The other day I sat down with my parents and talked about where we would like to be a year from now, financially and otherwise. I brought up the idea of graduate studies or the possibility of working full time. Of course, if I continue with school, I'll pay for it myself.
My parents have always told me ever since I was young that they would like to live with me through their retirement. So I kind of made plans for that. I assumed that we would keep the family home. I thought I would move back home after university and give my parents a monthly contribution to support them through their retirement. But I'd also get to live rent free... So you could consider it giving my parents rent, if you want to think of it that way.
Apparently, I was wrong. (?!)
My parents told me that they are thinking about selling the house (!) and moving (!) far away (!).
I had not anticipated this!
My parents told me I am welcome to move with them, but this is my home now. I don't want to move away from this place. So now, I don't know. A year from now I might not be living here. I might have to find a place to live around here. What I do know is that I still have to make monthly contributions to my parents though.
Now I'm really thinking--downpayment on a place of my own? Renting? What's next?
My parents said that if I wanted to pursue graduate studies, that they would rather I do it right away (they are firm believers that you should never take gaps in between studies) and that they would hang on to the house so I could live here until I was done. Still, I don't know.
If I get a place of my own, I have to figure out how much I need, what kind of place I want, what I can afford, how much I can save, and what's my timeline. And it'll be hard since I'll be giving my parents a monthly contribution too.
If I go to school, I won't be able to give my parents any money. They may feel obligated to keep the house so I can live here while going to school.
If I get a job... Oh wait! Is anybody even willing to hire me?
Man, life after graduation is going to be more complicated.
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2 comments:
wow - that's definitely a twist, to say the least! imho, part of being savvy with money is learning how to handle exactly what you're experiencing -- a sudden turn of events that have high-impact on your finances. It's not easy, but it's real life, and it will happen over and over again through our lives. Real Life never fits the official "Financial Plan" model, in my experience! You'll find your way through this. The next few years may be tougher than you thought, or they may also hold positive 'twists' as well. good luck to you as you sift through your options.
If you can get your student loans paid off as you are doing you will have so many more options once school ends. Having as little debt as possible will help you as things twist and turn, and allow you to have more control. Scary to start making changes, but these changes can lead to some really positive things.
May I ask why you need to contribute to your parents' retirement, and when you will need to start this? It sounds a bit unusual and I am interested in what your plans with them are.
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