No, that’s not some 80s era toy, like Cabbage Patch Dolls or Transformers.
(Although seriously, we had the best toys in the 80s didn’t we? I can still remember how jealous I was when my cousin got a Megatron like this one for Christmas, so cool!)
When I was in my 20s, Boomerang Kids were what we called people who moved out of their childhood home to go to school or start their careers and then, through a series of mistakes, bad planning, or difficult circumstances, found themselves moving back in with their parents a few years later.
They left, and then they came back, just like a boomerang.
My sister and I were both Boomerang Kids. She went away to school, I moved to Calgary for my first a job. But we both ended up coming back home when our circumstances changed, and the opportunities dried up.
It took me 3 years to find another job, reestablish my credit and be ready to move out again. If memory serves my sister was a bit more efficient, maybe only staying for 2.5 years.
The point here is that after our first taste of freedom moving back home was an adjustment for everyone. Living with your parents through your childhood and teen years is one thing, it’s a whole different ballgame when the household now consists of four independent adults. We made it work though and my last 3 years with my parents turned out to be the perfect time to launch my first real business without the added pressure of making rent on a regular basis.
The COVID19 pandemic has created a whole new generation of boomerang kids.
The Pew Research Centre in the US recently published results of a study showing 18 to 29 year-olds as the cohort most impacted financially by the pandemic. The survey reported over half (52%) of them currently living with their parents.
I work a lot with people that I would classify as recent graduates. For the most part these are young people between the ages of 22 and 30 and within about 2 to 5 years of finishing their formal education. They are generally under-employed, saddled with debt and now, partly thanks to COVID and partly due to a much larger long term trend, facing an uphill battle to establish themselves financially in the areas of home ownership and retirement planning.
Three Steps to Financial Freedom, the program I built to help my clients, Eliminate Debt, Build Wealth and Leave a Legacy, was created in part with needs of these recent graduates in mind. The earlier you can start establishing good financial habits the better, especially in a difficult time such as many young people find themselves today.
So, for all the recent graduates, boomerang kids, parents, and grandparents, I have set aside a block of time over the next week to provide free 30-minute strategy sessions to anyone who has been affected by COVID19 and is interested in Eliminating Debt, Building Wealth and Leaving a Legacy. Book your free session here.
There is no shame in being a Boomerang Kid, especially now. Take it from one who’s been there.
Check out this article from Business Insider for some interesting tips on how best to deal with kids that move home during the pandemic. These are the kinds of things my parents did for me and it really helped.
P.S. For more information on the Three Steps program request a free copy of the ebook, Three Steps to Financial Freedom; The No Reddit, No MLM, No Crypto, No BS Path to the Financial Freedom Most of Us Only Dream Of, here.