Lindsay Binegar Buys House With Savings?

Lindsay Binegar is an 18 year old teen from Frugal who bought a house with 4-H savings.

Very few 18 year olds I have ever known were this good at saving money and making investments. It is absolutely shocking and impressive.

Lindsay Binegar followed the age-old advice: Save your pennies. Since she was 4-years-old, the Ohio teen had been saving her winnings from 4-H competitions, and at 18 she had saved up enough to buy a $40,000 house, with cash.

That sets such a good example to teenagers.
What is your opinion?

asked by Marcel in Personal Finance | 3070 views | 05-18-2010 at 02:53 AM

Interestingly enough, Lindsay Binegar doesn't even live in the home she bought. Instead, she rents it out to relatives, and saves the money earned. The goal will be to buy a "real house" for herself and future husband, up on a hill. Not bad for a teenager when most are spending their money on designer jeans.

Lindsay Binegar is only 18, but with her $40,000 savings she has grown over the years from her 4-H winnings, she is now the proud owner of a house in Greenfield Columbus. She paid the down payment in cash and it is a four-bedroom, two-bathroom house that includes a two-car garage.

Lindsay Binegar painted the inside of the two-story frame house and added new carpeting and then rented the house to a great aunt and uncle who wanted to relocate to Greenfield.

It turns out that Lindsay inherited much of the genes of her dad because when her dad got out of high school, he bought a house, too which he paid for $7,000. In the living room of the house that he bought, there was 3 feet of snow. He fixed it up, rented it up, then sold it and bought the farm where he and his family live.

The first time she bought anything with her winnings was at 14, when she bought a purse with the money she got showing her hogs. She raised the animals on her family farm in Highland County, and then put all of her winnings into a savings account. Pretty soon, the prize money added up.

She saved enough money to put herself through college when the time came, but her parents struck a deal with her -- if she stayed at home and went to college, they'd pay for her schooling.

The idea appealed to Lindsay's thrifty, practical side but left her wondering how to invest the money she'd saved. Her Father suggested that she buy a house. So this 18 year old girl from Ohio bought a super nice house with all the money she had saved from her winnings from 4-H competitions.

answered by Les | 05-18-2010 at 03:00 AM

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