Teaching Your Children About Real Estate
The Millennial entrepreneur boom is also sparking a generation of entrepreneurial children. Kids today have more resources than their parents did when it comes to learning about business, and many have already dipped their toes into the money-making world.
One area that deserves some attention is real estate for kids. Granted, kids can't apply for mortgages or sign real estate contracts just yet. But they're at a prime age for learning how the real estate industry works so they can start filling their piggy banks for a down payment and potentially set themselves up for a lucrative life.
To show your kids the possibilities, we recommend these four money and real estate books for kids.
Investing for Kids: How to Save, Invest, and Grow Money
Age Range: 8-12 years
The sooner kids understand the concept of money, the sooner they can start making financial decisions of their own. The book Investing for Kids by Dylin Redling provides young readers with a solid foundation they can build on. They'll learn key financial terms in a language they understand and specific action steps on how to create a savings strategy and put money in the bank.
Rock, Brock, and the Savings Shock
Age Range: Preschool to Grade 3
Kids with foundational knowledge about how money works can level up their intel with this lesson in investment growth. The book Rock, Brock, and the Savings Shock by Sheila Blair follows two twins who are each given the same allowance, with a catch: their grandpa will match their savings, but only if they don't spend any of it. Rock and Brock must decide whether to spend or save their money, and the outcome paints a clear picture for kids.
How to Turn $100 into $1,000,000!
Age Range: Grades 4-8
A penny saved is a penny earned. But if you want to turn one penny into lots of pennies, you need to invest. That's the lesson in How to Turn $100 into $1,000,000: Earn, Save, Invest! by James McKenna, Jeannine Glista, and Matt Fontaine. The numbers sound fantastic, but this is exactly what real estate investors are doing every day. It's an excellent book to showcase the real potential of investing, as well as help kids build resilience if their first attempt at making money fails.
Riley the Real Estate Investor
Age Range: K through Grade 3
When it comes to making money with real estate investing, kids not only need to learn how money works but also how the real estate industry operates. This book, Riley the Real Estate Investor by P.E. Barnes, is written from a real estate investor's point of view. It shares industry information about house-flipping and other basic principles on how to make money with real estate. Maybe after reading this, your child will be interested in property management!
You're never too young to learn the value of a dollar — or how to turn one dollar into many.
