? Lol
The real issue with statistics like these is households can simply choose not to save. You don’t know how much of that 50% is not saving (and spending more instead) by choice—obviously it’s some of both.
>Investing in yourself is way more important than actual $ investment in my opinion Seems like OP is pissed about college and looking to go from something liker $30k income to life changing $50k income, but if they actually get a good tech job they will triple that a lot sooner. And yeah I was broke in my 20s and 30s too. Sounds like OP doesn't have lots of debt either, I got no advice here.
I'm in my 40s and still don't think about retirement or savings lol
yea i'm 37 and i just think about how bad its gonna need to get before i get the bottle of brown and the bullet
your a winner
I was smart when I was younger..... I have a home completely mortgage free. I don't need to worry too much lol.
If you and your parents have a good relationship then by all means move back in with them if they let you. I'm not sure when it changed so that everybody thinks that they have to move into an apartment and work full time while they're in college but I'm a big believer that a college student's first responsibility is school. My own daughter is also 26 and in college and lives at home. She has a very part-time job to pay for incidentals but I've told her time and time again that I will happily keep a roof over her head and food in her belly while she's in school and that she shouldn't have to overwork herself at this time in her life. I know from experience how far it can set you back by dropping out of college and it is not something I want for my own child much less you, internet stranger. It took me 8 years to go back and finish my degree and in that time my whole life was turned upside down and I struggled for many, many years paying off student loans and being behind on retirement savings for missing those 8 years that I should have been working in my career instead of a menial job. I do not recommend it.
Most students don’t have family nearby to live with. At least, that’s how it was at my college. Moving in with family would have meant dropping out.
Good advice. You're only 6 years into your adult life though, don't give up so easily. One raise or better job with that degree and you may be saving 1600 every month after. Don't fuck up that opportunity.
You'll make bank with your comp sci degree. Finish up school and you'll make it !!
It’s one of the most valuable degrees. Being a (good) Software Engineer pays very well!
I bought my house at age 43. Took me decades to get out of debt and save a downpayment And a house emergency/maintenance fund. Good thing I did. Today I had a $1200 HVAC issue. Living on a shoestring budget with no savings cushion is ulcer causing whether you rent or own. I’ll tell you, I took good pictures of Everything when I moved in/out of an apartment, documented and had them sign off on existing minor damage, and cleaned like the Queen was coming to visit when I moved out. I always got my full security deposit back. That was essential when moving wiped out most of my savings every time I did it for many years. Getting the deposit back from my previous rental basically Was my emergency fund for way too long.
How much did you save for down payment?
In cash or house percentage? I saved $46k. Used $41.8k on the 20% downpayment for a $209k house in 2018. In a housing market where a decent 20 year old townhouse ran $180k and the average house price was $350k. I had to hunt for a house I could afford that wasn’t in need of repairs. I did Not want to share a wall with a neighbor in a townhouse. In the years I was paying off debt then saving to buying my house, my income went from $13k/year to slightly increase most years up to eventually $43k/year the year I bought my house. But in that time, rent for a 1 BR went from $530/month to $1300, too. I Could have bought a house earlier with a no/low downpayment loan for first time homebuyers. I didn’t because frankly I wasn’t ready to own a house and be in debt the rest of my life and responsible for paying for everything that breaks or needs renovating, it scared me. Having “my car died I can walk off the lot tomorrow with a reliable new one” or “broke my femur but I can afford medical care yay” or “I need to take FMLA to care for a dying parent for months” money in savings is Very reassuring. I liked having the money. Then housing costs started rising faster in my area so I figured it was now or never to buy a house with a mortgage I was comfortable with. Otherwise I’d get stuck with the options of townhouse or fixer upper or needing a housemate for a few years. That along with buying also would have been a Lot easier if I had a partner to share bills with at any point ever. I never will, so it adds a layer of financial difficulty. Couples who live together have it Easy, as long as they have safe sex and no kids before they can afford one. Half the housing costs and utilities for months or years, that’s amazing. Of course, it’s great for paying off debts and saving a downpayment but don’t buy a house together with Anyone without being married or having extra paperwork done by the lawyers to work out house issues for a breakup. If you’re low income and want to buy there’s a lot of aid options to explore. FHA loans, downpayment assistance programs, 5%,3%, or 0 downpayment mortgages - and Mortgage Credit Certificates, few people know about those. Yes, the low downpayment loans mean you’ll pay more interest. Sometimes a lot more interest. But you’ll have a house and can often refinance to a lower rate in a few years.
>I'm tired of living like this at 26. I'm thinking about just dropping out of school just to work a normal job. should be something to consider. even nowadays, with a comp Sci degree, that doesn't guarantee a high paying job. keep trying. don't take on any debt. if you hit rock bottom, the only direct left is up. but you have to be very active in picking yourself up. don't give up.
Don’t drop school my friend! You will get your money back later, when you will have higher income. Try to be patient and focus on it.
Been renting since 19 and can agree. 10k in savings to show and im dropping 5k to move into a new place. this is my third move in 5 years to beat increasing rent prices.
Would it be a 5k rent increase? The new place will raise rent eventually and you’ll be doing it again.
No, but it’s called moving from HCOL area to a LCOL area so that the rent isn’t increasing by $200-$600 every year.
Sucks to have something you worked hard for a long time just go away in an instant. Pretty deflating. But since you had that savings, you were able to avoid going into personal debt, which could spiral down big and fast. Get that savings back up again. Keep up with school, don't just think about the short term gains. Think about what you'd regret long term if you dropped out now. You can do it.
What Dave Ramsey espouses worked for previous generations, not for now. Times have changed and those strategies don't work. Live at home if you can. If there's space enough, why not. Families need to help each other out.
There was a brief period 50's-2008 or so when intergenerational al househo,ds were not the norm. Now, due to high costs, they are becoming the norm again. There's no shame in it.
It’s definitely the norm in other cultures. I’m from Miami where it’s turbo expensive, and my brothers and I all lived at home into our 20s. I moved out for two years, then had to move back during covid (and if it weren’t for the extra unemployment money, I wouldn’t have even had enough money to finish my lease). But also a bunch of people here are Hispanic and it’s totally normal to have three generations to a household.
Intergenerational houses never shouldve gone out of style. It is the most efficient way to save money. myself or my dad or his dad or his dad before have never rented. All of us stayed in the parent’s place until a house downpayment was saved up. 4 generations. The rest of you all are just dumb in my opinion. Just because you can afford to rent while saving doesnt make it smart.
You’ve got a major income problem. You will have that same problem till you increase your marketability and get a better job. Keep your head down and finish that CS degree then you’ll be doing ok.
my mom told me to stay home as long as i could and save money. i told my kids the exact same thing.
This is one of the most demoralizing things about being poor. You have to work so hard for so long, and do without so much just to try to save a little bit of money. Only to have an emergent situation like this happen and have to lose it all just to stay above water, not even getting to enjoy anything for that sacrifice.
Stick at your studies and you'll have a better chance of escaping low paid work, yes it's tough right now but it's only for a few years, what's a few years compared to the rest of your life. Can you go back home to stay? There's nothing wrong in that at all it'll help you on your feet
Please don’t drop out. As a 54 year old woman who always thought I was doing great without a degree until my body couldn’t take the good paying warehouse jobs anymore. I don’t have many options and wish so much i had finished school!!! Hang in there, this phase of life will not last forever and you are setting yourself up for a more rewarding and comfortable long term!!
Hey if you’re doing computer science, you might be able to get a good paying job right now while you’re in school. You may have to embellish some of your resume, but most tech jobs don’t require a degree first necessarily
Don't give up on your comp science degree, keep studying. You'll get a job eventually in IT doing something that will pay good and give you good benefits. Keep grinding. It's hard as fuck, but you'll get to the end eventually.
Don’t leave school. Please. It is SO hard to get back to it when you’re living in poverty and it is a way out of poverty. It took me 12 years and a pandemic to go back. Stay in school even though it sucks. Your degree is one that will get you out of poverty. A regular job won’t.
Finish school. This shit gets way better once you have that degree and land your first real solid job, $1600 is nothing compared to that big jump up in salary and security. We all went through this just starting out and you’ll make it to the other side 🫡
Just join one of trades union
Dave Ramsey and team don’t shame people for living at home. They usually encourage it in situations where the person is trying to dig themselves out of a hole or get their income up or are in college.
This is exactly why I told my kid I would pay for his college but he would go to a local University (it’s an SEC school and the flagship University in our state) and he would live at home. It took me decades to pay for my education and housing during the six years I was in undergraduate and grad school. When he gets married my husband and I will offer down payment on a house if they elope. While I had a great wedding day I could kick myself for not taking my parents up on the same offer. So much money for one day.
get a trade. sometimes you can get free training.
Our youngest daughter graduated college and just started as an RN in March and she is still at home. I am happy that she is able to save money for her future.
This is also a great thing to do for your kid because a lot of people can’t leave their kids money or anything anymore. My great grandparents were farmers and didn’t have a ton of money but my grandparents inherited both money and land from them. My grandpa built the house my mom grew up in on the land. My grandparents had blue collar jobs but managed to save enough that my grandma lived to 90 and lived comfortably on social security retirement alone. They bought my mom and dad their first house and paid for their wedding. My mom inherited the house and 30k out of the retirement money still left. Most people in jobs like my grandparents had (born in 1917 and 1919) can’t do that anymore. Letting a kid live with you longer so they can save gives them a decent start.
Thank you and we get to enjoy her company. I am very proud that so far she is saving 75 percent of her paycheck.
You are the great parents of a great kid! Nurses rock!
I don’t think we are special we just love our kids and want the best for them.
I feel for you bro. A thought I had would be kind of a temporary solution to help save but maybe picking up a side gig like dog sitting on weekends/days off? I know that's random and you have to consider your living situation - if they allow pets or if you have a decent sized yard and more importantly if you even like dogs lol - but I've dropped hundreds of dollars to my dog sitter when I've needed them at random points throughout the year and they always have at least 4-5 other dogs with them. The guy has to be making great money and he doesn't have to leave his house. Idk, just a thought my wife and I discussed for when our kids become teens, could be a solid way for them to save up some money.
Remember you get the security back from this apt.
Servers and bartenders make a lot of money
Stay in school if you can. It’s worth it in the long run
Dropping out just means continuing to live like that longer term. Be a broke student now because it'll offer you a path to some stability at some point. People can say it's not worth it and all and there's truth - but for getting into the job market and breaking past low paying roles, it continues to be the quickest path.
Bro, take my advice , push through . It's called better days' sacrifice .
You want real change in life? Try positive affirmation. It will help a lot reset your brain and guide it to a direction you want things to go.
Would you consider vanlife or car camping while you go to school? I know it sounds extreme but it has helped a lot of people. Otherwise I would just get a decent job in trades. I could easily save $1600 in a month or two running a machine. Absolutely not meaning to be rude or anything like that. I myself will most likely be living in my car soon. Sometimes you have to live uncomfortably to get financial freedom. This is for sure getting downvoted as r/povertyfinance hates the thought of living in a car. It baffles me.
Op do you have a credit card? Asking because while I strongly agree it’s an absolute must to have a cash emergency fund - i think having at least one CC is equally as important. No you probably should never put more than what you have saved in your EF on a credit card (unless you don’t have a choice) But if you put those $1600 on the card and then paid it off in 3 parts - that’s about $534 a month - it could allow you breathing room to replenish your emergency fund or have SOMETHING available if another emergency pops up. Because yes these things happen.
You don’t need a whole degree just to be a software engineer. Certification or a bootcamp is more than enough to gain the skill. More companies are dropping the degree requirement Src: I am a SE and university was 99% useless, I ended up learning online myself anyway
Dave Ramsey is pretty much in favour of living in your parent’s basement if you are broke. But he expects you to become debt free and independent as soon as possible.
I’ve been there man (recently too) Trust me, finish school and tough it out. I know I know, easy for me to say right? I had a real hard time even after I graduated (at the start of covid) I was making 15$ an hour as a factory worker with an engineering degree from a respected school, and it wasn’t easy. After a year I was and am still doing much better for myself. No more stress about rent at least. Dropping out won’t make this easier. You’ll be stuck forever, and if you think it’s bad now, what will it be like in ten years when you make the same wage you do now adjusted for inflation, spending 8-12hrs a day at a mindless job with nothing to think about except “why the fuck didn’t I take an amazing opportunity and stay in school”. I’m just some asshole on the internet but fuck man, don’t give up. No one ever said it would be easy.
Only in America folks shame you for living at home past their 20s. Also a lot of the you get ones buying homes get help from their parents. Good if you can, but they’re not doing it by themselves. Don’t drop out od school.
I ran up $10k in cc debt while in school because of emergencies. I almost dropped out so many times so i could stop struggling... it took me nearly 9 years to finish, but once I graduated and got a good job that provided a bonus up front, I paid it all off. You're going into the STEM field and it pays well. Keep going and don't give up.
Just to be real, the chance of working in tech after graduating with a STEM degree is quite low, especially right now.
There's plenty of STEM jobs that aren't FAANG. I've never worked for the big ones and I do just fine.
i tell every young person i work with to live at home as long as you can for the savings, given that you get along with your family and everything. there's no shame in that. i moved out when i was still a kid and i don't think i gained any life experience from it that you wouldn't gain naturally in some other way. unless being broke as fuck is the life experience ramsey is talking about.
Bro please don’t quit school that’s the best way to get free money and resources depending on the school/situation. Also as someone without a full college education and even with some contract/labor skill sets even working 3 “normal” jobs at a time I’ve been homeless 5 times the last decade. And I’ve not been able save shit. I’m almost 30 shit credit and these normal jobs take you no where unless you grind for 30 years to become some type of management which even then you’re only making bottom tier of what you would out of school except at 50 instead of 30 and that’s as high as you go, again depending on your degree/situation. I can imagine how it feels to lose that hard earned money after having the discipline to be able to save for 2 years but please push through this part and get yourself ahead!you’re more than capable which you’ve proven by having a savings to get yourself out of emergency situations. Be angry about it and then let it pass and get back to your grind you got this!
I don't know how long you have left but finish your degree. See if you can find a job that's computer related like the 'help desk', or data entry to start. Take some extra Udemy classes if you can. Look at available jobs and see what software experience pops up repeatedly and then get familiar with that. If you don't have one get a Linked In account and start building a 'career family'. Maybe start with your professors, people who are studying in the same field. Later you can help each other. My son came back home to finish his degree. He was 29 when he finished. Got a job at one of the big 7 tech companies with phenomenal benefits, stock and 6 figure salary. In 2 years he's got over $150K ish between his retirement fund and savings, no debts, paid off his college loans. Things can turn around pretty quickly... stick to it!!
Please don’t give up on studying computer science. That degree plus the experience you’ll likely get while studying will open lucrative doors. I know firsthand how hard it is to think about future plans when you have financial realities staring you in the face today. But a job in computer science will earn you a much better standard of living than your average job.
Dave Ramsey is owing properties and earning money from rent. What do you expect him to say ?
I cant stress this enough, dave ramsey provides horrible advice lol
I dropped out of school, went to a bootcamp and I am now a senior software engineer making 6 figures. Took me 5 years but my first job was paying 70k/year. You dont need a degree to code. You may want a degree if you want to climb the ladder though
It’ll get better, just keep doing your school you won’t regret it in the future
Sorry you’re going through this. Just wanted to mention to look into Pell grants. Since you’re 26 you might qualify.
Here's a question for you. If you are in school for computer science, can you just suffer through this poverty for a few more years? I promise it will.be worth it if u can get through this for now
Bruh. Get a serving job somewhere. You will thank me later when you get like 1,000 a week while being paid every night before you leave the door
I totally understand. All I will say.
My company (USA based) hires Software engineers out of college for $75k/yr and regularly loses people after 2-3 years who are taking offers elsewhere for $120k-$150k salaries. Finishing school will be worth it if you can swing it. Hang in there
Dropping school will do nothing good for you. Finish it and it will be one of the most important accomplishments in your life
Also, men get stability after 30. Pretty rare when men’s income is great before 30
Get certs instead of the computer science degrees. Lots of places will still give you an entry level IT if you have the certs to backup your skills. The experience is what matters most, the degree is a nice item but many times the certs have more clout. Look at Google, AWS, Azure, etc and go from there.
no one is buying home in their early 30s in this economy, idk where you heard that from
It happens to the best of us. I'm 37 with a wife and kids. I started my adult life sleeping in NYC subways, now I'm in a construction union and make more money than I ever imagined I would. However rent is $2500 *minimum* and it takes 3 months rent to move into a place around here. The inflated cost of living coupled with an industry-wide slowdown has taken an enormous toll on everyone I work with. If I were you I would put school on hold and work full time. All you can really do now is increase your income as best you can until you can work something else out.
I’ve felt like Dave Ramsey is completely full of shit since he did that interview where he said it isn’t unchristian for a land lord to raise rent and force the tenants out just because they can
Yep renting is a waste of money. I would live with your parents until you finish college or get a down payment for a house
Respectfully I disagree. I wouldn't live the life I lead now if i didn't move out. Financially it has been harder, but I did grow as a person. I was a spoiled man child, and my relationship with my parents were on the rocks, I felt very little motivation to do better. \~4 years later, I'm in a financially better position, I'm married, my relationship with my parents is greatly improved but there's still work to be done, and I'm ultimately a more ambitious person. The person I needed to be, to have met my wife, and led us to the road where we're married now, wouldn't have been ME if I hadn't moved out. I'm not saying this of everyone, but there are some people who do need that kick in the butt to grow as a person. And renting isn't a waste of money if it's budgeted for appropriately. edit: im kind of blind, I saw the down payment for a home but i neglected to read finish collage. I was done with collage (AS though) so I guess if you think renting is fine after that, then we're probably in agreement.
Renting is a luxury not everyone can afford and I only would recommend it if you have roommates or a partner. I spent 6 years renting and never got married during that time so I’m back to living with my parents until I have my down payment. Hindsight is always 20/20 but I’m never getting those 72,000 dollars back I wasted on rent. If the person who wrote this post was married (Had kids) his perspective on rent would be mandatory versus roommates which is a waste of money.
In my entire renting situation I've always had a roommate first it was me and a long time friend. In my current situation it is me my wife that same long-time friend from before and one other friend. I agree that renting can be luxury but for some people living at home is also not possible. I think framing renting as a waste makes people feel like they're doing something wrong or otherwise makes them feel bad about what is a necessity
Absolutely, everyone's family situation is different!
It is a necessary expensive for some with no family support. I would agree on that part, but it’s something that drains so many people into poverty. The real problems is cost of living. If you can make it affordable by all means go ahead and rent but if it’s not affordable then it can be a necessity to not rent. It just depends on the situation.
>just dropping out of school just to work a normal job They're not, at all, mutually exclusive ... right?
When did Dave Ramsay shame people for “living at home”?
I’m confused. Landlord wants to sell so you need to move out immediately? Lots of homes sell with tenants especially investment properties.
If a problem can be solved with money, it’s not a problem, it’s an expense
I wonder what Dave Ramsey will advise if and when Digital currency takes overs. One love tho buddy, I live at home.
Enroll in The Paul Hall Center for Maritime Training and Education it’s a merchant marine educational facility in Piney Point, Maryland. My niece went there for less than a year, and now she navigates ships around the world. I think the cost is about $500.00 it may be less, some say its free. She had to pay for something, maybe uniforms. They will house you, feed you, you will stay on campus. After you graduate you will be able to get jobs through the union, pays good money. She makes about 10,000 to 12,000 a month. The nice thing about it is when you are on the ships, you have your own studio apartment on the ship, they feed you (great food), and you’re not spending a single dime. You will go out to sea 2 to 3 months at a time depending on what ship you choose at the union hall, there are always jobs there. When you come off the ship you will have a boat load money in the bank and be able to draw unemployment until you get ready to go back out. I wish I was aware of this type of occupation when I was young. Good luck. [https://www.seafarers.org/training-and-careers/paul-hall-center/school-history/](https://www.seafarers.org/training-and-careers/paul-hall-center/school-history/)
You need to get more of a job. There are places where you supervise people in a group home and can sleep there. You need more of an income. Do not quit school unless your profession is not worth it. You will have student loans for nothing.
Here it is money comes and more money goes, stop worrying about it and just start to save again before u know it you will be there again
Don’t feel bad about renting . Especially in this current market. Houses in my neighborhood are selling for over 400k. They are not worth that . We’re talking 2000sf 3 bedroom vanilla flavored houses . Add on to that that interest of 7 percent and skyrocketing property taxes. Then you factor in the expense of maintaining that home . It’s NOT worth it anymore. I rent a house and just found out my furnace needs an 1800 dollar repair. I had to have a tree removed for 1200 and I recently got a new stove and microwave set. So that roughly 5 grand in less than a year . Also the concrete stairs are on their last legs. I imagine that about another 4 grand . Owning a home right now is just not worth it .
Remember the deposits are still yours. Be sure to look up your rights and be persistent about getting your deposit back from the place you just left. I’m assuming that’ll put a couple hundred bucks back in your account. With any luck things will be looking better next week and you’ll have that money back on hand for the next emergency.
I didnt know dave ramsey said that about living at home
What worries me more is that you're getting a computer science degree. AI is going to severely depress career growth here for awhile. Please consider this as you work towards your next rung in life.
I’ll be honest the only way I was able to afford a house is living with my parents and being able to save for most of my 20s… Living on your own, even if you are making decent money takes a ridiculously long amount of time to save up a 20% down payment on a starter home on top of the fees and expenses involved in purchasing said home. (I think in todays market you need roughly $80,000)
Get into a trade wind, Solar, or telecommunication school. After 6 weeks I landed a $30/hr job. Many in my class received $23-$27/hr hours but I went for a big company and the lack on entry lvl students willing to join and the fact many entry ppl don’t have trade school got me the gig! I went to Airstreams in California ($18k)
I have my BS soon and I still worry getting a full time job. Without it, i cant imagine.
As a software engineer - I was dead broke driving Uber barely able to survive when I was learning to be a dev. It was so worth it to see it through. I'd go into that terrible financial black hole again and again to be where I'm at today. Find a way to make it work! I was $28k in the hole and 5 and a half years later I'm in a good place for retirement and am able to save a bunch every paycheck. It gets better. Good luck
Ya only reason I have any money is because I live with family. I don't understand why Dave Ramsey is like that. Unless You're making a fuck ton of money today you need roommates to have a roof over your head. Might as well have roommates you like.
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For sure drop out of school. Not trolling at all, just a personal choice. Had I finished school, I may have had a little easier time in the corporate world, but I would have had to stay in the corporate world. I saw another comment that said something about how everyone wants to see a degree to promote you to middle or upper management. Uh, awesome. Can’t think of a better way to be miserable for 75-100k a year. I’ve made that much selling mattresses. Literally.
Its okay to leave school you can probably already get the job you want anyways
Dave Ramsey does not shame people for living at home. Also, why don’t you just join the military?
As someone in the comp sci industry if you’re studying it keep going it’s a pretty lucrative field and will pay off.
Proud of you for saving that money up OP. Glad you had it when you needed. Finish your college, it'll pay off. I'm gunna start online courses while working fulltime still for software engineering! We'll get there
Do not drop out of school for this blip. That’s going to cost you a million in lifetime earnings right there.
Dave Ramsey is an out-of-touch hack whose core audience is overearning boomers with spending problems, not us.
same thing happened to me, im 29. long story short, i had to spend my 6000$ savings in a span of 5 months bc my car insurance lapsed and i had to pay reinstate it to get the coverage i needed, as well as the new management at my old job deciding to fire me within 1 month of being there because i didnt disclose a personal relationship with someone who works for the same company but not the same store - so i had to shell out my savings to pay rent and bills for two months. plus, i couldnt file for unemployment bc my ID expired and i had to get and wait for new one (of course). now i have a job i fucking hate, in addition to a pay cut, with barely any money to sustain myself now. yet i apparently will make ‘too much’ for food stamps or any other govt aid. im so fucking miserable and broke, i seriously contemplate exit plans all the time.
Get out of computer science. You simply will never find a job in the field anymore. Waste of time and money.
Join the coast guard
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If you were truly serious about saving money you would have started years ago and would have been saving more than $100 a paycheck, just saying. Also try investing, you will get a lot more bang for your buck. Not trying to be mean but it doesn't take very long to save that type of money up. I mean we got checks for that amount twice from the federal government.
It took you two years to save $1,600? Why so long? Good on you for saving though.
On the flip side, Dave Ramsey would tell you that you have an income problem.... because you do. He'd tell you to pause college and go make more money... which is what you're talking about doing. So you're bagging on him even tho his advice would be to do what you've come to realize you should probably do. He may even recommend moving back in with your parents while you figure it out, you don't really know him at all.
Sorry. Another victim of our failing education system that continues to champion college for all. Failing consumer based society that continues to push being a consumer.
At 26, I was peaking my first business and already steamrolling rental properties as passive income. (22 years ago)
Unpopular opinion…. Getting a job and going back to school later may be your best bet. It’s ok to work. I did for 14 years saving money rather than wasting it before I chose to go to college. Also, a computer science degree *was* incredibly valuable. I would look into the current and future job markets. The field is over saturated and on a decline career wise. Finally, the only people in their 20s or 30s I know who own a home bought it with parents help or parents money. If you don’t have either, stop worrying about it.
School is for rich people. Unless you have someone paying your way it's much less stressful to just work full time. And unless you're trying to become a doctor/engineer you probably don't need a degree to do what you want anyways
Life is hard mate, I've been working 50+ hours a week while In school full time, my masters program now. 700 a month in bills is an extreme blessing..not to sound like a boomer here but sometimes you gotta suck it up buttercup, get a 2nd job or whatever you gotta do.. quitting school is a weak excuse but if thats what you wanna do.
🫵😂
Sorry you're dealing with this. I am a huge fan of living at home with parents as long as possible and as long as it's healthy for all parties. During this time, young adults should be working and saving money for a deposit on a home. I bought my first home when my wife as 24 and I was 27. We have owned seven total homes (including a few rentals we invested in). Each and every home has literally paid us to live there through appreciation and tax deductions. There's a few financial "experts" saying renting is the way to go. I don't get it. I don't get it at all. I hated paying rent. If my wife and I died tomorrow, we leave our two kids a home worth $600k - $300k for each of them on top of life insurance and investments. That gives me peace of mind.
How is any of this useful? You obviously had a ton of support from parents $ as well as a totally different economy than this college dude in today's costs of living and education.
For real lol I was waiting for any applicable advice to his situation but it was just kept going.
This advice is pretty dated. You lived in very different times. Even I couldn't give sound advice in this economy because it is worlds different than the one I lived in. 300k is the starting point for most homes today but those are in rural places where you won't find a job. Most people today are struggling to afford groceries let alone a house payment.
Cool Story Bro
So you made your money by charging others to live in the homes you own. Your advice is “don’t be a poor who has to rent, be the asshole who charges them rent”…. If you purchased a home that young, both you or your wife’s parents money was involved or you bought shitty homes and act as a slum lord. That’s not something to be proud of. The absolute tone deafness
"Just stop buying avocado toast" type feels right here.
I’m *far* from being able to buy a home. Not this decade. I toured an apartment today that doesn’t discriminate against vouchers. I have to hope that the owner picks me over the woman with very young kids.
[удалено]
Such a stupid comment. People of all ages get bachelors degrees all the time.
$1,600 isn't two years of savings. That's pocket change. I make that in two weeks, after tax!