All Forum Posts by: Layla T.

This doesn't answer your question, but I've heard some pretty persuasive arguments for building your own calculator. In Excel, for example. Any reason why you're aiming to buy/borrow rather than build one?

@Bob Norris, thanks-- I will be sure to do that!

@Julian K. yes, I'll be a Franklin & Marshall grad in short order. Are you from the area as well?

All the ideas above are excellent, especially the calls for a "mini start up"...but I'm surprised to hear such a push for stocks.

While investing in stocks in certainly a very common way to get people involved in investment, I'd argue that stocks are very easy to "tune out" rather than actively learn from. Unless you're dedicated to fundamental investment (and have the time to research/learn accordingly) you're (sort of) teaching gambling. "Just put money here and hope the price goes up!"
Indexes are better in terms of risk, but aren't quite as relatable. If your goal is to make money-management an activity as opposed to something that "just happens," I'd argue that you should steer clear of stocks unless your kids have a real interest in learning about the stock market.

Instead I'd opt for something a little more hands-on:

1. Open Bank Accounts (Savings/Checkings) just be sure to find one with no fees! Learn how to save before you learn to invest. 

2. Provide a Rewards Credit Card so long as there is a strict limit to the amount. You could even just let the kids use your card (when you're there). Show how they get cash back for certain purchases and always pay it off each month. Learning the needs for and costs of debt is incredibly important. What better lesson than learning to use it with supervision? 

3. Collect Commissions on Junk this was one I did as a teenager and my parents (and I) loved. Give your kids a pile of clutter that's been sitting in your basement and have them hose a yard sale (or set up at a flea market). If done in your yard, charge "rent" for the space. If at a flea market, there will be real rent. Ensure that all sales are recorded in a notebook and, at the end of the day, give your kids a "commission" on all they sold. (Be as generous as you'd like!) 

4. Video Games Are Often Hated On and this doesn't help in terms of your real $100, but I would point out that most of my (also millennial-age) friends who are entrepreneurial souls got their start in MMO (basically means people playing together) video games online where a vivid "marketplace" economy allowed your character to work in trades, sell goods, and make profits. You playing with them? Cool Dad of the Year Award coming your way. 

Hi all! I say I'm a newcomer but, really, I--like all too many--have been acting as a "sponge" on BP for a years through reading the forums, buying BP's books, and listening to podcasts. Today, I made the leap and made my first forum post (Woo!) and I thought I'd keep up the momentum and post here as well.

I'm a soon-to-be college graduate in Lancaster PA who is relocating to Kennett Square PA this summer. I study economics and am well-versed on BLS and ACS researching that I hope will translate well as I get more active in the world of REI, generally, and market analysis, specifically. Would love to get to know people active in the Kennett Square area.

Thanks for the years of great content, BP. I'm excited to get off the sidelines and get involved in these insightful conversations. 

Scenario: Fresh out of college (May) and relocating with Boyfriend to start my new job in July. Unfortunately, the addition of Boyfriend's pitt bull means a boost to the already-quite-high rents in the area (Kennett Square, PA). After learning about REI for years, I'm having a hard time stomaching paying rents to increase someone else's equity.

I have decent credit (730), a frugal lifestyle,13K in student loans as my sole liability, and a well-paying job. I'm considering finding a 6-month or month-to-month lease until I learn the area, save a bit more, and find a multifamily (2-4 unit) property to house hack. I'd be looking to buy this property individually and have several family members + Boyfriend who are well-versed in the trades/renovations. (I, of course, would be putting in a majority of the grunt work.) However, I'm hoping for a "medium-to-light" fixer upper-- not a full gut job.

Kennett Square is 1 hr from family so it's a region I'll always return to and I don't plan on selling the property if I move out. 

Problem: While plotting this, friends, family, and Google seem to argue its a bad idea (right now) because...

(1) It doesn't make sense to invest somewhere you won't live in for a long time.

(2) It's a bad idea to take on so much debt while you're young. 

(3) You should have a considerable nest egg of emergency funds before buying a house.

Now I'm uncertain. I thought I'd bring my scenario to the pros at BP for a second opinion. What do you think? Does it always make sense to buy a property? Or is renting the way to go while in your 20s?