Quote:
Originally Posted by samclem
My preference has been to let her save for/buy the car herself. The sooner she feels what life is really like (IMO), including the real cost of things, etc, perhaps the sooner she'll decide that college isn't such a bad idea. She's working her tail off at these jobs, which is a very important part of her "education," IMO. She's saved $700.
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IMHO:
Do not spend any money to help her out. If she is going to purchase a death trap, help her get a vehicle that is at least safe. Perhaps the best thing you can do is help her pick a car out. Once she picks the car out, you can help her understand the cost of insurance and car maintenance, rent, etc.
Do not buy her a new vehicle.
If you subsidize her now, she may never decide to go to college. Once she sees how expensive it is to live, she may decide to go to college (a little later). You can help her out with expenses then... she will need it.
This is a tough love exercise. But there is a trap for young people who avoid college (after high school) and come to their senses later... they get into debt.
All along encourage her to go to school (college) but do not push. Help her to understand the interesting career choices out there. Also help her to understand that college is not like high school.
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Planned FIRE Summer 2011
Disclaimer: I make no warranty or guarantee about the accuracy or completeness of this information. I am not a financial planner, my comments only represent my opinion.
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