As a parent, you only want what’s best for your child. This includes providing your child shelter, food, clothes, and a good education. Parents also play an important role in keeping their children away from harm and ensuring that they will be responsible adults in the future. As they grow up, your children become more aware of how things work and understand the implications of their actions.
But as they say, teach your children the important things in life while they are still young. One of the best things you can teach your young children is the art of investing. If you are a realtor, this may be the right time to educate your children about investing in real estate.
Perhaps you might think that your child is too young to understand such things. Toddlers are supposed to be playing with toys and with other kids in the playground, right? However, remember that we should not underestimate our children and their ability to learn in their own way.
Having said that, it is indeed possible that children can understand real estate stuff. You don’t have to hire a real estate agent to explain everything about real estate to your child. For one thing, a real estate agent in might get too technical, which won’t be suitable for young children’s minds. Instead, you can teach your child the basic knowledge about real estate that will suit their young minds.
As parents, you want your child to grow into responsible adults and make sound decisions on their own. This includes investing in real estate and to be well-educated financially. Of course, you would have to explain these things in a child-friendly way.
Teaching children about investing in real estate
One of the most important aspects of investing in real estate is saving and being financially educated. Even if they are not earning their own money yet, they can already learn the art of saving so it will grow over the years. It is also a nice idea that a child meets a buyer’s agent and learns more about his or her job. It is much better if you are working in the real estate industry.
There are two ways on how children can start saving up on their own. It’s either you can give them an allowance and let them be responsible for their money. Or you can let them earn money on their own. Regardless of the options, you want to aim for one thing: for your children to understand how money works and how to use them responsibly.
As mentioned, the way you teach them about real estate and financial stuff is crucial. It is important that they understand what you are talking about. If you have a realtor friend, you can ask him or her how you can teach about investing in a child-friendly way. You might be pleasantly surprised about how they can understand things even at a young age.
Real estate 101 for kids
Here are some tips to remember when teaching your children about real estate investing and other financial stuff that suits their age.
Teach them the art of saving up.
Remember how we used to have piggy banks that we hammer down once it’s already full of coins? Apparently, piggy banks are still a thing, and your kids would definitely love to have one. Tell them to put all of their coins in the piggy bank until it’s full.
Teach them to be responsible with their money.
Kids naturally love candies, toys, and other kiddie stuff. You can let them buy those with their own money instead of asking you for money. Let them know the implications of their decisions if they buy something and whether it will benefit them in the future.
Use kid-friendly terms.
If you or you know realtors, make sure to explain real estate stuff in a way that kids will surely understand. Avoid using terms such as mortgage, duplex houses, landlords, and the like. You can use alternative terms such as “borrowing money from someone so you can buy a house” or “someone who takes care of houses”.
There is no such thing as being too young when teaching children about basic things about life. You might be surprised by their capability to absorb learnings – as long as explained in child-friendly terms, of course. If you want to know more about real estate investing, you can contact the best realtors today!