Helping kids buy property.

[whitt]

I was wishing to help our kids out in the future with getting started in there first home.
As this forum shows the sooner they get started the sooner they build wealth.

Prehaps I could offer them a deal that we as parents will match any deposit they save for the purchase of there first home.

Advantages:
They learn to save for a goal.
They get into property market young. (we all not what that will mean)
They don't waste money on boy racer cars.
They won't live at home till they are 30 trying to save for a deposit. ( not sure on the cost of kids living at home when they are older. But am guessing the money you spend helping with deposit could be offset by them not living at home. So it may not actually cost any extra to help them out.)
They get a crash course on life, Bills etc...

Has anybody tried an incentive such as this and had any sucess?

 

[Bear924]

Whitt,

While I was growing up (opposed to the out now) and I wished to obtain a larger ticket item (I remember a computer printer) my parents would give a deal as follows. If you can save $100 we'll find the other $150. Back then it would take me over a year to save my $100 and I would have to forgo some things that many of my friends had. I believe this simple plan of forced savings has helped me ignore the 'must have' requirements of today's world and enabled me to start my road to wealth building earlier then some others. Perhaps your children are a little older than I was when I wanted a printer however I guess it's never to late to start.