We often romanticise past eras when homes were seemingly affordable, reminiscing about the days when one could purchase a three-bedroom house for a mere 50p. However, the reality of homeownership in today’s world often feels like an unattainable dream, especially amidst the current cost-of-living crisis and inflation rates.

Amidst this backdrop of financial strain, a heartwarming story emerges from Australia, where an eight-year-old girl has become a homeowner, thanks to the foresight and financial education provided by her father, businessman Cam McLellan.

McLellan embarked on a mission to ensure his children’s financial security, instilling in them a sense of responsibility with money from a young age. He started by giving his three kids—Angus, 14, Lucy, 13, and Ruby, 8—weekly pocket money, teaching them the value of saving in today’s challenging economic landscape.

Their disciplined saving habits culminated in pooling together the £3,000 they had collectively saved from their allowances towards a deposit for a four-bedroom home. Just two years later, the property’s value skyrocketed to an impressive £500,000, marking a substantial increase from its initial value of £344,400.

While the children’s parents contributed additional funds to secure the property, ensuring all family members are named on the title, McLellan emphasises the importance of preparing for the future housing market’s challenges. He predicts that property prices will continue to soar, making it increasingly difficult for today’s youth to afford homes without parental assistance.

Acknowledging the criticism they’ve faced for their approach, particularly accusations of exploiting their children, McLellan defends their decision, asserting that financial sacrifices and delayed gratification were key components of their journey. He stresses that his children are not merely beneficiaries of privilege but rather recipients of prudent financial education and strategic planning.

Currently, the siblings are among the world’s youngest landlords, renting out the property, with plans to eventually sell it for a substantial profit. McLellan envisions using the proceeds to provide his children with a significant financial boost towards purchasing their own homes in the future, emphasising the importance of early financial literacy and strategic investment planning in navigating today’s challenging housing market.