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Lindsay Binegar was 14 the first time she spent any winnings from years of showing hogs. She bought a purse. The second time, at 18, she splurged. She bought a four-bedroom, two-bathroom house with a two-car garage. And she paid in cash.
"I've never heard of a teenager buying a house," said Nikki Gasbarro, spokeswoman for the Ohio Association of Realtors. "Smart girl."
It's not nearly as common as it used to be but it still happens - now the cool thing is not just her paying cash, but paying with money she earned and saved over many years - and what a cool dad to take care of the college part of it even though she could do it on her own - you would think most parents able to raise a kid that tight wouldn't loosen their paws enough to drop a penny.
Years ago I knew a girl who paid off her house by the time she was 27, she was a waitress at a medium priced restaurant. I thought that was pretty impressive...
The fact that this teen is renting the house out is great too, lol. Talk about getting set up early. Now as long as her spouse isn't a knucklehead with money she'll do just fine. I'd bet she pays cash for her dream home too when it's time.
Give the young lady some credit. She now has income of $450/month income and paid tuition.
There are quite a few young people that have businesses that throw off a lot of cash. And they do that while their buddies are lounging around doing nothing.
Raising and showing pigs is not easy work as it involves hours of work and hours of sitting around at county and state fairs.
Being in Ohio is about the only reason she could get a house like that for $40K, that's an awesome deal. You couldn't find a house like that for under $120K in my neck of the woods.
I paid for my first two cars and my first 3 years in college solely from my 4H and FFA projects. One market steer and 4 market hogs.
But it's REALLY REALLY REALLY hard work and I can almost guarantee most kids wouldn't be able to do it. It's not just 'stick a pig in a pen and then cash in 4 months later'.
We have 2 daughters. We told them live home, we pay for college ( commute) and you drive an old car. They did. One decided to do more college work and took out loans and moved out. She lives in an apt. and has loan debt, as well as a car payment. The second decided to take her savings and buy a house. She had $40K in savings and it was over half the cost; she paid it off after about 11 years. She also carries no month to month debt. [Very similar to the young lady here.]
2 daughters, one house, one upbringing. One insists on materialism and we won't bail her out -- she did the extra school, took the loans, lives in an apt, and still has a job making less than her sister who got a job after college, didn't spend insanely, and paid off a house.
Frugality, I am convinced, is a gene. You have it or you don't.
Kudos to the young lady in the article who definitely has the "frugality gene".
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