Having a budget and putting money into savings is a struggle that most people tend to have. It can be so exciting when we earn money as a kid that the very next thought on our mind is what we are going to spend the money on.
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Treating ourselves every once in awhile is important for good self-care. However, the best financial goals involve planning and saving for purchases that will be able to turn a profit. One young woman learned this lesson in saving and financial planning early on and is proving to be quite the inspiration.
In 2012, at the age of 14-years-old, Willow Tufano appeared on The Ellen Show to talk about how she had saved up $6,000 and was already a homeowner and landlord.
When Willow was 13-years-old she was struggling in school as a highly gifted student with ADHD. Her mother Mary Shannon Moore, a real estate agent in Floria, decided that homeschooling might be the best way for Willow to truly excel and began taking her around to homes that she was currently flipping with clients.
Very quickly Willow picked up a fascination with the work and began her own business of re-selling items that people no longer wanted. Using the freedom in her schedule that homeschooling allowed, Willow was able to save up $6,000 from selling un-wanted items she found on the curb and at thrift stores.
One day she heard of a house her mother had found on the market that should have been worth $100,000 at the highest peak of the housing market. However, because of the significant drop in prices, the house was now being listed for only $16,000.
That’s when Willow decided that she wanted to use her savings to become a homeowner. After negotiating a price reduction to $12,000, Willow worked with her mom who pitched in half of the cost and bought the house with Willow.
At 14-years-old she had become a homeowner!
Willow was able to begin renting out the home for $700 a month after some renovations and upkeep were done to the home.
During Willow’s interview with Ellen she was gifted with a new dryer to replace one in her rental property that was broken, as well as with a $10,000 gift card to ACE Hardware to help with all of her landlord costs.
Through Ellen’s generous help, using her half of the rent money to pay for renovations, and more of Willow’s own successful selling business, she was able to buy two more homes, all before the age of 18.
Using her resourcefulness and thrifty selling techniques, Willow quickly became a teen entrepreneur who was speaking around the country and sharing her wisdom. It’s certainly never too late to change your money habits and as Willow has proved, it’s definitely never too early to begin saving and turning a profit.
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