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Establishing a Legacy of Financial Savvy When I decided to buy Carly her first investment property at the tender age of 13, it was more than a financial decision—it was a commitment to her future. This move was not just about establishing an asset but also about laying a foundation for her to build upon, enhancing her understanding of the financial world and her role within it.
Establish Buying Power with a Bank or Mortgage Broker
It’s essential to determine your financial standing before venturing into property investment. Consulting with a bank or mortgage broker helps in understanding what you can afford, which is vital as most children, like Carly, won’t have established credit. Although paying in cash might seem like a straightforward option, it’s crucial to weigh the tax implications before liquidating funds for a property investment.
Cultivating Financial Wisdom from Youth
Financial literacy is not just about saving; it’s about understanding the flow of money. Discussing budgets, expenses, and investment returns with Carly has opened her eyes to the nuances of money management. Transparency in family finances has allowed her to grasp real-world financial dynamics, setting the stage for savvy financial decisions in the future.
Open a Bank Account for Your Child
Starting with a basic bank account, we ventured into more sophisticated financial tools. Given our longstanding relationship with Chase Bank, we opted for our children’s first debit cards through the First Chase Debit Card program. The Greenlight debit card is another excellent alternative we considered. Our next step is to issue Carly her first American Express card, aiming to build her credit and teach her responsible credit card usage.
Build a Stock Portfolio Early
Exposing Carly to the stock market early on has been a game-changer. She started with fractional shares and now owns full shares in major companies like Apple, Google, Tesla, and Amazon. This journey has not only educated her on investment diversification but also highlighted the importance of long-term financial planning.
Educate on Renting vs. Owning
Understanding the distinction between renting and owning has been crucial. Through resources like the BiggerPockets podcast, Carly has gained insights into the benefits and responsibilities of property ownership, fostering a keen interest in real estate investment.
Involve Your Child in the Buying Process
Involving Carly in the property purchasing process has been enlightening for her. Her engagement in finding the right property, undergoing inspections, and understanding financial commitments has been deepened by the fact that her mom is a realtor. Tagging along for showings has given her firsthand experience and a unique perspective on the real estate world.
Building a Future on Solid Ground Purchasing an investment property for Carly at 13 was not just about giving her a head start in the real estate market. It was about instilling in her the principles of financial literacy and investment acumen. Through this journey, we’ve not only acquired a valuable asset but have also equipped Carly with the knowledge and skills to manage and grow her investments, ensuring a legacy of financial stability and success.
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Jeannie Jacobs is a realtor with Nan and Co Properties, an affiliate with Christie’s International Realestate.
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