I feel like I'm beating my head against a wall

[LynnH]

Mmmmm - all this sounds very familiar.

No 1 daughter was a 'spend it as soon as you get it' gal - many a handful of hair ripped out as I tried to 'make her see reason'. In the end, I gave up. A year or so later, she was visiting us and I was on the computer looking at RE. "Looking at buying another house, Mum?" "No, darling, looking for a unit for No 2 daughter." "What, are you going to buy a unit for her??" "No, darling, SHE is going to buy a unit." "How can she afford a unit - she's only been working a year." "Well, darling, she has saved up almost enough for a deposit."

STUNNED SILENCE. The look on her face was just amazing!!! A little over a year and a half later, she has returned the car we loaned her, has saved up enough to pay for a car of her own (with a little finance, which she'll have paid back in less than a year) and has saved about one quarter of the deposit she needs to buy her own home.

Nothing like a bit of competition from a younger sister to goad her into action!

Cheers
LynnH

 

[Dean1337]

Gee ... I wish I had you guys around when I was 18. I only happen to stumble upon the idea of investing when I randomly selected a book from my friends book case. It was "Rich Dad, Poor Dad".

 

[kingchevy]

Gee ... I wish I had you guys around when I was 18. I only happen to stumble upon the idea of investing when I randomly selected a book from my friends book case. It was "Rich Dad, Poor Dad".

mate that that book has inspired many a person....

Well I got a bit carried away as I usauly do and in a way forced my opinion on my apprentice so I have relaxed a bit. but this morning after listening to what I said he has come to me and said that he wan't's to buy a house and is going to sell the car he has now on the provisa that he has use of the work vehicle after hours.

Well I have basically agreed as long as he promised to save enough to buy a house by the end of the year and he has agreed. as for him been able to afford to buy a house and sevice the mortage the kid makes 600 a week clear so I don't think there is an issue there if he can't afford to pay 50-100 bucks a week into a mortgage then there is something wrong I did it at that age and it didn't affect my lifestyle at all.......

Well that was good to get of my chest I hope he does see this through but we will see..

 

[lizzie]

only one thing to say .....

must make you one proud "daddy"

 

[Rogo202]

Don't get too hung up about it.

I also was an apprentice for 4 years and spent pretty much all of the hard earned money on a nice little GTR Torana (still got it).

One day he will see the light.

 

[BoatBoy]

Don't get too hung up about it.

I also was an apprentice for 4 years and spent pretty much all of the hard earned money on a nice little GTR Torana (still got it).

One day he will see the light.

I'd be mothballing that one mate


Dave

 

[mitch]

What a tuff crowd !

This blokes 18 and having a bit of fun.

I did it , lived week to week , spent and drank all my money , girls , cars , girls , work , yobboin yarhowen fun till my late 20's.

Do it while you can , now im in my mid 40's lots of debt and assetts , wife , kids , work .

Had many great years of fun fun fun and great memories of a fantastic chapter of my life.

This blokes doing great to have a trade , a stable job and being around people that care about his welfair.

You're under the pump soon enough in this life , l say live up your youth , you only get one !

 

[voigtstr]

Don't get too hung up about it.

I also was an apprentice for 4 years and spent pretty much all of the hard earned money on a nice little GTR Torana (still got it).

One day he will see the light.

Hey in 2002 I bought a Motoguzzi V11 Lemans motorbike for $28100. I was 34
Its only last year or so that I read rich dad poor dad, then Steve McKnights books, one Lomas book. Now I'm trying to pay my debts off as quick as possible. The bike is worth approx 10k, I owe 8k on it still, but should have it paid by December or January. And next Feb I'll be 40!

Onwards and upwards! but gee I feel like I've left it late to get my finances sorted.

 

[kingchevy]

The point I was trying to get across to him was that buying 1 house now isn't going to affect his fun and yahooing at all mate if he can't afford 50-100 dollars a week into a loan than he is kidding himself I have a bloke working for me as an auto electrician that was living in victoria making 560 a week clear as a tradesman with 2 kids and a mortgage. I mean you can only drink so much of that away..... now I need to get him to stop smoking........

 

[kathryn d]

We have 4 teenage-young adult children. We can't manage to get them to save their money for a property either.Maybe some day...

Received an application for a mobile the other day. Recognized the name to be the ex partner of a co-worker.Talked to him and mentioned that I didn't want him to think I wasn't willing to rent to ex and his kids, she just never replied back to me.He didn't know anything about it...but was going to find out where she planned on moving his(their) kids.

He mentioned that must be why she is taking him back to court next month...increase in child support for bigger living accomodation (ex is curently living with her sister)
I mentioned there was a mobile on our street very cheap.We would buy it but not enough disposable income at moment.
Mentioned he should think about buying it, have ex and kids live in it, pay HIM the rent (she has to rent somewhere) and in turn pay her the child support....from rent money.Property is a tax deduction plus ALL repairs and maintenace.
I can't say a light bulb went off over my co workers head....but a faint glow? I said it was something for him to consider.
I just hope this mobile is still available ($7000) when we have the money.These properties are little cash cows.

 

[WinstonWolfe]

The reason a lot of kids don't save money and buy houses when younger is cos their parents have sheltered them for too long.....shielded them from the clarity of where money comes from and why a roof over your head is more important than a shiney new car.

This apprentice isn't going to see the light of day until his parents kick him out of home or his landlord puts his rent up 30% in one hit. Only then will he realize how little control he has of his destiny until he controls the roof over his head.

The big mistake parents are making who do this, is conditiong the kid to believe they will provide for them with an inheritance. Unfortunately, most parents are going to need to blow most of their mulah on themselves in old age, and the kids are going to be left high and dry.

Pretty rare for money to stay in a family for more than 1 generation anyways.