I noticed on the calendar that this Sunday, September 7th is National Grandparents Day. I started thinking that as a child in the 60’s and 70’s, I don’t remember ever having celebrated my Grandparents on one day in particular. So to confirm I hadn’t missed something (or that my mother had forgotten to remind me when I was 12 years old to call my grandparents, after 7 pm when the long distance rates were cheaper, to wish them Happy Grandparents Day), I looked it up. FYI---National Grandparents’ Day wasn’t founded until 1978 by President Jimmy Carter, just in case you want to throw out a little trivia this weekend while you are celebrating!
I never lived in the same town as my grandparents…that is, not until I returned to Knoxville, TN, to attend college at the University of Tennessee. So when we loaded up in the station wagon (4 kids and 2 adults!) to drive 12-15 hours to Tennessee to visit them every year for summer vacation, I remember how exciting it was to get to visit my grandparents every summer. (Especially after being cooped up in the very back of the car the whole time, making sure my younger brother didn’t cross “the line” in the middle onto my territory, look at or breathe on me. I was #3 of 4 kids and didn’t get to sit in a real seat on these trips until my sister went away to college and left a vacant seat. But my brother and I had way more fun than anyone in the car, waving at the truck drivers and getting them to honk for 609 miles. Each way.) I just could not WAIT to see them, and get loved on, pampered and spoiled for a few days each year.
Now, as an adult, my grandparents have all passed, so this is a time to reflect on their memory. When I think about my grandparents, I think about the fun times we had, but also what I learned from them. I hadn’t really thought about the “legacy” they had left with me until I attended a financial planning presentation with my husband several years ago. The speaker posed a question to the audience: What are your grandparents doing in their retirement (or what DID they do?) Did they retire at the age of 65? Did they have enough money to live comfortably?
As we all commented and contributed to the discussion, I found that, sadly, most reported that their grandparents weren't able to retire because that they never had enough money to cover their expenses. I was surprised at how many people in the room shared similar stories. At that moment, my husband and I realized that both our grandparents had passively blessed us, by example. Our grandparents had set some really fine examples: Don't spend everything you make, and when you DO spend, spend wisely. Educate yourself and make wise investments. Having lived through the Great Depression, they knew how important it was to be frugal, patient and to save for a rainy day.
What is a good investment? To begin with, you want a financial portfolio with investments in several different types of accounts and markets. Building wealth is about getting your money to WORK for you, and not putting all your eggs in one basket. Obviously, regular savings accounts aren’t likely to work very hard for you. Even money market accounts and CD’s take a while to grow. But these types of savings accounts are a great place to park your money that is easily available for those “rainy day” expenses that come up unexpectedly or short-term savings goals like a vacation or automobile so you can pay cash. The stock market is another option, but as we all know, it goes up and it goes down, and is not likely to have a good “short-term” return on investment.
But what about real estate? (You didn’t think I wouldn’t bring up real estate, did you?) The real estate market can take a long time, too. But if you plan to invest in something that you can hold on to for several years, real estate can earn a good profit. (Especially if you have picked up a really good deal, maybe a foreclosure or distressed property to refurbish.) As an example of wise investing, young parents can pay for their child’s college education by investing in a sound rental property when the child is a baby, then selling it when they graduate high school. Most, if not all, college expenses will be met!
If you would like to learn more about investing in real estate properties, give me a call! Charleston has loads of investment opportunities! You can either reach me at 478-973-2684 or 843-410-9906. And don’t forget to wish your Grandparent’s a Happy Day on Sunday! You don’t even have to wait until after 7 pm anymore!
Lovin' Life in the Lowcountry,
Janie
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