Originally Posted by holdingontoit
I know money is a big ego issue with me. Not denying it.

My son turns 16 in the fall. Not only can't I afford to get him a car, I can't afford to add him to our insurance so he can drive our cars. I can't afford to send my kids to camp, where many of their peers go. I won't be able to pay the tuition for my kids to go to college (as both mine and Mrs. Hold's parents paid for ours).

I think its a huge mistake to buy cars for boys. I gave my son a Ford Explorer when he turned 16 and he destroyed it by driving it through sand dunes and ditches. I just ended up paying mechanics for stupid things like "sand in the brakes" and a broken axle. When he snuck out when he was 17 and got picked up for drinking, that was the end of that. I took his car away and nailed his bedroom window shut.

Fast forward to age 21 and he asked me if I would co-sign a car loan for him, which I did. He is now 28 and has paid off 3 car loans [same bank] and has perfect credit. If I had let him keep that Ford Explorer, he would have never been motivated to learn to pay for his own car.

Your son can get a part time job and save up for his car if he really wants one. And he can also pay for the car insurance. That will be good for him, hold.

"It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena.." Theodore Roosevelt

Exposure 101