Monthly Archives: May 2021

Illustration by Janie Hao

So, where is your apartment around? she asked me.

Even before answering, I know where this is going. She isnt asking because of romantic interest, the subtle hint of inviting herself over. Perhaps she wants to size me up, or maybe its just one of those gold-standard small talk questions someone asks, similar to what do you do? Either way, I dont have the answer she wants to hear. Uhhh. Bathurst and St. Clair,

I cautiously respond, avoiding the fine print: that I am 33 years old, do not have an apartment, and live with my parents. I am also quite happy to.

There is a common assumption that children should move out of their parents home at a certain age, and failure to do so is greeted with suspicion of the family, or even judgment of ones financial situation. (What age that is, is anybodys guess, but anecdotally, somewhere around 25 years old.)

Historically, I have used an impressive amount of mental gymnastics to avoid the question of where I live. When cornered, and the reality of my family living arrangements are unveiled, I have what feels like a list of a politicians talking points readythat I am close with my parents; that we have a beautiful, spacious home in midtown Toronto, equipped with a sprawling backyard in a walkable neighbourhood; that our house is a salon for intellectual discussion, debate and humour; that I save money on Torontos monstrous rent, and that I maintain a sense of independenceall of which is true. If I look at my potential date and fail to notice any visible signs of persuasion, a quiet oh or a small nod or smile, I try to soften them by mentioning that I am helping take care of my newborn nephewgreatly exaggerateda painkiller for my hard-edged, opinionated disposition.

Yet for all the motivational self-talk and reasonable arguments, the stigma prevails. Hollywood star Michael B. Jordan was shamed online for admitting that at age 32, he lived with his parents. You get home-cooked meals, he said, and cited his love and admiration for his parents. Even then, he was defensive about his choices, saying he planned to move out as soon as he could. (In 2020 it was reported that Jordan has since moved out of his parents home.)

When Toronto Life shared a 30-year-old Chinese-Canadians story of living at home with his parents on social media, there was a barrage of negative comments. Independence man! one person wrote, with another adding, what a joke. It seems like a lot of people with high income are mooching off their parents. One person responded, some of you arent immigrants and have no understanding of cultures outside of North America and it really shows, while another commentator added, I knew a lot of people who COULD have lived at home and saved, but they chose to move out. Reading through the commentators names, one could see a difference in cultural perspectives.

That said, the pandemic and public awareness of diversity have encouraged an openness to new perspectives, with an eye on the bank balance. Job loss, financial reasons, loneliness, or the need for daycare, have led 1.5 million Canadiansand six percent of adult children in Ontarioto move back home. This boomerang generation (young adults who have previously left their parents home, only to return) is an increasing trend in Canada and the U.S., bolstered by multiple economic crises in the past few decades, a weak labour market, and student debt. It is definitely not where I thought Id be at this stage in my life, 24-year-old Elsa Anschuetz told American news website Axios in an interview, but it is definitely better than living in an apartment alone during this crazy pandemic.

For many ethnic Canadiansincluding within my own Indian heritageit is unusual, even abnormal, to move out before marriage. While financial status tends to be a chief motivator for adult children to remain at home, the number of adults living with their parents doubled between 1995 and 2017, according to Statistics Canada in 2017, 21 percent of South Asians and 19 percent of Chinese Canadians aged 25 to 64 lived at home, compared with nine percent of the total Canadian population aged 25 to 64. These groups may have cultures which value intergenerational living arrangements.

Seven years ago, my sense of individualism was publicly questioned. Appearing on The Agenda with Steve Paikin, a public affairs show on TVO where I spoke about the millennial generation and the labour market, I mentioned that at 26 years old, I lived at home with my parents. It wasnt your first choice or wasnt the most fabulous thing or you certainly hope to be on your own one day, the host asked me, to which I responded that a staple of the immigrant mentality is if you dont need to spend the money, why spend it? If I dont need to spend the money to, if I can afford to, live at my parents in downtown Toronto, why would I live somewhere else? To prove to them I am independent?

Yet it is precisely that last ideaindependencethat is being called into question. When a relatives husband asked my mother why her children still lived at homedidnt she want to teach her kids independence?she retorted that there were many ways to teach them independence.

This disconnect is a byproduct of cultural psychology, with many eastern cultures valuing a collectivist mindset, social cohesion, interdependence, and deference to elders. Krystal Ng, a 30-year-old recruitment manager in Toronto, values both family connections and a sense of financial independence. She told me that while she moved out at the age of 25, primarily for investment reasons, she visits her Chinese-Canadian family three times a week in Richmond Hill.

Prior to the pandemic, her colleagues asked what she was doing on the weekends, and she left them baffled when she responded that she was hanging out with her parents. They did not understand why I would do that on a weekend. Was I doing something with them? No, just running errands and being with them. A frequent traveller with her parents and brother, she told me that when she was 23 years old, one couple could not believe she was still at home.

I began to think about the intersection of culture and household structures in 2013, when I read a Toronto Star report about Punjabi-Canadians disagreeing with a townhouse developer in Brampton, Ontario, leading to a war of words between two city councillors and a resident meeting with about 500 attendees. The issue wasnt about pricing, but architecture. Townhomes is not our concept of buying property, said Paramjit Singh Birdi to the Toronto Star. Every house here has two or three families. The Punjabi community lives in joint families and no joint family can fit in a townhouse.

Despite the suburban desire for a single-family home with a white picket fence and 2.3 children, much of the worldfrom Africa to the Arab Gulf, and especially in South Asialive in joint families, which extends beyond the nuclear family and it typically grows when children of one sex do not leave their parents home at marriage but bring their spouses to live with them, notes the Encyclopaedia Britannica.

I saw this phenomenon close-up, when shortly after meeting my aforementioned GPS-inquisitive date, I moved to Mumbai for work. My newly married-friend, an Ivy League-educated family business owner, who lives with his wife, parents and grandmother, told me that it was important to him to be close to his grandparents. He also noted the ease of lifestyle in coalescing resources togethermaids, drivers, and cooks.

From 2001 to 2011, joint families in urban India grew by 29 percent with even the vice president of India advocating for them in a national newspaper. Indian joint families are considered to be strong, stable, close, resilient and enduring with focus on family integrity, family loyalty, and family unity at expense of individuality, freedom of choice, privacy and personal space, write psychiatrists Rakesh K. Chadda and Koushik Sinha Deb in the Indian Journal of Psychiatry.

Bollywood films have featured joint families, and superstar Amitabh Bachchan found his joint family most enjoyable and entertaining, with the patriarch living with his wife, his son Abhishek and daughter-in-law Aishwarya Rai Bachchan, a former Miss World winner. When Oprah Winfrey asked in a 2009 interview how Abhishek lives with his family, he turned the question around asking if Oprah lives with her family, How does that work? to which the audience roared. Were a different culture where we are trying to get the parents outside of the house, Oprah added. In many parts of the world that is not normal. Its normal to bring the parents in, to have respect for the elders.

Its easy to consider joint families as relics of a different world and adverse to Canadian values of individualism and self-reliance. But even the pandemics economic instability has not changed Canadians opinions of inclusiveness, with our country amongst the highest in the world in valuing immigrants. If we are to go beyond a superficial dance-dress-and-dining multiculturalism, well realize that, according toStatistics Canada, as of 2016 six percent of Canadians live in a multigenerational household (of at least three generations), and it is one the fastest-growing demographics. Urban policy writer Diana Lind wrote in the Globe and Mail: We have codified and glorified the stand-alone home with a white picket fence. We have praised the price appreciation that comes with home ownership, ignoring the increasing percentage of non-homeowners who bear the brunt of rising property values. We have endorsed the aspirations of privacy, space and exclusivity without a strong countervailing public discussion about the downsides of this lifestyle: increased carbon emissions owing to greater dependence on cars; loneliness and obesity owing to less social interaction and fewer walkable neighbourhoods; and class and racial segregation.

She adds that we have innovated in all forms of life, from ride-hailing apps to the gig economy, but our view of housing feels stuck in that postwar period. Just as the pandemic has made us rethink ideas like working from home, visiting overlooked parks, and even the purpose of shopping, surely we can reconsider alternative arrangements?

My family friend lives in a gorgeous and leafy neighbourhood in Johannesburg, and the parents along with six friends bought a piece of land in the city, and developed six beautiful houses with lots of light and a shared garden and pool, a former colleague told me. He informed me that theyre not hippies, but are affluent economists and architects, adept at living on their own. Its a modern kibbutz, he said, referring to the traditional Israeli collective community based on agriculture. Far from the hippie branding, wohngemeinschaft (or communal living) is common in Berlin, even making way for more upscale cohousing projects, in which an architect facilitates discussions between developers and residents.

After four years of living alone in Mumbai, I recently moved back to my parents home in Toronto. Tolerating differences was always going to be an adjustment, but I began to see my parents differently. Long-term care had been frequently in the news for COVID-19 outbreaks, but I pondered how so many children could leave their parents in their wisest years to slowly fade away?

Not every family has the capacity to live together, but many of our modern urban crisesloneliness, burdensome financial obligationsincluding exorbitant rentageism, childcare, and even interpersonal intolerance and imprudencecould be alleviated through different ways of living. It has taken us a pandemic to rethink; what will it take for us to take action?

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I'm 33 years old. I live at home. And I love it. - This Magazine

Nowadays, the Internet is full of articles and systems such as the Lotto Dominator system that guide you on how you can become rich. Additionally, on YouTube, you can find tons of videos in which their creators claim that waking up at 5 am or working out every day can turn you into a millionaire faster than you know it. We want to convince you that working your way to the top is the best way to go. Here is why you should consider working hard and eventually work your way to becoming rich.

The number one reason why people fail in their quest of getting rich quickly is that they are impatient. They want to achieve their goals right away without investing any time or effort, which is impossible. If you want to become rich fast, you should forget about this goal and start focusing on long-term goals.

The process of becoming a millionaire takes a lot of hard work and time. For example, if you invest $500 per month, with an average of 10% return, you will be able to amass a $1 million portfolio in approximately 20 years. However, if you save $2,000 per month, you will be able to become a millionaire in just 10 years. The more money you try to save, the faster you will become a millionaire.

Many people envy successful millionaires, thinking that they have achieved their success by cheating or being extremely lucky. No matter what kind of person you want to become, you need to be aware that it wont happen overnight.

If you work hard to earn money, there is a high probability that you will enjoy the process and will be able to feel the fulfillment that comes with every small win. Being able to witness your progress and knowing that you are responsible for it makes the difference between feeling happy and satisfied and feeling miserable and frustrated.

If you work hard towards your goals, by taking it one step at a time, you will learn just how capable you are of achieving them. You will realize that once you can get over a challenge, it becomes much easier to overcome the next one. Another benefit of working your way to becoming rich is that you will be able to build self-confidence. Additionally, you will be able to acquire new skills and knowledge that may help you achieve future goals.

To become rich, you need to think big and set ambitious goals. If you want to make it happen, you need to commit yourself fully to a plan of action. This means that you have to focus on your primary objective and ignore any distractions. In order to do so, it would be best if you work together with other people instead of trying to achieve your goal on your own. Youll be able to stay focused on your goals and gain motivation every day when realizing how much closer you are getting towards achieving them.

While some people claim that laziness is one of the main reasons why they are not able to get ahead in life, others argue that they tend to procrastinate because they find it difficult to work hard and stay motivated. If these are the reasons why you are not getting rich, try changing your mindset so you can start working your way to become rich and see if this is the solution for your problems.

By working hard to achieve your goals you will start to feel more fulfilled in life. Additionally, if you work toward achieving a common goal with other people, youll be able to share the experience and learn from each other. Working with other people is proven to help you stay motivated and achieve your goals faster.

Another reason why its best to work your way to becoming rich is that you can let your money work for you while you are not spending time on your business. For example, buying dividend stocks and letting them compound over time is one of the best ways to make money while not being involved in the process. Investing your money in the stock market is a great way to earn passive income.

If you are eager to start investing but dont know how to do it, check out this article: 7 Best Ways To Start Investing Money.

One way to get rich quick is by winning the lottery. If you win a jackpot, you will be able to buy whatever you want right away without having to worry about how to make the money. However, winning the lottery is extremely rare, so most people think that this is not a realistic way to become rich. Instead of wasting your time and energy on trying to win the lottery, try working your way to becoming rich. If you have a well-thought-out plan for achieving your goals, you will likely be able to achieve them much faster than if you were to try your luck and win the lottery.

Financial independence means that someone has enough savings and investments that allow him or her to stop working and live off their passive income and still be able to maintain his or her current lifestyle. Most people never reach financial independence because they are not aware that it is a possibility. Additionally, they dont believe that they can achieve their goals because they are thinking only of their short-term goals. Once you start working your way toward becoming rich, youll be able to become financially independent much quicker than you had expected.

Being financially independent means that you dont need anyone else to survive. Once you achieve this goal, you will be able to spend more time with your family and friends and will no longer have to worry about money all the time. This will allow you to focus on whats really important in life.

When working hard toward reaching a goal, most people notice that they need more perseverance and self-discipline to achieve their goal. Once they start feeling the fulfillment that comes with every small win, it becomes much easier for them to stick with their plans of action and continue working toward their primary objective until they achieve it.

While trying to get rich overnight might be a dream for most people, its actually almost impossible. Most people who are rich will tell you that by working hard, you can steadily make that dream a reality. If you start thinking about long-term plans and setting goals for the future, there is no reason you cant be successful too. Not only will you become successful, but hard work will also improve who you are as a person. You will need to learn new skills, learn how to become more determined, and how to persevere to reach your goals. When you set long term goals for yourself, you give yourself and your life a purpose. Having a purpose will give you a reason to jump out of bed in the morning. If you take into account all the things discussed above you can reach your goals faster than you ever imagined.

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Why Its Best To Work Your Way To Become Rich - Business MattersBusiness Matters

This story originally appeared on SmartAdvisor Match, by SmartAsset.com.

The COVID-19 pandemic has forced many Americans into an early retirement: In fact, the majority of the seven-percentage-point drop in the labor participation this past spring can be attributed to unemployed people who have prematurely decided to exit the workforce for good, according to a paper from the Becker Friedman Institute for Economics at the University of Chicago.

And though less than 1% of workers in the U.S. ordinarily retire before 50, according to data from the LIMRA Secure Retirement Institute, the rise of the Financial Independence Retire Early (FIRE) movement has Americans searching for ways to leave the labor force in advance of what may be the typical age range.

Thats contingent upon such factors as lowering your tax burden and living expenses while also enjoying low housing costs as a percentage of income while working to have the wherewithal to grow your nest egg. With all that in mind, SmartAsset crunched the numbers to uncover the most affordable cities for an early retirement.

To do so, we analyzed 100 of the largest U.S. cities across the following metrics: effective income tax, health insurance costs, cost of living, housing costs as a percentage of income, various other taxes, crime rates, medical facilities and unemployment rate.

For details on our data sources and how we put the information together to create our final rankings, check out the Data and Methodology section at the end.

Its not the usual blah, blah, blah. Click here to sign up for our free newsletter.

Finding a financial adviser you can trust doesnt have to be hard. A great place to start is with SmartAssets free financial adviser matching tool, which connects you with up to three qualified financial advisers in five minutes. Each adviser is vetted by SmartAsset and is legally required to act in your best interests.

If youre ready to be matched with local advisers who will help you reach your financial goals, get started now.

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The 10 Most Affordable Cities for an Early Retirement - MSN Money

The public health and economic toll the coronavirus pandemic caused are well documented. Perhaps less understood are the social impacts. According to a report from Pew Research Center, young adults in the United States were more likely to be living with at least one parent in July 2020 than at any time since the Great Depression.

The historic numbers of young adults either moving back home or choosing to remain there during the pandemic appears to have been a continuation of a broader trend. According to data from the U.S. Census Bureau, 34.4% of Americans between the ages of 18 and 34 lived with at least one parent, grandparent, or former guardian in 2019 -- compared to 31.5% in 2010.

The likelihood of young adults residing with their parents varies considerably from state to state.

In Illinois, young adults are more likely to live with a parent or grandparent than in any other state in the Midwest. An estimated 36.2% of the state's population between the ages of 18 and 34 live with their parents.

One potential explanation for the greater likelihood is the state's relatively weak job market, which can make it more difficult for those in the early stages of a career to achieve financial independence. An average of 9.5% of the state's labor force were unemployed in 2020, and as of March 2021, the jobless rate in the state stood at 7.1%. Meanwhile, the comparable unemployment rates nationwide were 8.1% and 6.2%, respectively.

To determine the states where the most young adults live with their parents, 24/7 Wall St. reviewed data on family and household type from the Public Use Microdata Sample summary files of the U.S. Census Bureau's 2019 American Community Survey. States were ranked on the percentage of adults 18 to 34 years old who live with their biological parents, adoptive parents, steparents, foster parents, or grandparents in 2019. Supplemental data on the median age at first marriage of the 15 to 54 year-old cohort came from the Census Bureau's 2019 ACS. Data on regional price parity used to calculate cost of living came from the Bureau of Economic Analysis and is for 2019.

The focus of the work of The Center Square Illinois is state- and local-level government and economic reporting that approaches stories with a taxpayer sensibility. For more stories from The Center Square, visit TheCenterSquare.com.

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Study: Young Adults In Illinois Are More Likely Than Average To Live With Their Parents - Patch.com

The public health and economic toll the coronavirus pandemic caused are well documented. Perhaps less understood are the social impacts. According to a report from Pew Research Center, young adults in the United States were more likely to be living with at least one parent in July 2020 than at any time since the Great Depression.

The historic numbers of young adults either moving back home or choosing to remain there during the pandemic appears to have been a continuation of a broader trend. According to data from the U.S. Census Bureau, 34.4% of Americans between the ages of 18 and 34 lived with at least one parent, grandparent, or former guardian in 2019 -- compared to 31.5% in 2010.

The likelihood of young adults residing with their parents varies considerably from state to state.

Maine is one of only a few states in the Northeast where a smaller than average share of young adults live with their parents. Just 27.8% of the state's 18 to 34 year olds live with parents or grandparents.

The reduced likelihood of young adults living at home in the state is likely due in part to certain economic conditions that make it easier for those in the early stages of a career to achieve financial independence and afford a place of their own. For one, the state is relatively inexpensive, with a cost of living 0.7% below the national average. Young people in the state are also more likely to be employed than their counterparts nationwide, as the unemployment rate in Maine stands at 5.4% -- below the 6.2% unemployment rate nationwide.

To determine the states where the most young adults live with their parents, 24/7 Wall St. reviewed data on family and household type from the Public Use Microdata Sample summary files of the U.S. Census Bureau's 2019 American Community Survey. States were ranked on the percentage of adults 18 to 34 years old who live with their biological parents, adoptive parents, steparents, foster parents, or grandparents in 2019. Supplemental data on the median age at first marriage of the 15 to 54 year-old cohort came from the Census Bureau's 2019 ACS. Data on regional price parity used to calculate cost of living came from the Bureau of Economic Analysis and is for 2019.

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This Is How Many People Live With Their Parents In Maine - The Center Square