My first car was a big tank of a car, as my parents thought it would be safer. My dad cosigned the loan, but I paid for everything including insurance. Dad was a driveway mechanic and kept the car tuned as he did all the cars in the family. But when parts were needed, unless dad had a spare laying around, I spent my money.
Teaching children the value of a hard day's labor and therefore the resultant value of the wages they were paid for that labor is a most excellent and needed approach to their well-being. Money does not grow on trees is an old saying that might have been forgotten in these more modern generations, but I can tell you all, that long term wealth is not built by buying the daily 5 and 10$ latte's and driving new 50-thousand-dollar plus automobiles.
My wife and I have been married over 4 decades and over that time we have had many cars. Only 4 of those cars were new, and most of them we bought when we were young and ignorant of the use of money. Since about the 90's we have only bought low mileage used cars, paying a lot less, still having style while we got from point A to point B.
BTW we were both able to retire by the time we were 60. And through it all we were happy and thankful. Teaching kids today about money/finance should be a 'must take class' in school curriculum.
I see young people whining that they don't have what older generations have, complaining about Boomers, etc. They seem to have no clue that we didn't have it all by the age of 25, but worked for years to get where we are. I grew up fairly poor (and still have a lot of that), but I put in my time and effort to get what I do have. They need a reality check, instead of thinking they need a government check or "billionaires" to hand it to them.
My first car was a big tank of a car, as my parents thought it would be safer. My dad cosigned the loan, but I paid for everything including insurance. Dad was a driveway mechanic and kept the car tuned as he did all the cars in the family. But when parts were needed, unless dad had a spare laying around, I spent my money.
Teaching children the value of a hard day's labor and therefore the resultant value of the wages they were paid for that labor is a most excellent and needed approach to their well-being. Money does not grow on trees is an old saying that might have been forgotten in these more modern generations, but I can tell you all, that long term wealth is not built by buying the daily 5 and 10$ latte's and driving new 50-thousand-dollar plus automobiles.
My wife and I have been married over 4 decades and over that time we have had many cars. Only 4 of those cars were new, and most of them we bought when we were young and ignorant of the use of money. Since about the 90's we have only bought low mileage used cars, paying a lot less, still having style while we got from point A to point B.
BTW we were both able to retire by the time we were 60. And through it all we were happy and thankful. Teaching kids today about money/finance should be a 'must take class' in school curriculum.
My 2 cents
How I was raised and how I've raised our kids, and helped with the grandkids.
Definitely the recipe for happiness. This along with serving others. Thank you, Michael Smith.
I see young people whining that they don't have what older generations have, complaining about Boomers, etc. They seem to have no clue that we didn't have it all by the age of 25, but worked for years to get where we are. I grew up fairly poor (and still have a lot of that), but I put in my time and effort to get what I do have. They need a reality check, instead of thinking they need a government check or "billionaires" to hand it to them.
Perfection.
Would only add graciously and gratefully eating what's prepared.