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.
It's harder working full time and going to school full-time but we wouldn't have changed anything for all it taught us.
I wasn’t in favor of the social pressure when you were supposed to marry in your early 20’s, and I’m not in favor of the social pressure now that you aren’t. People are different, and what’s good for some isn’t good for others.
Now I think a lot of good matches are lost because people are convinced they’re too young to commit and should keep looking around for a few more years.
Sounds like she’s grossing more than that off her rental income.
I am sure that you know that a lot of maturing happens between 18 and 21.
I agree with you that you never can tell where life will take you. Many people never enter the field that their degree prepared them for.
My only point is that if she really wants her degree it would be better to wait to marry. The wait will let them mature a bit and allow her to concentrate on her studies. In the mean time he can concentrate on his career and preparing a home for his future wife.
If the marriage is meant to be it can only strengthen their relationship. If not it is better that they find out before they make a mistake of a life time. Marry in haste regret at leisure.
You might have guessed I am a proponent of long engagements.
lol ;)
Sounds like she wants to graduate so she can teach, and I bet she’s planning to marry 2 1/2 years into her three year term in college.
The article says she is going to marry next year.
That makes her a freshman or a new sophomore.
She graduated high school last June, and it sounds to me like she just finished her first year of college. A year from now she’d have finished her second year, and by December ‘11 she’d be halfway through her third and final year.
I got married between my Jr. and Sr. years in college. I had a great job with a good income working in the accounting department of a local paper mill. Everything worked out fine.
My brother had bought 2 homes by 24 and that still blows my mind. No degree, just hard work.
Go stick in your backside, we were 19 and 20 when we got married 52 years ago!
That was a different world entirely.
The education you got in high school then is better than the most of the college educations offered today (especially if you went to a parochial school).
There was also a different cultural expectation ingrained in children then; people expected to be married once and forever. There still existed at that time a stigma against divorce.
It was also a bit easier to get a living wage job out of high school with out additional education.
I don’t discount your experience and I am happy of you however the culture today is profoundly different.
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