Man Buys A Plot Of Land & Builds 3 New Homes After Family Pools Their Money Together — 'First Find Non-Toxic Family Members To Do This With'
There is safety in numbers.
MB Images / Shutterstock With the cost of inflation and the rise in home prices, more and more people are unable to afford a home purchase. They are choosing to continue to rent or coming up creative ways to make home ownership a reality.
One man shared his story of how he and his family pooled their money to make their dreams of having their own place to call home come true.
In the video captioned “Family put their money together and bought one big lot. Now [they are] building three homes with one entrance. That’s smart,” TikToker Gilly (@gillygilly007) shared the tour a man gave of the property he and his family had pooled their resources together to buy.
The man in the video advised viewers that if they were going to dream, they should dream big.
He walked around the lot, which featured three new homes in various states of construction. There were contractor vehicles on site and dumpsters to discard of waste materials.
The man proudly walked around surveying the property that his family had purchased.
Commenters congratulated the family on their ability to commit to their goal and achieve it. One person said, “Imagine a family compound with a shared pool and club house and playground for the kids.” But another person was quick to point out that before such a huge feat can be reached, a person must have non-toxic family members.
Whether it’s feasible or not for your particular family, putting together resources has many benefits and can be the key to building future wealth for yourself and your descendants. Here are some valuable benefits of combining finances to accomplish extended family goals.
Here are 5 benefits of a family pooling their resources.
1. You can build financial bandwidth.
While you may not be able to afford an investment on your own, combining your money with other people you trust can be the best way to reach your investment goals.
2. You can relax the constraints on your credit.
Though your credit score is might not be high enough to obtain what collateral-based assets you want, adding family members or friends who might be better qualified could be a brilliant avenue to getting what you want.
3. You keep wealth in the family.
There are times when an elder in the family passes and, due to circumstances, a home that would otherwise be passed down is sold or repossessed.
With a family pooling resources and working together, there is a much longer lineage to pass possessions down to, making loss less likely. This is a great way to build generational wealth.
4. Work can be evenly distributed.
Home ownership is not passive. There is always work and repairs to be done and, at times, it can seem like an overwhelming feat for one person. The ability for everyone to pitch in will lighten the load.
5. There is safety in numbers.
With an estate where family members come together to live, the chances of a stranger challenging the safety of the environment is less likely. But safety is not just limited to physical protection.
A family can work together to give one another financial, mental, emotional, and spiritual protection as well. The more, the merrier.
NyRee Ausler is a writer from Seattle, Washington who specializes in content self-love, interpersonal relationships, and lifestyle topics. She strives to deliver informative and entertaining news you can use to help navigate life.