10 Financial Benefits of Living With Your Parents After College

Monday, November 21, 2011 at 4:33am by Site Administrator

By Eliza Morgan

The number of college graduates who move home is at an all-time high, according to a poll by the consulting firm, Twentysomething, Inc. The survey found that 85% of college grads will return to Mom and Dad’s nest after graduation in hopes of finding a job and saving money. Moving back home and turning to your parents for financial help has become the norm and it really pays off for some. Although living with Mom and Dad again may not sound very appealing, boomerang kids have the opportunity to save money, learn good personal finance habits, and become more financially secure before moving out on their own. If you’re one of the thousands of college graduates who is moving back with your parents, take advantage of this grace period and start saving and investing wisely.

  1. Save money

    The No. 1 reason kids move back home after college is to save money. Living with your parents allows you to save the money you would normally spend on rent and put it in the bank. Whether you pay the bills or live rent-free, saving is much easier when you live cheaply. The more money you can save while living at home, the better your finances will be when you move out.

  2. Develop good money habits

    Living at home can expose you to good personal-finance habits. Whether you want to obtain a credit card or start investing in a retirement fund, your parents can help you achieve financial freedom and develop good money habits for life. While at home, observe your parents’ financial habits and ask questions to get a good idea of how they spend their money and invest.

  3. Learn the value of money

    Many college students have misconceptions about money and enter the real world with a lack of personal financial knowledge. All graduates, including those who took out loans to pay for school, could use a refresher in the value of money. Living at home can help you learn the value of money because you’ll have less of it to spend and will appreciate the cash you do have.

  4. Financial security

    College grads who live at home have the financial security of their parents to help them stay afloat until they can move out on their own. Some graduates will get a free ride from Mom and Dad, while others will have to pay their dues for living at home. Either way you look at it, you’re getting a good deal. Having the financial support of your parents makes transitioning from college to the real world much easier.

  5. Invest sooner

    Moving in with Mom and Dad after college can make it easier to invest sooner. College graduates can save tons by living at home and the money they don’t spend on rent can be invested into a savings plan. One of the smartest financial investments graduates can make is to start a retirement plan, such as a Roth IRA. These investments will help you manage your cash flow and prepare for the future.

  1. You can learn from your friends’ mistakes

    Living at home allows you to learn from your friends’ financial mistakes. Many college grads jump the gun on moving out because they want their own space and independence. While some friends may live within their means and have no financial problems, many end up overspending and have to move back home. When you live at home, you can be a spectator and learn from your friends and determine the right time to move out.

  2. Pay off student loans

    Living with your parents after college makes it easy to start paying down your student loans. Living at home allows you to save tons, so you can afford to put more money toward student loans. Chipping away at these pesky loans will help you pay them off in a timely manner and free you from debt.

  3. Incentive to find a job

    Considering the current state of the economy and the rising unemployment rate, finding a job is a difficult and often demoralizing task for college graduates. Moving home may be the only option for graduates, but it may also be the ticket to getting a job. Depending on your situation and your parents’ expectations, you may not have a choice but to find work right away. Pestering from Mom and Dad may be just what you need to get serious about job hunting and finding a job. Once you secure a job and get them off your back, you’ll feel relieved and more financially independent.

  4. Build and/or fix your credit

    Living at home allows graduates to establish or fix their credit. It’s important to build good credit or fix a damaged credit score before you move out because many apartment owners and even employers conduct credit checks. If you’ve never had a credit card or form of credit, now is the time to do so. If your credit score is less than stellar, then you can use this time to improve it.

  5. Budget for the future

    It is far easier to budget for the future when you don’t have rent going out the door each month. Use this time at home to set a budget that will help you achieve your financial goals. Budgeting will also give you a better idea if you can truly make it without your parents and how much it’s going to cost you when you move out.

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The 12 Strangest Celebrity Businesses

Tuesday, November 8, 2011 at 4:14am by Site Administrator

Celebrities are always looking for ways to keep the cash coming in. They never know when they’ll be between projects and need to buy a helicopter or new mansion or 20-carat diamond. To prepare for these unexpected emergencies, many stars try their hand at running a side business or two. Starting clothing lines, restaurants, and production companies are some of the most common, but other celebrities think outside of the box. Way outside of the box. These 12 bigshots got into some industries that don’t exactly fit their famous personalities — or the demands of consumers.

  1. MC Hammer’s search engine

    The rapper who brought us "U Can’t Touch This" and "2 Legit 2 Quit" is now trying to give us a new way to look him up on the Internet. His search engine, called WireDoo, is still not ready for a beta release, but Hammer says it has a "deep search" function that will make it better than Google by bringing up topics related to your keywords. Hopefully Hammer has done his research — though if he did, he probably used Google, which isn’t exactly a good sign.

  2. Gene Simmons’ KISS Kasket

    Merchandising is a huge racket for bands, but no one takes the business of cashing in on your celebrity as seriously as Gene Simmons. The KISS frontman started off selling the KISS-themed coffin online in 2001 and launched the newest versions of the "KISS Kasket" early in 2011. They each cost around $5,000 and there isn’t a huge market for them, but some die-hard fans have purchased them and Pantera’s Dimebag Darrell was buried in one.

  3. Kim Basinger’s town

    Some big-time actors buy islands for pleasure and privacy purposes, but Basinger, a former Bond girl, purchased a whole town as an unexpected business venture in 1989. Braselton, Georgia, located about 50 miles north of Atlanta was sold to Basinger by the Braselton family for $20 million, and she hoped to make it into a tourist attraction and bring a film festival there. Sadly, none of her ideas were realized and she ended up selling the town in 1993 and filing for bankruptcy.

  4. Raquel Welch’s line of wigs

    While other celebrities are trying to make their clothing lines stand out from the rest, Welch went a completely different direction and created a name for herself in the wig industry. You probably didn’t even realize there was a wig industry. Welch, considered a legendary sex symbol in the ’60s and ’70s, has dabbled in other beauty products and accessories but her high-quality wigs are what have really put her ahead of the rest.

  5. Andrew Shue’s mommy blogger network

    This actor is most recognized for his role on Melrose Place but in 2006, he made a switch to the business where the real money is: the Internet. Shue and a partner created CafeMom, a social networking site for moms to share worries, tips, and stories. Sure, Shue isn’t a mom himself, but he saw an untapped market and clearly understands how to make the ladies go crazy. By the next year, CafeMom had the most traffic among women of any website, and by 2009, it was profitable.

  6. Kendra Wilkinson’s stripper poles

    At least Wilkinson, the former girlfriend of Hugh Hefner and current wife of some NFL player, is sticking to what she knows. The Playboy model became the producer of stripper poles and workout videos to go with them. She calls them "sport poles" but we all know what they’re really used for. The poles are supposed to be sturdy and connect to the ceiling so you can spin and slide on them in order to get that stripper-worthy body you’ve been dreaming of.

  1. Venus Williams’ interior design

    It made sense when Williams started a line of tennis clothing. We understood when she wrote a book about how awesome she is and how you can be awesome, too. But you might be surprised to know she also owns an interior design company. Florida, where the company has its headquarters, was surprised, as well, considering Williams didn’t have a license or certification. The company is now licensed and legal and Williams no longer calls herself a certified designer, but does offer at least a meet-and-greet with each client. The other Williams sister is also thinking of a career change — Serena is actually studying to become a nail technician.

  2. Paul Newman’s salad dressing

    The old ladies of America would probably be sad to know that many young people only know Newman for his salad dressing and food line. But before he was dressing up salads, he was a dreamy actor who won several Golden Globes, an Emmy, and an Oscar. He co-founded the company, Newman’s Own, after he and a friend made salad dressing to give as gifts. Everyone loved the dressing so much, the pair made it into a business and slapped Newman’s face onto the label. The company now makes a variety of food items, from pizza sauce to cookies, and all the profit after taxes goes to charities.

  3. 50 Cent VitaminWater

    When 50 Cent leaves the club each night after celebrating someone’s birthday with Bacardi, he likes to rehydrate with VitaminWater. Since buying a minority stake in the company, he thinks you should drink it, too. Fiddy started appearing in ads for the brand and even helped create his own flavor: Formula 50. It tastes like grape, because you can’t spell "grape" without "rap." The recording artist now considers himself the "Air Jordan of VitaminWater," whatever that means.

  4. Marilyn Manson’s absinthe

    If you were curious what Manson’s drink of choice is, now you know. After discovering the spirit with Johnny Depp (who knew they were friends?), Manson now won’t drink any alcohol but absinthe. It was banned in the U.S. until 2007, and Manson decided to jump into the newly opened market. His 66.6% proof beverage, called Mansinthe, is produced in Switzerland and can be bought online by anyone wanting to experience the green fairy.

  5. Donald Trump’s cologne

    Is there any business that the Donald doesn’t have a hand in? Since every celebrity alive seems to have their own fragrance, of course Trump had to get in on the action. He released Donald Trump, The Fragrance in 2004, a product for the man who wants to experience the luxury and success Trump enjoys on a daily basis. The makers of the product say the main scent in the cologne is a secret exotic plant, but it’s probably just businessman sweat and comb-over products. The business mogul also introduced a new scent recently named Success by Trump, but getting anyone to buy these fragrances will be the real success by Trump.

  6. Joe Jackson’s grills

    To cash in on the excitement surrounding the 2010 World Cup, Jackson, father of Michael Jackson, teamed up with an international soccer star to sell barbecue grills. These weren’t just any barbecue grills, though. Clearly futbol fans won’t be satisfied unless their grills are shaped and painted like soccer balls. No word on how much profit was made from that venture, but it probably wasn’t any less successful than his other recent attempts at making money.