An 8-year-old girl named Ruby McLellan has made headlines as one of the world’s youngest homeowners after purchasing a four-bedroom house with her own money.
Ruby, along with her siblings Angus, 14, and Lucy, 13, bought their first four-bedroom home in Clyde, Victoria, Australia, originally valued at $671,000 but now worth $960,000.
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The siblings achieved this remarkable feat by saving $6,000 from their earnings, which they earned by assisting their parents with chores and by following their father’s investment guide.
Their father, Cam, who is the CEO of the property investment company Opencorp, taught his children the fundamentals of investing and the value of debt as a financial tool.
“In ten years time when our kids might start looking to buy their own homes, the deposits are going to be $200,000. There’s no way kids of today are going to be able to afford a home without help from mum and dad.
“We have four kids and might need to fork out $800,000, so the obvious thing to do is to use one small deposit now, buy a property, let it double in value and then sell it.” He told Femail
He continued: “‘Historically every seven to ten years property doubles in value
“I’ve been investing for 30 years and now is a great time to invest based on inflation decreasing and the prediction of interest rate drops.
“We do have a holiday house so I had to try explain the difference between a holiday renter and a full-time renter scenario
“Now that they’ve seen some growth in the property value we figured it would be worthwhile buying another one to spark their interest even more.
