A six-year-old has achieved the ultimate millennial dream after pooling her siblings’ savings to buy a house.
Ruby McLellan and her older siblings Gus and Lucy recently acquired a patch of land in Melbourne, Australia, after investing around $2,000 each in pocket money, enough for a deposit on the property, which is currently valued at around $671,000.
Now, we know what you’re thinking – what kind of six-year-old has $2,000 in pocket money? And you’d be right to ask.
The catch is, according to 7News, the McLellan kids’ father just so happens to be one of Australia’s most prominent property investment experts, and the author of a bestselling book explaining how to make your way up the property ladder.
Cam McLellan explained that he gave his children pocket money for completing chores around the house, and planned to impart his wisdom to them to help them grow their own property portfolio as they get older.
‘[My book is] written for my kids to use when they’re old enough, so I’ve outlined all the steps it takes to build a property portfolio,’ he said. ‘The price on that block has already gone up $70,000, so they’ve done well so far.’
According to McLellan, the plan is for the kids to sell the property in 2032 when Ruby will be 17, and split the profits. It’s an unorthodox approach, but with the property market in Melbourne booming, McLellan says it’s the smartest way to secure their financial future.
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