I just finished my first year of graduate school and make 30k a year. I will graduate with no college debt when I finish and be on track for 100k+ a year salary. I probably have 3-4 more years left till graduation.
I grew up in the suburbs of a big city and always believed my family was well off. It wasn't until recently I discovered that my parents are very far behind on retirement. My parents bring in good money as a household (~200k jointly),but live like typical consumerists. They are always updating their furniture and redecorating the house when it’s perfectly fine. They have car payments and some credit card debt. They have fancy gym memberships and eat out all the time. You get the point.
Needless to say, I do not want to end up in their situation so I started researching on my own and came across FIRE. I am currently in an apartment that is way more expensive than I should be paying. I felt like I had to live here because my parents thought it was the "best" option (i.e. closest to my school, in a good area of town, nice amenities, etc.). They would not consider letting me live in a "rougher" area of town farther away from the school. However, at the end of the day they are not paying the rent. I feel like they are pressuring me to live the lifestyle they have always lived. I obviously can't tell them that I do not want to end up in their situation, because they are my parents and I do not want to start stuff with my family.
I am currently on track for a 25% SR, but could easily get this closer to 60-70% next year if I moved to a cheaper apartment. Has anyone had similar experience in dealing with parents who believe you should live like them and how have you handled it?
Most of my 30k is invested in index funds but I have considered liquidating all of it to by a small 2br house around the 100k range. I have other graduate students who would be willing to rent out the other room which would cover all of the mortgage. My thought is by doing this I would be saving 20-30k over the next four years by not having any rent which is much more than I will get in return in the market. After I finish graduate school, there would be the option to stay in this house, sell it if I move, or keep renting it to students I have built a relationship within the program.
I would like your input on this idea. Would it be better to move to a cheaper place and keep stockpiling cash or try and buy something?
Thanks!
