The Passive Dad

News From My Realtor: HOA Condo Rules Won’t Allow Investors At This Time

Scott — Mon, 23 Mar 2009 10:00:47 +0000

This last week I was given some unfortunate news about a investment condo I was interested in purchasing for a rental property. My agent contacted the sellers agent and asked if any offers had been made on the condo. He learned no offers had been made, but the sellers agent did ask if I was going to be occupying the condo or make it an investment property. The condo has 100 units and only allows a small percentage to be rental units. The sellers agent is going to find out what the exact percentage of rental units is allowed under the current HOA restrictions. If the percentage is close, I could purchase the condo and sit on it until the numbers are lower, but risk my investment return. Also, if another unit doesn’t convert to an owner occupied condo, I could lose out on my investment completely.

Another option is to petition the HOA and show them that I’m willing to increase the value of the property and have them screen tenants. This process would take time and I might lose the property to someone who is planning on making the condo a primary residence. It’s looking like I need to move on to another property and put this one behind me. It has been a fantastic learning experience and I’ve learned much more about HOA rules and regulations. At this point I’ve invested nothing buy my time, so I feel fortunate compared to some recent stories shared by my Realtor.

I spoke to my Realtor about four potential investment condos when he shared an interesting story about a client of his. The client purchased a condo several years ago and decided to move to a bigger home nearby. He contacted his HOA for another set of keys for a common area for a new tenant that just signed a rental agreement. The HOA admin game him a shocker when they stated that he was not allowed to rent his unit under the HOA rules. The client had to petition the HOA for several months and meet with the current board to plead his request. To make matters worse, the HOA President was also his next-door neighbor and did not want his neighbor to become a renter. The client finally was able to rent out the condo, but lost out on 6 months worth of rent, or $8,000.

After hearing this story, my plan is to contact any HOA and receive a written letter authorizing the purchase of the condo for investment purposes. I can’t imagine buying a rental property and finding out it can’t be rented out. I feel that this has been a wonderful learning experience and another passive income investment property will be found. This week I’m going to be looking at several condos around the same part of town and my Realtor will pre-screen them with the sellers agent to make sure they are available to investors. But, I’m still going to demand a letter from the HOA if an offer is made.

Do you have restrictions on your condo HOA? Have you tried purchasing a condo for an investment property?

Weekly Blog Reads: Pecuniary Associates Edition and Personal Finance Carnivals

Scott — Sun, 22 Mar 2009 20:37:38 +0000

This week I’ve had the privilege to join an amazing new group of personal finance bloggers called the Pecuniary Associates. These bloggers help challenge the way I think about spending and saving money. I was also able to guest post and read some other amazing personal finance articles from around the web.

Pecuniarities wrote Our Financial Lent: Giving up Chocolate and Ice Cream for a Month to Save $14. I’ve been able to stay the course and not spend money at Starbucks for my daily cafe Americano and scone. I have slipped once or twice, as we have a Starbucks at our Target store. I figure by brewing my coffee at home we’ve managed to save hundreds, if not thousands each year.

Living Well On Less wrote Losing weight can save you money and I’ve found some cheap ways to exercise with the family include riding our bikes and playing tennis. I love all the free and inexpensive ways we can all stay fit and have fun as a family.

Financial Nut wrote America’s Cheapest Family: Raising 5 Kids On 35k Per Year. I am always inspired by families like these who have a philosophy of establishing saving goals and sticking to them.

Counting My Pennies wrote Friends and money don’t mix. Having a roommate can certainly put stress on your budget if you don’t have a plan for community expenses.

Greener Pastures: Personal Finance wrote It’s EPA Fix a Leak Week. Once small leak that drips every second could waste up to 3,000 gallons a year. Time to do a spring checkup around the house.

Personal Finance Carnivals

Green Panda Treehouse hosted Carnival of Personal Finance#196: Music Edition

Good Financial Cents hosted Money Hacks Carnival- March Madness Baby!

Remodeling This Life hosted Festival of Frugality #169: St. Patrick’s Day Edition

Great Personal Finance Blog Reads:

The Greenest Dollar wrote Cut Your Electricity Costs With An Energy Monitor. I’ve looked at purchasing the Kill A Watt with a friend to help find out what appliances use the most power and if we should upgrade any older units.

Smart Passive Income Blog wrote How to Publish an Ebook Series – Part 1 – Hard Copy vs. Ebook. Pat offers some wonderful insight to creating an ebook.

Passive Family Income wrote Cutting out Wasteful Spending from the Budget.

The Almost Millionaire wrote How I Shaved $30,000 From My Family Budget. I also appealed our property tax bill and was granted an $800 reduction.

Guest Blog Post

This week I wrote a guest post for Yielding Wealth called Passive Income Opportunities In Your Job

Can’t Make Up Your Mind? Call A Frugal Friend

Scott — Wed, 18 Mar 2009 10:00:44 +0000

photo credit: Phillie Casablanca

Maybe your are at a cell phone store talking to a salesperson, when you find out that you can upgrade to a new phone and contract. You really just wanted to keep your existing contract, but that new iphone or Blackberry would be really amazing. What do you do when faced with a tough financial choice like this one? Do you make a quick decision, tell the salesperson you need to think about it, or call a frugal friend for advice? You might consider yourself frugal, but when faced with a choice, you sometimes like to splurge. You could probably find 10 reasons right now why you want a new iphone, but do you need one? Your frugal friend could be a mother, father, aunt, uncle, cousin, or even your spouse. Have you ever thought of calling a frugal friend to help with a tough financial decision?

What are some ways calling a frugal friend can help save you money?

1. Negotiating prices. If you are buying a car or large ticket item, it might be wise to call a frugal friend and get a second opinion. Buying a car can be very stressful and many numbers are thrown at you all at once. A friend can help you think through the purchase and make sure you are not buying some extras you don’t need. Do you need a security alarm installed by the dealer or used car warranty? Maybe you could find a third party who is cheaper.

2. Signing a contract. You utilize a real estate professional or attorney in some states when purchasing a home. Do you utilize a professional or third party when signing a cell phone contract? Do you understand early termination fees, text messaging rates, or internet usage charges? Many people are surprised by these fees and might have avoided them if a friend helped you read through the contract before signing.

3. The upsell. You might not even now it is happening, the upsell. Now you shouldn’t call a friend when you are being upsold at the movie theater. The typical upsell involves asking the customer if they want to purchase the large Coke for only 25 cents more. It’s a brilliant strategy, and I admit to falling for it. What about at the electronics store? Did you buy the warranty for your new pair of shoes? It only cost $10, but did you read the contract? Does it cover normal wear and tear, or only defects?

4. Jewelry. If you are buying or selling jewelry, do you know how to negotiate? If you are buying a diamond engagement ring, do you take a buddy with you that’s married. A married buddy has already research diamond rings and can offer you some invaluable money saving tips. Knowing your personal budget and making sure you have a plan for paying off this purchase is probably your first step. If you are close with your buddy, you can discuss your budget and spending limit before entering the jewelry store. You will probably be shown some rings that are out of your price range, and your buddy can give a nudge or cough to bring you back to earth. You and you new wife will feel much more happier starting your marriage off debt free.

5. Customer service. Next time your frustrated with a poor customer service call or situation, call a friend and calmly discuss the situation. I had a co-worker who was also a wonderful friend offer to help me deal with a car dealer. The dealer would not offer to fix my car as they said the damage was a pre-existing situation. I new I had never been in an accident, but couldn’t prove it to the dealer. My co-worker had a similar situation and took it to another independent dealer to examine the damage. I took the car to another dealer and they found that the car had been in a severe front impact accident and I then took the report to where I purchased the car. They fixed the damage and gave me a loaner car during the repair process. Listening to my frugal friend helped me emotionally and financially.

Many of us live busy lives and don’t think twice about signing a contract or buying something nice for ourselves. But, what if a quick phone call to a friend who is also frugal and has your best interest in mind. Most people wouldn’t care if you purchased an iphone and didn’t really need it. A friend who cares about your financial health might be able to offer you a second opinion on your larger financial decisions. I have benefited from having wonderful friends when looking at real estate or researching home loans. I would imagine my frugal friends have saved me thousands of dollars over the years.

What I Learned About Real Estate Investing Today: Be Patient

Scott — Mon, 16 Mar 2009 10:00:58 +0000

photo credit: allaboutgeorge

This week I’ve been researching real estate in our local area trying to find an opportunity for an investment property. Three condos caught my attention as they were priced aggressively and were all under $100,000. I utilize Zip Realty and have a search setup to scour a 5 mile radius from my home for condos or town homes. Ideally, it would be great to find a single family home but the prices are out of range for an investment property. My goal is to find a property that can generate positive cash flow and also have the potential to increase in value. Every since I purchased my first home, I’ve had a dream of investing in an investment property that could provide passive income for my family. Real estate investments have the opportunity to earn passive income through rent paid by the tenant. Once the property has been purchased, the income derived from the property is mainly passive. My plan is to manage the property myself, so I do anticipate handling any repairs or tenant questions.

I met with a friend who is a local Realtor and we discussed investment properties and what to keep in mind when looking at a property. Much of the meeting was a sobering reminder of the current economic climate facing the real estate market today. He reminded me to be patient and not to get frustrated with banks, as the buying process can last for months. The property we looked at today, he explained, could take up to 5 months to close because it’s a short sale. He was going to contact the sellers agent to find out if it was a bank approved short sale. If not, it could take months. The property was listed at over 50% off it’s purchase price from 2003 and the bank might not want to budge on the price.

The condo has only been on the market for 6 days, and my Realtor expects that it might have several offers already on the table. I was surprised when he said that so calmly, as I thought the real estate market was soft in our area. He explained that the market for high end properties is soft, but very aggressive for single family homes and condos right now. Again, he told me to be patient and prepare to wait it out. The selling agent might have also priced the condo below market value to encourage multiple bids. I thought, wasn’t this the same tactic used during the real estate boom? Why not price a property at what the bank would approve? It seems that if a seller doesn’t get a banks pre-approval, the buying process will only become more complicated.

Just as with any other investment, have a walk away price. My friend told me not to get emotional amid the potential bidding frenzy and to stay focused. Plenty of properties will be coming up over the next few months and this condo isn’t the only potential deal. I’m sure glad my buddy is conservative as well. He explained, even if we bid on the condo, the bank could take several weeks or months to review the offers.

What about a normal condo sale? Actually, it’s difficult to find a condo in our area that is not a foreclosure or short sale. Maybe sellers are waiting to see if the market rebounds before trying to sell. I would like to look at other condos in our area, but have to do more research on HOA and neighborhoods first. I would like to find a condo near our home so that it makes the research much easier, as I know how to market the schools and shopping opportunities. Although, I might also find some better deals further out.

It’s has been an interesting week, and I’m anxious and excited to learn as much as possible about investment properties. Have you started looking at investment property recently? If you purchased a short sale, how long did it take?

My Favorite Weekly Blog Reads: Funny Money Edition

Scott — Sun, 15 Mar 2009 10:00:59 +0000

photo credit: Rob Lee

This week I’ve found some great personal finance blogs and one in particular made me laugh out loud. You’ll find it among the wonderful articles found in my Google reader this week. If you are new to The Passive Dad or a regular visitor, I hope you consider subscribing to my blog and receive free updates via email or RSS reader.

Living Almost Large wrote Hip to Clip? about the trend she’s noticed of shoppers using coupons. I’ve been clipping now for about 2 months and enjoy interacting with other shoppers. I’ve managed to help out some shoppers when I had an extra 20% off coupon that I didn’t need.

If you are looking for a great source for coupons, be sure to checkout Coupon Dad before your next grocery trip.

The Family Wallet wrote Freezing Meat to Save Money and I’ve actually done this recently. We had a local store advertising tri-tip for $2.77 a pound and I bought several packages for our freezer. We bbq almost every weekend and we’ll use it up this spring and summer. Do you freeze meat or veggies if you find a good deal?

Money Ning wrote The Secret to Having More Time and Being More Organized and asks how you spend your time each day. Do you accomplish more if you stay busy throughout the day or if you have more down time?

One Frugal Girl wrote Real Numbers: Eating at Home Saved us over $130 this Month and shows how eating at home can really add up.

Not Made Of Money wrote The Tightwad Gazette – 4 Things I Learned from the Queen of Thrift and mentions how precious space can be in your home. It feels like I’m always having to find another way to store kids clothes in the garage. Currently we have the plastic stacking bins with different ages and clothes marked on the outside.

No Debt Plan wrote How to Start the Drug Store Game and walks through the process of saving money utilizing coupons and money saving programs. I’m looking forward to following Kevin’s progress.

Nancy Zimmerman wrote the funniest post I’ve read all week called Friday Fun: the Taco Bell mgr who wouldn’t accept the $2 bill as payment. You’ve got to read this perfect narration of what happened when she tried to buy a burrito. It seemed that Taco Bell thought she had “funny money”. Have you ever had someone reject a $2 bill before?

Are You Thinking Too Much About Money? 10 Ways To Deal With Financial Stress

Scott — Sat, 14 Mar 2009 10:00:33 +0000

photo credit: Ingorrr

The stock market has had it’s largest decline in 12 years, and news agencies seem to report more layoffs every week. You might be finding yourself checking your stock investments daily, if not hourly, and your not sleeping well at night. How can you relax when financial news is constantly changing each day and you’re concerned about your families financial well being? What if your company is the next major layoff? My family is dealing with a layoff situation now and the news changes each week for us. We are not going to just sit back and hope for the best, but take action and enjoy what we have right now. I want to preface that this is not a list of ways to forget about your financial situation, but ways to refresh your mind and body and possibly relieve stress.

Here are some ways we are dealing with financial stress:

1. Exercise. Get out and go for a jog or run. I love taking my dogs out and giving them a good run. It helps them relax and allows me to think about something else besides money or finances.

2. Talk to a friend. Find a friend who will listen and see if they want to grab a coffee or just chat on the phone. Be upfront with them if you’re not looking for financial advice, just someone to listen. Call your parents or grandparents and find out what is going on with family news. I’m sure someone is having a baby or getting married. Some good news will be a welcome change.

3. Read a book. Find a book you put down and still need to finish. Visit your local library and re-read a book from your childhood. Stay away from magazines or newspapers during this relaxing period. Ask a librarian for a book recommendation if you can’t seem to find anything.

4. Be a kid. Do something you loved to do as a child. Ride your bike, ride a skateboard, roller blade, or roller skate, just do something fun.

5. Take your kids to the park. If your children are still young, run around and follow them on the jungle gym. I love to ride down the slides with my kids and they love to see a big guy try and fit on the metal slide. Build a sandcastle or play hide and seek.

6. Make something for dinner you haven’t had for years. Maybe you have a fond memory of fish sticks and french fries or piggies in a blanket for breakfast. Make a meal for your kids or friends and invite them over to experience your food memories. You might find a friend who shares a similar memory.

7. Watch a favorite movie. If you have a favorite comedy, watch it. I love 80’s movies and they always make me think about high school or old friends. Ferris Bueller’s Day Off is a favorite of mine.

8. Build something. Work on a project you’ve been putting off for a few months. I’m sure you have a list or know someone who has a list for you already. Build a dog house, bird house, or some shelves for your garage. Paint a room or paint a chair. Working on projects makes me focus my energy on the task at hand.

9. Donate your time. Visit a local homeless shelter or offer to assist at a local animal shelter. Working with animals can be extremely relaxing and will probably benefit both you and the animal.

10. Take a nap. If you’re working 40+ hours a week and running your kids around on the weekends or evenings, try and fit in a power nap on Saturday or Sunday. Just 30 minutes could leave you refreshed and able to take on the new work week.

Again, this is not a list of ways to escape financial stress or financial obligations, but some ideas to help you take back time for yourself. In case you are interested in ways to take control of your finances, I’ve also written articles talking about eliminating credit card debt and establishing an emergency savings account. Spending a little time each week for yourself and your family can help you focus on your finances and work situation. After a power nap or watching a favorite movie, you might just find that you are energized and refreshed.

What are some ways that have helped you cope with financial stress?

Help Jump Start The Economy And Buy A New Car You Can’t Afford

Scott — Fri, 13 Mar 2009 09:04:58 +0000

I was driving down the road when a commercial came on the radio from a local car dealership. The ad wasn’t your typical advertisement for new or pre-owned cars touting the safety or reliability of the cars, nor was it even an American auto dealer. The dealer had a personal plea to prospective buyers that asked listeners to help jump start the economy and buy a new car. He went on to say that he thought the economy would be fixed if we just went back to doing what we were doing and buy items to help grow our economy. I was amazed that the entire car commercial was about forgetting our financial problems and just buy a high end automobile. His message was clear, we won’t get out of the financial mess until we start buying again.

Several questions came to mind listening to this car commercial.

1. What happens if a customer loses a job? The assumption is that a new car buyer will be employed for the 5-7 years it takes to repay a car loan. I suppose a new car buyer could pay cash for the car, but my assumption is most people need to take out a loan. If the new car buyer loses a job and the car bank takes possession of the new car, how does that help the economy?

2. Is a used car a better investment? Buying a used car that meets your family budget would allow you to pay your other bills on time. Buying a new car might stretch your family budget, increase car insurance, not to mention the increase in our California vehicle license fee.

3. What about your current debt? Even if you purchase a new car with a fixed monthly payment, you might be surprised to find out your credit card companies are changing your rates. Credit card companies are allowed to alter your credit card terms and can increase rates. That new tv you purchased last year for 9.99% interest could increase to 19.99%. Check your terms and conditions of all your credit cards. If you don’t have a copy available, contact your card companies to get the latest terms and conditions. You don’t want to be surprised by your next months bill.

Before making a major purchase like a new car, be sure you have an adequate emergency savings account and that you have a plan for paying down your credit card debt. If you have an adequate savings account, no debt, job security, and your retirements on track, maybe you can consider buying a new car. Or, buy a newer one with low miles.

An Ipod, Princess and Big Mac Can Help You Educate Your Kids About Investments

Scott — Wed, 11 Mar 2009 10:00:24 +0000

photo credit: bubble_gum

Maybe not in this current economic climate, but investing can be educational and fun. Teaching your kids about companies that make the ipod, princess dolls, and even the Big Mac can allow them to understand the basics of investing and wealth creation. It is so much easier to describe to your child the company that manufacturers Big Macs, since you can physically watch them being made at any McDonald’s (MCD) restaurant. They can touch it, look at it, and even taste one if they enjoy hamburgers. Some companies make products that might not be easy for kids to understand and get excited about. Take the time to find something your child is passionate about, then research the company together. If your child is older, maybe you can look at a company like Intel (INTC) or Cisco (CSCO) that make technology components. Maybe you have a teenager that must have the latest clothes style? A junior higher or high school student might look at you a little different if you started talking about the latest fall school fashion outlook at Abercrombie and Fitch (ANF) or American Eagle Outfitters (AEO). What are some other ways you can get your children excited about investing?

1. Listen to your children. You might enjoy municipal bonds funds as a safe investment vehicle that offers a good yield. On the other hand, you want to also have your children become interested in investing and muni bonds might not be exciting for them to learn about. Find out what your kids enjoy. I’m sure you know what they are asking you to buy them on a weekly basis. An ipod or maybe a new toy? This could be a great opportunity to research a company together that manufacturers the product your child wants to buy. You might be surprised how much you might learn about your kids during this stock research process. You can visit the companies website and look for the investor relations tab or link on the bottom of the site. Most companies allow you to download the prior year annual report via pdf. The annual report is full of interesting facts about the company, sales targets, goals, worldwide offices and forward looking statements. You can also create a fun game and try and find companies selling below the product price. For instance, how many shares of Apple (AAPL) could you purchase for the price of an iphone?

This week I want to look at Disney (DIS). Disney is a global brand that many kids will immediately recognize for animated movies and theme parks. Disney also runs cable channels such as ABC and ESPN. Each year it seems the studio releases a blockbuster hit that fuels demand for toys and accessories. If you have ever visited a Disneyland theme park in Anaheim or Orlando, you know that Disney is fantastic at marketing and offering an amazing experience for guests. Disney also reaches out across many age groups. Your toddler might enjoy watching a Disney show like Handy Manny on tv, while a teenager enjoys watching a Disney Miramax movie. Disney could be a good company to start discussing investments and savings with your kids. Both of you are familiar with the products and you can learn more together by researching the company and reading the annual report. See if you can learn about the other Disney parks around the world. Your kids might be fascinated to learn about unique rides in different countries.

This is the first in a series of weekly posts about kids and investments. Each week I will highlight a child friendly stock and would love to hear your stories about teaching your kids about investing.

Save $15 And Wash Your Own Dog

Scott — Tue, 10 Mar 2009 10:00:21 +0000

photo credit: Clevergrrl

Coming out of a grocery store this weekend, I noticed a sign in front of Pet Food Express advertising a $15.00 self service dog washing center. I had to go in and inspect what $15 would buy and was surprised to find a very nice set-up with clean waist high shower areas and blow driers. Having two labrador retrievers, the cost would be $30 to bath my canine friends. I spoke to an employee who told me they were having a special if you purchased 3 dog baths, the 4th was free. Is it really worth $15 to take my dogs to a store and bath them myself?

What’s the time and cost of washing your own dog?

1. Time. It take me approx 20 minutes to rinse, soap, rinse and dry off one of my dogs. If I got in the car and drove the dogs to Pet Food Express, it would add an additional 10 minutes.

2. Dog shampoo. I purchased a fairly inexpensive dog shampoo at the store and it’s lasted for almost a year now. Total cost of shampoo was $9.99.

3. Hair Drying. I use old beach towels that we have set aside specifically to wash our pups. The store did have a large hose hair drying that would not require me to wash and dry my beach towels. This would save a little bit of time and resources. I’ll say $3.00

4. Water. If your dog requires warm water baths, it would add a little additional cost to your home utilities. I would imagine it would cost about the same as a long 20 minute shower. If you did take your dog to a self service dog store, you could bath them as long as you like. I doubt though you would want to make a day out of it. An extra money saving tip: you could jump in the shower with your dog and save time and money by conserving water. Just be sure to use the correct shampoo on your pooch.

5. Extras? No need to clean up. You can leave dog hair, water puddles and just walk out the door. How much is this worth to you?

If you have children at home, maybe you can wash your dog together as a family. That would certainly speed up the process and you probably will share a few smiles and laughs together. If you have several children, you could put one in charge of washing and another in charge of drying. Having a labrador that gets dirty constantly, the price could easily hit $30 during the rainy months.

Maybe you live in an apartment and don’t have a large shower or bathtub to wash your dog. Taking your dog to a self service dog wash or groomer may be your only option. Some breeds also require grooming and trimming, but fortunately that’s not needed with our labs. Although, I do have a neighbor that shaves his dogs each summer to help relieve them of the heat. I think my dogs would just run away if I approached them with a pair of hair clippers. Is it worth $15 dollars to make a mess of your yard and use a few towels?

Did You Put A Savings Account On Your Baby Registry?

Scott — Mon, 09 Mar 2009 10:00:42 +0000

photo credit: killrbeez

You just found out you’re pregnant and you can’t wait to start building a family and loving new room for your baby. You might be thinking about putting together a baby registry at Babies R Us, Target, Walmart or another department store so friends and family can help celebrate your new baby. Thoughts of the many outfits you need for a newborn, crib, and changing table might give you images of excitement as you imaging caring for little junior. Maybe you’ve helped a friend shop before and the thought of picking out everything from newborn bottles to a new car seat make you lie awake at night with excitement. Have you thought to add a savings account or stock investment to your baby registry?

Picking out newborn outfits and infant bottles can be exciting for new parents, but so is the prospect of starting your child off with a solid financial footing. Wouldn’t it be nice if you could simply sign-up for an investment account the same way you purchase baby clothes or baby toys? Well, it basically is that simple. Many companies like Sharebuilder offer the ability to start an investment account for your child. You can open up a custodial account for your child in a few minutes and get them started investing earlier than you did.

The baby registry is a way for friends and family to celebrate the birth of your new baby. Parents, grandparents, and friends review your baby registry and buy items that will help you build a secure and safe environment for your little one. It’s been a few years, but here’s some of the items I remember from our baby registry:

1. Car Seat
2. Changing table
3. Crib
4. Baby bottles
5. Newborn clothes
6. Diaper champ
7. Diapers
8. Baby monitor
9. Blankets
10. Baby toys

I’ve probably missed at least 20 items, but thought I would highlight some of the most important above. All of these items are so important for a baby to prosper and thrive, so shouldn’t we also consider adding a savings account to the gift list? Imagine what this passive income opportunity could do for your new child.

With the help of my parents, I opened a 529 college saving account within a few months of my first child’s birth. Number two took a few years later, although I have since made up for delay and added additional funds. Any future cash gifts can be added directly to the 529 accounts. Having your bank account information added to your 529 account can also make the process so much easier. Automate your investments and you’ll find one less excuse to start investing as it will allow you to focus your efforts on building wealth and playing with your family.

If you don’t have the funds available to invest in stocks, consider opening up a savings account for your child so friends and family can help them save money. You might be surprised to find out that grandparents, aunts and uncles, and even friends would be interested in helping your baby start a savings account. Even an ING savings account will allow compound interest to grow over time. Imagine how much money your child could earn if you opened a new savings account within the first few months of birth. The point is to get started early and help them save money on a regular basis. Once your child’s savings account is established you can deposit any future birthday checks into the account and watch them get excited with they see the earnings grow.

What was your favorite gift from your baby registry?

The Passive Dad

News From My Realtor: HOA Condo Rules Won’t Allow Investors At This Time

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