UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next
Author: StockGoddess Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75377  
Subject: Re: It's Never Too Soon To Start Date: 2/23/2012 9:04 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 8
Savers and spenders always seem to marry....

Forget the birds and the bees, we need to be having money talks with young kids!

My recent financial talk with DD (now 15) was about profit and loss from owning a rental property. We were on the way to the doctor and just chatting in the car.

I said "See, you put 20K down on a rental - less than most people spend on a car. Paint it, rent it for more than the payment. We get about $200 a month more than the payment."

Ooooh!

"BUT - this month we had to hire a plumber to fix the toilet and disposal. That was a negatie $450"

But USUALLY you make $200, right mom?

No...actually USUALLY we put the extra $200 towards the morgage so we just break even. Even if we didn't, with repairs and such we don't make a lot.

(puzzled stare) So....why....

See, in 3 more years it'll be completely paid for. The tenants will have bought a house FOR us. THEN we can choose to either keep the entire $800 a month as pure profit, OR sell it for $100K and bank the entire thing.

Wow...$9600 a year or $100K. Mom, you make it sound so EASY.

No, it's NOT EASY. It's SIMPLE. But it is NOT easy!

What's the difference?

Imagine you want to lose weight. Losing weight is SIMPLE. Eat less, exercise more. Losing weight is NOT easy.

(look of enlightenment)

8D

Kids are fun. I don't know what the beyatchin' is about.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Post of the Day:
Macro Economics

The Future, or What's Left of It
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement