There is a way you can live in the neighborhood of your perceived standards (not necessarily MTV Cribs or Real Housewives of Atlanta, but still cool by your standards) and still be able to afford it. Why not get a roommate or roommates for the highly discerning. Whoever said girls can’t live together obviously hasn’t seen worse alternatives on a single recent graduate’s budget and clearly wasn’t a fan of the 90’s sitcom “Living Single.” Regardless of whether you’re a man or woman, roommates provide an economically feasible solution to housing concerns amongst other things.
While the idea of sharing your own personal retreat may not have you super enthused, we assure you the financial benefits of bunking up will make you happier than Theo Huxtable and his real Gordon Gartrelle shirt.
You see, the beauty of getting a roomie is that you get to enjoy the luxuries of life (i.e. a crib you might actually want to live in instead of one you have to because that’s all you can afford) and still have some dough left over to enjoy life. Plus, depending on the city (i.e. New York, Boston, San Francisco, and other highly developed industrial cities), enjoying life may simply mean not having to work 14 jobs as if you’re one of the “Hedleys” from the 90’s comedy “In Living Color”. “Hey Mon.”
Let’s take a look at a few of the financial benefits to living with a roommate:
- Affordable quality living. The beauty of living with someone else is the fact that there are multiple incomes to work with. When you pool your money with the other people, you all can afford to live in a more expensive, often safer, and even more luxurious place because you’re splitting the rent multiple ways. So instantly, a nice $1,500 a month apartment becomes a $750 a month apartment with one other roommate, or a $500 a month apartment with two other roommates. Just like that someone individually broke becomes collectively ballin’. Hello community living.
- Cut cost. Since you and your roommate(s) are living in the same crib, you’ll all have the same cable/heating/water/utility bills to work with. Again, the beauty of a multiple income home…those bills become a whole lot less of a financial strain because it’s not just you paying them on your own. Plus, you still get full use of the utilities, even though you’re not paying the full price.
- Stack paper. They say “proper planning and preparation prevents piss poor performance”, how many better ways are there to plan for that “boss” move you’ll be making in a few years (i.e. intelligently buying a home, starting your company, etc.) than to build a great friendship in a roommate and saving the money you would’ve been paying by renting solo for your next power move? For example, using the $1,500 a month apartment from bullet 1; you get 1 roommate and a 2 year lease, and that could be upwards of $18,000 saved up by the end of your lease.
So, let’s be real. Why on earth would you put yourself through the stress of struggling to pay monthly expenses you really may not be able to afford when you don’t have to? Having a roommate as a young or blossoming professional is totally understandable and quite savvy, as for a 40-something year old, well now that’s a little questionable.
Get a roommate and make life easier on everyone, but make sure that you’re selecting someone you can comfortably live with. You wouldn’t want to be in financial heaven and roommate hell, now would you?
Watch, before you know it, in just a few short years you’ll have enough paper stacked to seriously consider a crib of your own. Just think you’ll be able to pay your rent or mortgage, eat more than just the $1 menu, and have a social life. How’s that for being a Baller? Checkmate. U DEFINE SUCCESS.