Posted on 05/17/2010 6:22:11 PM PDT by lowbridge
Lindsay Binegar was 14 the first time she spent any winnings from years of showing hogs. She bought a purse. The second time, at 18, she splurged. She bought a four-bedroom, two-bathroom house with a two-car garage. And she paid in cash.
"I've never heard of a teenager buying a house," said Nikki Gasbarro, spokeswoman for the Ohio Association of Realtors. "Smart girl."
The Greenfield teenager has been saving money since she was 4 years old and won $100 showing a hog.
"I didn't get the money; it went to the bank," said Binegar, now a 19-year-old freshman at Ohio University's Chillicothe branch.
And so the pattern began. She'd raise a few hogs every year on the family farm in Highland County, show them at competitions and add any winnings or sales proceeds to her savings account.
"She's pretty tight," said Lindsay's dad, Gary. "She's always been big into 4-H, and every penny she made she just banked."
That included $15,540 for showing the reserve champion and grand champion hogs at the county fair in recent years.
By the time she graduated from Greenfield McClain High School last June, she had saved more than $40,000 for college.
But her parents had a proposition: They'd pay for college if she'd live at home and commute to Ohio University's Chillicothe campus.
The idea appealed to Lindsay's thrifty, practical side but left her wondering how to invest the money she'd saved.
Her dad, who runs Binegar Auction Service, had a suggestion.
"I said, 'You should buy a house,' " Gary Binegar said.
"I was like, 'Oh, Dad, that's a lot of money,' " she said.
But in August, Lindsay bought a house when her dad was auctioning one as part of an estate sale. She paid $40,000.
(Excerpt) Read more at static.dispatch.com ...
bump
So, her dad made 4K off the deal? Sweet. Keep it in the family.
/johnny
Smart girl. Of course it helps when daddy is the auctioneer. Now, if she can keep up with the property tax, insurance, and upkeep. Here’s hoping the relatives don’t stiff her on the rent.
That’s what I call “makin’ bacon.”
I hope she is smart enough to wait until she graduates college to get married, but it doesn’t sound like it.
My personal opinion is that 19 is too young to marry.
My personal opinionn is that I don’t like your personal opinion. Not everyone needs to graduate from college, although it is critical for liberal elites to do so.
I agree. But if that is her goal getting married can easily derail that goal.
That may be, but based on her track record of keeping her money on track and working hard most of her life, I’m betting that she’s a lot more mature and responsible than you’d be willing to give her credit for. She’s no ordinary teen, you have to admit.
How much money would she have at 55 0r 65 if she had invested the money at 5-10% a year. More than that ole house will be worth I bet.
How much money would she have at 55 0r 65 if she had invested the money at 5-10% a year. More than that ole house will be worth I bet.
type in home prices in Columbus and you will see that a 40K investment is likly to be 90K very soon...that looks pretty good.
At age 55 at 5% she would have $243,256.28.
At age 55 at 10% she would have $1,360,157.94.
At age 65 at 5% she would have $396,238,84.
At age 65 at 10% she would have $3,527,899.41
At 5% she will double her money in approximately 72/5 years or about 14.4 years.
At 10% she will double her money in about 72/10 years, or about 7.2 years.
But it really depends on how much you think the house will appreciate. She would have probably done better with a financial investment if you figure in all the upkeep, unless she can also rent it consistently.
Yes she is not your average teenage girl.
But learning to live with another young adult is challenging to anyone. And in learning to do that she will have to learn to handle money dealing wit another person who may not share her ideals.
Living with another person requires emotional maturity that a good many of us never achieve regardless of age.
Just my insights on life that it is better to enter marriage a little older and a little wiser and if your goal includes higher education; achieve that before marriage because that is pretty stressful without the complications of a new marriage.
She can probably handle it but we know nothing about her future spouse or his maturity.
Way to go, Lindsey!!! Sounds like this young lady will be an asset to any man she marries (and doubtful, given her home life, that she'll gravitate towards some loser who'll wreck it all).
You cant move a house in Ohio, And no you have to pay tax.
My Brother has 2 places he is still trying to unload in Oh.
He cant keep renters in them, but the taxes keep coming.
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