*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
What the heck is going on? Mortgage advice for kids? The last thing kids need to worry about is a mortgage. They should be out, running around and having fun!
Guess what? I agree with you. The reason that I'm writing this article isn't so that I can get an eighteen year old kid buying a house that's too expensive, or have them be put in a situation that screws up their future for the rest of forever.
Absolutely not.
The reason that I'm writing this article is to give a bit of advice to teens on what I wish I would've done when I was there age in order to prepare me for the future.
One of my all time favorite quotes comes from the book "The Seven Habits of Highly Effective People" by Steven R Covey. It reads, "Begin with the end in mind."
Now, before you jump to conclusions, I don't regret the school dances I went to, or the lunch plans with friends, or the football games that I attended to support my classmates. Those were filled with amazing memories that I still cherish to this day.
What I wish I would've done is put a fraction of the money I earned while working my high school jobs into savings. That way, I could put that money towards something better in the future.
My first job was a test prep analyst for Advanced Placement tests. I made a whopping $7.25 an hour and worked up to ten hours a day during that summer. I took the tests taken by students in my state, made sure every answer was filled out, made sure that the correct name, grade, school, and district were written down, and I distributed the tests to teachers and professors to look over and grade.
In a ten hour day, I made around $73. In two weeks, I'd make around $730. It might not seem like a ton to you, but back then, I felt like a king. I'd use that money to put towards dates, my car, nights out with friends, video games, and sports games and memorabilia. It was as though I had the world at my fingertips.
Looking back, I wish I would've started a savings account when I turned 16. I still would've used most of that money towards all the fun stuff, but I wish I would've taken $100 out of each paycheck and put it into savings. That still would've left me with over $600 to use on all the fun stuff that I'd encounter over the next two weeks, but over the span of four months, I would've saved about $800.
If I kept up that same pace my junior and senior year, I would've saved around $2,400.
With new jobs and opportunities coming after high school, new goals could be made and that savings balance would continue to increase. Getting into the habit of putting money into savings can be a good idea for kids who want to be that much further ahead with future financial goals.
Now kids. Don't forget to have fun. Be kids! You only live once, so make it the best life it can be. If you want to incorporate this tip into your life, great! If not, that's okay too!
Remember that as you begin with the end in mind, it's important to set smaller goals that will help you to reach your eventual goal.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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