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Old 04-25-2013, 05:45 AM   #96
InChiefsHell InChiefsHell is online now
Rockin' yer FACE OFF!
 
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Join Date: Feb 2003
Location: Omaha, Nebraska
Casino cash: $8406
Quote:
Originally Posted by Taco John View Post
I've never met anybody who is a parent and has time or energy for this kind of system.
My dad used to teach us lessons in debt management. The first guitar amp I bought was second hand for like 200.00 or something. He fronted me the cash, then wrote up the terms for the loan, only charging me 10% interest as I recall. Back in the 80's this was not a bad rate. We worked out the payment plan, and he explained to me that if I got it done sooner (made more than the minimum payments) it would cost me much less. But the ultimate lesson was, it's better to just save the money and buy things you want in cash...not make payments.

My folks also gave us an allowance. We did a LOT of chores around the house for 5 bucks a week, but we learned the value of a dollar and that you have to work for stuff.
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