Never underestimate your teen and her pets
I was active in extra-curricular activities in school and I must say I’ve concentrated too much on sports and social orgs that provided me with initial networking strategies for my future career. To date, I’ve participated in several competitions and some of my prize winnings either went straight to the piggy bank or to my hobbies. Years later, I broke my piggy bank but I have a faint idea where I spent the money for. I guess it was a skateboard or something.
But if prize winnings were to be judged, Lindsey Binegar, of Greenfield, OH, is on top of her league. The fourteen-year old amassed a total of $40,000 since she started winning at H4 competitions by showing her grown hogs. The Columbus Dispatch writes, “The Greenfield teenager has been saving money since she was 4 years old and won $100 showing a hog… And so the pattern began. She’d raise a few hogs every year on the family farm in Highland County, show them at competitions and add any winnings or sales proceeds to her savings account… That included $15,540 for showing the reserve champion and grand champion hogs at the county fair in recent years. By the time she graduated from Greenfield McClain High School last June, she had saved more than $40,000 for college.”
But the 4-H winnings didn’t go to her tuition fee in Ohio University where she’s now a freshman. Lindsey’s father told her to buy a house. And so she found a two-storey abode during an auction. It was a smart move for the senior homecoming queen who’s now renting the house to relatives. The report adds, “She’s saving the $450-a-month rent payments from the house so she and her 22-year-old finance, Heath McNeal, can buy a small house when they get married in 2011. Eventually, the couple wants to buy land and build their dream home on top of a hill.”
There’s no age requirement for one person to buy a house except that given most teenagers’ financial situation, not everyone can save up for such large investment so loans are definitely hard to secure. This should be an inspiring story for children and teenagers to resist the urge of splurging on things that they’ll soon outgrow. Parents should encourage their children to start saving early by accompanying them to open a bank account. Teenagers can also read books about wise personal financial management. There are also plenty of money management columns in local and national dailies.
The thing is, age should not deter one from investing in a worthy purchase be it a house, a car, a gadget or even education as long as one won’t fall into massive debt. Parents should be behind their children to plan out wise investments.