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What is a good job I can have that will give me enough money to get a small house?

Greetings! I'm Ms. Rohm at the International Community School. My 3rd graders have a few questions and I'd like to share your advice with them. Thanks for your words of wisdom! :)

#career #homeowner

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Ken’s Answer

Hello.

Owning your own home is a great thing. It gives you pride in having something that is yours. Also, home ownership helps you to become financially stable because when you have a mortgage, each month you are paying down part of the principal of the mortgage along with the interest that you owe the company that you borrowed the money to buy your home. As you pay off the principal amount that you borrowed to buy your home, you own a larger percentage of your home. Once your kids are grown up and have moved out on their own, many people sell their house and move to a smaller house, condo or apartment. You will most likely have extra money because the home you are selling is worth more than the smaller home that you are buying. This extra money can help you live in your retirement.

You first need to decide where you want to live. Homes in each village, town and state vary in how much they cost. Once you figure out where you want to live, then figure out what size house that you want (how many bedrooms, bathrooms, etc). You will then know how much money the home that you want to buy will cost. When you know how much money your home costs to buy, figure out what is 80% of the cost of the home. That will be the amount of money that you want to borrow from a company to lend you the money to buy your home. Take that number and divide it by either 180 months or 360 months. These months equal the two most popular lengths of a mortgage (15 and 30 years respectively). After you have this number, find out how much the taxes are for the home in the area that you want to live and the size that you are looking for. Divide that number by twelve to get the monthly number, add that number to the monthly number that you have to borrow and multiply both by three. That is the monthly income that you will need to earn to afford your home. The reason for this is the cost of your monthly mortgage payment and taxes shout be around 33% of your monthly income. You can then see what jobs pay that amount of money each month. Hopefully a job that is something that you are interested in pays that amount. Then save for the 20% of the home that you will need to pay when you buy your home. The 20% added to the 80% that you are borrowing equal the 100% cost to buy your home.

Hope this helps!
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Lavezz’s Answer

Home ownership is something you can achieve with most careers. The best way to achieve the goal of home ownership starts with planning. My suggestion would be to think of a few things you are passionate about. If you can begin to think of the things you enjoy doing, this will help you identify a career that will support your lifestyle. By lifestyle, I mean the things that you enjoy doing. These things can be going to professional sports games, going to the movies, going to museums or zoos or going to restaurants with family and friends. These are also things to consider when you search for a home.

So my advice would be to think of a few things that make you happy. If you can do something you enjoy everyday that will be a reward in addition to helping you reach your goal of home ownership. Second, save money. Believe it or not you can start saving for your home now, save as much as you can and when you've saved enough to achieve your goal. Start saving today!

Good luck
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Jose’s Answer

I would venture to think that you Ms. Rohm have given your students sound knowledge to this question but since you posed it, this is my humble response. I don't think it's so much the type of employment one has that will give them their house. The reasoning for this is there are many homeowners with various types of employment whose income range from poverty to rich. This I think could cause one to wonder if a person who is in poverty can own a home just like a person with a lot of money what does the job that person has have to do with them having a house. I think your students are only asking about home ownership, not the style of house other than it be small. Of course if somebody wants a certain type of house this then would depend on their income.
My advice would be to help the children understand what it is to be responsible by helping them learn who they are on the inside so that they are people of good character, living by integrity, honesty, a sense of justice, high standards, and a wholesome moral fabric. This way they aren't just homeowners but quality people who are upstanding citizens and considerate neighbors. Encourage them to see successful homeowners as people who can read, comprehend what they read, have at least some understanding of math, learn how to plan, relating it to students who do homework, complete projects/reports during the given amount of time instead of the night before, etc.. Hopefully all of your students from a young age will receive a financial education about money i.e. finances, accounting, credit, investing, the banking system etc. which has the capacity to generate their wealth. Teach your students from what the other people gave as answers to your question as well! Lots of success to you all!
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Terence’s Answer

Thank you for taking the time to pose the question on behalf of your students!

As stated by a few here, owning a home has less to do with a specific career, and more about deciding what someone is looking for in a home and saving money to attain that. I think there are 2 big lessons there - learning the value of money, and making decisions based off of tradeoffs. Fundamentals of saving and managing money would be great to focus on with your students, Ms. Rohm. One of the simplest lessons I remember was a teacher going to 1 chalk board and writing "50" and the other writing "51", she then said "if you make this much money (points at 50), don't spend this much (points at 51). Understanding how to save money and the importance of managing it yourself are critical lessons for the students to understand.

From there, deciding on what someone wants in a house can be a fun exercise in prioritizing. Students can take a bunch of different factors (house amenities, size, etc.) and weight them against others (cost of each of these, neighborhood, proximity to friends/family) to learn about tradeoffs.

Hope that helps!
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