Parenthood is never straightforward and sometimes you have to think outside the box; some parents believe in doing everything for their child, while others realise that learning by doing is a more effective way to impart knowledge into a child’s mind. We should take a lesson from Mother Nature; animals are not sentimental when it comes to raising their young; rather the goal is to make them independent as soon as possible. If we adopt this attitude with our offspring, they will quickly develop a sense of responsibility and that will remain with them for their entire adult life.

There is no doubt that teaching kids about real estate is important. After all, it is a key piece of our economy and can be a great way for them to learn about financial responsibility.

Understanding Wealth

This is an important point to get across to a child of 10 years, making references to various people and their standard of living. When your son or daughter has a question, answer it as best you can. When you are looking at those golf apartments for sale Alcaidesa offers, explain to your child how such a purchase is a wise investment, because land is a finite commodity that always increases in value.

Real Life Prepping

If you want your son or daughter to have a reasonable chance of a happy and successful life, you need to educate them about the realities of finances. If your child asks questions like why banks don’t print more money, this shows a level of understanding and you should encourage your child to enquire. One thing we do recommend is the board game Monopoly, as this is as close to the real thing as it gets. Play as a family and this will teach your child about property and the benefits of land ownership, receiving rent and watching the value rise.

Start Saving

The younger a child learns about saving, the better. Open a special savings account and let your child have their own passbook, which is an incentive to save. If you ask a person who saves regularly, they will likely tell you the concept was introduced to them as a child and it stuck with them. If you are planning to acquire a holiday home, the golf property for sale Sotogrande has would make for a great project for your child. Talk about the cost, how you plan to raise the capital, while also explaining the concept of interest on loans. You could sit with your child in front of the computer and search for the price of land 5 years ago and compare the difference to today’s prices. Go further back in time, and this will help your child to understand how the value of money changes over long periods.

Real estate has always been highly sought-after and that isn’t going to change, especially with almost 8 billion people living on our Blue Planet. If your child understands how the financial world works, this will stand them in good stead. Use your own financial status as a working example, break down your salary to show the home loan repayments and be prepared to answer any questions that might arise.