Episode 023 - Financial Planning and Preparation for Families

<p><span style="font-weight: 400;">One thing that we’ve mentioned before in previous episodes is the idea of investing in Real Estate as a means of securing a future for your family. The more thought that we put into investments now, whether it be in a home or otherwise, has the potential to pay off greatly in the future in many different ways. This week we’re doing some Thinking OTB for financial planning and behaviors for your children’s future.</span></p> <p><span style="font-weight: 400;"> </span></p> <p><strong>Using Real Estate as a College Investment</strong></p> <p><strong> </strong></p> <p><span style="font-weight: 400;">There is so much potential in Real Estate investment that can be used to build upon itself outside of just buying and selling a home. Selling a home can be a way to make cash quick, but it’s not the only way or even the smart way of getting money out of that investment. Refinancing a home and using the freed-up cash to buy another home is something we’ve spoken about before regarding new home buying, but this can also be used toward paying for college as well. Properly planning out a strategy of that earns income can be more valuable and will go farther than any quick payment. This is also not to mention having a home for your children to move into should they decide to leave the nest!</span></p> <p><span style="font-weight: 400;"> </span></p> <p><strong>Putting Your Kids on Payroll</strong></p> <p><strong> </strong></p> <p><span style="font-weight: 400;">Part of financial planning for the future is being secure in the knowledge that your children will know what to do when the time comes for them to be in control of their own financial future. Putting them on a payroll, if it’s financially viable, can be a great way to help teach them about money management while still in a safe place for them to learn. There is so many things we learn about money and budgeting and investment that only comes when we have money to do these things, and that time is usually when we’re the most vulnerable to