MOST adults are eager to fly the nest and move into their own space as soon as they have enough money to do so.
But despite earning a whopping £174,000-a-year ($220k), 31-year-old Sal Khan, from Houston, Texas, has told how he’s decided to remain living with his parents Veeda and Najam, totally rent free.
The businessman explained how he moved from California to Texas to live with his parents during the 2020 pandemic, and they insisted on not charging him rent.
During that time, he decided to focus on developing a strong bond with them, saving money, and purchasing some properties to help with his future.
Fast forward four years and he’s managed to save a whopping £158k and has developed a real estate portfolio consisting of four properties across the States – but not everyone is impressed.
“The fact that I’m living with my parents – there’s a lot of stigma attached to it,” he admits, speaking to CNBC Make It.
“There’s a cultural aspect to it where it’s required that you take care of your parents – it’s a choice, and it’s a choice I made to be with my parents, and I’m grateful for this choice.”
Sal, who works in tech sales for a software company, has a base salary of £122k ($155,000), while the rest is bonus and commissions, meaning he can make anywhere up to £174k a year.
Not stopping there, Sal’s older siblings gave him the idea to invest in real estate too, something his parents have always encouraged, and he hasn’t looked back since.
“My goal was to make sure I can have enough savings to go and get my first property,” he explains.
“For my four properties, the approximate net income would be £6.3k ($8,000) for the year.”
Yet despite raking in the money, Sal, whose biggest splurges are “eating out and travelling,” says his parents are very “relaxed” when it comes to bills.
However, he points out that he does like to gift them £158 ($200) a week just to show he’s grateful, and pays for some of their medical bills, too.
As for properties, the savvy 31-year-old managed to buy his first in April 2022, with a down payment of roughly £75k ($95k), and, after expenses, now nets £463 ($585) per month from the property.
Over the next 18 months, business-minded Sal continued to build up his portfolio, snapping up properties in Florida, Arizona and California.
He added that in total, he spends around five hours a week on maintenance of his four rental properties – whether that be scheduling a plumber, electrician or just keeping an eye on things.
I do want to get to at least £1.5million ($2 million) in assets before I move out. So that’s my personal goal
Sal Khan
To date, Sal currently has around £167k ($212k) saved in a Robinhood portfolio, £36.4k ($46k) investing with Wealthfront and £29k ($37k) in retirement savings.
And with the £158k ($200k) saved, he’s planning on using this to put a down-payment on his fifth property that he’s currently looking for in Houston.
As for “eventually” moving out, that’s all dependent on whether he hits his financial targets.
“I do want to get to at least £1.5million ($2 million) in assets before I move out. So that’s my personal goal,” he says.
The video has since garnered an impressive 108k views and hundreds of comments from across the globe – with very mixed reviews.
“Lol, it isn’t really about saving money. At some point, you want independence, and you learn how to budget. Being at your parents’ house carries a certain amount of obligations inherently,” wrote one.
A second penned: “You give your mum £158 for rent and you make £174k BRO! SOOOOO cheap…………….”
A third commented: “It’s really great and smart but also being independent also a need in adulting.”
Elsewhere, others commended Sal for his savvy approach to saving, with one reassuring: “There shouldn’t be a stigma at all. Taking care of your parents is the highest honour.”
A second penned: “Doing the same in my mid-30s. Saved £118k ($150k) in 3 years and just came back from a 3-week vacation to Asia.
“No shame at all and I enjoy the company of my parents since I didn’t spend a lot of time with them when I was always away in the military.”
A third noted: “My dad would rob me blind if I made this kind of money living at home.”
Meanwhile, a fourth praised: “This man is smart. I’m sure if many people can move back home to save money and buy a house.
“Many people shame others for living at home but to keep it a buck, rent is expensive and it’s only getting more expensive and unaffordable.
“So if someone can save £158k in 3 years by living at home, so they can actually buy their first house, why not do that?”
