Nothing drives me crazier than when somebody says “I can’t afford the down-payment ” or “I can’t afford to save”, but they are driving around a car that leases for $750/month!
This post was inspired by a new investor client that was thinking of getting into his first property. He had done the meetup’s, the courses, and tons of research on the areas he wanted to invest and was really prepared so I assumed he would have no problems financing his first purchase.
He had decided that since he was young and had time before getting married and having a family, he would purchase a duplex. He would live in one unit and rent out the other. He had found the perfect property that needed some work but he was able to get it for a steal – in Hamilton no less!
Depending on whom you speak with there are many ideas of how to build a retirement nest egg. I have a specific plan for retirement that includes real estate. While many people still believe the stock market is the safer way to go, I decided long ago it was not for me.
For one, I did not want to invest and pay fees and for two I did not want to invest in the stock market, where I had relatively no control.
The other day I was driving to do some errands with my 8 year old daughter and she commented on some really nice cars I first thought “wow she has good taste” and then she said “mom, when I am old enough to drive you are going to buy me that right?” and I thought, where do kids get their needs and wants from? And are we shaping their needs and wants? I explained that when she was old enough she was going to get a J.O.B. and earn what she wanted to have and not be given what she wanted. She did not like that one bit, which inspired me to write this post.
What if anything are we teaching our children about wealth creation, about needs vs. wants and how to attain those needs rather than wants? Continue reading