With permission, I have to take on one of my fellow contributors to this site, Jay Fleischman, for posting about. r
To which I must say: NO!
Not to savings, that is the way to wealth.
No to buying your newborn, or first born, or second born, or any born, a car.
I am speaking as the proud father of a daughter who, that’s right, bought her own car.
Uh, yeah, with her own money.
OK, I lent her the last few hundred bucks to close the deal, which she repaid in a few months.
And she has always paid the insurance.
And I have never worried about that car.
Well, except maybe a little, when I was driving it.
But that is not the point, teaching responsibility is.
Sure, what kid does not want her own car?
What kid does not ask the family treasury, Mom and Dad, to buy her that car?
The part the parent has to analyze: what parent does not want to be a hero to her child, and keep up with the neighbors, who, by all accounts (from the children, that is) always buy their kids a car.
If you need to buy your kid a car, spend some money on therapy first.
When you say no to buying cars for your kids, other options open up.
The human mind is creative by nature, necessity is the mother of invention.
Like budgeting, figuring out what car you want, how much it will cost, which summer job you will take, what during school jobs you can do, what you can spend, how much you can save, how long it will take to save the amount you can need.
Hey, didn’t Grandma and Grandpa buy us some bonds or something every year for our birthdays?
Wow, lots of skills there.
When you give people something, they just do not value it as much as something they scrimped and scraped and planned for months to get.
As for Jay and his coffee addiction, instead of spending $2.04 on his daily morning cup of joe, and saving the .96, he should bite the bullet and save all $3.00, and take his wife on a nice trip.
Don’t Give Your Newborn A Car!