- My mother invested some funds in a property and subsequently transferred both the initial amount and the earnings to me.
- When I was 23, I utilized it as a down payment for a house. I enjoyed beginning my journey in the property market early.
- I want my children to have the same financial advantage that I had growing up.
I bought my first property In 2009, when I was 23 years old, I had a charming two-bedroom townhouse within a complex located on the Gold Coast in Australia, my hometown.
My situation was somewhat uncommon. When I was young, I nearly passed away due to a prescription drug that led to a seizure and stopped my breathing. My mother pursued legal action and secured $20,000 in compensation, which she allocated buying an investment property (jointly owned by my parents and me).
When I reached 23 years old, she gave me the initial $20,000 along with the earnings, bringing the total to $40,000. This amount allowed me to utilize it as the deposit for a home I was the first among my peers to venture into the real estate world, and it was amazing to gain an early advantage on the property ladder at such a young age.
I needed to save up to cover the expenses, yet I still went ahead with the travel.
Back then, I held a full-time job as a newspaper reporter, though it didn’t pay much. The key thing I took away from purchasing real estate when young was learning how to save and manage money despite having limited funds.
I realized I needed to cover the mortgage I covered expenses like water, council fees, electricity, and insurance on the property, ensuring I allocated sufficient funds weekly for these necessities prior to considering non-essential purchases. While my friends spent their money on luxury items such as designer gowns or fancy vehicles, I reminded myself that I was investing in a more significant foundation for my future.
That being said, I still pursued my own desires, largely speaking. At the age of 25, I rented out the property And set out abroad for three years. During this period, I resided in Canada and London and explored various places across North and South America, then continued my journey through Europe and Africa.
Once again, my pals were astonished that I managed to reside and journey overseas while still owning real estate in my hometown of Australia. However, I had developed solid saving practices. There were moments when I juggled three roles in the hospitality sector simultaneously to meet my income targets, steered clear of dining out frequently, and shopped secondhand for clothes While residing in Canada, my partner—who later became my spouse—and I decided to move in together, which helped reduce our expenses.
I’ll acknowledge that it wasn’t entirely without challenges—there were certainly some tense times. For instance, as I prepared to depart from my Canadian starting point for a three-month journey through South America, my real estate agent sent an email indicating issues with my The tenant had damaged the property extensively. .
He had singed burn marks from cigarettes on the furniture and inflicted harm upon the walls. This left me extremely worried when searching for replacement renters. However, the security deposit provided by the tenant helped cover much of the repair costs. Additionally, my financial cushion took care of the mortgage payments during the period the house stood empty. Ultimately, everything sorted itself out successfully.
My spouse and I discovered a fixer-upper for our clan, and I managed to sell my initial home.
Once my spouse and I finally made our way back to Australia, tied the knot, and welcomed our child into the world, we decided it was time to purchase a family home. In 2017, we came across an excellent option fixer-upper with considerable promise In a burgeoning area of Melbourne known as Seaford, the property was situated approximately one and a half miles from the coast and conveniently near parks and facilities. It was ideal.
I eventually sold my townhouse in the Gold Coast, whose value had increased since purchase, and used those funds as part of the down payment for our family house. Starting off with this advantage in real estate turned out to be incredibly beneficial for us, and I'm deeply thankful to my parents, especially my mother, for enabling this opportunity.
I desire for my children to have the same chances I had.
Now that I am a parent to three children, I’m aiming to secure them the greatest opportunity early on for entering the realm of real estate. Recently, read a report Reflecting on the difference in property investments between men and women in Australia has only strengthened my determination to provide both my daughters and my son with the same strong foundation that I received.
Two years ago, my kids inherited some money From a dear family acquaintance. The funds are in a high-interest savings account , and we contribute to it monthly through automatic payments.
I am likewise conversing with a financial planner Regarding the optimal approach for investing my kids' inheritance on their behalf, I have discussed various possibilities with my elder offspring. My 9-year-old boy wishes to create a stock portfolio, whereas his 6-year-old sister believes her savings should be used to purchase an extravagant Barbie collection. Though she hasn’t fully grasped the idea of saving or growing wealth yet, we will gradually work towards understanding this concept together.
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