Youth aging out of foster care are at particular risk for negative outcomes including school dropout, homelessness, poverty, unemployment, substance abuse, health and mental health problems, and victimization. Yet we know little about how, when, and why these youth find themselves on a downward trajectory. This qualitative, phenomenological study--conducted in partnership with four public child welfare agencies--examined the lived experience of 19 youth during their first year after exiting foster care. The authors used monthly, contemporaneous interviews to explore domains including housing, employment, education, and relationships with trusted adults. Although outcomes in employment were poorest, participants' experience in all domains was characterized by frequent changes and instability. Adverse events began immediately and many youth were unsure how to navigate the system to get help. Yet youth who were successful in one domain were more likely to be successful in others. Risk factors included having four or more foster care placements, being on probation, accumulating fines, and losing government assistance. Protective factors included living with an adult who shares the rent and maintains a positive, consistent presence; being a full-time student; receiving educational and housing subsidies; having reliable means of transportation and communication; and maintaining the same job throughout the transitional year. Despite facing significant obstacles, the youth demonstrated resilience and optimism as they contemplated their futures. Recommendations include providing specialized services that target youth as they exit the system, and emphasizing stability rather than self-sufficiency.