It is understandable, real estate is expensive, and it takes weeks to choose it. How differently children look at the world! For them, the purchase can be a real entertainment quest.
But for a six-year-old Australian citizen and her older brother and sister, the high house prices aren't a problem: The kids were able to buy their own home with their pocket money. It sounds fantastic, but it's a real story from the opposite hemisphere.
Together with their parents, Ruby, Gus and Lucy invested $671,000 Australian dollars to buy property. The kids got all that money for out-of-pocket expenses. They could have spent it on sweets or entertainment, but thanks to an unchildish conscience, they now have their own home.
Interestingly, the money was given to the children for a reason; the family decided to educate them in financial literacy from the very beginning of life. The three siblings received their "paychecks" for helping around the house and packing books on economics.
Their father, Cam McLellan, is an expert in financial literacy, so it's no surprise that his young children grew up to be like that. He even wrote a book on how to raise a child to understand investing. That's what the kids needed to be packaged to make money.
Together, the family chose a house in the suburb of Clyde in southeast Melbourne. According to the father, who is well versed in the local real estate market, the value of the land they purchased would double in the next ten years.
So this house can only be considered an original investment that will allow all family members to seriously enrich themselves in 2032. Probably during that time, the value of the house will increase by at least 19.5%. At any rate, that's the rate that exists in the real estate market right now.
Parents, as they admitted in an interview with the Australian press, don't consider the property they bought to be the ideal place for their grown-up children. They just want them to have a better understanding of how to invest properly.