I'm a college student whose focused in spending the first few years out of colleges to focus on saving and investing. While looking for options, live-in caretaking seemed ideal. (Apparently) no rent, subsidized/free groceries, no utilities, while getting an income of around 40k, which I assume at least 80% can be saved? Do any of you think that my goal of doing this job for 2-3 years out of college to quickly rack up savings and investments (80-100k) is a pipe dream, or something doable? I'm especially intrigued at the potential of living in a big city, while not having to pay rent, due to being live-in.
Is there some other caretaking position better suited for this?
Live-in caregiving doesn’t sound like it’s for you, whereas an overnight companion position for a healthy new widow or widower might be, which is how you market yourself. As I said, mil has no adls. Aide feeds the cat, walks the dog, sleeps there with the kid she brings, makes about 80k.
On cruise ships, similarly, lean away from kitchen, bartending or housekeeping crews. It’s constant 12-16 hour days every day for nine months with the pay at the bottom of the cruise ship scale. Think 1200 a month. Most Americans with fluent english gravitate toward being customer facing “staff” vs just crew. Being on “youth staff” means manning the kids camp from 8-9 three days a week and starting at 3 on the other days. Think 3500 a month. Entertainment and casino staff typically get days off as they only work nights. A few ships even offer dinner companions for guests wishing not to dine alone. (You can’t really date them or any other guest, though are more than free to date other staff.)
So, it’s not just about applying for anything in the field. You have to be specific.
If you really want to do this...and I hope you change your mind after reading many of the posts and comments.. A few suggestions and comments for you.
1. Make it legal. Taxes taken out. This will also add to the quarters you will need when you reach retirement age.
2. Contract..let me say that again Get a CONTRACT, Detail what you can do, what you can't do and what you will not do.
I would also make the contract reviewable every 6 months or so. People decline and what you could do 5 months ago you might not be able to manage. A person that needed a little help in March may be bedbound in August can you manage that?
Define "caregiver" There are Companion caregivers that do not do a lot of actual hands on caregiving. There are caregivers that are doing almost all the work that in another setting would be called a CNA. You have to decide what level of care you want to provide.
3. You can not work 24/7/365. You have to have days off, time off, Who will work when you can't? (what happens if you get hurt, sick, take a week off?)
I would look at other way to do what you want to do. Fawnby mentioned AmeriCorps. Great idea. Peace Corps another idea. If you want something in the medical field one of the civilian Hospital Ships like Global Mercy would be another idea.
I was a caregiver for 25 years before going into the business of it. I always refused to be a live-in. No way. The only way this could be a good experience is if you find a care client who is loaded and there are other caregivers living in the home. Never accept being the only one. You may think you'll be living a glamorous life in a big city on your day off. You won't be. Same is if you took a position as a live-in nanny. You'll be experiencing the big city looking out a window. Don't do it.
Graduate with your degree, get a job in your field, then stay home with your parents for a while (if they'll have you) to save up money. Or rent a place with roommates. You can save that was too while still enjoying your freedom. Don't go for the find an elder who will charge you a reduced rent if you 'help out'. What usually ends up happening in that situation is the elder will expect you to spend all of your time with them and when you don't will start resenting you being in their house.
What is your college education preparing you to do as a career? If you are pursuing a medical career, and have received extensive training to be a CNA or some level of nurse or nursing assistant, then, yes, working as a live-in caregiver could give you the job experience while presumably saving on costs of living.
But, I don't hear any of that in your proposed scenario. It sounds like you think it's just an ideal opportunity to live rent free while doing no real work.
People don't offer you free rent in their home plus a salary and feed you unless you are their spoiled child.
Being a live in caregiver is a job. It's a hard job which requires training and experience, and SELFLESSNESS, which I don't hear in your question. I would NOT want a 20-something college grad with NO working knowledge of what it takes to provide personal cares for an elder with dementia anywhere near my loved one, or in my home free-loading for a couple of years!
Have you read any of the stories on this forum of what it's really like to take care of someone who needs a full time CNA?
It is a life filled with unexpected crazy events, which you will not have prepared for, and it is Never-Ending! If you live there, there will be demands on your time at all hours! It's getting up at 2 am to take an elder to the toilet, then wipe their behind, possibly change their clothes, re-dress them, and guide them back to bed. It is an elder with dementia leaving the stove on, or the water running, or trying to escape out the front door wearing only their underwear. It is rolling a heavy person over in their bed to change an adult-size diaper, and bathe them. They will probably be too weak to help, so it will be up to you to devise a way to turn them, and get them to stay on their side for a few minutes.
It is changing the TV constantly, because they can't use the remote. It is cooking and cleaning (you're virtually a live-in maid) while hearing nothing but complaints about how you're doing it wrong.
Yes, there is another caretaking position better suited for your goals; why not be a live-in Nanny and take care of someone's children? That would be easier.
If your care receiver passes away during your time there, you'd need to get out on short notice. You may get lucky and find a great match but you have 0 experience and it's not like babysitting a 12-yr old. If you know nothing about dementia or even first aid, I'm not sure what you bring to the table. Do you have health insurance? You won't get paid holidays (if you even get those off). You might be better off condo/pet sitting but you'd need to have no criminal record and probably references.
Are you actually seeing this kind of job advertised, or just imagining them because you've heard about them? A job as a nanny for a very wealthy family might better match what you have in mind, IF you find one that actually sticks to the requirements of the law in terms of time off, overtime pay, etc.
Whichever you do, make sure the income and taxes are properly reported and handled.