Is it worth it to move back home while working on going back to school for a career pivot?

[onlookerdelay]

Background:

I hold two degrees both of which are essentially useless. I work in academia and the pay is barely enough to keep the lights on. I wanted out in the long term so I can build financial security, currently being able to save consistently involves monitoring every penny out but even still I’m not putting away much. Once student loans are back it’ll be less than 200 a month saved.

I’m at the point where I know eventually that with rent hikes yearly I’ll probably get priced out of my apartment (1bedroom in a small suburb). If not this year then next? I’ve been job searching for about 7 months within my industry and either I lose out to internal candidates or the pay is too low to compare to the HCOL area the school is in.

I want to go back to school for something technical (information technology or data science) but even with my work tuition benefit of 5250 per year it would take 5 total years to finish a masters degree and financially I don’t think I can sustain my life for another 5 years with this job.

Therefore, I’m at this point either getting a roommate, however even with the saved cost it looks like trying to finish the masters degree in 2 years would likely require a significant amount of my own money which could put me in a similar if not worse financial Situation (but now with a roommate)

Or I could move back home for 2 years. Save around 33k, pay my mom some room rent (she would be grateful for the money-didn’t ask for it), and pay for my schooling out of pocket outside my current institution (I.e I wouldn’t get the tuition benefit) but the school would be 100 percent online and I could go to school in anonymity so it’s not obvious I’m trying to jump ship.

My goal would be to finish the degree in 2 years, have a savings of around 33k (current savings is less than 2k), start an entry level job hopefully making at least 60-65k (I make 47 k now) and get my life back on track again.

I don’t have a lot of options, the living with parents idea has me largely insecure about having to move back after I’ve been established but it looks like the quickest and most direct way out of my current industry and into a field where I could build some wealth.

Any thoughts would be wonderful, have you gone through this yourself?

Additional notes:

I don’t have any kids and I’m single

 

[frailrunner]

@onlookerdelay Unless your parents are incessantly toxic and would convince you through Stockholm syndrome to never leave again, I do not see how this isn't the most viable path. Let go of your ego and settle in back home. You will cherish this opportunity to get to know your parents as an adult and be further along in two years than you could have done on your own.

 

[onlookerdelay]

@frailrunner Thanks for this!

 

[lukedj9607]

@onlookerdelay If you have a good relationship with your mother and she's happy to have you back, then do it. I'd rather live with my mother than a rando roommate.

 

[onlookerdelay]

@lukedj9607 Thanks! I have a good relationship with my mom, but my brother who occasionally crashes at her place our relationship is a little more tenuous. For the most part we just don’t speak.

 

[lukedj9607]

@onlookerdelay I'd do it then. Just make sure to be an asset and not a liability.

 

[dave6]

@onlookerdelay Financially, it's a good idea. I'm not sure if it's emotionally a good idea unless your parents really don't mind you living there.

I left when I was 20 because I wanted to leave. I vowed to never come back....and I didn't. I had some tough times, but I survived them.

I guess things are rather different in 2023 than they were in 1982. But...if I were you, I would get the roommate and take advantage of your job paying your tuition. I'm too much of an independent soul, and if I had moved back to live with my mother, I probably would have been pretty depressed about it.

 

[onlookerdelay]

@dave6 Yeah! That’s how I am. Coming to this conclusion is hard for me because while I love my mom, I never intended on coming back. The roommate idea is one that would certainly give me additional funds but they would all be routes towards school (the overage of 5250) potentially putting me in the same financial situation (little to no savings for emergencies) which is also scary. Identify deeply with your thoughts! I think I’m the long run I’ll have to make a sacrifice for my long term life and I do actually think that’s biting the bullet and being home for 2 years despite my pride and shame for having to come back. But thanks so much for your comment. It really put it into perspective.

 

[dave6]

@onlookerdelay I hope things go well for you in the future.

 

[mooke147]

@onlookerdelay I moved back home in my 20s (still in my 20s now!) I loved my parents and you give up some freedoms but it’s also maybe the last time you spend extended periods of time with your parents. Moving back home was definitely time I cherished just don’t revert back to being a kid if you didn’t help as a child. I would cook for my mom, learn her recipes, clean while she hanged out.

 

[onlookerdelay]

@mooke147 That’s so awesome! Thanks for the advice! I plan to put away some additional money to give my mom a lump sum once I’m done with grad school and employed elsewhere

 

[mooke147]

@onlookerdelay You’ll see your parents more before 18 then the rest of your life probably. Family should be there for one another! You advancing your career will also make it easier for you to be able to help during her retirement. Best of luck

 

[chris_mil]

@onlookerdelay My son moved back and I hardly even see him. Every now and then he will come into my room and grab a snack and then he disappears again into his room. He pays his rent for his room and as long as he isn’t hoarding it, I could care less. My husband and I are going to purchase two RV’s and put them on opposite sides of the yard and build decks and have water pipes dig out to them. If anyone wanted to come home and live in one and still have access to the main house, fine with us. My point is, maybe you can get your own rv and do the same behind your moms home. That way you have privacy, separate entrances but access to main hime if need be.

 

[onlookerdelay]

@chris_mil Thanks for this! My mom lives in a condo but I get the sentiment. I will be busy most of the time with work and school and my social life so it’ll basically be where I go to sleep!

Thanks!

 

[ugotowned]

@onlookerdelay My first degree was useless and I was stuck working retail. I always wanted to be an engineer but didn't want to spend the extra years in undergrad to get that degree. Fast forward three years and i was miserable. One week after I got married, my husband and I moved in with my parents so I could get my engineering degree. It took 3 years but in the end I went from making $13/hour to 68k. Just 5 years after landing that job, I make 120k, own a house, and have two kids. It wasn't always easy living with my parents, especially being married and having lived out of their house for so long, but it was the best and most affordable thing to do that allowed me to go back to school. Best decision I ever made.

Edit: typo and clarity

 

[onlookerdelay]

@ugotowned This is very inspiring! Thanks!

 

[allengates]

@onlookerdelay Yes that. By the way what r your degrees. Could u just do a bachelor's in tech. Much easier thsn masters.

Also some programming bootcamps are working for some people.

 

[onlookerdelay]

@allengates My bachelors is in psychology, and my masters is in higher education admin.

The only reason I’m not getting a bachelors is using my tuition benefit will make the total out of pocket cost be less than 10k and my school I work at doesn’t offer the needed EGR or business classes at the UG level during after work hours. The masters is more designed for working professionals

 

[claire1996]

@onlookerdelay It’s amazing how Americans consider living with their parents a sort of shame after turning 22. In Italy we exaggerate on the opposite lol. People in their 30s still with mum and dad despite having a job.

My small advice is : Do It. If you really think you can save 33K in 2 years by doing so, you shouldn’t think twice about that.

Sacrificing your independence for a couple of years is nothing compared to that amount.

 

[onlookerdelay]

@claire1996 Thanks! I just found out school will be significantly cheaper than I initially thought so I’d have closer to 41k saved in 2 years. Thanks again! Working on moving passed social conventions!