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Started By
Message
re: First Vehicle for you kid?
Posted on 3/4/20 at 9:09 am to LouisianaLady
Posted on 3/4/20 at 9:09 am to LouisianaLady
quote:
I pay my credit card bill in full every time I'm paid. There is no rolling over debt month to month.
i dont know how you build a credit score without carrying debt
3
Posted on 3/4/20 at 9:10 am to Rouge
quote:
i dont know how you build a credit score without carrying debt
By doing exactly what she did. You don't have to carry debt month to month on the credit card to build your credit.
Posted on 3/4/20 at 9:11 am to Rouge
quote:
i dont know how you build a credit score without carrying debt
Its right above 800, so I guess it could be better but it is certainly in the excellent range. Again, none of this has anything to do with the fact that my parents bought me a car and paid my insurance.
quote:
You don't have to carry debt month to month on the credit card to build your credit.
Yeah, I've always been taught that this is a myth (the idea that you must carry a balance from month to month).
This post was edited on 3/4/20 at 9:13 am
Posted on 3/4/20 at 9:13 am to LNCHBOX
quote:
i dont know how you build a credit score without carrying debt
quote:
By doing exactly what she did. You don't have to carry debt month to month on the credit card to build your credit.
People are so gullible.
"you can't build credit unless you let us charge you 18% for at least a few months"
Posted on 3/4/20 at 9:14 am to LNCHBOX
quote:
By doing exactly what she did. You don't have to carry debt month to month on the credit card to build your credit.
perhaps
the thing is that credit companies are making very little money with that model. i think credit agencies take that into the credit score consideration
i dont carry CC debt, but they do make money off of student loan/vehicle/home loan debt. They are getting their cut. Maybe that is just the cynic in me, but i think it is pretty damn realistic.
This post was edited on 3/4/20 at 9:15 am
Posted on 3/4/20 at 9:14 am to tgrbaitn08
My daughter is 2 so I have plenty of time to figure this out.
Posted on 3/4/20 at 9:16 am to shawnlsu
quote:
shawnlsu
there are different types of debt than a credit card
sheesh....you really are the male version of nurse
Posted on 3/4/20 at 9:16 am to LouisianaLady
quote:
Again, none of this has anything to do with the fact that my parents bought me a car and paid my insurance.
I think everyone is getting a bit confused about this. Yeah obviously, your parents were in a situation where they were able to buy you a car, pay for your insurance, etc. They were likely not irresponsible with their money and handed you those same traits. You will likely never struggle. That is good for you, and I think it's what everyone should strive for.
On the other hand, I don't think there is anything wrong with matching your kids dollar for dollar until they hit 6-7k to buy a used car, especially if you're working class.
The issue is parents who are irresponsible and say "I'm not buying my kid shite, he needs to learn the value of a dollar!" when they never learned it themselves.
As someone who wasn't afforded the luxury of their parents being financially solvent, not buying your kid a car because you can't afford it is not helping them in the long term. It takes much longer for someone to become even self sufficient when they are behind the starting line in terms of finances. I was given my step dad's truck when he passed away with cancer. My mom later had to sell it to get rid of a debt. I rode a bike for 3 years until I could save up for a car. It took me a long time to understand that wasn't normal.
This post was edited on 3/4/20 at 9:18 am
Posted on 3/4/20 at 9:16 am to shawnlsu
quote:This board is full of financial illiterates. JHC
you can't build credit unless you let us charge you 18% for at least a few months"
Posted on 3/4/20 at 9:16 am to TheDeathValley
Safe, reliable, reasonably powerful.
Six months after she gets her full license, take her to a real driving school. 3-4 day course, great for father/daughter bonding.
Six months after she gets her full license, take her to a real driving school. 3-4 day course, great for father/daughter bonding.
Posted on 3/4/20 at 9:17 am to SavageOrangeJug
quote:
Please tell me more how my parents created an infantile unfunctioning adul
The jokes write themselves.
So you cherry picked one piece of my life balance to fit your narrative. touche I guess
You're right though auto insurance premiums and how they're paid are the sole indicator of a functioning adult.
I guess people who drive company cars with insurance covered by the company are also dysfunctional adults.
Posted on 3/4/20 at 9:19 am to Rouge
quote:
I pay my credit card bill in full every time I'm paid. There is no rolling over debt month to month.
quote:
i dont know how you build a credit score without carrying debt
What don't you understand about the statement you made?
ETA: stop knighting for nurse, its a bad look.
This post was edited on 3/4/20 at 9:21 am
Posted on 3/4/20 at 9:19 am to LouisianaLady
quote:
Again, none of this has anything to do with the fact that my parents bought me a car and paid my insurance.
It likely does. Vehicles are almost a necessity in this country, unless you live in a major city with good public transportation. Vehicles are expensive and often have to be financed for people to afford, and insurance for younger drivers on newer cars is also very expensive. So had you been in a situation where you had to buy your own car and pay your own insurance, would you still be able to boast of never having debt, having an 800+ credit score, being in a good financial position? Perhaps you could, but your situation of having cars bought for you, and your insurance paid for, gave you leg up many people weren't afforded to reach your current financial position.
Posted on 3/4/20 at 9:21 am to LouisianaLady
quote:
I’m extremely good with my money. Never had any debt in my life. Started building credit with a credit card at 18 and now have an excellent credit score. Use a high yield savings. Never paid a bill late in my life. Etc etc
My parents bought my first car, traded it in for my 2nd car at 21, gave me their old SUV at 24/25, and bought my current car with half of my wedding money.
My dad also pays my car insurance for the year as a birthday gift every year.
You can teach your children how to be smart with their money while also providing for them. I don’t think there’s anything wrong with making your teen get a part time job (I’ve worked since I was 15) and having them pay for things, but I never understood the mentality some parents of intentionally not helping with anything when they can afford to.
None of this matters. Your dysfunctional according to the geniuses in this thread
I guess if instead you were living month to month, carrying debt, barely affording meals or children but you pay your own insurance you'd be considered a more functioning adult than if your dad paid your auto insurance premium
Posted on 3/4/20 at 9:24 am to Darth_Vader
Got my daughter a Kia Soul +. It holds more than you think, gets good gas mileage, cheap on insurance, and easy to drive/park with a short wheelbase and slightly higher than car driving position. They are easy to get pretty cheap as well.
Posted on 3/4/20 at 9:24 am to Darth_Vader
get them a cheap toyota
a camry or carolla is easy to maintain, cheap to fix, easy on gas, and above all very safe and last 500k miles with regular oil changes
bottom line is, no mater how careful they are they will get into accidents at some point so definitely want to make the first car a cheap enough one to be a disposable one
a camry or carolla is easy to maintain, cheap to fix, easy on gas, and above all very safe and last 500k miles with regular oil changes
bottom line is, no mater how careful they are they will get into accidents at some point so definitely want to make the first car a cheap enough one to be a disposable one
This post was edited on 3/4/20 at 9:24 am
Posted on 3/4/20 at 9:24 am to Salmon
I’d probably be CFO if only my parents made me pay for my car in high school
Posted on 3/4/20 at 9:24 am to DirtyMikeandtheBoys
quote:
I guess if instead you were living month to month, carrying debt, barely affording meals or children but you pay your own insurance you'd be considered a more functioning adult than if your dad paid your auto insurance premium
Nobody is saying that. People are saying that you are privileged. Which you are.
Where I'm differing is I'm saying that's what people should strive for when raising their kids. It does, however, make someone wonder how you'd do in a real world situation where you were in financial trouble. It's a different ball game when you have a week to come up with rent money and your only option is a pay day loan because your parents are just as broke as you.
Posted on 3/4/20 at 9:25 am to Odysseus32
quote:
Odysseus32
Good post. I agree with everything you've written here. I definitely believe in teaching your children how to handle finances - my parents were very involved in doing the same for me.
Just that, like you, I agree that stomping around refusing to pay for anything for your child and using the justification that they won't understand how to care for themselves otherwise is a cop-out from having to provide those things. Like someone else mentioned, I think it could be resentment that those things weren't provided for them.. or jealousy/shame/defensiveness at how they chose to parent.
Not being able to afford it of course is another story.
Anecdotal, but the people in my life who are the most garbage with their finances are the ones whose parents didn't or couldn't help them get a car, pay for college, etc. Of course that just means their parents didn't do their job teaching them, and isn't necessarily a result of not being bought a car or college. But it is an interesting correlation.
On the other end of the spectrum, plenty of kids were provided everything and more but still taught nothing about responsibility.
Posted on 3/4/20 at 9:25 am to Darth_Vader
Hand me down from her brother which was a hand me down from their mother which was purchased from her mother in law. lol
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