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re: Advice as they leave the nest
Posted on 10/5/22 at 3:20 pm to AlaskaAg
Posted on 10/5/22 at 3:20 pm to AlaskaAg
Have you done a budget with him?
Doing one together usually allows you to provide good tips.
My youngest is in scouts and I had an opportunity to explain what "living below your means" is (housing and transportation expenses dictate everything else)
Doing one together usually allows you to provide good tips.
My youngest is in scouts and I had an opportunity to explain what "living below your means" is (housing and transportation expenses dictate everything else)
0
Posted on 10/5/22 at 7:34 pm to AlaskaAg
DO NOT give them spending money.
I have seen both sides of the coin first-hand.
If you want to pay for their rent, car insurance, other means to live... You do you.
But if you are going to cover misc. expenses (gas, food etc.),
then give them an agreed upon monthly sum. DO NOT BUDGE.
I learned the hard way. If I wanted to eat more than just beans and rice, I was going to have to pay for it.
I was never homeless, but I definitely had nights early on where I had to stay home instead of partying because I had no money.
I have seen both sides of the coin first-hand.
If you want to pay for their rent, car insurance, other means to live... You do you.
But if you are going to cover misc. expenses (gas, food etc.),
then give them an agreed upon monthly sum. DO NOT BUDGE.
I learned the hard way. If I wanted to eat more than just beans and rice, I was going to have to pay for it.
I was never homeless, but I definitely had nights early on where I had to stay home instead of partying because I had no money.
Posted on 10/5/22 at 8:11 pm to AlaskaAg
Lord loves a workin' man;
don't trust whitey;
see a doctor and get rid of it.
-Navin R. Johnson:
don't trust whitey;
see a doctor and get rid of it.
-Navin R. Johnson:
Posted on 10/5/22 at 9:35 pm to oneg8rh8r
How does one put 25 percent of their paycheck away. I am 65 years old and retired. I have owned one new car. One was financed and the rest I paid cash for…all used.
Let me know your secret so I can pass this on to my grandkids.
At peak earnings, I think I saved 17 per cent a year.
That said….I have no mortgage and don’t owe nobody nuffin’.
Let me know your secret so I can pass this on to my grandkids.
At peak earnings, I think I saved 17 per cent a year.
That said….I have no mortgage and don’t owe nobody nuffin’.
Posted on 10/5/22 at 9:55 pm to natsoundup
quote:
How does one put 25 percent of their paycheck away. I am 65 years old and retired. I have owned one new car. One was financed and the rest I paid cash for…all used.
Making more money would be a start.
Posted on 10/5/22 at 10:12 pm to MrSpock
quote:
How does one put 25 percent of their paycheck away. I am 65 years old and retired. I have owned one new car. One was financed and the rest I paid cash for…all used.
Got to start early in your career and ingrain that mindset. It should be that way regardless of amount of money.
He's probably going to pay effective 25% to tax, 25% to savings, live off 50%. It's going to be rough at first, but he is going to school. Hopefully you have convinced him to pursue a degree that will pay the bills and have a great ROI. Are you paying for school or is he taking out loans or working to pay for school?
Here is what I did, my GI Bill and I foot the bill for the first year of 3 kids. The deal I made was as long as they were in school, I paid for tuition, housing, car payment, auto insurance and small spending money for that year. After that, they had to have been working summers and take out loans to pay for follow on school with the caveat that ONCE THEY GRADUATED, I'd pay them back for all the money they spent for school. If they didn't graduate, the money they wasted was on them.
Posted on 10/5/22 at 10:21 pm to AlaskaAg
Avoid debt
Posted on 12/28/22 at 11:04 am to natsoundup
quote:
How does one put 25 percent of their paycheck away.
make jack. get stuff paid off so you can keep more. i put away over 50% of my earned income for years. I used it to buy real estate. wash, rinse, repeat.
Posted on 12/28/22 at 11:11 am to AlaskaAg
Make sure you don’t throw his bed away since he’ll be moving back in permanently after college
Posted on 12/28/22 at 11:16 am to AlaskaAg
I would get a tad more specific on "investing". Everyone is mentioning to tell him to invest but if he's young and clueless he'll probably go "Great, I want to invest! Soo...what does that mean?"
You don't necessarily need to give him specific funds but just something as general as "Index funds are good, NFTs are bad".
You don't necessarily need to give him specific funds but just something as general as "Index funds are good, NFTs are bad".
Posted on 12/28/22 at 11:19 am to AlaskaAg
Don't invest in crypto or NFTs.
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