14yr Old Girl Vs. Rich Weese......

[Nick J.]

Watch out Rich Weese, this one may be gunnin for ya....

Maybe she's read your book as well. Think about, 'Scotch Tape, Glue & Paste'

http://www.npr.org/blogs/money/2012/03/09/148218539/this-14-year-old-girl-just-bought-a-house-in-florida?sc=fb&cc=fp

ps. I put this in the 'innovative strategies' or whatever its actually called category. Forgive me if you don't think her method wasn't innovative enough...

[Jerry K.]

And here I've been holding my boys back on buying tax liens until they were 18. If they saw this article they would sue me for child neglect.

I did let my 2 boys get involved in one of our family businesses when they were in grade school. My wife (and I) have a custom area rug business. We design rugs and have them woven for clients. Niche is Frank Lloyd Wright Prairie and Usonian style designs.

My oldest (18 today) was in 4th grade and said "Dad, I can design like Frank Lloyd Wright designed rugs. It's mostly squares, rectangles, triangles and circles." I told him to go ahead and if I liked the designs, I would put them on the website.

If somebody ordered a rug in his design, we would work it this way; we deduct the cost of the rug, shipping and the taxes Dad would have to pay on the profit. The remainder would be his, but he had to save 80% in his college fund, 10% in another savings account because in life you have to pay for things like washer and dryer repairs, car repairs, etc. The final 10% he could spend but Mom and Dad had to give the OK.

Darned if one of his designs didn't get ordered right away. The rug was one of the largest rugs ordered at that time and his portion was $2,500. He had $250 to spend on whatever he wanted - and he was in the 4th grade!

The next part is unbelievable - he put it ALL in his savings!

His designs have been ordered for several other rugs over the years and he has over twice the amount saved for college next year than I had when I went to school.

He has bought a few things with his earnings - iPod, Mountain Bike, and small stereo, but he never came close to spending the 10% he was allowed to spend.

Just yesterday he asked how he could buy some tax liens now that he's 18.

Proud Papa moment...