No. of Recommendations: 0
Let me tell you, I am not a millionaire but I am working on it after reading your board. I will be there soon but my problem is my son. He is 17 and feels that he needs a new car because everyones else has a parent that bought them a new car. He says he can't get a girl friend because he drives a used car & a 1993 Honda dual sport motorcycle with 2000 miles because he looks like a freak! He thinks we should buy him a $12,000 car because we are rich (net worth of $100,000 to $150,000 he thinks) How do we handle this? I try to talk to him and explain that his father and I had to earn our own cars. I never tell him our net worth but we have our own business. We live below our means which he thinks is working all the time and never doing anything. He also works for us part time. His net worth at 17 is $3,500 but he got mad when I told him this because being worth this much he thinks he owes himself a new car!



I think it is a better assumption that his retirement tax rate will be equal to or higher than his current rate. College educated, teacher (pensions) and knows at a young age that it pays to save.

Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement