As a senior, the “G” word scares me and my peers. Graduation means something completely different than it used to 30 years ago. At my age, my parents were already engaged, planning their wedding, had jobs and thinking about starting a family.
Today, the economy is still recovering, and more students are moving back in with mom and dad. Thirty seven percent of people aged 18 to 29 years old are unemployed or out of work. More Americans have lost their job under Barack Obama than any other president in modern history.
With the uncertainty of the GOP presidential candidate, things could get considerably worse if President Obama is elected for four more years. Therefore, it is important
for the boomerang generation to be informed on the political implications of the next presidential and congressional elections.
Thirty years ago, most students had job security after graduating from an accredited university. But today, students from top universities are struggling to find jobs.
Some parents understand the need to save money and welcome their recent college graduates back home with open arms. However, some students are sent off on their own even if they do not have job security yet. Luckily, my parents are willing to let me move back home along with my 24-year-old sister, who has a job but is staying there to save for her first apartment.
Even if students have job security when they graduate, the cost of living — in the northern Virginia area especially — is not feasible with an entry-level salary.
Those wishing to obtain a loan to put a payment down on their first home are also met with roadblocks because of the unstable housing market and loan process, which is put in place to ensure that less foreclosures will occur.
Although your parents will always be there for you, your presence at home is a financial burden that was most likely not budgeted for.
Some parents alleviate part of this burden by charging their sons or daughters rent. I have heard of parents charging up to $800 per month for recent graduates to live at home.
Though that number may seem steep, it is important to understand why your parents are budgeting the way they do.
As a senior, it is important to understand that the transition of moving back home will be rough.
Without job security, most students will go on living their lives as college students, searching for job openings and opportunities full time.
It is important to create a contract with your parents to set some ground rules and establish a fair rent, if necessary. Without this, disputes will be inevitable.
Moving back home should not be looked down upon by employers, peers or parents. It is important to recognize the necessity of financial security, and it shows that our generation is finding ways to save money in the early years of our careers.