What You Need to Know Before Leaving Home

 by

Dwight Nichols

The majority of teens and college students are unprepared for the financial challenges of adulthood when leaving home.

By the time they finish high school, most young people have been conditioned to think a certain way about life and money that is inconsistent with the principles that govern financial prosperity and economic success.

Most young adults, as they prepare to leave home, have already developed mindsets and attitudes– lifestyle habits, which will shape their financial future.

They don’t understand the basic principles of personal entrepreneurship and economic success. As a result, their financial futures are very predictable. Consider the following statistics for individual wage earners…

• Approximately 80% of the working population are employees depending on someone else to determine how much money they can earn
• After five years of starting their careers most young adults In the US find themselves struggling financially. A staggering 73% of the U.S. population is living paycheck to paycheck, barely covering living expenses, despite having a good paying job.
• The majority of young people finishing high school (65%) do not believe the American dream of homeownership is attainable for their generation (2025 Survey)
• 35% or more of the average family’s monthly income goes towards making Payments on debt. The Debt-to-Income ratio suggested by many banks can range from 35 to 50% of a person’s income. (Hud handbook for FHA loans)
• 77% of wage earners would have financial difficulties if their paycheck were delayed by one week
• Over 70% of seniors are broke at retirement age — recent data shows that 80% of households 60 and over are struggling financially (NCOA)

These statistics are exacerbated in urban and minority communities !!!…

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4 Reasons People Struggle Financially

There are four primary reasons people Struggle financially …

• Wrong thinking: (What we have been condition to believe about life and money)
• The lack of Purpose and vision for your life … (You must have a plan for your life- a written plan with specific goals to keep you focused)
• The lack of knowledge: The lack of Understanding of basic principles that governs money and financial success (Financial literacy and personal entrepreneurship is no Longer being taught in our schools)
• the lack of Proper guidance and directions… someone to hold you accountable to achieving your financial goals … (financial coaching)