Parents spend their lives making sure their children are provided for in this cold world. It amounts to a lot of insurance policies (life and health), educational accounts for college, special savings accounts and possibly real estate trusts. The sad fact of it all is that no matter what a parent does, fate may radically alter the plans. It may not be possible to hand off to the future generation everything that has been saved up for them. Parents should realize the best thing to do is to teach that youngster how to make it financially on his or her own. That can be tough when a college degree is no longer the ticket to prosperity. Dustin Hoffman was given a one word piece of financial security advice in The Graduate: plastics. For these times there are two words that can help foster economic independence: real estate.
A Great Investment Tool
Time has shown the value of real estate in generating secure wealth. Young people should be shown how real estate produces financial gain and freedom. They need to understand how best to capitalize on it. Too many adults aren’t too knowledgeable about how real estate can generate a profit. Fortunately, it doesn’t take a lot to show how real estate can be a worthwhile investment. The education of the minor can start with a simple tour of the local neighborhoods. The kindergarten crowd can be taught to know what “For Sale by Owner” means, and first graders can make a game out of surfing the Internet for properties. It won’t be long before the child is able to pinpoint some real estate deals, and understand what mistakes are made when it comes to buying or selling real estate.
Explain Real Estate Money Making
Kids need to learn about real estate cycles and why these market motions matter when trying to profit on property. They can develop very useful ideas on what to do when cycles start to develop, and how to gain financially. Having the child volunteer to work with Habitat for Humanity is more than just a charitable thing to do. It provides a chance to develop DIY skills when it comes to home improvement. They can learn the importance of certain maintenance and repairs, save money later on when it comes to fixing up distressed property, and get better insight into the value of actively managing a property.
Along the way the young people ought to be taught some basic skills for managing money. They need to know how to save it, spend it, and budget all of it.
Encourage Problem Solving
All the knowledge in the world won’t mean much if a person can’t find solutions to problems which crop up. Learning how to problem solve early on will definitely help in later life. It will certainly help in working profitably with real estate. Encouraging an adolescent to actively deal with situations is not easy at times, but it is worth the effort. A serious benefit is the increase in confidence the teenager will start to show.
Let Them Test the Water
Practical application of learned skills is necessary at one point or another. You can purchase a distressed property and give your child the opportunity to manage it, permitting him or her to supervise any improvements and make other property related decisions. You will need to apply some oversight, but only to steer the kid away from bad mistakes. It will not be long before that same minor is well versed in real estate and on the road to creating personal profits and income.
It doesn’t make sense to always buy the latest Xbox game for your children. Those things come and go, and don’t add much value. Working with real estate can provide knowledge and skills that can last a profitable lifetime. You will probably not stop worrying about the welfare of your child. It is part of the parent job description and will be there when the youngster has become an adult. However, you do not want to be terrified about the financial security of your offspring as they get older. Some real estate education and practical experience afforded to them will help you sleep better at night. Contact us to learn more about investing opportunities in the Seattle area. We offer absolutely free investing advice. All you have to do is call 425-896-8806