Wazzup Pilipinas!
They may not be buying their first home anytime soon, but teaching kids about the value of real estate can help secure their future.
Financial advisors always say: “It is not how much you save, but what is important is to start saving early.”
The same goes with teaching Filipino kids about real estate: the earlier, the better. All parents want their children to succeed in life. One way to do this is to teach them to appreciate the importance of real estate. Although owning a house may not be the most crucial ingredient for being successful, it will sure help them achieve financial independence, not to mention provide security for their future family.
Teaching children about real estate early on also allows them to understand the hard work, challenges, and compromises involved in finally affording to own a home, but most importantly the perks that come with it. So when the time comes when your kids have to spread their proverbial wings and fly out of the family nest, they will be ready.
To guide Filipino parents, Lamudi Philippines has compiled a list of reasons why it is important to educate our kids about real estate.
1. They Learn the Value of Hard Work
Many young parents today were raised by baby boomers, who place home-ownership in high esteem; hence, many of them learned that owning a home is not as easy as it seems, but that it is very achievable if they work hard for it. Young people today casually jump from one job to another—or worse, resign from their jobs just because they feel like doing it—and this has huge implications on their financial standing. Many of them take years to finally sort out their finances to get approved for a housing loan, which could have been avoided easily if they understood the importance of job stability very early on.
2. They Learn How to Negotiate
When buying real estate, you should seek the advice of a licensed broker or even a lawyer to get good insight into fair and reasonable price. But then it will be up to the buyer to negotiate the price with the seller. Oddly, many people are not comfortable with the idea of negotiating; however, if you do not negotiate, you stand to lose a lot of our hard-earned cash. By teaching kids about real estate, you also teach them the importance of negotiating. It helps them gain confidence to walk away if a deal simply is not favorable. This will help them a great deal in life as well, as negotiating is part and parcel of our dealings every day (for example, when negotiating a salary at work).
3. They Learn the Importance of Good Credit Standing
In the advent of easy credit, many young Filipinos today have found themselves wallow to the burden of credit card debts, and how many of them were unable to get a mortgage due to dismal credit standing. This prevented many from owning homes. If children are taught the basics of real estate at an early age, they will understand how compromises have to be made in order to remain financially stable, which is the first step up the property ladder.
4. They Learn to Plan for the Future
If parents educate their kids on the importance of real estate, they are teaching them the importance of planning for the future. Although parental instinct pulls most parents to assist their children in any way possible to move up the property ladder, this only teaches them to be overly reliant. What parents can do is nurture their independence and teach them the value of hard-earned money.
Preparing kids with the necessary tools to help them find the road toward financial independence and home-ownership is one of the most valuable lessons any Filipino parent can give. This will in fact be more valuable than cash gifts or financial support, as it will enable them to manage their own finances and stand on their own feet well into the future.
It's a good thing that children will have an idea about real estates at their young age so that when they are already adults, they will be knowledgeable enough about it! So, I'm glad that an author was able to write an article on how the youth will be benefited from the teachings about real estates!
ReplyDeleteThis article is very good. I hope that the parents who have read this will be inspired to really teach their children about real estate. Just imagine the children who already have the knowledge about real estate. They will dream about their future house, business, or how successful they would be. Seeing little children dream of something is very precious and overwhelming and it will be even more precious when you see them reach their dreams.
ReplyDeleteA well written article, by reading this article, it gives the child information on how importnt real estate really is. And how important saving is, no. atter how small, as long as you start it as very young age. I justhope I have been informed about this wy way back before, so I had been able to save up and think about the expenses that I deal with everyday. People should be informed about this to ensure a better future for themselves.
ReplyDeleteThe idea of this article is great. Teaching Filipino kids about real estate is somewhat important because it is related to their future and what are the things that they might encounter as they grow up. Those basic knowledge and skills will help them to be ready for the challenges that they might encounter. It is also a great way of correcting the wrong attitudes of Filipino towards money.
ReplyDeleteI agree that Filipino kids must be aware of some financial stuffs! This can help them in trying to cope up with some financial difficulties.
ReplyDeleteThis is an interesting article that parents should read because it is a great idea to educate kids at a young age about the real estates. This might help them to be aware of financial things or problems. The content of the article is really helpful for the Filipinos because it is not too late for us to change our view about money and also for us to learn how to manage money wisely. :)
ReplyDeleteA very informative article! These lessons can come in handy in the future :)
ReplyDeleteA must read to those parents out there who want their children to be mentally prepared for the financial transactions they are about to make in the near future. It is vital to teach kids about real estate so that they would know how to handle things on their own.
ReplyDeleteI agree to the author of this article . Even only at a young age, they should know about real estate so that in the near future, they are well-prepared :)
ReplyDeleteIt is a good idea for parents to teach these things to their kids at an early age. This can make the kids be prepared for their future financial things and be prepared if there are financial problems to be encountered. I personally love how the author cited the 4 main reasons and how he explained each.
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