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Old 12-16-2019, 02:22 PM
 
12,547 posts, read 8,085,262 times
Reputation: 6894

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Quote:
Originally Posted by ncole1 View Post
You are being inconsistent.

First you ask a question about why "we" do something with "our" children, which implies you are asking about the collective of all of the generational cohort. Then when I give an answer, you get really defensive and act like I was trying to tell you what you should or shouldn't give to your own child.

In other words, you want to tell us to stay out of what you do in your family, but then push your opinions on us.

That's called "hypocrisy".
Re-read the thread. I’m simply responding to claims that a young person is guaranteed to fail financially with parental assistance. We (collective) teach kids a lot of concepts in school which aren’t inherently more difficult than understanding finances (basically money in vs money out).

No hypocrisy....just logic.
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Old 12-16-2019, 02:26 PM
 
14,085 posts, read 11,511,148 times
Reputation: 12013
Quote:
Originally Posted by beachmouse View Post
There's book smart and street smart and while teenagers have brains that are very capable of being extremely book smart, their brains are also still developing the street smart part of higher level function, which studies show often doesn't fully come online until age 25 or so.

Why doesn't the county allow 14 year old kids taking college classes to buy alcohol?

Why doesn't the country allow 14 year old kids taking college classes to buy cigarettes?

Why is there an age of consent for sexual activity?

Why are states pushing the ability to get an unrestricted driver's license later and later? (And why do parents pay insane rates for auto insurance when they have a teen driver in their household?)

It's because those teens who are often quite good at spitting out the correct answers in a classroom struggle to make good decisions outside of it.
This argument is unconvincing for those of us who believe that 14-year-olds should be allowed to do all these things, at least by the government. Laws can be morally wrong. For example, Slavery used to be legal, and women didn't have the right to vote.

If you actually look at the history, the same arguments about "lack of life experience", "unfit for the task", "not mature enough", and "deficient brains" were all used to justify the subjugation of previous oppressed classes. For one example of some of these, see for instance this:

https://www.theatlantic.com/science/...cience/593710/

I'd argue that we should be extremely suspicious of this type of "justification" for giving unequal rights to young people for this reason.

That said, celebrities of all ages blow their fortunes quite routinely, so despite the fact that I am a youth liberationist, I agree that the idea proposed by EH is unsound for a lot of people.
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Old 12-16-2019, 02:26 PM
 
12,547 posts, read 8,085,262 times
Reputation: 6894
Quote:
Originally Posted by MarisaMay View Post
Parents in Sydney who have that sort of money available will generally keep it to contribute to the cost of the kid's first house purchase. Most people who can make a contribution as the price of real estate here is increasingly unaffordable for young people. It would rarely be at 18 though.
Buying a first home is assistance I would approve of if the child has demonstrated financial responsibility.
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Old 12-16-2019, 03:40 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
27,297 posts, read 45,449,501 times
Reputation: 31639
Coming From Different perspective....

I bought my first home at age 19, for my parents! So they could have a secure place to live.

I was working 3 jobs, the best one paid $1.50/ hr. Hog heaven!
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Old 12-16-2019, 04:02 PM
 
Location: Living on the Coast in Oxnard CA
16,276 posts, read 28,865,654 times
Reputation: 21722
Quote:
Originally Posted by eddiehaskell View Post
I’ll be spending 18+ years teaching my child to understand what money is and what it does. I’ll teach her to be humble and to not let material possessions be the source of her joy.

I’m not sure why people have this idea that money burns a hole in the pockets of ALL young people. I was able to grasp the concept of delayed gratification at a very young age...but I grew up working class with parents that didn’t spoil me or carry debt themselves.

You’ve likely never seen what I’m proposing because you likely don’t know anyone that’s young, retired and willing to financially (and philosophically) mentor a child their entire life.

If I see that my child’s net worth isn’t moving in the right direction - why would I continue giving assistance? They will have rebelled against principle I taught their entire life.

Like I said - take 100 kids following my plan vs 100 kids going the traditional route - I bet my kids end up with a higher net worth by 35-40 years old.
So you grew up with parents that could not give you $200,000 to get a start in life.
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Old 12-16-2019, 04:20 PM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
7,950 posts, read 5,539,477 times
Reputation: 11213
Quote:
Originally Posted by eddiehaskell View Post
I will have more than enough to give my child $200,000 spread out over the young adult life.

I never said I was giving a child a lump sum of $200k at 18. I will however be able to assist them as long as they show me they are working toward a path of life long financial security. I will consider myself a failure in some regard if my child is a spendthrift. I would hope my child will adopt my belief that money doesn’t buy happiness.
Why don't you read the title of this thread you started. It says "giving an 18 year old $200k " Now you're saying you aren't doing it.
Inconsistant, and you wonder why no one listens to you. The story keeps changing.
Now tell me how your thread about buying a brand new car every year for $5k (which got torpedoed pretty badly) demonstrates your lack of materialism.
You just said money doesn't buy happiness but in that thread you are trying to buy happiness by treating yourself to a new car every year.
Again Inconsistant.
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Old 12-16-2019, 04:24 PM
 
Location: DMV Area/NYC/Honolulu
21,941 posts, read 10,215,515 times
Reputation: 21510
No 18 year old I know.
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Old 12-16-2019, 04:51 PM
 
2,611 posts, read 839,489 times
Reputation: 6870
Quote:
Originally Posted by aslowdodge View Post
You just said money doesn't buy happiness but in that thread you are trying to buy happiness by treating yourself to a new car every year.
Again Inconsistant.
The post was:
"I’ll say that I’m perfectly fine with this experiment costing anything under $9-10k/year. I’d probably feel good if I could average out to $7500/year.

In ten years I will have spent $75,000 but I would’ve likely been out $25k anyway on some boring crap box I’d drive for 10 years. Net loss = $50k.

Ten years..
ten cool cool cars...
...driven as hard as you want as much as you want...

Price: $50,000

Sign. Me. Up."

versus this:

https://www.city-data.com/forum/53444904-post73.html

Last edited by KemBro71; 12-16-2019 at 06:00 PM..
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Old 12-16-2019, 05:08 PM
 
Location: Phoenix
1,111 posts, read 1,071,772 times
Reputation: 882
Giving your kids free money? My kids knows that money can only be earned through sweat. Giving them free money will likely destroy their future.
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Old 12-16-2019, 07:31 PM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
7,950 posts, read 5,539,477 times
Reputation: 11213
Quote:
Originally Posted by KemBro71 View Post
The post was:
"I’ll say that I’m perfectly fine with this experiment costing anything under $9-10k/year. I’d probably feel good if I could average out to $7500/year.

In ten years I will have spent $75,000 but I would’ve likely been out $25k anyway on some boring crap box I’d drive for 10 years. Net loss = $50k.

Ten years..
ten cool cool cars...
...driven as hard as you want as much as you want...

Price: $50,000

Sign. Me. Up."

versus this:

https://www.city-data.com/forum/53444904-post73.html
Maybe you missed the thread he posted-read the title

$5,000 budget - retired early - now I want to drive a NEW car every year.
$5,000 budget - retired early - now I want to drive a NEW car every year. (lease, vehicle)
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