'Momma can't protect you': Dave Ramsey delivers a blunt message to young adults...
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Dave Ramsey delivers a blunt message to young adults still living with their parents — 3 things you need to do to get ahead (and get your own place)
More young adults are choosing to live at home with their parents — but many of them are using what they're saving on rent to splurge on designer handbags and expensive jewelry instead.
Morgan Stanley analysts say these young adults have more room in their budget for discretionary spending and are helping to drive a boom in the luxury goods industry.
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Personal finance author and radio host Dave Ramsey criticized the trend on The Ramsey Show, calling it “a trainwreck.”
“So, let me get this straight. You live in your momma’s basement, but you got a Coach purse,” Ramsey said. “Here’s what’s going to happen — you cannot avoid life, it’s coming for your butt. Momma can’t protect you.”
Whether you’re an adult living with your parents or you have kids who haven’t left the nest, these simple rules can help if the family home is starting to feel a little crowded.
Why are young adults still living at home?
Almost half of all young adults aged 18 to 29 are living with their parents — the highest level since 1940 — according to U.S. Census Bureau data.
Multigenerational living as been steadily increasing over the past five decades, although the economic repercussions of the COVID-19 pandemic put a spotlight on the trend, with many adults “boomeranging” back home.
While the hosts of The Ramsey Show claim these adult children are being “enabled” and “coddled,” many simply can't afford to live on their own in the current economic climate.
Rising rents and high mortgage rates have made it much more difficult to move out. And high inflation is impacting everything from fuel to food, while interest rate hikes are raising borrowing costs.
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