If I don't want to be a slave, will I be a loser inevitably?

Question

OK, I'll try to make this short. Though of no social class myself, I am of lower middle class stock with no inheritance which means I'll have to make my own way in the world.

That is only fair, to be sure, and I would not want to be pampered and bored, but for me it comes with a special dilemma attached.

I do not play lotteries of any kind, do not even consider the stock exchange, do not indulge in crime for profit and I am quite convinced I will absolutely never take any form of bank loan, not even buying an item in several payments.

So unless I "find" housing I will have to either stay with my parents or take to the streets, rent being a soft option which should be kept temporary. Right now I'm closing in on my final college year (hopefully).

It's my pleasure to think that I will have my own home before I hit thirty, like nigh everybody else (in my country at least). That's eight years and change from now, and I'm an outsider when it comes to finances. What are my options? Can I realistically get a house (or a flat, or whatever) under the rules I've set for myself, or be forced to remain with my parents and/or rent?

I live in Romania, a flawed democracy with a faulty market economy and real estate prices have been skyrocketing for years and continue to do so, perhaps until they align with the prices in the richest countries of Europe. I don't have kids, don't really want them - not at any rate until I sleep under my own roof, and I will never keep a housewife even if she's a goddess - nor will I accept to be a house-husband.

Answer 1

The only losers are the ones that give up. If you keep that in mind even when times are tough you will position yourself for success. Life is full of ups and downs and being rich or poor to start is no guarantee you will stay that way in the long term. It's what you do with what you have that makes the difference...

I started out much like you - having to make my own way in the world. I had to work three jobs in college just to make it through. There were even times I went hungry and wondered if I would ever be successful. Now I am on track to retire at 55 and have more money than 95% of my friends even the ones who came from rich families.

It is great that you are almost complete with college as a college degree is the price of entry in most careers. Don't worry about needing to stay with your parents or rent even for a long time. I have done much better financially in the long run by investing in mutual funds than if I had tried to buy a house that I could not afford. Many people around the world are learning this lesson the hard way right now. Don't close the door to the stock market as it is the best way to get ahead as long as you play it smart and stick to mutual funds rather than trying to time the market yourself. Buy and almost never sell and your net worth will increase over time. See money.cnn.com for more ideas.

Hang in there! Remember you are only a loser if you give up!