Nice Parents!!

[ponyup]

We helped our daughter purchase her first car before her 16th Birthday. This kid has always worked hard to get her good grades and has missed all of 4 days of school since kindergarten. She has saved every penny from allowance, birthdays etc. She ended up getting a new 2013 Elantra of which she paid half so we had no problem helping her get the car. What's especially nice is she hasn't abused the privilege of having a car. In a 1 1/2 years she has only 1600 miles on it.

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[Khyber]

We helped our daughter purchase her first car before her 16th Birthday. This kid has always worked hard to get her good grades and has missed all of 4 days of school since kindergarten. She has saved every penny from allowance, birthdays etc. She ended up getting a new 2013 Elantra of which she paid half so we had no problem helping her get the car. What's especially nice is she hasn't abused the privilege of having a car. In a 1 1/2 years she has only 1600 miles on it.

it's good to see people raising their child like this... it's getting to be so rare...especially with the entitlement generation

 

[Justpassingas]

I was raised if you want something....you earn it....everything I own I worked hard for and earned it (and use the banks $$$ of course)... my parents helped me along somewhat but for the most part I earned it the old fashion way....and I do the same for my kids.....I'll co-sign but YOUR PAYING!!!!

 

[tsunami]

The best football player here at the U of MN has decided to drop out after only two years. He was on an athletic scholarship (NCAA minimum wages!). He plans on applying for NFL Spring pick. He will probably get in. Some people are criticizing him for not completing his four years at college. If he stayed, he probably would have started out making perhaps $50K/yr. If he gets into the NFL, maybe $50K per game to start.

 

[draco24433]

One lesson is non-entitlement; to work for what you want. My father did the same for me... kept that manual window car for 7 years. Really helped me learn at a young age to live within my means.

Thank you!

 

[draco24433]

You do know there is an Obama subsidy so that people with roll-up windows qualify for the power window package so they can do one less thing, right?

LMAO

 

[Blk2015GT]

The best football player here at the U of MN has decided to drop out after only two years. He was on an athletic scholarship (NCAA minimum wages!). He plans on applying for NFL Spring pick. He will probably get in. Some people are criticizing him for not completing his four years at college. If he stayed, he probably would have started out making perhaps $50K/yr. If he gets into the NFL, maybe $50K per game to start.

The difference is he gets 10 years of that money, maybe. The average NFL career is 6 years as reported by the NFL itself; the NFLPA says 3.3 years. Then what?

Money doesn't last forever the way those guys spend it. I haven't met too many pro players in any sport who have much in their bank account or investments no matter how good of a contract they have. If you finish college and THEN go pro at least you have a degree to fall back on, especially if they are PAYING your schooling for you- no debt.


On topic I had a car when I was 16 which was a few year old boat- Eagle Vision. Then a 1999 Oldsmobile Alero in college up until 2009 when I got my first new car at about 27 years old. This is my 2nd new car and I'm 33.

Yes, kids are spoiled these days- big time. There is no way I would've ever gotten a brand new sports car at 16 or even 18, and my family had/has the money its not a money issue at all. No kid under 18 needs anything more than a V6 car either- they can barely drive as is for the first few years. When I got my license in 1997 even sports cars with V8's (Camaro, Mustang, Firebird) only had the HP of modern day V6's.

 

[Koncealed]

Or maybe it was his dad's car and he was just driving it.



Barely 18 and and nearly 100k in cars and a ton of depreciation flipping them that quickly and you did it all yourself? Somehow i find that questionable. How'd you even enter into a contract @ 16 or 17?

I have a successful online business that I profited around $300 a day with when I was just 17. I also worked a 'real' job as a concierge at a hotel that made me $1000 a month. I've never really been the type to want anything and or ask for anything from anyone, so cars are my only passion. My dad co-signs as long as I pay the payment. He takes care of insurance, I pay gas.

 

[MagneticA]

I have a successful online business that I profited around $300 a day with when I was just 17. I also worked a 'real' job as a concierge at a hotel that made me $1000 a month. I've never really been the type to want anything and or ask for anything from anyone, so cars are my only passion. My dad co-signs as long as I pay the payment. He takes care of insurance, I pay gas.

Nice. Enjoy your passions. You're in a unique situation at the moment. Finances change slightly when you step out completely on your own. Just keep in mind that the time to save for a rainy day is when the sun is shining.

 

[HalfMoon]

I have a successful online business that I profited around $300 a day with when I was just 17. I also worked a 'real' job as a concierge at a hotel that made me $1000 a month. I've never really been the type to want anything and or ask for anything from anyone, so cars are my only passion. My dad co-signs as long as I pay the payment. He takes care of insurance, I pay gas.

Wow, $109.5k a year from an online business at 17 + another $12k a year as your day job and your dad pays your insurance? :headbonk:

 

[2016S550]

I have a successful online business that I profited around $300 a day with when I was just 17. I also worked a 'real' job as a concierge at a hotel that made me $1000 a month. I've never really been the type to want anything and or ask for anything from anyone, so cars are my only passion. My dad co-signs as long as I pay the payment. He takes care of insurance, I pay gas.

Good job being productive at such a young age, and for having the car passion.

 

[activeGT]

Wow, $109.5k a year from an online business at 17 + another $12k a year as your day job and your dad pays your insurance? :headbonk:

He is probably on his parents policy. And if he was my kid I would be proud of him.

 

[mvp90805]

Ah, the oil industry. I read about that and its a booming industry down south. Pays a ton of money for no college degree.

damnn right it does but you still have to educate yourself to advance in the industry and get a higher pay!

and it bought me my mustang ;) thank you CHEVRON free money lol

 

[mvp90805]

lets take a trip back to memory lane

some time back in the 2000's

parents- if you want a car that you like and want..well you better work for it mean time you are stuck with are old expedition

just as i turned 16- school and got a job

at 18 fresh out of hs- welcome OIL industry! (inspection industry)

at 19- hello EVO!

at 23- april 2014- that new S550 mustang is sexy, might be time to get my dream car
july 2014- placed order

april-nov 2014- down payment collecting

nov 2014- pick up car nearly pay it off

there you go pops! i got the car i wanted and like! ;)

 

[Old 5 Oh]

We definitely didn't over-buy for our two boys. Both got well-used small pickups for which they paid half. The younger didn't have much money and was thrilled that his uncle was willing to sell a 15-year-old, 200K-mile S15 for $500. $1,000 in repairs later, he added a $500 paint job, for which we removed all the trim and sanded and primed for two months. Corvette yellow. It looked great.

His buddy had a brand new Dodge Super Bee truck that Mums and Dadums had given $40K for. (This was 2004.) Nice ride. I couldn't afford it for me at the time, much less my son.

The payoff was my son's comment at dinner one day. "You know, Dad, I don't think Ryan likes his truck as much as I like mine, because he didn't have to do anything to get it." Cha-ching! Life lesson learned!

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