Make Buying a Car a Financial Teachable Moment

Teaching kids about money cannot start too early. The article below could be a good resource if your kids are considering their first car (with used car prices soaring, I was a little surprised at the range of options still available).

Teaching kids about money cannot start too early. The article below could be a good resource if your kids are considering their first car (with used car prices soaring, I was a little surprised at the range of options still available). A few ideas to help your kids take “ownership” of the process: 1) have them do the research 2) narrow the list to their Top 3 3) go with them to the dealership but let them do the talking 4) if a deal is to be made, consider letting them take out a loan for a portion of the purchase price Generally, not a fan of financing depreciating assets (ignoring pandemic induced price action). However, in these circumstances: A) rates are still low so money is cheap B) important to build credit C) good to experience both the obligation of a monthly payment and the ultimate satisfaction of paying off debt Most important element … do NOT do it all for them. Be there to help and counsel. Give them a fish, feed them for a day. Teach them to fish, feed them for life. #financialliteracy #usedcars #themoreyouknow #fishing


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