Financial Experts To Millennials: Go Sleep In Your Parent’s Basement

Take all of this financial advice and speculation with a grain of salt, because these so-called ‘financial experts’ are in the business of getting paid to tell people what to do with their money and how to live their lives. If they were to just stop talking tomorrow their $$$$$ would run dry, so they have to say something in order to keep their coffers rich. That said, there is quite a bit of logic to all of this. That logic being that in order for millennials, aka ‘Generation Screwed’, to crawl out of crippling student loan debt those millennials should move home after college and live with their parents until all of their debts are paid off.

These financial experts argue that in order for millennials to get ahead in the work force they need an edge, and that edge is freeloading off of our parents. I came across an article in CBC News Business that goes into detail about how millennials must live with their parents in order to get ahead, which then led me to this book by Christine Romans titled ‘Smart is the New Rich: Money Guide for Millennials‘. Here’s the Amazon description of that book (which actually seems like it might be worth a read):

Smart is the New Rich: Money Guide for Millennials is an interactive, step-by-step guide to all things money. From credit, student debt, savings, investing, taxes, and mortgages, CNN’s chief business correspondent Christine Romans shows this newest generation of earners how to build wealth. You’ll learn the old-fashioned approach that leads to a healthier financial lifestyle, and open the door on a straightforward conversation about earning, saving, spending, growing, and protecting your money. You’ll learn how to invest in the stock market or buy a home, even if you are still paying off student loan debt. Romans offers expert insight on the “New Normal,” and why the rules of the credit bubble—the one you were raised in—no longer apply. Checklists and quizzes help solidify your understanding, and pave the way for you to start putting these new skills into action.

The economy is out of recession and growing, but many young people feel left out of the recovery. It’s why smart spending, saving, and debt management is so critical right now for them. A smart money plan is no longer a “nice to have” extra, it’s mandatory. Smart is the New Rich: Money Guide for Millennials is your guide on how to use time and some good money manners to build wealth.

So here’s what the CBC News has to say about moving home with your parents…that it’s actually a motivator in ways that nobody expected:

“You’re not there to mooch off your parents. You’re there to become a better adult, get yourself on your feet.”
Romans recommends two years at home. She advises millennials to sign a two-year contract with their parents that includes a mutual one-year out if anyone isn’t keeping up his or her end of the deal.
Of course, there’s another party involved in that deal — the parents. O’Leary told millennials in his commentary that moving back home is “crippling your parents financially.”
Yee says that problem is easily solved by contributing to household expenses. While she isn’t charged market value, Langer pays her mother $200 in rent and helps with household bills.
So her mother Marjorie says her daughter is actually a financial help rather than a strain. “Being able to share food expenses and household [costs] is great,” she says.
The only problem with Langer’s living situation may be that both she and her mother are so content with it. Langer admits she has no exit strategy yet. But she promises it will happen soon, perhaps when more than one-third of her student loan is paid off.
“I’ve moved back home to get my financial state in order and I think the taste of freedom is too fresh not to have the aspiration to move out again,” she says.

Long story short: these financial experts want us all to go live in our parent’s basement until we can afford our own car payments. You don’t need a financial expert to tell you that you can save money and get ahead by freeloading off of someone else. If you need someone to tell you that then just paypal me $25 and I’ll tell you how to live your life.

Orrrr you could drop the twelve bucks on ‘Smart is the New Rich: Money Guide for Millennials‘ and actually begin to think of novel ways to save money and get ahead in the world, the choice is yours.