Forum Replies Created
My advice is that you save up as much as you can and if you & your partner are making over $200K a year then I'm sure the bank will accept you to borrow so you can invest. Trust me, investing is a good opportunity and you can save heaps from it. Plus, borrowing the money you need to get from the bank can be quiet hard as a lot of people these days have credits card «creeping» into their wallets like spiders! Well, good luck with getting a loan so you and your partner can invest in something new. Selling is always an option but then if you cannot borrow, it can also be another issue. I'm sure something will pop up in the next two years or so for you guys start getting somewhere big in the nearby future!
Ryan, I say you are on the right track to teaching your kids about money. When I was thirteen going onto fourteen, my parents had bought their first property investments to see where it would take us and it turns out, buying your first property investment does make you start thinking differently about how, where and what you want to do with your life. I mean, what my parents learned, I learned. I told my Mum & Dad that when I turn sixteen I wanted to buy myself a convetible car — as long as it's flash, brand-new etc. They said I can get that kind of car of my dreams, but I have to work towards it very wisely before spending over AU$30K on a BMW convertible! I agreed, but new at once that it's not going to be easy.
So, I started off small by helping around the house, the property we bought, cleaned up and everything, but it didn't seem like as if I was going anywhere, you know? I was kind of hoping my parents explained to me at how rennovation really works when you bought an investment. My mother painted all the walls in the house to a totally different colour and it was looking OK, but the lesson I was getting taught from my parents was harder than I thought. I had to skip a month of school and used to think investing was a silly idea, but now older, 19, I soon realized that buying your first property investment is a really big deal. The whole idea about me writing this to you? I started learning about investing at the age of thirteen! At a young age, able to adapt to anything new that I get given/taught from my parents & friends! Although, my friends never had any interest in investing in real estate, I knew they were missing out on a great opportunity here, while they got school work stuck in their faces — even if they attended uni it will only get bigger!
OK, I hope my letter here will help. I mean, investing in property has made me think twice about what I'm really going to do with my life as I get older. My friends will slave hours of work, deny that is how life is supposed to be, but I stayed strong and know that slaving away hours of work, making somebody else rich, isn't the kind of life I want to live, Thanks to my parents who taught me the beauty of investing in real estate during my first year of high school, I managed to open up my mind to the bigger opportunities that are out there!
My advice — start teaching your kid(s) about investing at a young age…I say 10-13yrs is plenty! My youngest brother got started investing when he was six but didn't know much about it…now he is turning 13 this year, he knows A LOT about investing in real estate!Cheers!!
