Boomerang Kids: How to Avoid Being One
It’s a term that we are all-too familiar with these days: Boomerang Kids. These are the kids that go to college and, before they even receive their final year marks, they are living back at home with Mom and Dad. These are the kids who leave the nest…but for only a couple of years. These are the kids who are a new breed; no other generation has seen the like.
So, how do you know if you are one? How do you prevent yourself or someone you care about from becoming one? And, now that you are one, what do you do about it?? (Assuming, of course, that you don’t want to live with your spouse and children in your old bedroom…you know, the one with the twin bed and Star Wars wallpaper?)
Well, you know that you’re a Boomerang Kid if you graduated from college/university some time ago, have (most likely) an enormous amount of student debt, and are currently sitting at your [Dad’s] desk, reading this post on your [Mom’s] laptop, and realising that you don’t have to worry about dinner being made tonight because Mom just put the chicken in the oven. That is when you know you’re a Boomerang Kid.
In order to prevent this from happening to yourself (assuming that you’re heading off to or are currently in college/university) or someone you love (but not enough to have them live with you…), all it takes is some planning and wise decision-making. If you are able to save a large amount of money for school, then by all means, do so! If you have family members who may be willing to either foot the bill or give you a loan, then take them up on it. There are so many people relying on OSAP loans that they don’t think about what they’re spending while they’re spending it. You must remember that you will have to pay all of that money back at some point…plus interest! (I wrote a post on OSAP, the interest rates, etc. a little while back; feel free to read through it for more information).
Make sure to enroll in schools that have programmes that you are interested in, yes, but they must also prepare you enough to actually get a job, too. There are many wonderful college/university courses available at several schools that are interesting (to some), but they don’t necessarily give you the right tools to enter the workforce once you’ve completed them (like these useless college courses). Look at the courses that a school is offering to ensure that once you complete the programme, you are prepared to get a job, and are, therefore, making enough money to support yourself (look for jobs like Engineering or Computer Studies, etc.). Also try to enroll in programmes that are intensive in nature so that you can accelerate your graduation. That way, you will have far less debt due to student loans or living expenses.
So, if you realise that you are a Boomerang Kid and aren’t sure what to do about it, don’t fret; you’re not alone. This Canadian study done in 2006 states that as much as 39% of young people aged 20-24 still lived at home with their parents within the city of Toronto. If you fall into that category, you must just be wise with your money, save as much as possible, and pay off your student debt as quickly as possible, perhaps through accelerated payments or lump sum payments.
If you are just a young student about to enter college or still have a year or so left, do whatever you can to avoid being a Boomerang Kid. After all, you don’t want to live with Star Wars bedsheets and matching jammies forever, do you?
Filed under: College, Education, Government, School, University | 12 Comments
Tags: Boomerang Generation, Boomerang Kid, College, Education, living at home, OSAP, parents, school, Star Wars, student debt, University