Thank you for following the stories about a Boomer’s millennial son’s journey to adulthood. My son was hired for his first real job immediately after finishing school. It had great benefits. My husband and I sat him down to begin teaching him basic personal finances. We taught him the essentials like how to create a budget to pay expenses. We even had him start a savings plan and establish credit.
His first goal was to purchase a new car, which he accomplished back in December of 2014. His second goal was to save for his apartment, which he accomplished by saving enough money for security and the first month’s rent. His third goal of an emergency fund, will be reached in a few months. I am really happy to report he has established good credit by paying all of his creditors on time. My son has accomplished all of these goals while living at home. He saved as if he already had his own apartment and expenses by managing his money responsibly.
My husband and I thought it would be the ideal time for him to begin looking for his first apartment. I must admit I was ecstatic about the idea of freedom for me and my husband. My son, however, was in his room brooding about leaving his home of 20 years and the memories we shared together as a family. I was thinking, “Finally, all my money will belong to me”. The Boomer in me was screaming “aren’t you excited about starting your new life without all your parent’s rules.” I remember I could not wait to get out of my own parent’s house. The mom in me began to reassure him that leaving the nest was the best thing for him. Moving out to his own first home was his next step into adulthood and that he was more than ready. My son would become one of the 24 Million projected new households to be established in the next 10 years.
Nothing I said appeared to cheer him up at the thought of leaving home. I even tried to explain to him the woes of retirement. I told him that his father and I needed to downsize to begin increasing our retirement fund. When I threatened him that we will be moving in with him and his future family when we run out of money, he immediately agreed that it was time for him to go apartment hunting.
Needless to say, going from apartment complex to apartment complex my son began to get excited about moving out. He even visited one additional place on his own the next week. As of now, he has submitted three applications for his top choices. I am so proud that he is finally ready to launch into adulthood.
This boomer mom is one day closer to becoming an empty-nester, one day closer to my millennial son’s independence.
Stay tuned to see how life happens and plans become derailed.
A Boomer Parent, soon to be an Empty-nester