Mobile Home Investor · Spanaway, WA · Member since 2008 · 1k+ posts · 578 votes
13y
Quite a goal she has set up for herself. Owning 10 by age 18. She would not have to worry about setting up a retirement account. Might not even have to worry about looking for a job either. She could become a professional student and let her tenants pay for her education.
Foreclosure Specialist · Miami, FL · Member since 2011 · 153 posts · 24 votes
13y
I hope more parents watch that clip! Teaching young ones how to spend money in a way that makes money is what is needed to reboot our economy. Too many young people view credit cards as the fast track to happiness - until they trash their credit and are stuck renting.
Just a note on the humorous side though: someone should tell them that not all remodeling is done with a sledgehammer. LOL
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
13y
Wise Mom. This kind of an education beats 95% of a conventional education. And buying for $19k, that house will cash flow all day long. It would be great to get periodic updates on their progress over the next several years.
To soup up your kid's progress, have them set up a Roth IRA as soon as they have earned income. Teach them to self-direct. Show them how to get above average returns in REI, tax free. Financial independence by 30 or 35?
Wise Mom. This kind of an education beats 95% of a conventional education. And buying for $19k, that house will cash flow all day long. It would be great to get periodic updates on their progress over the next several years.
To soup up your kid's progress, have them set up a Roth IRA as soon as they have earned income. Teach them to self-direct. Show them how to get above average returns in REI, tax free. Financial independence by 30 or 35?
Hi @Jon Klaus - I'm curious on what your suggestion would be for what funds to start within a Roth IRA when a teen has very limited ordinary income. I actually came to the forums today searching "teen + IRA" as my 15 year hold will have $1000 this year that he wants to dump 100% into a Roth IRA and my wife and I are overly supportive of this. My initial gut reaction was to get him setup with VTSAX but my understanding is $1000 is not enough to get that fund started. So until he has more income, I'm wondering what suggestions you might have for us to consider for him.
Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
13y
Originally posted by Jon Klaus:
To soup up your kid's progress, have them set up a Roth IRA as soon as they have earned income.
To add to this, if you have young kids, generate some income for them. If you do it right, it can be quite a win/win.
For example, I've used a pictures of our kids (not clearly identifiable for safety reasons) on some of our marketing materials. Of course, I paid them to use their images. This gave them income (part of which will be put into a tax-deferred account) and gave my business a deduction.
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
13y
Exactly J Scott. A couple of years ago at the Equity Trust conference an exec with them told how they photographed their child on the day of his birth and used the images for marketing. The child was paid and funded a self directed Roth Ira or Solo K immediately. I assume it wasn't actually self directed.
Virtual Assistant · Austin, TX · Member since 2012 · 51 posts · 2 votes
13y
Wow. Good for her. At a very young age she does well in investing and making good decisions. A good model for those who are just starting in the industry.