We often hear the saying, “start them young”. When it comes to real estate knowledge, the saying can’t be any truer. It’s daunting to think of teaching young kids the basics of real estate, but as brow-raising, as the idea may sound, it can also be most beneficial to them.
Real estate is much more than a business or a multi-billion industry, it’s also quite personal. At some point in our lives, just about every person will deal with matters of real estate—whether that would be purchasing our own home or dealing with property. But is it only limited to home purchases? There is so much more about real estate that can help a child as they grow.
Here are a few values and life lessons your children could pick-up when taught about real estate at a young age.
- They Work Towards a Goal
Buying one’s own home is a common life-goal that many people have. And it’s definitely not a bad ambition to strive towards. Teaching children to work towards a goal can help not just in terms of motivation, but reminds them that hard work pays off. So even at a tender age, they understand that some things require more work and patience to achieve.
- It Makes Them More Confident When Dealing With Money
Rico Hizon, International News Anchor At BBC shared in an interview with Inquirer.net that a few of the reasons why Filipinos do not invest is because they lack education in investment tools and they fear losing salary. The same article shares that out of the middle and upper-class Filipinos, only 8% invest.
If children at an early age can be taught and educated about the basics handling of money, and investing or saving up for their future homes, they become less scared of how to handle their own money. Instead of shying away in possible investment opportunities, kids can grow up to be more secure and aware of how they invest, spend and tuck away their hard-earned salaries or allowances.
- They Appreciate the Skill and Process of Negotiation
In fields such as real estate, it’s a given that the price slapped on a property isn’t going to stay. More often than not, there’s a whole bargain charade that will happen. Just like investment and dealing with money, there are those who turn their backs in any matters of negotiation, especially if it has to do with money.
Even with the smallest or most basic of situations, teaching kids how to negotiate and compromise can help them in the bigger picture when they one day have to deal with transactions, business settlements or even job offers. It’s a basic skill and even art that can greatly benefit them so that they know when they deserve a bigger end of the bargain or if they’re overstepping.
- It Eases Them Into The Realities of Adulthood
Whether it is commonly discussed or not, many young adults deal with a quarter-life crisis during their mid-20s. A study by LinkedIn even shared that 72% of young professionals in the United Kingdom alone have experienced a quarter-life crisis. This results in them questioning their career paths and life choices.
When we were children, we simply had a home in the forefront of the things we’ll have in the future. That it’s easy to consider it as a basic need rather than a luxury. Of course, as we age, we understand the responsibility, requirements and even demands of being a home or property owner. It’s much more than mere choices of the finest decorated home.
Sometimes, easing a child to understand that the things we often think are basic things we can acquire are actually luxuries we can experience, isn’t always a bad thing. By setting their expectations, it doesn’t discourage them but opens their understanding early on. Even though they may not fully grasp the concept, they have an idea on how to prep themselves not just in real estate alone but in the responsibilities they will slowly receive. So that adulthood doesn’t come as a huge wave but a smoother transition.
- It Promotes The Habit Of Saving Up And Investing
Money shouldn’t be too taboo of a topic that parents have to completely shut out discussions with their children. There are much simpler and basic ways to teach younger kids how they can earn, save and invest their money. Promoting the habit of saving up at an early age creates discipline, and it’s a core value that children can bring with them as they grow older.
If you learned about real estate a little later in life, don’t you wish you started earlier? It’s a great experience and piece of knowledge that your children can learn from you. Trust us, it will be worth it for them as the skills and information can take them to place