Graduating is exciting as it is terrifying. College and university graduates are facing an uncertain future and a challenging economy. Anywhere you are in the world, landing on that dream job will not be easy. Parents, who have gone to the ends of the world to see this day unfold, know that all too well.
There is no question that education is the best investment because through it, parents are investing in their child’s future. But even after graduation, parents worry: “what awaits my child now?” And this anxiety is shared by newly-grads as reflected in a survey in 2009 by an insurance company. The company eHealthInsurance.com asked graduates what they want as gifts and majority went for the “practical” over the “fun” stuff. Topping the list is a new car, health insurance, and money to pay rent.
Parents want nothing but the best for their kids. Worrying in silence as their child goes through the “real world” would be agonizing. If only parents had their way, they would give their child the best graduation gift ever.
Here are the reasons why nothing says “congratulations” better than a condo:
A condo is a great investment both for the child and the parents. It could be a second home for the family. As a parent, you want to make sure your child is in a place that is convenient and secure even as you decide to finally let him go. It gives you the peace you need.
Buying a condo in the Philippines has been made more affordable with easier terms of payment. Here’s a suggestion: parents could help their newly-grad with the down payment or the deposit if it’s a rent. When your child gets a job, tell him to chip in if not pay the monthly mortgage or rent on his own.
If your child is responsible enough to handle such investment, a condominium will not only be a real estate investment but an investment into his character and sense of responsibility. It will walk him through what “real world” looks and feels like.
Giving cold cash as a congratulatory gift will do nothing but make a newly-grad ecstatic beyond words. But the thrill would eventually wane down. The problem with money is it easily diminishes value. Unlike some investment ideas, money is tempting and does not teach you the value of hard work.
If a newly-grad splurges on travel, a gadget, or a big blowout, the money will be gone before you know it. So if you know that a child cannot be trusted with money, don’t give him any. Get him something he actually has used for.
Face it: when your child gets a diploma, he will have to start doing things on his own. Party’s over and he will now appreciate not paying rent, not chipping on fuel, and getting free laundry.
A graduation gift like a place of his own will force him into getting his act together. After all, he does not have much choice. If you trust him enough with living on his own, you will be surprised with how much independence could do to a child.
It will take proper guidance and a significant amount of time before first time condo dwellers would come to terms with living alone and living responsibly. There is a condo checklist for everything and anything he might need as soon as he moves out of his parents’ nest — from his microwave to his bed linens. Anyone who has lived away from home knows this is no easy task. But at the same time, there is no better training than getting your hands a little dirty.
Teaching a newly-grad with finances is always a challenge. As soon as he lands on a job, he would always feel like he needs to reward himself with every paycheck. He would then splurge on things that do not really help him become financially independent someday.
f he rents a condo or pays the mortgage of one, he will know the value in every cent he spends. And since he has bills to pay, he will realize there’s such a thing as saving for the rainy days. He will then learn how to save on electricity consumption, manage his partying and even the things he buys at the grocery. God knows he will realize he does not need to spend 150 pesos for a decent cup of coffee.
It will not only teach a new young professional to be financially independent at the present time, but it will also give him the right amount of push to save for the future. He will know the value of hard work and will not waste it on things that do not really ensure him of a better life.
The cost of condo living is a high price to pay for independence, convenience, and security. But ask anyone who has experienced its benefits and he will tell you it’s worth it.
Everything else follows when a yuppie becomes responsible of his own space and his own life. He will have better chances at work as a mature and responsible professional. Other young professionals will look up to him. This will also help him build the confidence he needs to get ahead. Who knows, he will also have better chances at romances. And ultimately, he will have a better chance at living the life he knows he deserves.
Giving a newly-grad a condo as a gift will shock most people. But in truth, it’s more than the space and the luxury. This is more than just a graduation gift but a declaration that parents trust their child. This is not only an investment in real estate but an investment into your child’s future and character. Soon enough, you will be congratulating him for living the kind of life worthy of “congratulations” from everyone.