Boomerang Children

krisbarry · 21 August 2006

I noticed the story on 60 Minutes about Boomerang chidren. The term is used to describe children in their 20's and 30's who still live at home with their parents.

I know in my household my brother, my sister and myself were very typical of this trend. All three of us continually left the family home and returned.

Here are some of the reasons why its happening...

* Higher housing costs
* Higher education costs
* Low wages in terms of traineeships
* Longer periods of time spent in education institutions
* Overseas travel
* 20's and 30's failing to grow-up
* Baby Boomers more accepting
* Baby boomers wanting to stay "Hip/Kewl/Young"
* 20's and 30's wanting all the mod cons and not willing to save
* High debt levels

sam76 · 21 August 2006

Stop_the_clock said:
I noticed the story on 60 Minutes about Boomerang chidren. The term is used to describe children in their 20's and 30's who still live at home with their parents.

I know in my household my brother, my sister and myself were very typical of this trend. All three of us continually left the family home and returned.

Here are some of the reasons why its happening...

* Higher housing costs
* Higher education costs
* Low wages in terms of traineeships
* Longer periods of time spent in education institutions
* Overseas travel
* 20's and 30's failing to grow-up
* Baby Boomers more accepting
* Baby boomers wanting to stay "Hip/Kewl/Young"
* 20's and 30's wanting all the mod cons and not willing to save
* High debt levels

lol I know those kids on 60 minutes (not the yobbo 22 old with a beer in his hand in every shot)

you couldn't find a nicer bunch of people!

Geez if only every family were like that....

Happy · 21 August 2006

Community type arrangements can be either wealth accelerators or spare cash producers for education, travel, or just indulgence.

Few years back I heard about Vietnamese families who bought one house every year and paid it off in the next year.
There were 10 or so families involved, eventually they spread over to 4 or 5 houses and kept buying til everybody had one.
Despite that Vietnamese families are masters of living together, there were some problems regarding who should pay what after they started to spread into more houses.

Also not every person’s cup of tea to live in 3-bedroom fibro house with 40 or 50 other family members.

On top of that there is dilemma for government and council how to tax this type of avoidance.
But til it is wide spread practise, should not be a problem.

If it is just kids, who spend money on something else, it is just the case of different wealth distribution.

Bomba · 21 August 2006

ive always lived at home. never moved out.

goal was to save as much as i could and invest in a property, while still at home.

eventually bought an investment unit which ive rented out.

now its paid off. its nothing spectacular, quite old actually, but its mine.

i thought if im gonna spend my 20's living with the folks i better do it properly so i can achieve my goal of owning a property.

im 30 now, got the unit. its paid off. renovating it at the moment to make it cosy.

getting married in october, and moving into the unit.

so i guess i can say i achieved my goal.

jemma · 24 August 2006

Bomba said:
ive always lived at home. never moved out.

goal was to save as much as i could and invest in a property, while still at home.

eventually bought an investment unit which ive rented out.

now its paid off. its nothing spectacular, quite old actually, but its mine.

i thought if im gonna spend my 20's living with the folks i better do it properly so i can achieve my goal of owning a property.

im 30 now, got the unit. its paid off. renovating it at the moment to make it cosy.

getting married in october, and moving into the unit.

so i guess i can say i achieved my goal.

So let me get this right, you stayed home for 10 years and only bought and paid off 1 unit which is now only being renovated.

Sounds like you gave up a lot for just 1 small unit. I hate to see what happens if you don't focus.

krisbarry · 24 August 2006

That is a pretty nasty response. At least Bomba has achieved the goal and that was home ownership.

jemma · 24 August 2006

Stop_the_clock said:
That is a pretty nasty response. At least Bomba has achieved the goal and that was home ownership.

Only just!!

dj_420 · 24 August 2006

jemma i dont think many ppl appreciate your sarcasm. maybe you were one born with a silver spoon in your mouth. i dont think you should be commenting on ppl situations and what your opinions are of them.

personally i think someone who has loaded as much money as you have into a spec stock is someone who either has big balls (and is willing to lose everything) or someone who is very unwise. ill let you pick which one

Happy · 24 August 2006

Bomba said:
ive always lived at home. never moved out.

goal was to save as much as i could and invest in a property, while still at home.

eventually bought an investment unit which ive rented out.

now its paid off. its nothing spectacular, quite old actually, but its mine.

i thought if im gonna spend my 20's living with the folks i better do it properly so i can achieve my goal of owning a property.

im 30 now, got the unit. its paid off. renovating it at the moment to make it cosy.

getting married in october, and moving into the unit.

so i guess i can say i achieved my goal.

Beginning is hard, but when you stick to your sacrifices at some stage your investments start to snowball, biggest problem is to achieve so called critical mass.

I always shake my head when somebody ridicules wise person who didn’t indulge as everybody else and manages to build the nest egg for financially secure retirement and sizeable inheritance for children.

But such is life; some take it too easy and then pull the knives out on anybody who is financially better off.

jemma · 24 August 2006

cathers_420 said:
jemma i dont think many ppl appreciate your sarcasm. maybe you were one born with a silver spoon in your mouth. i dont think you should be commenting on ppl situations and what your opinions are of them.

personally i think someone who has loaded as much money as you have into a spec stock is someone who either has big balls (and is willing to lose everything) or someone who is very unwise. ill let you pick which one

Big balls cathers I will take, although there missing on me, hmmmm I wonder what it would be like having a tackle box??

Smurf1976 · 24 August 2006

Happy said:
Beginning is hard, but when you stick to your sacrifices at some stage your investments start to snowball, biggest problem is to achieve so called critical mass.

I always shake my head when somebody ridicules wise person who didn’t indulge as everybody else and manages to build the nest egg for financially secure retirement and sizeable inheritance for children.

But such is life; some take it too easy and then pull the knives out on anybody who is financially better off.

Achieving practically anything worthwhile takes some form of sacrifice. Living at home is one example of such a sacrifice. If all concerned are happy with the arrangements (in view of the longer term benefits) then I can't seen anything wrong with it.

Personally, I don't have any kids but if I did then I'd be quite happy to see them living at home if they were using the money saved for something worthwhile (eg stock market, property, travel the world, education, start a business etc) or even just accumulating it as cash to put towards something worthwhile in the future.

Bomba · 24 August 2006

So let me get this right, you stayed home for 10 years and only bought and paid off 1 unit which is now only being renovated.

Sounds like you gave up a lot for just 1 small unit. I hate to see what happens if you don't focus.

Haha keep up the good work with ure posts jemma. Ure extremely humourous. Just a tip .... dont give up your day job.

I never said thats the only investment i have. Hasnt anyone ever told you ... assumption is the mother of all stuff ups.

I didnt give up anything by living at home. I have totally supportive parents. I always had the freedom to do as i please. So to me living at home wasnt a sacrifice.

Boomerang Children

Similar threads

Privacy & Transparency

Privacy & Transparency