Plum70Rag......those are good words.

 

Don't get me wrong. I didn't incur an auto payment until I was 27 and all of my cars are paid off right now. The last car I bought was cash...and again...I agree there's too much debt in America.....furthermore, I will teach my kids to be responsible in their spending habbits (for the most part, don't spend what you don't have)... but as far as making irresponsible (non practical) purchases like a muscle car when an econobox is more sensible...I'm not going to do it....if they want to focus their financial earnings into a toy at a young age...let them learn...I'm not saying I'm going to bail them out and prior to incurring huge debt smack'em in the head and say that's a bad way....but if they have to learn about not having other things for one thing...then they might start to understand sacrifice and priority.....As for the needing material things, again, whole heartedly in agreement. Some of my happiest days were living in a $200 a month apartment living on Ramen Noodles and eeking out enough to live on.

 

Wise words Skippy... I have four young children & heard a great quote from my favorite financial guru (Dave Ramsey) when he described his philosophy as a "crock-pot plan in a microwave world". It's difficult in today's "gotta have it now" culture to teach restraint and patience...heck it's hard for me too sometimes. One of my personal goals is to be debt free by 42 (39 now) and as much as I want to sit behind the wheel of a Challenger yesterday I will not buy it until I can pay cash and the prices calm down a little.

 

DamnSkippy.....can you tell me more about what you are referring to?

 

I am going to tell my kids what would be an intelligent approach, instruct them that incurring huge debt is potentially ruinous, guide them toward buying practical economical transportation (unless their income is such as where this is not a necessity), and hope they make a good decision....if they choose a muscle car....get stretched out.....and can't afford other things...because of this decision, then they understand the repercussions of their actions, they understand that to have a car they can't afford has real world consequences....they live leaner because of it...maybe they appreciate it more and are quick learners who need only lesson to learn from.

If you were inquiring more specifically to the muscle car portion of the statement, muscle cars consume lots of money in the form of gasoline, that can either be saved or spent on better food, clothes, beer, etc.. TCO, the whole picture....

 

Well, I guess that is the difference is that my son has a 4 year degree in a technical field and works for one of the largest companies in the world.

He financially is doing well and is saving/investing almost 80% of what he makes. In other words he is not "stretched out".

I did all a I could in teaching him the things he needed to know as an adult.

They don't do beer, drugs, or cigarettes, but they do gym, multiple vitamins,martial arts, and protein drinks.

By the time he gets married, finances will not be one of his worries.

What I used to call my kids are now full grown adults and proud of them.

If I did not train them well when they were young, it is a little late for me know.

 

What do you mean when you say this? I don't understand what that is the difference.

 

Wait a second, I think I've gleaned your meaning...

"guide them toward buying practical economical transportation (unless their income is such as where this is not a necessity)"

Good. I'm glad for you son, mostly. Sounds like he is headed in the right direction, is out of the blocks, and being that he has the means looks like he has little obstacles to afford some indulgences.

As for the mostly you may question...."they don't do beer".....I'm sad for him on that front....beer is an enjoyable beverage that doesn't have to be abused to be appreciated. "Beer is proof that God loves us and wants us to be happy." - Benjamin Franklin.

Of course under his pseudonym, Poor Tom, he is also quoted as saying "Drink not to levity, eat not to dullness".

And you point a particularly negative flaw in my person I was unaware of (thank you)...I'm already assuming my children will have a hardscrabble existence out of school...how pessimistic of me. Just because it took me a while to gain some traction, doesn't necessarily mean they will.

You should be proud, sounds like you taught you children well. You only get one chance, so make the most of it and hope for the best is my philosophy.

 

Well, my youngest says he doesn't need a muscle car and that a Accord or Camry with 4 door will work just fine for him. He is not a car guy.

He is currently driving my old Taurus until he saves his money to get a car with a big down payment.

I don't drink beer either but people thank I am just as crazy without it. I don't need alcohol to relax or be goofy it is just part of my personality.

Thanks for the compliments.

 

Didn't read all the responses, but here's my recommendation.

Step 1: Study hard
Step 2: Graduate
Step 3: Get a steady job with career potential
Step 4: Get a reliable beater to get around in
Step 5: Move out of Mommy and Daddy's house
Step 6: Save at least a $20,000 and put it away
Step 7: Save at least enough for a 50% down payment include taxes and registration
Step 8: Buy a slightly used 1-2 year old Challenger (letting the original buyer take the big depreciation hit)
Step 9: Enjoy the heck out of it.

Not what you want to hear, I know. Have been in your shoes before. It will be sweeter owning it when you know you can afford it. The reward comes after the hard work. Simply graduating is not hard work.